I've had time to read the whole thing now.....and I've found the problem.....they're idiots.
So it goes through all the results and comparisons between the PFS and FS, a bit more Capex, costs per oz up and grades slightly down. Then the valuation, a drop of 50% or so, and they claim it's due to these factors. But then they provide a table of the affect of their Discount Rates and the POG. Now PMI have a discount rate of 5%, pretty standard stuff, we are not purely a spec stock anymore, we're only 18 months from production. However these conservative fools have made an opinion call and used a whopping 12.5% DR with a POG $100 lower. Using their chart the DCF valuation using PMI's POG and DR is $2.14. That's more like it.
I really hope their customers took that on board. Really annoyed me to see that first thing.
PVM Price at posting:
81.0¢ Sentiment: Buy Disclosure: Held
