pnx pfs, page-2

You may well be right as to management quality and track record ... I'm yet to get a handle on them/it.

However, of late they seem to have diligently progressed steps sensible/logical/coherent towards the development of a mining / processing venture to which I've had a wild backside guess of an NPV circa A$170m+. They have / are building confidence in the resource so the inherent value of the opportunity should increase.

Yep, they will need to do a capital raise to progress beyond Q3 CY17 ... so it's inevitable. But what will they be selling then? My sense is they will be selling a fat saleable PFS which may or may not include any number of outlandish assumptions so some share price appreciation is inevitable.

Kirkland, if interested, would be better acquiring 100% PNX rather than clawing back 30% of certain tenements / mineral rights. Nonetheless, they do have an option to acquire tenements in exchange for 3 times expenditure ...

On balance then, I think they maybe despite management [in]competence, there is room to move upward in PNX's share price.

Each to their own though.

Have a great day