share price vs value , page-156

4thekids

PNA is a good case study. I also bought in mid-20s, averaged up over the next couple of years, watched it run to $1.20 pre-GFC, but wasn't smart enough to sell early. Sold in mid-60s but happy to pull a profit.

PNA's life cycle featured long periods of SP volatility and weakness, frustrating rain delays, a breached tailings dam and clean-up costs, and vesting 10% of the operation to the Lao government.

PNA's management was pretty switched on however, and utilised gold credits from Phu Bai via heap leach to off-set costs incurred at main game at Phu Kham.

From memory, the big SP gains and institutional interest occurred at milestones that included:

(1) the release of the BFS and subsequent funding agreement,
(2) the first pour of Cu/Au concentrate for shipment to smelters in Kunming, and
(3) when PNA had sufficient momentum to breach the ASX 300

AVB clearly has a long way to run before it realises its full potential. In the meantime I'm happy wait.

Cheers
F