summary of current broker recommendations

Broker Recommendations for PNA
UBS 17-Oct-11 Target $5.70 (was $5.80). September quarter production fell short of the broker's forecast and a softer outlook for the full year sees UBS trim earnings estimates.

Price target has been lowered accordingly. Growth options remain in Chile and Laos so UBS retains a Buy rating on the stock.
Buy
Credit Suisse 14-Oct-11 Ongoing poor weather meant September quarter production fell short of the broker's forecast, resulting in cuts to full year estimates. Price target is unchanged.

An improvement in production is expected in the December quarter and on valuation grounds the broker retains an Outperform rating.
Outperform
Deutsche Bank 14-Oct-11 PanAust's production was impacted by wet weather in the quarter but the broker expects a better result in Q4.

PNA boasts an impressive portfolio of copper-gold assets and the broker's 60% premium on valuation keeps it on Buy.
Buy
RBS Australia 14-Oct-11 Target $4.14 (was $4.32). Adverse weather has continued and sees PanAust lower full year earnings forecasts further. RBS has adjusted estimates and price target accordingly.

The stock looks oversold on macro fears rather than real copper fundamentals in RBS's view, so the broker retains a Buy rating on the stock. M&A potential supports this positive view.
Buy
Macquarie 14-Oct-11 Wet weather impacted on PanAust's production but the broker has not changed its numbers.

The broker retains Neutral suggesting PNA's two major projects are being fairly priced by the market, although recent share price weakness is making the stock a bit more attractive. Target falls to $3.50 from $3.96. Neutral
Citi 14-Oct-11 September quarter production fell slightly short of the broker's forecast due to ongoing bad weather and on the back of revised guidance Citi has adjusted earnings estimates.

Growth projects continue to track well and so Citi retains a Buy rating on the stock. Price target is unchanged.
Buy, High Risk
BA-Merrill Lynch 14-Oct-11 Target $3.40 (was $3.15). Production for the third quarter was slightly below the broker's expectations due to ongoing wet weather and given revised guidance BA-ML has trimmed earnings estimates.

A revaluation of the stock sees the broker lift its price target, Buy rating retained on valuation grounds.
Buy, High Risk
JP Morgan 14-Oct-11 Persistent wet weather at Phu Kham impacted on PanAust's quarterly production and has led to reduced guidance, but the broker is not concerned from a longer term perspective. The Phu Kham and Ban Houayxai projects both remain on schedule.

The broker continues to see PNA's self-funded growth as attractive and retains Overweight. Overweight