Thanking Sanlam and their Clients

Some posters recently and regularly post “PIO have been done over by Sanlam" etc, this couldn't be further from reality IMO. Sanlam has materially valued added to PIO since they became involved in February this year through their clients and others via placements at 1c, 2.5c and now 3.6c.

PIO has done some quality exploration over a number of years, but never gained any support or traction in the market place. Geo's generally do not make good promotors. Well done Sanlam.

I would suggest that Sanlam and their clients have made a bucket full of cash from the involvement with PIO in four short months and many of the share price runs since them upwards and subsequently downwards (a great trading stock) can be directly attributed to them - with timely company announcements. Good Luck to them.

The only reason the placement price is at 3.6c is most likely the result of Sanlam and clients temporarily buying the stock up from 3.5c to 4.8c last week, hence the published 20% market discount price at 3.6c for the capital raisings. Well done Sanlam.

The only think they we may agree with in relation to Sanlam is their contribution from now on end will be negligible and hence their non-participation as an underwriter or sub-underwriter in the SPP raising, which are historically without an underwriter, under supported.

One more run on a non-drilling announcement perhaps and then all Market SP increases will be based on value added drilling results only, not speculation, serial rampers and pending tenements.

All long term shareholders should be thankful to Sanlam that PIO has currently ~$5M in cash and a market cap of ~$36M (@ 3.6c) from <$1M in cash and a market cap of ~$9M (@ 1.2c) since their involvement in mid-February.

A fourfold increase in market cap without a single drill hole or value adding resource statement. Same ole same ole so far except for pending new grass roots tenements, Mavis Lake JV (earning 70% by spending $1.5M) and cash in the bank.

Thanks Sanlam and bring on the Mavis drill program and results. Good luck to all shareholders.