Mate, I see where you are coming from. - PGM has just sold the Greenland project for (last figure I read) $20 mil. So there you are, that is the value of the metal in the ground that careful negotiations by keen but not anxious negotiators have agreed. (Actually, as you know, the value of the colateral shares was higher at the time of agreement, and will go much higher again IMO)
So we have that unusual but far from unique situation where the Company's assets exceed its M. Cap. - Or the EV is negative.
You are saying this is not good, there should be some value put on the other projects - well yes I agree, but delays with the NSW Sc project and early days with the new gold one is what Mr Market has factored in. Sorry I am vague, I held PGM during the Owendale drill out, but am not up to steam on it at present, and the Blue Moon is also something to be studied. MM too is 'Pie in the Sky' IMO, ARV sat on it too long, which really annoyed me (I held both companies) and now PGM is taking legal action, which Mr Market hates. [I reckon PMG just wants the dollar value of MM in the bank - me too]
But still I bought in for EV of negative, and promise of 'Going for Gold' in Australia, which is a much better pathway than all those other wankers.
For those who don't realise, Challa is a big tenement on greenstone in the triangle formed by Mt Magnet, Sandstone and Youanmi - all of which are also on greenstone.
Fact is IMO it is a screaming BUY atm.
So chill out mate, time for a coldie and a kg of king prawns - with your bread and butter. It's the aussie way.
(sentiment should have been changed for last post too)
PGM Price at posting:
5.2¢ Sentiment: Buy Disclosure: Held
