whats happened and what is happening?

Hi folks

There have been some company defining incidents these last 16 or so months.

I think if we go back to the JTC MOU October 2010 its where things seemed to get a little unclear.

Up until that point I thought PLV in a communication sense at least, were well above most (i'd say all) of its peers.
They had a popular and progressive, perhaps pioneering MD who managed to get things happening. Built bridges where those before him couldn't.
He even regularly posted on HC and would often (and perhaps still does) answer questions in common hours.
It was impressive to say the least.

We had numerous issues/delays/mixed messages around the NTA.

We had incredibly strong interest (documented a number of times) for several years in the project, after due diligence we assume the JTC was either passed up for a better option (Timeone)...or they were the best option and stepped aside.
It was incredibly quiet post JTC MOU...

This latest deal 30% of the company for $30 odd million?

Is that the best PLV could do out of several years of strong interest?

Of course there is much more than just the above in a deal, and we assume the benefits to PLV will far outweigh what appears to be 'on the surface' as a give away sale to an opportunistic partner.

Can we assume that the company knows best and has pulled a master stroke on its peers and has set up a company to be a low cost producer?

That said I am concerned. You cannot argue with the share price.
The market says 23 cents is what this company is worth.

At the end of the day comments for or against, biased or unbiased, knowledgeable or just plain innuendo, are secondary to the market speaking.

We simply cannot overlook share price performance.

We know what happened with the PFS. It cruelled the share price. It destroyed sentiment. It destroyed confidence.

The cost blow out (to a degree understandable and partly explainable with rising prices) was explained as a miscalculation by the company who undertook those cost assumptions.
Were they professionals or cowboys? Wheres the accountability/responsibility in that miscalculation? The real cost of course was credibility.

I recall 'before' the release of the PFS that there was a poster here on HC who asked who was the company doing the numbers leading up to the PFS - it was not received too well.

History suggests that poster asked a valid question as it was demonstrated the company behind those assumptions got it horribly wrong.


So now PLV have Cockatoo. A move many of us were/are quite excited about.
But it was for infrastructure right...not for mining?

And hasnt it been exhausted already by other operators?

Is talk of mining on Cockatoo taking the focus off the Isthmus for example?

Where are the benefits?

Its been stated that Cliffs are moving on to bigger operations - surely if value remains the question has to be asked though why would you sell it?

Who at the moment stands to gain from a depressed share price?

What are Timeones intentions?

Will PLV get taken over?

If so what is this project worth?

23 (last time I looked just days ago it was 30 cents??) cents as some have already stated is just hovering above the issue price 5 years ago.
Its multiples less than it was just last year.

Who is selling it down?

My watchlists have it underperforming considerably to its peers.

Where are the catalysts for re ratings?

Its clear PLV has a number of things going for it - but how many of those things 'add value' for shareholders?

Environmentally friendly drilling platforms and deliberate intent to develop strong ties with the Mayala are certainly things that deserve to be acknowledged as positive developments. They make good news copy and PR. Securing Cockatoo for infrastructure and additional enviro friendly results for Irvine as a result of that appear to be good as well.

But the real story here is one of a lack of confidence in the market.

As a longer term shareholder I have watched the value here slide. I have watched as some announcements have had me (and many shareholders) gobsmacked as to the strategy or thinking behind them.

The question needs to be asked here - whats really going on and why is the share price 23 cents and considerably underperforming many of its peers who don't have financial backing, the apparent comparative advantages, or the 'feel good' story this has?

Have too many of us (analysts included who fuelled and defined the value) totally overstated this companys value?

I'd be interested in some thoughtful, respectful, constructive feedback here. This thread/forum seems to have lost its way a bit.

We know its a tough time globally. But many other companies have not fared anywhere near as bad as this.

And with financial backing, expected cost cuts on production, the securing of existing infrastructure on Cockatoo, and an increasing resource - something just does not add up here....

In a nutshell, how can PLV recover sentiment/confidence and value in a market that just does not value them or rate them?