HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Pinetree Valuation...

LT, thank you for the exceptional post. PNP virtually defines the problem of resource share investors , that is great long term value but no liquidity. The obvious reality is that the longer these holdings go without liquidity, the more unlikely it is their value will be realized. So, there is a huge discount built in for the bear market as investors realize it gets tougher for PNP to raise new capital and existing holdings are generally not liquid at stated market. I pointed out in an earlier post that ironically, this could force PNP to sell a holding such as NOT which arguably has greater marketability than say a Uranium holding. I have held large positions in PNP, but do not currently until I see what approach they take to NOT and liquidity generally. (BTW there is virtually no market for uranium juniors and this situation will persist unless that commodity price actually does begin to escalate. That is unlikely in an environment where N. America and Europe are hanging in for $60 oil and free enterprise cannot afford the time/risk/cost of building reactors. ) As I said before, There is some upside for NOT assuming PNP has a large incentive to market its block of NOT shares early.

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