JB Were feedback on PNA

After reading that some brokerage house received commisions from companies for their coverage, I hope this one is real.. Nevertheless, there is nothing to lose for me to read it, as I personally also think PNA is a great company.

Some summary:

Gold Operations - now a steady-state operation.

Phu Kham - commissioning status:

• Current estimates are that the full circuit will be commissioned byend-April (no change) with 1st concentrate expected to bedispatched from the port late May/early June.
• PNA has experienced the normal commissioning issues with thecrusher circuit now expected to be operational by ~18th April (was1st week of April).
• To date commissioning delays have been technically relativelyminor, but have caused time delays.
• Punch lists developed as PNA takes control of the sections of theplant that are being systematically rectified.

Earnings and Valuation Impact: No changes.

Investment View:

• PNA has moved from explorer/developer to producer status at a time ofhigh copper prices… the risks now become operational and in our viewthe stock will continue to re-rate to reflect this change in risk.
• No change to our CONVICTION BUY recommendation.

We have no change to our positive view on PNA for the following reasons:

• Phu Kham is coming into production ahead of the original schedule, within the originalbudget and in the current buoyant copper price environment.
• Excellent earnings growth.
• Well exposed to 'the right metals' - copper and gold.
• Still remains inexpensive on near-term multiples.

Share Price $1.1812

Month Price Target $1.40

Expected 12M Total Return 18.6%

----Courtesy of simmo2001 of hotcopper