Change of director's ownership, 8 September 2008 – Garry Arthur Hounsell bought 500,000 of PNA shares (average price $0.7015 - hence total consideration of $350.750)
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PNA reported yesterday a half year (1st) net loss of US$389,000. This result was better than expected.
From the broker:
- GSJB Were keep a BUY recommendation with a target price of $1.40. JB Were still like the PNA story, and said the next 6-18 months is a great period of opportunity for PNA due to its work in the Phu Kham project in driving it to become a profitable and cash generating business.
- RBC Capital Market (before the above report):
Outperform recommendation, share price target of $1.40
A LIFT in its long-term price forecast for copper has meant a change in the recommendation for Pan Australian Resources by RBC, moving from sector perform to outperform. RBC's new copper price forecast is now US25c-50c per pound higher for all years while its long-term price forecast has moved US20c per pound higher to $US1.50 per pound. - Credit Suisse Outperform recommendation 12-month target price of $1.50. PANAUST has delivered a maiden resource for its Ban Houayxai deposit in Laos of 19 million tonnes at 1.7 grams per tonne of gold and 10 grams per tonne of silver. PNA is looking to build a reserve to support a 100,000 ounce per annum gold operation with first production in 2011. The analysts said the asset, while a modest grade, had many advantages, including cheap power, installed infrastructure, low strip ratios and good recoveries. It is expected further drilling is likely to increase resources, given that the asset is open to the north and at depth.
"In common with ASX-listed copper peer EQN we think PNA is outstandingly inexpensive," Credit Suisse said. "Pan Australian offers quality exposure to copper leverage and a wide open register makes it vulnerable to takeover."
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