Ann: Appendix 5B Quarterly Report September 2014, page-9

I strongly disagree to a point Cashedup, grade is important, but having good management, who meet deadlines, keep costs under control, dont over-promise and are willing to do whatever it takes to best protect shareholder wealth, that is who will survive any further downturn. IMHO, I think PXG is as close to being all of the above as any gold stock.

I know I can only really say this in hindsight, but it would have been great it PXG had hedged the gold that is being processed (even at AU $1400, they would have ensured 2 years of survival, with approx $8-10 million in profit each year)

Sorry to be negative, but I think right now, compared to its peers, PXG is possibly overpriced by about 25%. It is holding up quite well though, perhaps because of the strengths I mentioned above.