I think you got it all wrong.
Its a simply formula atm, resources has done its days. Small companies like many explorations were overvalued due the height of the resources "peak", today most companies are going back to earth and facing a reality check. Its hard to see Aussie miners are doing good in fact if all are.
Just look at Atlas Iron (AGO), the once market darling was at $3b market cap one stage (thankfully I sold at $4), but today, it could be on the brink of receivership.
The fact that the current situation, is if you get any Chinese takeover, you are pretty much lucky now regardless if you are PNA or PXG or NGF. The formula is simply, you would wish the Chinese would take over your company if they want it today (in 2015 more than ever), because there aren't much resource M&As from China this year, which is quite scary. Sometimes the biggest customer participating in M&A is a good sign that keeps money flowing to investors. But of course I would like a competing bid from any other national companies to come takeover of PXG, but the only question is no one in this world has that much of a thirst for resources and energy like China. Plus its not like the likes of NST, MLX (which is largely Chinese owned too), or EVN will come in and buy assets like PXG. These companies are after big assets relative to their company size like Plutonic, Higginsville, Frog's Leg etc left off from the BIG international miners leaving Australia due to higher costs.
Otherwise the other options are sluggish share prices in times like this unless they have a good management like NST MLX or FMG. Cause there are heaps of rubbish companies that I previously invested in before, just to name: CUL, AON, SGQ, ORN etc... or face an possible going under like AGO, just look at DML, and MMX (if they didn't sell Oakajee to the Japs).
Lessons learnt in the resources game, don't speculate on purely exploration companies, buy companies with assets that are likely in development or an M&A target, buy in when they are low. A 20% plus gain is pretty good, cash out. Repeat and do it again!
As I'm less active on resources now, than the prior years. I've moved into the tech sector, though I'm a geologist and not a tech guru. I only invest small amounts and get big returns in the tech space.
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