Mephistophles, apologies for the delay... am in o/s work at...

Mephistophles, apologies for the delay... am in o/s work at present and not much internet access. Appreciated your line of questioning. These are my personal thoughts and observations.

I do not believe that PMH being taken over is part of the overall strategy and not at all in their interests. This is largely not about PMH itself, I just simply cannot view PMH in isolation of its other projects, relationships and shared interests with other members of the "family" as I am want to call it. Those who understand the historical development and priorities will perhaps appreciate this.

I do not believe that Ann Mason is, or indeed ever was, the end game. Still, it is a significant resource. This significance is not only in the (increasing) grades and size of the resource, but is also evidenced by the timing and the active role PMH appears to having in the overall scoping and development of the Yerrington area - they clearly have an interest in seeing the area develop in the near future, and I believe they want to see the PMH deposits as part of the core mining operations from the outset.

That Ann Mason will be mined, I have no doubt, I believe that PMH wants to see it mined "in our lifetime" as someone said on an earlier thread. I'm just not convinced that PMH will be mining it themselves! It may be sold, but I am more inclined to think there will be kind of alternate arrangement - through JV and royalties etc. Either way, Ann Mason will generate a significant amount of income for PMH, and they will get on with other things.

The decision regarding what to do with Ann Mason will I think be taken very consciously and not before the extent of its potential is verified through the current drill programme and feasibility study. I am confident that the decision taken will be based on the most strategic opportunity to maximise value for shareholders both the in short and long term, and maximise opportunity and relationships to enable PMH and its partners to get on with other work.

I often see people asking "so if its so good they why is the SP not kicking along". Personally, I do not think that seeing PMH fluid on market is part of the strategy, and again, you have to look at other mid to long term strategic opportunities that PMH has offered to its holders which add value to their initial investment.

So, my view is that, I do not believe that PMH, its shareholders and partners will seek or tolerate a takeover, especially so early in the game in terms of the overall interests and strategy. It's tightly held enough to protect against this. Pay date is long term and I believe the cheques will be coming in from a range of places and players :)

Again, my personal observations and thoughts, for the mix! Regards, Donna