Excellent move by PMH in a classical Giralia strategy.PMH has...

Excellent move by PMH in a classical Giralia strategy.
PMH has actually built cash and near cash reserves over the past few years
1 They have spun off PEN and are slowly turning their holding into cash
2 They have JV'd Mystique cutting themselves into a potential 1mill ozs of Au for free carry
3 Today we see the JV of Northling. I know it appears to have gone cheaply but PMH will have 70-80% of a potentially major find with no risk and no dilution.
This move is reminiscent of GIR diluting to 20% of RHI
which looked foolish but they sold the holding with no risk or dilution for $70Mill. This made GIR financially independent and able to drill up other properties without seeking partners or banks
4 A partner is being sought for Sentinnel
5 Other properties will be spun off or JV'd

The big play is Ann Mason and the blue Hills which they would like all or most of.

I believe we are on the verge of a rerate for this coy over the next quarter. Traders will play with it to make margins of a few cents but PMH is on the way up.