I'm in ! for awhile at least.. see how it goesHello all...( i'm new on this board ~)
I have been watching this one for awhile and decided to take a position last week.Even though i had ample opportunity to get in when it stalled at the .48 range.. i was not finished my dd and was watching for it to maybe drop down to the .44 or less range.
However,, that did not happen so i continued doing dd and made the decision to buy in at .55
Anyways.. yes.. it is obvious the finances are a mess.. so it is easy to see why mgmnt is looked upon as being incapable...if they took this company into this current predicament.
However,, i am looking at the massive potential of the Waterberg ..The sale of the Maseve mine is a step in the right direction for sure but still not enough to get them out of debt., More financing and dilution are almost a certainty.
Buy,,, i do not conisder just under 149mm shares OS to be excessive...so there is some room for more dilution yet as long as it is not outrageous and will carry this thru to the point that some more good news emerges and financing can be done at a higher SP.
I see there is still potential here in PTM as the current drilling being done is to put together a 2 plan DFS. This current drilling program certainly has the possibility of proving a larger resource exists so that can also help valuations.
If good drilling results come in,and the DFS is completed,, Implats can review and decide within 90 days whether of not to spend in excess of 160MM US$ for controlling interest.
I don't know about the political aspects in SA or even if a license will be granted. However..it seems that SA has been open to mining projects in the past so one has to assume that if a project shows viability.. then they should be able to work it out.
Personally.. i kinda like my chances here. Technically,, the chart shows how beat down the stock has been in the past year and is due for a bounce. Indicators lead me to believe this will break thru current resistance ceilings of .65 and .70 as both were broken thru at one point on friday. Next 2 levels of resistance are not until .90 then 1.02
so there looks like some blue sky overhead to me right now.
FWIW.. my plan will be to just hold my current postion and wait and watch closely for further developments.Everyone has their own way of playing the game.!
All JMO
GLTA holding this stock
GS2