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Panoro Minerals (PML.v): The Mystery of the Missing PEA

Yesterday Panoro Minerals (PML.v) filed its 3q14 financials, which told us of the $9m held in treasury (after raising a net of just under $6m in July), working cap of $7.6m and the usual bits and bobs found in an exploreco. It also told us that the PEAs (aka scoping studies) for its main Cotabambas project as well as its second string Antilla project were advancing and they were looking to complete them in 2014.

When it comes to the main Cotabambas project in particular, IKN sincerely hopes you're not holding your breath on this one. Back in April 2013, the Cotabambas PEA was going to be delivered in December 2013. But December 2013 came and went without a whisper. Which was odd.

January was mouse-like in its tranquility at PML headquarters too, but then on February 26th we got statements made by PML.v CEO Luckedout Shaheen to Northern Miner, just before PDAC:
So far, metallurgical work on the sulphide component of the deposit shows it produces a “clean and high concentrate” grading 27% copper, 11.9 grams gold and 152 grams silver, without any arsenic or mercury and with low levels of lead and zinc, Shaheen adds. The preliminary economic assessment (PEA) is due out in July.
And as a slight sidebar we also got in the same interview that day...
With $10 million in its treasury, Panoro has more than enough cash to finish the two PEAs and take it well into next year, Shaheen says
...and because they didn't need any more money this year they ran a $6.5m placement in July 2014. Because of a juggalo clown riding a unicorn. Next came the 2013 year end filings, dated April 25th 2014, which told us...
Panoro is continuing its exploration at the Cotabambas project with geological mapping and geochemical sampling, while a Preliminary Economic Assessment (PEA) is underway by AMEC Americas Ltd. Metallurgical test work is in progress under Amec´s supervision. The PEA is expected to be completed by mid 2014.
...that that elusive PEA would be with us "by mid 2014". But again time slipped away from us. Luckily we didn't have to wait long until new information was available as reported by Laurentian Bank securities in its update on PML.v in July 2014 (author Christopher Chang). They wrote after consulting with the company:
 "Preliminary Economic Assessment Anticipated in Q3/14: Panoro plans to announce the results of its Preliminary Economic Assessment (PEA) for its wholly-owned Cotabambas copper-gold-silver-molybdenum project in Q3/14"
Ah, but you'd have already noticed that today is November 27th, nearly two months have gone since the end of 3q14 and we still have no PEA for the Cotabambas project. So to re-cap on this:
  • In April 2013 PML.v said the Cotabambas PEA would be with us in December 2013
  • In February 2014 PML.v said the Cotabambas PEA would be with us in July 2014
  • In April 2014 PML.v said the Cotabambas PEA would be with us in mid-2014
  • In July 2014 PML.v said the Cotabambas PEA would be with us by the end of September 2014
  • In November 2014 PML.v said the Cotabambas PEA would be with us by the end of 2014

This is definitely nothing to do with this company's management team being liars, con artists and 100% full of shit, so what else could it be? Darn, I'm confused.