# PSV - Perseverance Corporation



## yogi-in-oz (5 March 2006)

Hi folks,

PSV ..... coincidentally, has come to the confluence of
3 major time cycles this weekend ... so, just as Friday
had a narrow range, then we would expect Monday to be 
the same, next week.

Other key dates for PSV:

     08032006 ..... significant news, but may not
                          be all positive ... price = 37.5?

     15032006 ..... positive spotlight on PSV???

     20032006 ..... minor and positive???

  24-28032006 ..... 2 cycles here - minor and positive,
                           price = 37.5???

300306-01042006 ... minor financial news???

  04-05042006 ..... significant and negative ???

     12042006 ..... significant news here??? 
                          Price = 37.5???

  14-17042006 ..... minor cycle

     28042006 ..... significant financial news ... ???


     02052006 ..... minor news

     15052006 ..... minor and positive???

     17052006 ..... minor and positive news???

     25052006 ..... minor cycle

     31052006 ..... significant and negative news???

happy trading

  yogi



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## Sean K (18 May 2006)

PSV is a gold producer and explorer, with operations conducted in Australia. PSV's flagship project is the Fosterville Gold Project near Bendigo in Victoria. Fosterville also has several mining tenements in the surrounding region of Victoria.

The Fosterville gold project is a substantial mineralised system with potential to be developed and expanded. A couple of years ago, PSV completed the Fosterville Gold Project Feasibility Study. The project is expected to have an initial mine life of about 8-10 years and production is expected to average in excess of 110,00oz of gold per annum. PSV has produced more than 385,000oz valued at over $A210 million. It's currently hedged at 25%.

Recently the sp broke out through .40c and was about to hit .50c when the recent correction kicked in. Incouragingly, the sp has held up and has held at .47c. It seems to have found great support on volume. 

Today it was announced that AMP had become a substantial shareholder. That brings thier corporate ownership to:

Palmaris 25%, Merrily Lunching 13%, Commonwealth Bank 5.5%, AMP 5.2%

There is a lot of interest in this company. Any rebound in gold will be good for PSV I feel and it will march on.

I have held for a while but bought in again when it went through 40c.


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## Sean K (16 June 2006)

Merrils ups stake to 15%. Something fishy going on here. Could be in for a corporate play on this. Hhhmmmm.


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## Sean K (9 October 2006)

PSV to takeover Leviathon (LVR) creating a gold company with over 5m oz Au and massive tenament holding in central Victoria. 

Damn, why couldn't someone takeover PSV instead. Still, will put PSV more on the map than before. People will have to take notice. 

Anyone else holding this? Think this is a good deal? By the lack of talk on this forum I assume I'm the only holder....


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## 3 veiws of a secret (9 October 2006)

kennas said:
			
		

> PSV to takeover Leviathon (LVR) creating a gold company with over 5m oz Au and massive tenament holding in central Victoria.
> 
> Damn, why couldn't someone takeover PSV instead. Still, will put PSV more on the map than before. People will have to take notice.
> 
> Anyone else holding this? Think this is a good deal? By the lack of talk on this forum I assume I'm the only holder....




I have this share on my radar only because Westpac broking had this stock as a speculative buy  geee that was when it was at 45>50 cents ???! I think your alone with this one Kennas -keep proping it up your doing a grand job .


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## Sean K (13 October 2006)

AMP upping it's stake to almost 12%. Was 5% not long ago...Good news for PSV holders.

I've read a few average reports saying the LVR thing is a pretty short sited acquisition since their mine life is pretty short. Five more years I think. I suppose there's potential though for synergy with equipment, staffing and processing....SP has steadied and improved after the merger news which is good. Perhaps the tenaments they hold are good long term prospects. 

Looks like they might be in the running for some of CRS's assets too which are pretty good. Norseman is actually a decent mine, they just stuffed up with forward contracts hedged at a low price. 

Still my average entry on this is $0.34 and have bought in a few times...Come on NEM, wouldn't you like PSV?

Chart is pretty average. Just looking to break some resistance at $0.34, then needs to get through a solid wall at $0.37 before it could be heading back up to old highs. 

Can someone else please start ramping this for me?    I need to cash in to buy my yacht....


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## Ken (16 October 2006)

its on westpacs speculative buy.

i would look at this stock when the market has a correction.

surely its due sometime this week. bhp and rio tino have risen ov er 10%


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## Sean K (26 October 2006)

PSV looks to be forming a big rounded bottom after comming off lower support level of $0.30. Will be some resistance at $0.37 but if it clears this perhaps the rounded bottom will eventuate? 

Looks like the LVR buy hs been considered OK by the sp reaction since.


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## Sean K (30 October 2006)

Looks to be breaking downward trend. 

Rounded bottom eventuating, on way up the other side. 

Pretty boring compared to Zinc stocks, sorry.  :


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## Sean K (28 November 2006)

Might be just POG related but PSV still showing signs of pushing up. Broke through $0.35 area just and traded above $0.36 maybe breaking $0.37 resistance. Rounded bottom still looking....um....rounded.


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## Sean K (29 November 2006)

PSV breaking up and out. Almost at $0.40. I've been waiting about 12 months for this!


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## marc1 (29 November 2006)

kennas said:
			
		

> PSV breaking up and out. Almost at $0.40. I've been waiting about 12 months for this!



kennas you mentioned ramping psv up for your yacht , i would just like my bl##dy money back   12months owes $0.42 any hope this year ?
cheers


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## Sean K (30 November 2006)

marc1 said:
			
		

> kennas you mentioned ramping psv up for your yacht , i would just like my bl##dy money back   12months owes $0.42 any hope this year ?
> cheers



That's not much of a ramp for me marc! It's a big yacht! 

On the 3 year chart it 's going to hit a headwind at $0.40-42 unfortunately. Gold off to $635 ish, so it won't be today I think. 

After looking at the LVR acquisition more, I'm still not entirely sure of it's value except for the extensive tennaments in Victoria that they now own. They should find some more gold out there, but it's a long term propersition. Short term, some cash flow, and the planned closure of the mine coincides with ramping up Forsterville, so maybe ok?   Maybe.

My average price for this is about $0.32, so I'm just getting into the money really. I might sell at around $0.40 unless there's some new news, or POG definately breaks through $640. I'll then be holding all my gold stocks and probably topping up.


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## marc1 (30 November 2006)

Kennas thanks for your charting etc on psv i will  hold and hope pog has a run and it runs with it.
ps make sure that yacht is the biggest and best you can afford , because as far 
as i can see your only here once !
cheers.


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## zed327 (30 November 2006)

Bought in today at 38.5c.Sonray have a big buy on it-Grandich saying gold to break through next week and the charts indicating a breakthrough was enough to convince me.Time will tell as i sold my usa to do this (the options felt as though i was the donkey following the carrot on the end of a stick).


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## zed327 (1 December 2006)

gold broke through the key resistance of $640 last night and is currently trading around $647. Should be some significant upside for psv.


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## Sean K (1 December 2006)

zed327 said:
			
		

> gold broke through the key resistance of $640 last night and is currently trading around $647. Should be some significant upside for psv.



I hope so Zed, but don't count your chickens. PSV sometimes go the other way to POG!   I figure it's just got to break out of the trading range between $0.30 - $0.40 some time.....


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## zed327 (1 December 2006)

The old gut feeling kicked in again.


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## junmonkey (2 December 2006)

PSV. Bought it at 0.33 about a month and a half back. Its been on a steady climb and its looks to go further


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## Sean K (2 December 2006)

junmonkey said:
			
		

> PSV. Bought it at 0.33 about a month and a half back. Its been on a steady climb and its looks to go further



Needs to hold above $0.38 (short term support), or it's back to $0.36 where there's a bit more...


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## zed327 (7 December 2006)

Your spot on with your accessment of the psv sp kennas - back to 36c oowch!


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## Sean K (7 December 2006)

zed327 said:
			
		

> Your spot on with your accessment of the psv sp kennas - back to 36c oowch!



Well, I hope I'm right with this level, but we rely on POG tonight. PSV suffered more than most, which I don't like! 

The big cup still supported. If it breaks through this pattern, then it's down, and I'm out. Maybe.


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## Sean K (2 January 2007)

PSV is boring me to death. Anyone else? Surely the money would be better placed on anything with U in it's name?? Anyone else holding? What's the upside from here except for POG appreciation? Exploration? I don't actually see them doing any???


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## zed327 (2 January 2007)

Dumped 245000 shares at 37.5c this morning. Lost 3k but rolled it into AGS at $1.865. Probably go into orbit now that I'm out but it looked like AGS was gunna start pumping.


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## Col Lector (6 June 2007)

PSV has been stagnant of late but is highly favoured by the major brokers. FN Arena, which compiles a Sentiment Indicator based on the recommendations of these brokers currently rate  PSV the most highly recommended gold stock and suggests a potential upside of some 47%.
Worth a thought if gold price action continues to be positive


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## Ken (7 June 2007)

First impression of PSV is that it was a high cost  producer that is slowing year on year.  That is why I haven't looked at PSV, however it will do very well if price of gold keeps heading north.

But yeah, just impression I have got from reading up on PSV, and they say first impressions are everything.


Slowing production in stall mines... is there any exploration upside??

Dont hold.  Yet...


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## Col Lector (7 June 2007)

gidday ken...psv got leviathan for a song...reduced their hedging problem significantly. Think their production upside may have been conveniently hidden...stategy as part of the takeoveer. Time will tell but brokers seem confident...


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## Uncle Festivus (2 July 2007)

A bargain or bust?​ 
Code Bid Offer Last Change* Open High Low Volume
PSV 0.225 0.230 0.230 -0.075 0.290 0.290 0.215 13,490,056​ 

Perseverance        advised today that gold production for the June 2007 Quarter will fall short of forecast as a consequence of lower than expected treated ore grades and production interruptions due to adverse weather conditions and equipment failures during the later part of the period. The Company’s ability to respond quickly to these factors was restricted due to a lack of flexibility in productionareas at the Fosterville Gold Mine with underground development still at a relatively early stage. Production for the June Quarter is expected to be approximately 42,000 ounces.

As a consequence of the production shortfall together with a weakening Australian dollar gold price and continuing cost pressures which are impacting the whole industry, the Company’s financial position has been adversely impacted.
Based upon current mine plans, which limit underground production to lower grade stopes over the next few months, *it is expected that **the Company’s cash position will remain under pressure during the September 2007 Quarter.* The Company anticipates this situation to improve as the year progresses when better grade ore positions are targeted for access. Non essential expenditure will be deferred
until cash flows improve.

The Company is working with its advisors to address these issues and evaluate its strategic options.​


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## CanOz (2 July 2007)

Uncle Festivus said:


> A bargain or bust?​
> Code Bid Offer Last Change* Open High Low Volume
> PSV 0.225 0.230 0.230 -0.075 0.290 0.290 0.215 13,490,056​
> 
> ...



​ 
And to think i closed short the other week

Those poor suckers that bought the other day.

Cheers,


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## adamwu (2 July 2007)

PSV crashed with the new ann today. But anyone can tell me how bad it could be. the sp already dropped more than 32% in one day. could it be back a little bit in next couple of days?


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## Bushman (3 July 2007)

Merril's were plugging PSV today. See below. The cashflow problems are a worry though. Would like to see that turn aroundf before making any decision. However they spent $150m on the mine plus infrastructutre so there must be gold. That or its the next Bendigo...


'Perseverance Corporation Ltd. - Andrew Richards
Tough times for PSV | Price Objective Change | Buy- Production downgrade 
- PSV announced gold production in the June quarter will be 42koz which is well below March quarter of 51koz. We have downgraded 4Q07 production to 42koz (from 51koz) split 16koz at Fosterville 26koz from Stawell. We have downgraded FY08 production to 200koz from 221koz. FY07 loss is now $7.7m (down from $0.6m) and FY08 NPAT reduced to $2.6m (down from $19m). Our 12 month forward NAV has reduced from 35cps to 30cps. 
- Disappointing news but PSV is no Bendigo 
- Unlike Bendigo Gold which had grade issues resulting in the closure of that operation, PSV has been hit by a series of labour and equipment issues. Grades were slightly lower than expected at Stawell however 26koz production is still a very solid result. The major reason for the downgrade is equipment failures and skilled labour shortages. Skilled labour is difficult to source at present. The vent fan at Stawell has been replaced and the grinding circuit at Fosterville is expected to be at full capacity by August. PSV state that the Fosterville plant is working well. Looking ahead we expect production of 42koz 1Q08 and back to 50koz per quarter rates in 2Q08 as higher grade material is accessed at both operations. 
- Maintain our Buy 
- PSV is evaluating all strategic options which we believe includes equity raisings as well as M & A opportunities. We believe that PSV offers a potentially attractive future and at a market capitalisation of just A$150M PSV is cheap. Note that the Fosterville plant was constructed at a cost of over A$100M and equipment and infrastructure could add at least another A$50M value. On that basis PSV's 1Moz reserves and 2.8Moz resources has no value. It is an opportune time in our view for a predator to step in. PSV is trading at a 30% discount to our NAV, EV/Reserve oz of US$134. Our price target is 45cps (down from 53cps). '


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## 3 veiws of a secret (3 July 2007)

I hate to say it ....( I have not taken the time to read this thread right through) BUT Huntley's are plugging this share since geeeeee when it was errr 35 cents or 30 cents....... perhaps the clause slots in with reason when the share plummets another 10 cents to 21 cents that it just has to be a BUY. *I'm not a holder of this share *,but I am very dubious at times who is talking who UP.G'Luck.


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## Uncle Festivus (4 July 2007)

Hey Bushman, I wouldn't right off BDG just yet, as everything is fair value to someone at some stage, or so thinks SBM. As for PSV, it would fit in with a predators plans for expansion; funny how SBM is starting to be active in this part of the world and likes distressed stocks like PSV.

The down grade itself was not that bad, it was the follow up warning about talking to advisors (creditors?) that is unusual, or are they just fulfilling 'duty of care' to the market?


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## P.O.D (6 July 2007)

Bushman said:


> Merril's were plugging PSV today. See below. The cashflow problems are a worry though. Would like to see that turn aroundf before making any decision. However they spent $150m on the mine plus infrastructutre so there must be gold. That or its the next Bendigo...
> '




I wouldn't believe everything Merril plugs! When the stock starts trading again l wouldn't be surprised if it gets below 15c. If PSV is not the next Bendigo then it is not far from it.  All it might need is a white night like Santa Barbara to get the share price below 10c.

Personally l wouldn't be touching this one!!


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## Uncle Festivus (8 July 2007)

P.O.D said:


> I wouldn't believe everything Merril plugs! When the stock starts trading again l wouldn't be surprised if it gets below 15c. If PSV is not the next Bendigo then it is not far from it.  All it might need is a white night like Santa Barbara to get the share price below 10c.
> 
> Personally l wouldn't be touching this one!!




Not sure why such a comparison with BDG, as BDG still have some money in the kitty, unlike PSV, which appears to be the main problem.


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## Bushman (8 July 2007)

BDG - cash ($68m March quarter) but no current operating mine. In effect they are exploring for gold.

PSV - operating mine (42 to 50K ounces a year) but cashflow problems due to the mine not operating at full capacity while the cost base stays the same. 

Comparison with BDG was more the fact that it is a Victorian mine that has been disappointing. 

But as you point out uncle, a share price is the present value of its future cashflows. As such the question with PSV is can it get its mine back up to 50,000 ounces and remain cashflow positive? As for BDG, can it operate a mine that has sufficient grade to be profitable? If either is an eventuality, or if a take over is on the cards, then the share price will appreciate.

Be standing on the sidelines for the moment as there are still chapters to be written about both these stories. Some of it could earn a buck as two as well.


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## 56gsa (9 July 2007)

see

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=990B598E-17A4-1130-F58AA6A44D8681CB

brokers value at 0.30 but have put target of 0.15 given risks now inherent

PSV is in the LST stable so likely they will front up some cash as they did for another darling cum dog story being ARX - interesting LST share price has not suffered any from PSV's fall from grace (but then it only represents about 2% of their portfolio) and well compensated by the rise and rise of IRN and HAV which are much more significant holdings.


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## Bluebeard (12 July 2007)

started trading again around the 14c level, major announcement made, what is peoples opinions of this now?


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## Uncle Festivus (12 July 2007)

Could be a bit overdone with the negativity now. It's hit 13.5c & rebounded to 16c. Marginal decrease in throughput was overshadowed by the company's indication that it was having trouble with short term funding, but looks like that has been solved with the placement @ 15c for $26.5m in new funding.


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## YOUNG_TRADER (12 July 2007)

Looks to me like another struggling gold company, so many of them!

BDG, BMO, ARX, GTM, CRS, Sons of Gawlia, 

I hope its not hedging/forward sales issues, because if it is it'll be, 

bump bump bump, another one bites the dust!


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## Sean K (13 July 2007)

Could be another one to go, but there could be a predator come in here as ML suggested. I wouldn't be surprised with at least a dead cat tomorrow. Short term trading opp for mine and will be watching the open with interest, but won't be getting caught with pants down that's for sure.


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## Sean K (24 July 2007)

I used to own this and bailed about a year ago when I just got too bored with it. Lucky. 

How many brokers had a buy on this when it was in it's 30s and 40s?? I think there were a few. Just goes to show doesn't it.... They were probably the same ones recommending BDG over $1.00 too. Ouch. 

Good examples of not going in head first with all the eggs on anything, and to have an escape plan. (if possible)


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## Uncle Festivus (27 July 2007)

I can't see what the problem is, and apparently someone else yesterday thought the same. Some huge single trades taking out entire depth levels in one go multiple times suggesting someone is accumulating? Up solidly when the general market is tanking too. One for the bottom feeding bargain hunting specs?


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## P.O.D (27 July 2007)

P.O.D said:


> I wouldn't believe everything Merril plugs! When the stock starts trading again l wouldn't be surprised if it gets below 15c. If PSV is not the next Bendigo then it is not far from it.  All it might need is a white night like Santa Barbara to get the share price below 10c.
> 
> Personally l wouldn't be touching this one!!




I see that Merril has a 12 month target on this one at 25c.

I just don't understand why the brokers want to pump this one so much???

Maybe cos they told their clients to get in when it was at 30-40c.

Me no understand!!!!

I still will not be touching this one even at 13.5c.


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## Uncle Festivus (28 July 2007)

P.O.D said:


> I see that Merril has a 12 month target on this one at 25c.
> 
> I just don't understand why the brokers want to pump this one so much???
> 
> ...




POD, what are your reasons for not liking PSV & why do you compare it to BDG, as though to have already written it off? They both have had their setbacks, and from what I understand are both moving into better mining areas, and have sufficient funding. I am expecting a sub shareholder notice for PSV soon, the way the tape has been played the last 2 days?


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## Trader Paul (29 July 2007)

Hi folks.

PSV ..... expecting minor, but positive news on 30072007 ... 

happy days

  paul



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## Sean K (20 August 2007)

Trader Paul said:


> Hi folks.
> 
> PSV ..... expecting minor, but positive news on 30072007 ...
> 
> ...



30 July Paul?  Was that the General Meeting Proxy Form? he he 

I think I could dip into my piggy bank and buy this at the moment.

What a complete disaster. If they have anything of value, expect the administrators to get bottom dollar!

I haven't seen anything fall like this since, um, BDG. Don't have to go far do you? I'm sure the same institutions were on the register too, providing the same buy recommendations. Makes me just the slight skeptic.  

Who's going to turn up on the register here shortly I wonder? 

Or, if no one does, they look doomed really.


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## BIG BWACULL (20 August 2007)

Perseverance Corporation all right, you would need alot of it right now lol , I wonder if we you can buy "perseverance" i'm running low


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## adamwu (24 August 2007)

Anyone could give me an advice why PSV dropped below 10c suddenly this afternoon?

I noticed a new ann there, is that the reason? thx


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## ShiroKage (30 August 2007)

latest news is their total net loss was $19.7 million for the year. ouch.
compared to a $59.0 million loss for the previous year. lol. doesn't seem so bad now does it?

how low can they go? is this company heading to zero? i know someone holding them and refuses to sell - he says he's persevering. :headshake


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## reece55 (1 September 2007)

ShiroKage said:


> latest news is their total net loss was $19.7 million for the year. ouch.
> compared to a $59.0 million loss for the previous year. lol. doesn't seem so bad now does it?
> 
> how low can they go? is this company heading to zero? i know someone holding them and refuses to sell - he says he's persevering. :headshake




Have a look behind the result - the reason why the loss was so big last year was due to mark to mark accounting on forward contracts........

If you ask me, these guys are in deep depp trouble - marginal resources with high cash costs, production hasn't proven it can be reliable enough for them to go forward. I also think the impairment tests done on their goodwill was ridiculous - they used a 9 - 10% discount rate with a gold price of $800 AUD - firstly, the discount rate should be much much higher for such a risky asset (BBB debt pays a higher yield!!!) and then are we really guaranteed the gold price will stay up...

Put it this way - if they can't prove in the next 6 - 12 months that they can produce, they will be insolvent because they won't be able to raise anymore money....

I hope they do perform however, because a mate of mine has these at 22 cents just before the crash - I'm feeling awful sorry for him right about now...

Cheers


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## greenfs (3 September 2007)

Garimpiero reports in the Monday Age (03/09/07) that this sp is near its bottom and uses Merril Lynch 12-month share price target of 20 cents and buy recommendation as the base for his report.

I am not yet a holder but have added it to my watch list today and will buy once the charts indicate the time is right. The following chart shows we are are heading in the right direction from a MACD perspective


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## Sean K (13 September 2007)

I think someone's bottom picking here. Been some unusual volume and I don't think it's just POG appreciation considering it's latest reports. Up about 50% the past week.


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## lottoluck (25 October 2007)

compony for sale "going cheap". lots on offer and growing.more joining in all the time....................................


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## Sean K (25 October 2007)

lottoluck said:


> compony for sale "going cheap". lots on offer and growing.more joining in all the time....................................



lottoluck, 

Can you please expand on this for us. 

Why is it cheap?
What's on offer?
What's growing?
Who's joining in?

Cheers, kennas


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## Bushman (29 October 2007)

kennas said:


> lottoluck,
> 
> Can you please expand on this for us.
> 
> ...




Answer has been revealed. PSV being bought out for $282m or $0.2 per share by TSX listed Northgate Minerals. Price on Friday was 14.5c.


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