My first instinct is to agree strenuously with you. However, on reflection, the charts on a lot of PNP's non-precious metal holdings look pretty ugly as does PNP's own chart. I really like what they are trying to do, but mining and exploration juniors are a pretty tough space right now. With no long term mining policy in Canada, provincial and federal finance bureaucrats in Canada may see the G20 stuff as a mandate to increase resource royalties and corp taxes given there is no realistic place to cut spending. Gravelle for example is a good person and competent growth promoter , but not one whom Finance Policy bureaucrats will take seriously if they are mandated to look for cash. There is a real danger that a lot of new base metal investment is going to get much greater scrutiny than in the past as investors look for more certainty. Its a big headwind for a multibillion dollar commitment.