Your premise on fundamentals SHOULD be correct, however, it hasn't been correct for a long time and I believe the way you explained it is wrong with the environment of the current mining sector. This is why IMO.
When the miners are down, they're all down. I don't know of one PM miner that's doing well in the current environment. There are plenty who are executing their plans better than PTQ that are suffering greatly too. Disfavor in the sector is the number one problem for all the miners current problems. I attribute that to investors putting there money in just about every sector of the market except miners. There's a general distain and distrust for the mining sector anyway.
PTQ being profitable has obviously NOT meant anything for the where the SP is or has been for a long time in the current sector environment. It hasn't since they were profitable. Of course if you read the MDA you would know they weren't profitable for 2013. I will admit that at some point in the future if/when the miners ever come back in favor profitability should become a bigger factor in our favor.
IMO the second biggest reason for the poor SP performance is poor company performance. Poor execution all down the line from production projections, deadlines not being met, or financing not being obtained. The POG is important, but if you recall the PTQ SP was off even when the POG was much higher than the current price. When gold was @$1900/oz. the miners were still down. P&P reserves are important too and IMO have always been a problem for this Company. They have never proven Panama had significant amounts of gold there, so they had to go to Spain/Portugal. That in turn diluted the share base and made adding reserves more cost intensive.
I agree with your reasons, just not in the same order of relevance.
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