Widely followed ASX listed miner PanAust Limited deserves credit for successfully developing new mines but is reaching the phase of its life cycle where its value potential peaks and, lacking further organic growth, the company becomes increasingly reliant on higher commodity prices to maintain investor interest. PortfolioDirect/resources (see (VIEW LINK) offers a stock ratings service for financial advisers and corporate subscribers. The rating system is designed to assess the suitability of a resources stock for inclusion in a value oriented stock portfolio. PanAust is one of the four stocks reviewed in this week's PortfolioDirect report. The report highlights the failure of companies such as PanAust to deliver competitive investment returns before beginning to plough extra cash into new sources of growth. The latest report also updates model sector portfolios and views about the cyclical positioning of the resources industry.