Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

It's not pretty, but.... it's improving.
Costs will continue to reduce.
U/G ore will continue to increase in grade and tonnage.
Staffing at full capacity by mid Jan.
Cash burn expected... to be $5m for the quarter, which I view as ok considering they are still in ramp up (I am not happy they are still ramping up but... it is what it is).
Scoita U/G is going to be a key driver of how PNR is actually going to start hitting it's DFS production numbers.
Known contractors coming onboard will hopefully improve operation capacity.

Cash position and flexibility with the upcoming sale of Halls should mean... we are past the peak of capex (particularly as the Scotia U/G is relatively low cost to bring into production), coupled with the large amount of open pit ore they plan to have stockpiled to drawn down in future years.



I still think the board need a refresh, how the major holders continue to view their performance as acceptable is beyond me.

E/V of $240m. I continue to be bewildered as to why the likes of WGX/RMS/GOR/SLR don't acquire this and bolster their production profile by 100k+ p.a.

Good luck to all holders.