Hi, @speculator101 I agree, don’t think there could be much argument over the resource potential at and around Norseman, thou PNR has expended a lot of money and effort recently bringing things together slowly. Construction activities, Halls Creek closure, the merger, cap raises and contractor performance have all been distractions and headwinds operationally and economically. With hopefully much of this instability behind them a clearer path forward maybe is possible.
It is still hard to fathom it’s dropped from 6c cap raise price to 3.8c in a matter of weeks, a relative low mkt cap for the investment made as you rightly stated.
I have been collating and studying all pit photos and information for sometime. This first photo is of Green Lantern and I believe they will be mining this reduced area from about now offering a much reduced footprint and strip ratio going forward with more consistent, thicker and higher grades. PNR have been alluding to better performance but I always need to convince myself of the commentary.
This of Scotia South also shows a potential good harvest period, proportionally higher mined ore tonnages in the short term although pre stripping costs of the Scotia north cut back will be starting.
Really PNR just need to keep working on those basic mining 101 improvements, strip ratios, grade, throughput and recoveries and it should be reasonably profitable … it’s just the delays that have continually weakened their financial position unfortunately.
Best of luck with your position.
PNR Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
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