The merger with Tulla was done mid year.
For comparison sake maybe look at OBM,
Has similar size milling capacity, 1yr old mill at Norseman, old mill at Daveyhurst OBM ( I am aware OBM recently upgraded crushing circuit )
Both Openpit and underground operation … PNR underground reserve grade 6.4g/t … OBM 4.3 g/t but yet to prove resource model.
Openpit grades higher at Scotia.
Both aiming for similar production. 100k oz pa
Both sold lithium rights … agreements slightly vary.
Both use contract mining.
Both are un hedged.
Both have similar cash.
Both have prospective tenements.
OBM haul open pit ore 37km … PNR 26km
OBM haul u/g ore 44km … PNR 2km
Obm $410m m/cap.
PNR $255m + $65m debt = $320m
Hope this gives some context to value.
Month on Month Production Estimates, page-50
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