Ann: Half Yearly Report and Accounts, page-28

Hi Spec,

The loan announcement was 19th and the merger implementation was 30 June … so no payment till the September Qtr ( not Sept as my first comments noted ) … gives PNR sometime to increase cash and with $50m at the end of 23, a $10m payment as you suggest is very doable … if one dared to dream and was a little optimistically bullish about production and the gold price one could see the loan paid down very quickly.

The presentation commentary from early days has included Gladstone but also Scotia open pits 1-5 yrs so does seem a pivot away from Stage 2 …. My own thoughts now they have APS back in the family and potentially increased cashflow in the shorter term they may continue their services rather then pause any open pit program … maybe a shallower reoptimised stage 2 could add cheap ounces. In stating that Gladstone is a better grade and one third closer so they may cycle back to Stage 2. The performance of both underground’s will more dictate the forward plan.




The non hedged loan deal does seem one rare positive in the PNR ramp up story … something that is seriously detracting from other producers balance sheets and in some cases longterm viability.

As you mention not a lot of traffic on PNR HC, clearly a lot of investor damage in the last few years, the ramp up has been relatively uninspiring up till this qtr. From an investment pov the hangover of negativity can provide great opportunities in the sharemarket, thou not without some risk. Interestingly the sp is fast approaching the last cap raise price at 6c … 500m shares issued so may see some additional volume in the 6c - 7c range … ultimately it’s all about results, end of qtr not too far away so the time of truth is approaching. Still see plenty of upside at Norseman.