PNR (ASX) Ann: Half Yearly Report and Accounts

Originally posted by speculator101: ↑

I think I almost broke the HC website with image uploads, so... here is the final part of my post.

I guess the department had enough of Norseman.

May 2014.... getting close now.

Yet.... 31s of Oct.... they are still going! Sadly, as above, the POG was working against them.

Interesting to note that they finally started working on the plant. Not sure I have seen a more tenacious administrator!
No wonder Tulla is so attached to Norseman (though hopefully not so attached that if a proven mid tier producer wants to run Norseman as a 200k p.a producer, they would welcome them....)

Amazingly... they were profitable. But... impossible to formulate a mine plan and production outlook.

The last update.... before it finally got kicked off the ASX ( I assume that was the plan for Tulla, why else would they not even pay the fees).

Still in production and likely was until the end of the year.

Humph... what an unsatisfactory end to the story!

I wonder if there are any resident miners or locals of Norseman that know when Tulla finally threw in the towel. As they definitely were not in production in 2019....

What a bloody marathon. I think there are a few lessons in there... above all, once an operation gets a long way behind it's mine plan, or is underperforming on multiple fronts, it... almost impossible to catchup, hence why the likes of CMM and EMR are so strongly supported by Insto's. They know, that the management teams fully understand their deposits and what they get out of them......

If anyone really needs to see what a similar story looks like, take a trip down memory lane with MOY (Milienium minerals) or Eastern Gold fields or Wiluna (Blackham mining). Once a trend sets in, its... eery how similar the stories play out.

Possibly one of my longest posts... ha.

So much gold, but... needs to be mined in a profitable method (i.e the orebody needs to be understood!).

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Definitely the longest and most interesting post I have enjoyed in my 13+ years on HC … Excellent.

The standout to me here is Norseman is incredibly well endowed with gold grade … the production numbers from a small plant were very good at times … but mine planning was reactionary and almost just survival like for a longtime.

The Gladstone numbers at the start of your post are very positive for PNR forward mining plan.

From an investment perspective your post clearly shows the fortunes of gold miners (and any other commodity stock) are tethered to pricing and operational performance and therefore one should never entertain becoming a longterm holder or expecting consistent dividends etc … at that point you probably have become more in love with the stock than your money … constant reassessment is needed to protect one’s investment.

Clearly the Maloneys love Norseman more than their money … I am not sure now they would sell.

Another Norseman story of the rise and fall of Norseman.

https://www.facebook.com/watch/?v=2998702150401084

Thankfully, currently we are seeing improved production and excellent gold prices at Norseman.

Thanks again for the efforts with your post.