Ann: Half Yearly Report and Accounts, page-140

Good post Speculator,

PNR is a classic example of a company with great assets overshadowed by problems of execution, financial restraints and delays … some make it and a few don’t … looks like the gold price will see that PNR makes it.

The shareprice continues to rise on no news … the stars are aligning for PNR and others in the gold space. Breaking 8c today was pretty exciting, doubling the sp in 6 weeks.

PNR has been my most rewarding investment this FY … from both, a financial and personal perspective … entered 6 months ago when sentiment was very low. After weeks of collating years of announcements, presentations and printing every photo of Scotia and Green Lantern I could find, then nights of calculating, estimating and thinking I entered with a much different view to most.

Over 6 months I have bought 17.5m shares and traded 15m of them … for a $157k profit ( 50% realised, 50% paper )

Possibly as the story matures PNR may become more active in the Investor Relations area … it’s always easier to promote a good story than a poor one.

My own short term priority is the divestment of Halls Creek, reduction of C&M costs and focus on early repayment of loan when that window opens in a few months.

Confident in RUC Mining to establish Scotia production on time, O2 improving and production rising.

Best of luck.