Cheers for the reply Wassa.
I had to have a second/third read of the quarterly to make sure I had not missed anything.... I had of course.
The most glaring was.... they produced 19,235 ounces with the plant humming (has any plant every had 100% uptime?), yet... for reasons that I don't really understand, PNR fail to mention how much gold was sold (unless it's as simple as it says a larger inventory existed at the end of the Quarter).... With a tiny bit of my brain power, I worked out that at with an average sale price of $3184, they only sold 17,996 ounces (revenue / 3184). Where are the other 1,239 ounces (at approx $3400= $4.2m)? These extra sales would have seen PNR build it's cash position by a tiny figure.
The extra sales in the June Q will like
Production Sales Unaccounted
2024 March Q - 19,235 17,996 1,239
2023 Dec Q - 18,185 18,107 78
2023 Sept Q - 13,145 Approx 13200 -50
2023 June Q - 10,345 .... ....
2023 March Q - 6,631 ....
Cannot fill it all in, because they don't provide an average sales price, plus... Halls Creek production is mixed in with June/Mar Q of 2023.
Regarding the U/G production from OK/Star - really humming (at approx 30k ounces per Quarter) and a minimum 3 years of reserves so far with more extensions likely. Below not from today's quarterly.
Regarding the open pit, they do state the focus is now Scotia, so hopefully the grades further improve. Agree about the stripping rates continuing to reduce, and the resultant increase in cash generation as we progress through the year.
Agree about Scotia. Though imagine if PNR had 3 OK/Stars running concurrently!
Perhaps I am overly tired and the earlier part of the this post is wrong... I have probably read through the documents too many times now. Hopefully it will make more sense tomorrow!
I am not surprised that the 'market' was not overly excited, but... I think it will change, once the impatient leave and the patient replace them.
You only have to look at your example of OBM versus PNR to see where the value proposition lies (though.... again, OBMs MD is impressive).
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