I appreciate your comments
@Rocksinmyhead as someone who has been with the company for some time.
I have been tracking this company loosely since 2017 without buying in and have not regretted that.
Nevertheless, I noticed the other day that the mineral resource at 1Moz of Au had not been increased since the last time I updated it in 2018. That is a long time for no results of any significance and so thought I would look and refresh my awareness of the company.
As usual, these days, people are claiming comparability with DEG. That is just nonsense. Just about everyone, including companies are referencing DEG. From what I can tell, the geology is different, the company history too, is different.
I think a better comparison is with AZY. AZY too, has a number of deposits adding up to 1.6Moz of JORC resource but without sufficient concentration to justify a mining operation for the past several years. AZY too occupies tenements over a widespread region and has attracted JV investments from a number of majors while continuing to explore a significant area with 100% involvement but still at the early stage of aerial prospecting and target identification.
AZY has shown a pretty good return over the past 12 months as it established JV's with IGO and NCM and while the one with RIO was extended along with the increasing POG of course. Anyway, I am not here to promote AZY but am only raising it as a much closer analogy to PRX.
PRX has made an issue over the difficulty in establishing prospecting, mining, heritage, and environmental licences in the NT. I thought managment was there to clear that sort of thing through the system rather than use it as an excuse.
I do have sympathy in relation to COVID getting in the way but that now seems to have been lessened.
I bought in at 6c the other day and have taken a small position to monitor activity more closely.
LIke others, I see the widespread tenements in an area with valuable mines in the past plus the various JV's with large companies worth taking a punt on. Still suspicious of management's ability to make a go of it but willing to take my chances. With signs of progress in finding more resources then I will increase my holding and with a new drilling program underway, this seems a good time to show an interest.
(20min delay)