like TRY, DCN and RED (twice now) if it can go wrong it has gone wrong for PNR Ramp-up issues identified and addressed – processing plant approaching name-plate capacity - 9 months behind schedule. 1 Mtpa plant with 46.4 Mt @ 3.2g/t for 4.8 million ounces gold - 110kOzpa Is expected to reach name plate production rates by the end of the current financial year, with this 110kOz planned for FY 2024 & AISC of A$1,800 - $2,000/oz Post Cap raising will have: Total Debt A$55m, Cash A$59m - so A$4m cash 4704m SOI - huge number At least $200m tax losses So FY24 - best case is say A$2800 - look at 110kOz*900/4700 = 99m/4704m = A 2.1cps - again around 3 to 1uncertain of non-sus CAPEX (eg not included in AISC) , say a 6:1 P/E look at 12c per share On the side has a Li resource that MRL are drilling out - this is also next to LTR & UG mine in Pilbera that is approaching end of life. Tech analysis look good
PNR Price at posting:
7.3¢ Sentiment: Buy Disclosure: Held
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