Ann: Half Yearly Report and Accounts, page-68

That is very generous of you Wassa. Glad you enjoyed it (though.. a tale of woe overall). If I ever get time, I might have a crack at MOY or Wiluna!
Hmm... or Eastern Goldfields... I don't even know them all!

You hit the nail on the head... mining should never be a reactionary business. Planning planning planning.. oh and having grade match the JORC.

1000% correct.


The Maloney's are indeed an issue, albeit, I think if the price is right, they will still sell. Why else did they farm-out 50% to PNR. I think back then the idea was to successfully bring it back into production, then let PNR take the lot and they walk away with the $$. Speaking of price...
I think I heavily underestimated how much they have sunk into Norseman. In my post I only looked at what they spent up until PNR took 50%. Yet, after that, Tulla had to tip in....

PNR finished their $50m sole expenditure period in April 2021. After that, TUL was up for 50% of all costs.
TUL was sitting on $50m in cash and $20m PNR shares mid 2021.
Yet it was all gone by late 2022, with a debt facility (still in use) to get them into production.

I think Tulla is in for around $150m minimum and as such, with 17% of the company would need... a market cap of over $800m+ to break even.
These are all very loose assumptions. As who really knows what they might sell for, though clearly not at $0.04 in the recent lows.

Cheers for that Video of Norseman. Absolute classic! Loved the bit about mine life... 2-3 years is the maximum!

Hopefully Norseman operationally is indeed the best it has ever been, with a very supportive gold price.

I also noticed that slide in BTRs presentation (they are an interesting little outfit, with at least someone wise enough to see that a critical mass of assets is needed to move the dial profitability wise. From that list only PNR has 1m ounces in reserves!
PNR will look even better at 100k p.a.

A pleasure @JollyJohn.

Let's hope you are right @legaleagle88