Ann: Half Yearly Report and Accounts, page-137

PNR is perhaps the only.... gold producer on the ASX that has not announced anything in recent weeks
I also cannot fathom how rarely the MD Paul actually presents at conference or in paid media.
Basically ever other producer I follow or hold continuously speak to the market (the best companies even when they have issues).

Which is a shame, as I did find Paul presented very well back in August 2021 at Diggers.
2021 Pantoro Limited

The 25 minutes he spoke did not have to focus on the production issues PNR have faced since they turned the plant on, instead he just spoke about what Norseman had then and how much more they will likely find. Especially, when you get more 'color' on what a slide like this really means..

Paul is able to articulate just how much more gold is sitting in Crown/Mararoa (everything that is not pink, particularly the light gold color, is 100% not included in the MRE... or the mine plan. This mine has already produced 3m ounces historically. The pink resource was left as a result of mining.
All of the light gold is already developed and ready to mine. Paul states they expect all it to eventually be brought into the resource, just needs more drilling........... There is a developed decline (Bull) just 400m away.



Then you have a further opportunity to the South at Butterfly, where they already have a developed decline, with... this is crazy, current staff at PNR that remember having to walk away from the tools with visible gold in front on them (when the previous company went under)....



The plan had been to drill out both deposits and add ounces to the mine plan..... hmm...

What does frustrate me is... how PNR chose to ignore their own mine plan and just focus on Scotia/Green lantern, instead of diversifying their sources of ore like they planned to do, which... is 1000% one of the major issues they faced during ramp up, not having access to mined ore.

At the 8m mark, Paul explicitly states that they will have 2 open pits running at any one time, to be complimented by the OK U/G mine.
"We start with Scotia and Cobler"....
"We will have 3 production sources"....

Now, to be fair, this is now basically the case, with Green Lantern now developed, large stockpiles and OK ramping up, with Scotia U/G to come online in the coming months, to ensure they actually have 4 separate ore sources, instead of the 2 they basically started with. Now, I have stated this before, this is Paul's speciality, mine plans and execution.


It does not take much imagination for Norseman to totally transform with even more sources of ore (and higher grades) filling the plant, or an expanded plant.

Norseman can and hopefully will be so much more than it is right now. Crazy to think that the spot POG is now over $500 higher than the average price PNR received in the Dec Q.