I think the correct peers for PNR are Karora and St Ives (Goldfields). This will take 5-10 years to unlock and expand. If you assume $50mpa in development cost (ex Mill Upgrade), these costs were in the original model, I think you get yourself in the 200-250ktpa range within 5 years. That is only $250/oz of production, less than half of the gold price increase over the past month. At that level operating cashflow is over $400mpa. Two more points, PNR has massive tax losses. Also if you look at the Underground resource grade, it is one of the highest in WA (11.3g/t). The question is the Cash costs for the underground operations and PNR have been saying <$1,700/oz for Scotia. If this is the standard for the underground operations the operating margin is already $2,000/oz. If they can execute, this has plenty more left in it. My price range benchmarks are as follows
1) De-risked commissioning, 8-10cps
2) Early takeover offer, 15cps
3) Expanded operations, no further gold price increase, 15-20cps
4) Expanded ops and increased gold price, +20cps
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8.7¢ |
Change
0.001(0.58%) |
Mkt cap ! $555.0M |
Open | High | Low | Value | Volume |
8.7¢ | 8.7¢ | 8.6¢ | $310.5K | 3.607M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
12 | 284984 | 8.6¢ |
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Price($) | Vol. | No. |
---|---|---|
8.7¢ | 988313 | 8 |
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No. | Vol. | Price($) |
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12 | 284984 | 0.086 |
11 | 691747 | 0.085 |
8 | 548787 | 0.084 |
19 | 3933299 | 0.083 |
12 | 771214 | 0.082 |
Price($) | Vol. | No. |
---|---|---|
0.087 | 986114 | 7 |
0.088 | 272800 | 3 |
0.089 | 152800 | 2 |
0.090 | 208832 | 5 |
0.091 | 171243 | 2 |
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