Ann: Quarterly Operations Update, page-16

Agree Kippy, OBMs announcement was a solid one (versus PNRs), but... if I can be critical of OBM, it's based on 55k of reserve for the second U/G mine!
I mean... that is literally just 1 year of production (for their FY26 guidance of all things, not their FY25 guidance). I have to hand it to the MD, he hits targets and can fully market the upside. Versus,.... PNR. Even just roughtly, PNR has 500% more reserves than OBM, but... for now, the market believes OBM is going to perform better, hmmm.

That being said, I had expected PNR to hit around 21-22k, though of course I had hoped for more. The 20,802 ounces is roughly an 8% increase on the March Q, which is good considering that they are not accessing more U/G ore from Scotia yet, but will do this quarter, though I think my expectations is still only for 22-23k, with the Dec Quarter again closing in on 25k and... Jan onwards seeing PNR run as a thoroughbred.

From memory (I posted on this a while back), the cash position is about where I expected it to be. With Scotia costs, raising costs, debt payment fees and some exploration bringing down the true figure for free cashflow (though of course, they arguably generated $6.7m in the month of March, which is the same as this whole quarter). Not a huge fan of including the GIC as liquid assets, though I know a few other producers do it...

I look forward to the cashflow waterfall chart explaining where the cash went. As the company now again sits with an E/V around $500m. As you say Kippy, they remain a clear target for corporate action, I can only think of one or two other producers with similar production (but no-where near the MRE or reserves) profiles... The debt reduction & payments/costs plus interest earned on the $100m in cash will also make a difference going forward.

If I can try to think like an insto, PNR is now much easier to invest in, compared to back when it was $0.04.... no threat of a capital raising, multiple quarters production increasing and free cashflow now actually occurring, major exploration campaign and still unhedged.

Scotia looks to be tracking well as per their recent timeline.
Re-entering Bullen U/G at Mainsfield has commenced, which hopefully then then enable U/G drilling and potentially... early production from remnant ore and already developed stopes. The italic part is mine.

I strongly agree with Paul in his last sentence. Patience is required, as it's now all about Scotia U/G ramping up, now that the open pits are optimized and Star U/G is also humming. The impatient are selling, whilst those that clearly see where PNR is heading (not even including the upside from what hopefully will be a pivotal drilling campaign). By the end of FY25 PNR should... be debt free, sitting on perhaps $150m even after it's $25m exploration program and producing just over 100,000 ounces p.a (though that could change if they push hard with developing their 3rd U/G operation.



Still lots of room for improvement in terms of communicating with the market, but that is an easy fix compared to not producing profitable ounces.
I am hopeful PNR will still outrun OBM, just because a little competition is fun!