$23.9M Market Cap stock sitting on $Billions of Uranium

Trading at $0.004 PNX has a Market Cap of $23.9M. In a couple of months PNX will merge with KIN which traded at a low of $0.052 last Monday, implying a Market Cap of $61.2M
Giving the new company (Patronus) a combined Market Cap of $85.1 M

The new company will have about $85 to $90 Million in cash and cash equivalents.

Hence all the projects are for FREE.

Projects
- High grade VMS discovery at Cardinia East
- KIN recently sold 610oz of gold deposits to GMD for $15M in cash and about 22 million GMD shares. ($88 / oz) , currently extending another 932oz resource. (when the 610oz gold deposit was sold spot gold was AUD $3000/Oz now about AUD $3500/Oz)
- PNX has the Fountain Head gold and Hayes Creek zinc - gold- silver projects.
- Thunderball Uranium project.

The Thunderball Uranium project began in 2008 , Thundelarra (THX:ASX now Ora Gold) drilled it for 3 years. Increasing the Market Cap of THX from a couple of million to $80m. Project was mothballed following the Fukushima disaster in 2011. Somehow late last year the rights to the Thunderball Uranium deposit landed in the lap of PNX.

The similarities between the Thunderball deposit and the historic and famous Nabarlek Uranium Mine has caught my attention.

For a Uranium deposit 500 ppm is considered good.
Nabarlek (Australia's highest grade uranium mine ) averaged 1.84 % U3O8 (18,400 ppm) with pre mining drilling intersections of;
• 135,000 ppm (13.5%)
• 119,000 ppm (11.9%)
• 96,000 ppm (9.6%)

The Nabarlek pit was 340 metres long and 100 metres wide .They mined it out in 4 months. A total of 10,858 tonnes of Uranium oxide. About AUD $3 Billion dollars today.

The Thunderball deposit has had drilling intersections of ;
• 203,000 ppm (20.3%)
• 113,000 ppm (11.3%)
• 102,000 ppm (10.2%)

Ref : PNX ASX announcement 8th Feb 2024.
Fig 2 and Fig 3 show the area where these intersections were made. An area of about 340m by 100m. (Same as the Nabarlek mine pit)

The Thunderball deposit is about 250km Southwest of the famous Narbarlek mine, both are in the same Pine Creek Orogen.

Trivia: The nearby rich Ranger Mine operated for about 40 years at 0.274% U3O8.


Ref; I own both PNX and KIN.



GLTA