Well... all I can say is that Tulla Resources (the main...

Well... all I can say is that Tulla Resources (the main shareholder of Tulla), has not been a particularly savvy major holder.
They were the ones that chose Pantoro to be the J/V partner in developing Norseman and..... bac in 2020, they held over 65% of Tulla, which equated to 32.5% of the Norseman project yet today... they have allowed themselves to be diluted down to just 16%, basically a 50% reduction.
Yet it gets worse... back in 2021 their 65% of Tulla (TUL), the company was worth around $175m or $110m net to Tulla (major shareholder).
That net worth is down to $31m. A decrease of approx 60% over 2 years. Sure, not as bad as for long term PNR shareholders, but.... what a fall from grace.
Add in their initial $80m investment ($10m in + took on and later converted the $70m debt into equity) and.... their net asset value is down to almost $20m.





Then you have how much has been spent on the project since the deal with PNR was done, plus what has been raised by TUL & PNR up until this point.

As of mid 2021.
TUL had $55m in cash, and a further $20m in PNR shares.
PNR had $42m in cash (after all the initial payments to TUL)

Since then, TUL raised a further $20m (Oct 2022) & took on $30m in debt.
Since then PNR raised a further $55m (Aug 2020) & took on $30m in debt (Sept 2021)
raised a further $45m (Mar 2022) & $30m (Oct 2022) & $75m (Feb 2023)
raised a further $30m (Aug 2023).

Grand total of funding used (pretty much exclusively for Norseman (could be $10-15m for PNRs small operation).
$432 million dollars on exploration, development of the Norseman plan, commissioning and continued development of the U/G.

Such a terrible outcomes for all past shareholders, who have collectively seen their capital destroyed.
Now, all the drilling, mining studies etc, were not a waste of $$, that had to be spent, the issue is the mine plan, the lack of U/G development required, when... as it's a somewhat small plant, grade is key and... they did not have it when they needed it (during ramp up).

The company has possibly burned through $10m this quarter (I am hopeful it's not much more than this), which gives the company an E/V around $200.
The rest of FY24 should see the company swing into profitability, yet.. the share price has plummeted with only low volume sales.
While T/O are bandied about on HC more than anything, I do feel logically, this is a good time for a cashed up mid tier produce to acquire PNR.

Just for context, Norseman is... arguably a premium gold district that has been unloved for decades.



Surface and U/G resources.... that are all waiting to have a drill bit visit them.





Have to say, the grades for the U/G deposits are surely impressive on any metric.

Good luck to all holders.... management need to be on the ground, driving trucks at this stage, anything less..... and they simply need to be replaced ASAP.