Obviously lots of operating metrics that you need to get right but overall if you make an acquisition, with good timing re gold price and have exploration success, operational metrics matter way way less. It is within this lens that you should look at PNR. If the gold price goes up and they find a lot of gold they either get re-rated or they get taken out in anticipation or in the process of delivering on both metrics. The 1988-1992 study covered the largest 58 transactions in detail. I dont believe the dynamics have changed since then, its pretty simple. Go gold go drilling
Ann: Diggers & Dealers Presentation 2024, page-12
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