Hey Kipppy, I have posted a few times regarding the Maloney brothers (the amount of capital they have ploughed into PNR is.... an impressive number, and basically I doubt they could have done it without the success they had with MAC services).
If you are after a bit of a trip down memory lane, or just interested, these past posts might give you some light reading over the weekend:
30 Sept 2023 - Capital ploughed into Norseman
23 March 2024- Capital lost
24 March - Shareholdings and Tulla
24 March - A post even Wassa enjoyed - A look at the history of where Norseman struggled (just a slight rib at you @wassa!)
24 March - part 2 of the history of Norseman production
26 March - Break even for the Maloney brothers to exit PNR?
As I continue to learn and grow as an investor, I have really started to hone in on why the best projects succeed.... sounds obvious perhaps but I am a slow learner. I can remember clearly when CMM was $0.05 and I wrote a note saying... boring asset.... damn.... what a freakin huge opportunity cost for me to have not even just put in $5000k (there was a consolidation, but roughly, CMM has 20 bagged). Lesson... boring is good. Predictable is good. Management are... basically the lynchpin for everything good happening..... good management won't touch something that cannot be turned into something good (or already is). Though rarely....an asset can be unloved and.... struggle, but with time and lessons learnt, still shine (PNR...). Mining is not about rushing something, it's about getting it so right, it cannot fail (which is why, for example I am backing SPR to not turn the mill on too quickly). In almost all cases, mines have struggled because they started the plant too early, did not drill enough and definitely did not do enough pre-production (even BGL has seen this, and they spent $100m+ on pre-production/development, possibly much more).
As gold moves higher, I do wonder if even $0.20 will please the Maloney's, they know what they have in PNR....
Ann: Diggers & Dealers Presentation 2024, page-43
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11.5¢ |
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Mkt cap ! $742.2M | |||
| Open | High | Low | Value | Volume |
| 11.5¢ | 11.8¢ | 11.0¢ | $2.052M | 18.13M |
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| No. | Vol. | Price($) |
|---|---|---|
| 8 | 3360444 | 11.0¢ |
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| 11.5¢ | 455344 | 1 |
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