After taking a moment to think less... euphorically (and taking more time to read through each slide), this slide shows a growing maturity at PNR, that I have been... well fairly vocal on for... a while now. PNR is not just hitting it's stride operationally, but... at a board level, which is where I felt PNR was if I can be blunt, cobbled at the knees... Stuart has IMHO, already started to effect change. That being said, I would still love to see further additions to the 'team', as PNR goes from operating 2 U/G mines... to 4 or... even more.
I think Stuart is already making a real difference on the board and I sincerely hope that this continues. As the market values, not just ounces, not just margin, but... strong boards with proven track records.
Cheers @bucks369 - though I doubt I had any real influence
@Goldsuper - while I was very luck to acquire a few PNR shares at lower prices, I took a much larger stake more recently, because.... the upside still seemed phenomenal, with much less risk than when PNR was ramping up (and had many issues). That is just me of course, others may have been here since the days of $0.40+....
Cheers @PDT - here's hoping PNR hits the top of the list many more times.
I would like to see PNR provide a little more clarity on the LOM plan, even though they are saying what they are going to do, what about... a production target for Gladstone too? Nice to know that boots are on the ground at Princess and, whilst not fully manned, are already turning dirt (another box ticked, as this has been the plan for many months).
Without having anything close to the level of information the PNR board have, I can see the logic of mining Princess, with the open pit ounces paying for the 'ideal access point' to enter North Royal & Princess Royal via a new portal/decline to quickly access existing U/G workings.
Hard to fathom having already mined 1.8m ounces at 17g/t... only 350 deep....
Most of the 'best' info I can garner regarding Gladstone is courtesy of Camaccord (Oct 2024 report). Though from the looks of it, they expect ore to be processed from Princess in both CY25 & 26 (perhaps 14k in CY25 and 20k in CY26), which seems to support my view that the pit holds more than 20k ounces... but we wait for confirmation from the company! Either way, Gladstone grade looks excellent.
You can clearly see how Gladstone ore is going to provide a solid amount of baseload ounces, albeit, it will be pushed aside quickly if more U/G mines are brought online (which I think is all but certain, but for now... it's not being accounted for by any broker report....).
Great post @Watchfulbull - mirrors my thoughts on this presentation. The 'bread crumbs' are getting so large that most should be able to read between the lines on how the 200k p.a is reached.
Though.... when I read the broker reports.. then look at the graph above, I get down right confused.... FY27.... will likely have an average grade of around 4g/t (minimum, potentially, closer to 4.5g/t, at 1.2mtpa, that is 145-165k recovered! Yet here is Camaccords production expectations (below).... FY27 will barely crack 115k.... the disconnect is just so large. Even if PNR just runs the plant at 1mtpa in FY28.... and does not get any ore from Mainfield, they will produce 150k! From Scotia/OKStar & Gladstone.
Bullen rehab is going to plan... not long until the rigs start to arrive.
I again find it perplexing that Brokers seem to doubt... that the likes of O'Brien won't be mined? Whilst it's unlikely they will recover 40k ounces, even half at 9.5g/t is going to be incredibly profitable and simply replace low grade open pit ore.
This slide is new.... in that it attempts to convey the drilling currently occurring. I actually find it a challenging to properly comprehend just how rich this area is, because unlike most U/G mines, there is usually... one main orebody, (for example, Scotia North), so quite easy to... illustrate the drill holes and results. I wonder if they can refine this to better... articulate a good result and it's potential (perhaps... whilst I don't love them, exploration targets, very conservative ones...?).
This is my favorite bullet point.
Finally... one tiny quibble... could they remove Halls Creek from the final slide.
Good luck to all holders (don't get bucked off!)
PNR Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
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