KIN never offered Mertondale to Genesis when they sold off Bruno Lewis because they said there was more to develop. Looks like a good decision, especially the widths of the intercepts.
Interesting they didn't include location of Mertondale in the announcement. It is the location which is important imho. It sits between Bruno Lewis (ex KIN) now owned by GMD, and Hub / Redcliffe (ex DCN) now owned by GMD. GMD is mining now with the ore going to Mt. Morgans. But Mertondale is also directly E of King of the Hills. Previously RED had debt and no spare cash, but after the merger with (really takeover by) Silver Lake, the newly minted Vault minerals is cashed up and will be looking to extend mine life and optimise ore feeds. So two potential bidders for Mertondale, with a history or rivalry between the CEOs of both companies .... SLR (Luke Tomkin) tried very hard to trump Genesis' bid for SBM Leonora assets, but failed.
The other difference for PTN now is (a) it is not short of cash) and (b) its future is more in the NT, so it is not a distressed seller ... quite the opposite. So good prospects for monetising Mertondale on commercial terms with either VAU or GMD.
There, I have fixed the announcement for them
PTN Price at posting:
5.1¢ Sentiment: Hold Disclosure: Held
