@wassa The future of Halls Creek, along with Meteroic's nearby...

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20/03/24

19:02

Post #: 72982096
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Originally posted by wassa: ↑

Hi Spec,

The loan announcement was 19th and the merger implementation was 30 June … so no payment till the September Qtr ( not Sept as my first comments noted ) … gives PNR sometime to increase cash and with $50m at the end of 23, a $10m payment as you suggest is very doable … if one dared to dream and was a little optimistically bullish about production and the gold price one could see the loan paid down very quickly.

The presentation commentary from early days has included Gladstone but also Scotia open pits 1-5 yrs so does seem a pivot away from Stage 2 …. My own thoughts now they have APS back in the family and potentially increased cashflow in the shorter term they may continue their services rather then pause any open pit program … maybe a shallower reoptimised stage 2 could add cheap ounces. In stating that Gladstone is a better grade and one third closer so they may cycle back to Stage 2. The performance of both underground’s will more dictate the forward plan.

The non hedged loan deal does seem one rare positive in the PNR ramp up story … something that is seriously detracting from other producers balance sheets and in some cases longterm viability.

As you mention not a lot of traffic on PNR HC, clearly a lot of investor damage in the last few years, the ramp up has been relatively uninspiring up till this qtr. From an investment pov the hangover of negativity can provide great opportunities in the sharemarket, thou not without some risk. Interestingly the sp is fast approaching the last cap raise price at 6c … 500m shares issued so may see some additional volume in the 6c - 7c range … ultimately it’s all about results, end of qtr not too far away so the time of truth is approaching. Still see plenty of upside at Norseman.

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@wassa
The future of Halls Creek, along with Meteroic's nearby Butchers Creek asset is an intersting poser. I suspect they are waiting for the predicted reversion to mean in the gold markets to flog it off to prospective investors. For mine, I wish they'd list them together and distribute shares to shareholders in specie.

However, I am more interested in the 30 kilometre Lampoo PGE prospect. How can such a prospective project simply vanish? That is one project that I would like PNR shareholders to get a bite at. I hope there is a Masterplan aimed at rewarding holders and not just habitually frittering wealth away.

For mine, PNR's humungous share capital will cap the upside of the share price. Ten cents is a ~$500 million dollar company. Sadly, PNR does not have a management team worthy of that status.

I am more underwater with PNR than a scuba diver. Norseman would be a great PHD study into destruction of wealth and dreams.

PNR Price at posting: 5.6¢ Sentiment: Hold Disclosure: Held
10 Upvote

4 Great analysis

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