Ok, pretty happy with this. Though it's interesting that the...

Ok, pretty happy with this. Though it's interesting that the quarterly contains a lot less info on the actually drilling/programs.

Great to have a lot more clarity on the mine plan for the next 6 years (obviously the mine life will extend beyond that).

Interesting to see they are guiding for over 280kt from Ok/Star, with perhaps 240kt from Scotia in FY25. Leaving the rest as stockpiles and ore from the open pit (which seems about right, as they have minded the Scotia open pit/s it for the first 3 1/2 months of FY25.



A shame they did not contextualize the actual grades they plan to hit, though the MD has stated 5-6g/t is the long term goal to achieve 200k ounces p.a.
Also interesting to note that they plan to mine a lot more tonnes from Scotia U/G from FY27 onwards - looks to be 600ktpa, the 700kt p.a (basically upwards of 100k ounces p.a alone).

I am still unsure why PNR is not expediting the plant upgrade to mine more of the open pits.... profit is profit..

The extra 1-2 Mainfield U/G mines... are where the grades will really shoot up. Basically, ever extra mine will hopefully at least duplicate Ok/Star, higher grades, but less tonnes than Scotia. 40k p.a per operation roughly.



Drilling... lot's going on... and as they get fully ramped up, I think PNR is going to have lots to tell the market. Scotia South is the most urgent, in the sense that it will enable them to expand the amount of tonnes, in the very near term, by basically duplicating what they have planned currently. 100k p.a from just Scotia is going to be a very profitable operation.



Hopefully PNR can articulate soon, if O'Brien is.... an opportunity for FY25 or... later.



The next U/G mine.....



In the near term, I guess PNR is heavily reliant on the new U/G mining contractor at Scotia... if they can meet deadlines.... PNR is going to make some very good FCF, even with all development and exploration ongoing.