I think the correct peers for PNR are Karora and St Ives (Goldfields). This will take 5-10 years to unlock and expand. If you assume $50mpa in development cost (ex Mill Upgrade), these costs were in the original model, I think you get yourself in the 200-250ktpa range within 5 years. That is only $250/oz of production, less than half of the gold price increase over the past month. At that level operating cashflow is over $400mpa. Two more points, PNR has massive tax losses. Also if you look at the Underground resource grade, it is one of the highest in WA (11.3g/t). The question is the Cash costs for the underground operations and PNR have been saying <$1,700/oz for Scotia. If this is the standard for the underground operations the operating margin is already $2,000/oz. If they can execute, this has plenty more left in it. My price range benchmarks are as follows
1) De-risked commissioning, 8-10cps
2) Early takeover offer, 15cps
3) Expanded operations, no further gold price increase, 15-20cps
4) Expanded ops and increased gold price, +20cps
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Last
9.6¢ |
Change
0.006(6.67%) |
Mkt cap ! $605.5M |
Open | High | Low | Value | Volume |
9.0¢ | 9.7¢ | 8.8¢ | $1.550M | 16.55M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 389620 | 9.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
9.6¢ | 21873 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 389620 | 0.094 |
2 | 139620 | 0.093 |
2 | 357000 | 0.092 |
4 | 85001 | 0.091 |
2 | 393333 | 0.090 |
Price($) | Vol. | No. |
---|---|---|
0.096 | 21873 | 2 |
0.097 | 698212 | 5 |
0.098 | 1050731 | 3 |
0.099 | 372000 | 6 |
0.100 | 2790852 | 13 |
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