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Chugchug

548 Posts.

78

17/04/24

21:24

Post #: 73395883
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Originally posted by Kippytop1: ↑

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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Ramelius will own this way before your step 1 takes place imho
feed for edna may and keep this going too.
Thats the 3rd hub theyre after, makes perfect sense, ramelius are under ground exerts imo.

PNR Price at posting: 8.2¢ Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

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