Ann: Investor Update Presentation, page-17

As someone who has owned shares in both PNR and Orabanda I can say that this company is now back on my radar. Is it too cheap? My best guess is yes. Does it need some time and, preferably a 1:10 consolidation? Probably, at least the time. That said it now looks very cheap, substantially without near/medium term CR requirements. This looks to be among the best value developer/producer goldies on the ASX at the moment. It is not without execution risks but a company that could reasonably triple in value over the next two years should involve some risk.
I held shares in 2020 and sold them at around 20 cents and had largely stopped looking at the company. Just on a whim I took a look and PNR finally seems to have an exciting future to look forward to. The recent slide in share price is a bit concerning but my suspicion is that it is priced to disappoint at a time when the disappointments seem likely to be smaller and fewer and the upside surprises appreciably greater. Certainly, at current prices company forecasts of 110,000 oz don't need to be met, nor AISC of 1,800.