To me, this sounds like plenty of upside - but it will be a v...

To me, this sounds like plenty of upside - but it will be a v slow train.
(1) Because the first mill was such a poorly executed concept, PNR is capital deprived until this operation is at 120koz with a higher grade.
(2) The Butterfly NW structure target on page 20 - even this 'easy' exploration target now looks high capital & risk exploration to me as a S/H (!!!). And I am a holder from its early days, with some averaging down.

(3) This goldfield still needs another investment for an additional annual 130koz production (250koz at least) to handle open pits.
All I see is an easy $400 m takeover, with the new owners still needing even more capital for expanded mill. But existing shareholders will be easily enticed to exit at 8c anytime this year.