Ann: Investor Update Presentation, page-5

Good summary emt.
The 'train' has been slow for.... well quite a while, but... for better or worse (particularly for those that have held for the long/medium term), I actually think it's just starting to pick up speed, mainly because, it's now fully staffed for the first time (especially now they have a.... hmm... better contractor).



The big change over the next 12 months will be less reliance on open pit mining, with U/G the focus, which will increase the grade, which is undoubtedly the best way to maximize a small plant.



The green rectangle shows clearly how big the reduction in stripping will be.
U/G Scotia looks to be able to provide 3 1/2 years minimum of base load production for the plant, without any inclusion of extensions, which will be complimented by OK U/G mine and open pit stockpiles. Plus... if they have to supplement the plant, they can keep mining Green Lantern which potentially has 3mt in it's Stage 2 (low grade, but its already developed).

This slide is painful because... PNR is bloody cheap, but for obvious bloody reasons



I am much less optomistic that this will be a great quarter, more likely... it will at best, be cash flow neutral, with perhaps $10m burned due to further U/G development and Scotia U/G development starting, but... who knows. Luckily, PNRs $30m from Min Res has given them the breathing room they need.

Put simply, PNR continues to be high risk/high reward, but.... slowly, painfully reducing in risk.