That does make a lot of sense in regards to keeping the open pit...

That does make a lot of sense in regards to keeping the open pit crew around with the development of Royal Princess. I have tried a couple of times to find out more about the deposit, with the best information coming from back in 2019 Why can't PNR simply clean up what Princess Royal contains....










Please... just decide, is it Slipper, or Princess Royal??? If I am reading it correctly, the MRE could be as little as 55k ounces (at 3g/t), or if it includes Slippers North and N Royal grade control & North Royal, closer to 100-110k, with at a guess, 50% conversion to reserves.



Logically, whatever they want to call the pit, is lower strip than Gladstone.



I cannot disagree with you about the priorities, results (i.e hitting production grades etc) comes first, before focusing on tidying up company presentations, though it would be nice if they had a decent crack once they steady Scotia U/G.

All good @Joelstar - feel free to grade me once we get the real numbers!

@Kippytop1 - wow, if they got offers of $40m (though I doubt that was cash, more like... some cash, with lots of legacy payments dependant on production results). Getting $80m seems, unrealistic considering what NST were willing to sell it's two C&M mines to BC8 not so long ago.
I still think they should offload it, to streamline PNR, no baggage.

Getting back to today's announcement and exploration, some short, medium and long term plans discussed, which, in itself is quite positive as it hopefully continues to strengthen PNRs... case that they are indeed past their initial issues and have a holistic plan to actually achieve 200k+ p.a in the coming years.



The first point does seem to imply, that if they have serious success with the initial program, it can be doubled (i.e, another $25m), though clearly that is not going to be achieved in the very near term, as some of the drilling will only occur once the Bulleen decline is rehabilitated etc.


Interesting to note they are not yet sure which option will be better, a 3rd U/G operation, or... expansion of the 2 current..ish U/G mines.
There are of course pros and cons for choosing either options. It is pretty clear that FY25 is all about consolidating the current operations, particularly Scotia U/G.



If you are still slightly unsure of what the four target areas are, so was it, but here is my attempt at putting them together.



They also briefly discuss the longer term plans in regards to the lakes, which will be a slow burner for now.



I will just touch on Polar Bear.... had not realised it had only been recently acquired. So... much prospective ground. PNR is spoilt for choice. I cannot help but wonder.... what could have been by now if PNR and TUL had done things a little differently.



I will only touch on this one more time, but... I am hopefully these numbers are close to what is achievable in CY26 versus FY25.


If OK/Star producer around 250kt at 5g/t and Scotia producers 450kt at 4.5g/t, that leaves the plant with around 500kt, which hopefully the open pits can feed in at 2g/t. Approx 105k ounces from OK/Scotia, with approx 32k from the open pits. With a recovery of 93%, I get around 128k ounces.
Then... it's all about can they source even more higher grade tonnes.... expand Ok/Star or Scotia, remnant ore from around Mainfield through the Bulleen decline etc or a new U/G mine.

If PNR hit's it's straps, there is no reason it cannot have a market cap around double the current figure (I am hopeful this will prove conservative), but PNR need to do the hard yards to make this happen. The exploration upside is a bonus at this stage, but... as I have likely posted too many times, Norseman has got to be some of the most prospective dirt in W.A.