There were two options for every one share. 15c option 18 months, and 20c 3 yr. .
Just reading the initial comment in the string which compares PNT to Alliance, I looked at this a week ago. Given an HPAL plant is say $2-4b, and the cost of the Alliance estimate is US$885 (A$1.33b) the speed to production & lesser dilution is compelling even through their recoveries are 75%. You can bet AXN did the numbers around each option, either heap leach or HPAL.
While PNT have half the Ni they announced a few pilot holes in the surrounding area when they did the initial drilling. These came up with the same Ni structure, material depth etc. However they haven't done enough drilling to prove a higher JORC number - but the area is huge. Even a back of the envelope guestimate looks like it has potential to easily make the 1mt.
Comparing the two, AXN are market cap $80m, however have proven but fragmented deposits, higher grade and cutoff, 40% offtake plus DFS including mets. That’s a long way from PNT’s $7 or 8m market cap, and shows the potential in the PNT share price if they prove the extra tonnage, the mets are conducive to heap leaching, and the grade is acceptabe.
PNT Price at posting:
7.9¢ Sentiment: Buy Disclosure: Held
