Holy crap....I had to re-read the quarterly a few times to...

Holy crap....
I had to re-read the quarterly a few times to really make sure the number they provided is accurate....


So.... if they processed at nameplate (which they stated is what they did, with a few days down), then the grade to date is averaging around.... 0.8g/t.
PNR ended 2022 with $26.3m, but... post $75m capital raising (with costs of approx $4m), they lost a further $14m, which I assume is duplicated by TUL 50% share. So.... total debt is now close to $70m (combined entity), with combined cash of $83m for PNR, and.... $9m from TUL, so $92m total.
Looks ok, except... they produced 10% less gold than the Dec Q! I really struggle to see how the June Q is not going to further reduce capital by perhaps $20-30m (which is what they are forecasting, but.... after that, will they actually be profitable?)


The grades for two open pits are terrible.



Pretty sure Green Lantern was supposed to be almost double that....
Scotia is supposed to 3x that.

Anyway, will be interesting to see how the market views this.
The irony of PNRs now closing asset, which produced on average more than Norseman is not lost on me at least.