Well... I think most knew it would not be a pretty report.
We can remove the $2.4m for the Hills op (that will be sold soon).
A further $9.7m won't occur again for the costs of the merger (seriously... someone got paid very well).
So if you remove the $12.1m from the total, their cash burn was approximately $27m. Of that, $9.5m is for development (it is basically what they should have already spent early in the year, but... they are 6 months behind everything).
They are not going any exploration, which is good (but frustrating from an upside view).
If they are producing 5300 ounces per month (pretty sure that is still increasing, perhaps 6k for Oct? at $3000 that is $18m in revenue, x3 $54m per quarter.
Meaning worst case, they will need burn through another $10m. This excludes any sale of the Halls asset.
The plant is working at nameplate without issues (finally). Grades still improving.
Everything is going in the right direction, except... management accountability and professionalism - the report is crap and the MD in my opinion, should be removed, he is signing off on it. The market wants totally clarity............................... It will be interesting to see if they provide an update on Oct's production later in the week.
That all being said, I am likely going to add to my position, as I think the 'sharks' have been waiting patiently for PNR to finish it's major development spend...
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