Although cash costs are always nice to see - I suspect they...

Although cash costs are always nice to see - I suspect they wouldn't look great and tbh they're relatively irrelevant - PNR is in ramp up mode and so the bigger issue is do they have the capital runway to get up to steady state - which they do - particularly as strip ratio's drop in the pit which accounted for the largest tonnage in the last quarter. If they had $10m cash and gold was at $2500AUD I'd be calling a cap raise.... I can't see one coming.

There will be a lot of reshuffling of portfolio's in the next Q as golds rally, all the money that is currently in this is underwater, and I suspect the smart money will hold tight knowing there will be a re-rate.