Ok.... so after some musings... PNR has to date, had a lot of...

Ok.... so after some musings...
PNR has to date, had a lot of things to get right, as they continue to finally achieve these, I am hopeful they will have the time to start communicating with the market more clearly, as really... a lot has happened since the DFS back in Oct 2020.
Since then, the DFS plan has.... not been updated once. Yet, we all know there have been huge changes, particularly with Scotia U/G being brought online much earlier (a good move).



Basically, Green Lantern was brought up to the front of the plan, all the other open pits pushed back (I am not going to go into all the reasons it struggled), its in the past now. Also note Cobler was supposed to be first, but now we have Slippers (Princess) up next. Which makes sense, as whilst Gladstone will have upwards of 2-3 years of feed, it would require a larger pre-strip, better to bring on a smaller open pit, to put the extra capital into the next 2 U/G mines.



I sort of hope they never have to bother with Cobbler, seems like the grades are average (compared to the other pits).

St Pat's is interesting, as a small open pit, the portal would allow them to access the old infrastructure (to confuse everyone, the St Pat's grade/ton is above and called Mainfield. almost 100k ounces at 8g/t is a worthy addition to PNRs pipeline I would have thought).






In essence... if PNR is not yet willing to redo the whole LOM plan, at least give 100% clarity on FY25.

As it's almost funny, that PNR have 1m ounces in reserves, yet is not quite ready to explain to the market how it will mine it all, versus OBM who have barely 150k in reserves, but... the market is so ready to believe the MD, that a lot more ounces are there, that they value OBM higher.

Ah the joys of the market.