Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-9

Hey Two,
my main frustration continues to be communication and... as you say, not a great quarter, though a cash build of $9m is not a bad outcome considering where they were 6,12,18 and 24 months ago! (continuous bleeding).

If.... PNR can simply mine Scotia at the planned rates and the grade matches (which I think it will considering that Ok/Star have performed well), then PNR should easily justify a $1-1.5b market cap, as the AISC will reduce dramatically.
If.... PNR can then expand another 2 U/G mines... and get close to 200k p.a, then a market cap of $2b+ should be achievable etc.

PNR has so many options, but... seems to be moving quite slowly, even for a mining company.
Not at all reducing my position or long term view for PNR, especially if the exploration program finally ramps up and starts showing just how good Norseman can be. The 450k of stockpiles provide PNR with a good amount of wiggle room, as Ok/Star look to be able to provide around 200k p.a (or 50k+ per quarter), then... Scotia is supposed to hit full run rate at around 450k p.a or 113kt per quarter. Close to 2/3rds of the plant throughput. Just a matter of how quickly they can ramp up Scotia.

The company has explained that they can expand the plant further to say 1.4mtpa, with little cost... why not do that and get the open pit up and going earlier? Seems logical as they would benefit from efficiencies of scale in the plant.

Potential acquirers must surely be wondering the same thing, though the flip side being, any acquirer knows that they are going to be able to get a lot more out of the Norseman assets......