Cash at $118m, with 23k & 26k ounces to finish the FY. I'd expect $155-165m in cash. (napkin math 49k oz x $2100/oz margin = ~$100m, minus $25m exp - $30m development)...
MC $660m - $160m cash +$20m debt. $520 EV.
Knocked up a quick comp chart based on EV/CF multiples.
Looks like a lot of upside even at current production but if it can fill the mill with HG ore and get to 200k its a screaming buy.
4300
1
FY26
FY26
FY26
Fy28
2
Euroz
Canaccord
Consensus
200k
3
Prod
126
109
117.5
200
4
Rev '$m
542
469
505
860
5
AISC
2198
2115
2156.5
1900
6
Cost '$m
-277
-231
-253
-380
7
EBITDA '$m
265
238
252
480
8
- Capex '$m
30
82
56
80
9
- Exp '$m
25
25
25
25
10
Cashflow '$m
210
131
171
375
11
12
Multiple
6
1,259
787
1,025
2,250
13
8
1,679
1,049
1,367
3,000
14
10
2,099
1,312
1,709
3,750
15
EV
16
520
6
142%
51%
97%
333%
17
8
223%
102%
163%
477%
18
10
304%
152%
229%
621%
PNR Price at posting:
10.3¢ Sentiment: Buy Disclosure: Held
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