Ann: Quarterly Report & Appendix 5B, page-9

Your last paragraph is extremely appropriate particularly when an outfit like PNR is going through a turbulent period. People get overexcited.

So in response to your points I would still hold that Pantoro will squeeze through despite another forth quarter of disastrous results.

I do think PNR will get their production, and AISC figures under control coupled with the fact they are sitting on potentially extremely lucrative gold reserves.

Like you a lot of my friends threw in towel with PNR. Whilst I understand this logic the explanation can be be attributed to under performance at Wagtail South and in the North side of Nicholson's mine. Wagtail underground did well but of course the former cash burners devalued or diluted this. PNR are hedged until 30 April in which time as of 01 May 2020 they will be unhedged. Especially for the two problem areas management changes have recently been implemented, which I am told are already to start seeing efficiencies.

The 32 million dollars they carry on there books should cover off on Norseman and despite the earlier ructions when they bought 50% of Norseman this will along with far better efficiencies at Halls Creek will put this Gold miner back in the league where shareholders get the capital gain they deserve. Who knows they might even get a take over offer. This may sound completely ridiculous but given the assets they sitting on, which are undeniably substantial, it can never be ruled out. PNR assets in my opinion, if in worst case scenario prevails, are extremely lucrative and thus salable. This fact alone puts PNR at substantial advantage to other explorers, producers or both who are going through lean times.