A few quick comments from the Quarterly call Exploration: They have installed a C79 Photon Assay on site which will assist with assaying immensely. Comments on visible gold in results pending Scotia Ug. Start drilling Green Lantern soon and possibility that they can link up UG doubling strike length from 1km to 2km Guidance: 200kozpa effectively confirmed for FY28 Capital Managent: As I modelled tax losses will be exhausted by the end of FY26. PNR looking for circa $250M cash in bank before considering capital management, ie by end of this year Capex: Dead in line with my forecast, expect this level to contine at circa $125Mpa (Incl Expl) Mill Upgarde: Tailing Pumps upgrade are already on site. Upgrade to 1.5Mpa at only circa $2M Next UG Mines: Decision to proceed likely by end of year. Mainfield key focus with comment that Crown Reef could have up to 3 declines. Princess Royal next focus after Mainfield. Mainfield to be up and running in FY27. Exploration: Regional exploration only small part of budget, focus on salt flat areas initially Overall tone: Very confident. Commented that other companies are having hiccups and PNR is NOW ON THE OTHER SIDE Summary: All good
PNR Price at posting:
$3.16 Sentiment: Buy Disclosure: Held
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