Ann: Sale of Halls Creek Project, page-6

Along with many other holders, I've been in PNR since the early Nicolson's Project and Halls Creek development days about 9 years ago. I just had a small investment then, but when they acquired 50% pf Norseman in 2019 I started to take them a lot more seriously, as I was aware of the history of Norseman and the many rich gold deposits still undeveloped,

The early years of the Tulla partnership seemed to drag on, and were hampered by a series of problems during the construction and ramp up phases, but at last we have a 100% owned well run producing gold miner with some of the richest deposits in Australia, and all within just a few kilometres of the processing plant, which is going to enhance their profitability for many years to come.

Just two of the underground mines - Scotia (5.2g/t) and OK (13.5g/t) look like being highly profitable long-life producers, and Mainfield and several others all look like high grade readily accessible production centres just waiting to be be developed. And the surrounding tenement areas not even explored as yet are likely to add many years of low cost production.

With an AISC expected to be around $1,700 and with expected production ramping up to over 200K oz p.a. within a couple of years, I'm expecting PNR to become a much sought after mainstream gold producer with a market cap in excess of $2B by mid-2026.

At a current MC of just $633M, I rate PNR as being in the top 3 Australian gold producers for value, along with CYL and BC8.