Ann: Successful A$100M Equity Raising, page-28

Certainly an interesting angle how the cap raise came about … the over subscription and relative small discount does correlate with that explanation, however I am sure PNR already had a longer term strategic plan … these approaches may just of assisted to accelerate that plan.

Whilst the detail was brief he did cover the broader outline going forward … so yes, whilst maybe no cross sections, cost breakdowns etc it’s reasonably clear what the picture is from a financing pov, and the targeted exploration plan.

It was interesting he spoke about going underground is more aligned with PNR skillset … not sure if that was some admission the open pit execution and results were sub optimal. He does seem enthusiastic that Scotia has plenty of potential.

No matter how investors perceive Paul the non hedged finance and early repayment has been successful and is a big win.

I have previously spoke with Paul regarding presentations, he stated to me they do regular 1on1 institutional meetings, he will once again be presenting at Diggers and Dealers this year, more retail aligned presentations never achieved the results for the cost and time lost … possibly he is fully cognisant that you need a good story first for them to be successful.

I suspect the video was done at Norseman, Paul indicated he spends regular time onsite not in the Perth office … whilst it’s been slow I do believe performance will continue to look a lot better.

FWIW from my contact with Paul I believe he is a genuinely nice bloke who has the rough end of the deal with timing thru Covid, cost escalation, contractor underperformance etc … personally I believe a lot of the criticism is misguided and undeserved.

But then, I have always had and still have, a much different view of PNR than most.