Ann: Successful A$100M Equity Raising, page-3

I think it also shows how few producers on the ASX still have huge upside for internal growth (but are undervalued). Hence the strong demand (and delay for the raising to be released). I will say I am slightly disappointed with lack of information on their forward plan. 2 1/2 lines of text after diluting current shareholders by 25% is simply not good enough (fine if they do release a company presentation today/tomorrow before the shares trade again).


The wording is not great, but... if I look at the second part I highlighted, it implies that PNR is not just looking at running Ok/Star, Scotia and Mainfield, but also at least one more U/G mine. Meaning 4 separate U/G operations filling the plant.

OK currently produces around - 240tkpa
Scotia is planned to produce - 450tkpa
Mainfield (pure speculation at this point) would perhaps mirror Ok/Star - 240tkpa
Unknown 4 U/G.... 250tka?

Total could be upwards of 1.2mtpa (which is just over the current plant throughput.
At 4.5 g/t - at 94% recovery, they would be hitting north of 160k ounces p.a.

Lots of work to be done, but that should be the intermediate goal, with a plant expansion pushing production north of 200k p.a.

Interesting the smaller debt is staying put (my guess is they want to have the option to convert.

Good to have the update on Scotia having already started last week. I wonder how quickly they can start using development ore...?

A shame they did not provide any detail on production for April and May (which.... I cannot help but wonder.... might be known by the intsto's throwing their money at PNR....). The $100m will give them almost $90m in cash (after costs), assuming they just broke even in April/May.

@wassa - any thoughts?