Hey Kgtom,Whilst the directors moves (all of them...) have been...

Hey Kgtom,
Whilst the directors moves (all of them...) have been disappointing, the reality is, they barely own any of the stock, except... for the 17% held by Mark and Keven Maloney. I cannot help but respect their patience, considering they are undoubtedly well done on their investment to date. Which I have posted about before.

In any case, the deal is done, gold is marching higher, PNR is fully unhedged, soon to be debt free with approx (assuming they broker even in April/May), $60m+ to fund Scotia U/G, quickly drill out Mainfield and get a 3rd U/G mine operating (the unknown is how quickly, perhaps early 2025).
I will sleep easier considering my holdings in PNR are now substantial (for me anyway), and while the upside has reduced, the ability for PNR to actually become a mid tier producer has been accelerated (optimistic view considering PNRs poor performance to date, but... why else did the Board place the production targets into the MDs performance, unless they truly believe it is achievable).

I had a small bittersweet chuckle about the reasons for the raising we know of (though confirmation will come soon I hope). Though I was clearly hoping the debt would be repaid by profitable quarters. Like OBM, they are impatient to achieve much higher production rates.... it has worked for OBM, but they arguably have a more proven MD (he seems to be able to put together a great team).



I have been banging on my tiny drum about the drilling and Mainfield.

Though PNR has many more options available to them. I wonder if they will accelerate accessing a higher grade open pit whilst waiting for Mainfield to lock in enough reserves to justify a reentry?

Could be right @stompers. The clock is ticking to get runs on the board.