The market reaction does seem to be negative to no production update … but let’s even assume it is only around 6000oz for Nov, a little less than last qtr … whilst everyone is looking for increases around 6000oz gives PNR a 18,000 oz run rate for the qtr which is still a substantial increase on 13145 oz from Q1.
A previous post of mine mentioned stope setup and sequencing so for awhile we may see some up and down in production numbers till stoping fronts are developed as the underground tonnage has the most effect on ounces produced … additionally the open pit will show some variability in grades as they develop the full footprint of Scotia.
Frustrated investors ( which maybe justified ) are completely forgetting the latent value of the Norseman project and wider area … the $250m market cap is not remotely aligned with the sunk capital in the OK and Scotia mining areas, the exploration opportunities and the milling assets … it also appears to be discounting any increase in the gold price so far this qtr apart from the inevitable production increases this qtr.
Theres a lot of positives imo starting to flow thru and will continue to improve the numbers as strip ratios decrease and ore grades continue to rise, costs reduce … at this market cap these pullbacks in sp are investor gifts if you have the patience to wait it out imo. Added again on close today.
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