News: PNR Pantoro Ltd Acquires A 50% Share In Central Norseman Project, page-38

I've always considered PNR to be a young start up miner. As such will always have a bumpy run up. I also expect it to have lumpy earnings year on year for a couple more years due to the Bootstrap nature of the Halls Creek operation. You will have to give it to Paul and Co though... they've made Halls Creek profitable at such a minuscule initial budget and at conditions that is well and truly inhospitable. Now that they've got Central Norseman (or part there off) when many suitors were unsuccessful. I can only say that it adds to PNRs appeal and not the opposite....

If you give this trade a longer time-frame and assuming POG remains elevated in 12-18 months time then she will pay up handsomely. At this point the earnings growth prospect of PNR is massive and I'm willing to live with the lumpy returns in the next 12-18 months for better positioning long term.