News: PNR Pantoro Ltd Acquires A 50% Share In Central Norseman Project, page-40

Bell Potter Review.
Pantoro (PNR)PNR is a growing gold production company, producing from its 100% owned, Halls Creek Project in Western Australia. PNR is debtfree and has just completed a major capital investment program to lift production from ~50kozpa to 80-100kozpa and lower All-In- Sustaining Costs (AISC) to A$1,000/oz from mid-CY19. It is our view that PNR is well placed to meet this target: the mill has been upgraded, the ore-sorter run-in and two additional production sources have been added. PNR’s growth pipeline now includes the high grade Central Norseman GoldProject (CNGP), in which PNR has acquired a 50% interest and management control. The acquisition represents excellent value, sets a strong foundation for growth and creates the opportunity for PNR to execute a strategy asa high grade, multi-mine gold producer which would position PNR as a unique offering on the ASX.Buy, Target Price $0.35/sh