Should PNR But Mt Henry from Westgold

Spec has kindly pointed out that WGX is selling some of their non-core assets. Below is the commentary from WGX's JQ25 Report.



The Mt Henry-Selene assets are clearly of interest to Pantoro as they are stranded save for the Norseman Mill, ie Pantoro is the logical buyer as no other party has a Mill in the area. The question is should they bid for them. In my mind the answer is yes. Not because they will be developed immediately but rather they add optioanlity for PNR and take away potential headaches down the road.

Price:
This is a hard one as the price should be at leas 1$ more than the next bidder but the next bidder has no existing assets to leverage. Recent larger acquirsitions of Bullabulling and Laverton were in the $60-70/oz (Resource) but were much larger startegic aquisitions. The current Resource is approx 23Mt @ 1.2g/t for 908koz and Reserve at 10.8Mt @ 1.3g/t for 460koz.My total guess would be $15-25M but what would I know, its simply a stab in the dark. What would Pantoro do with these assets. I think there are a few things:
A) Immidiately increases PNR Reseve bas by approx 50%
B) PNR to drill out Maybell to the West to form an Open Cut Resource for the combined entity
B) They have a ready made Open Cut resource in Selene which could be activated quickly if needed.
C) Further down the track a second Mill Option in the Scotia area becomes a possibility.and com

History: Below are some quarterlies from the WGX days when Mt Henry was being mined and the ore was being trucked to the Higginsville Mill.

DQ17

MQ18

JQ18

SQ18

DQ18


Sale to Karora







Location
The sale is likely to include tenaments and resources, the largest of which are at Selene,

Mt Henry tenements for sale are south of Norseman

PNR Tenements

PNR Tenements









WGX HGO Technical Report 6 June 2025 (WGX website)


Resources and Reserves










Mining and Economics








How Does Maybell and Lord Percy fit in. Bottom line Pantoro may have been sitting on Maybell given its proximity to the tenement boundary. Last drilling results were on 24 May 2021 even though it was targetted as one of the original 6 Mining areas



Could Maybell extand on to the Mt Henry Tenements? Possibly. I find it interesting that they call it the Maybell Mining Centre, but as far as I can tell only Mount Percy has been drilled. Perhaps Maybell is too close to the WGX tenement boundary.











The latest drill results are below:







I have also included this slide from a presentation in 2020/21. On the slide it notes that drilling is required. Curious that none has been undertaken. Very clear signal that drilling has been held back given the proximity to the tenement boundary





Thats it, Bottom line I thin k it in PNR's interest to have a crack at Mt Henry and they are best placed to pick it up. Apologies if some of thgis is all over the place, I am running out of puff. Enjoy and thanks again to Spec who sparked my interest to have a closer look.