PNR’s Norseman Project has produced excellent drilling results to date, and PNR is well on the way to defining a minable inventory. The Norseman area is a mature mining region, and as a result, has a large amount of mining infrastructure in place, including serviceable underground mines, sealed roads and an existing gold plant. A feasibility study for the recommencement of mining and plant refurbishment is underway. The Halls Creek mine in the Kimberley region of WA has turned a corner and is producing free cash flow that will primarily fund Norseman exploration and development going forward. PNR has a number of key catalysts over the next year which should result in a strong rerating in a market that is favouring gold mining companies. We upgrade our HOLD recommendation to a BUY with a price target of $0.20.
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