Argonaut has taken a deep dive into the smaller ASX gold producers and advanced developers looking for value stocks in the sector. On EV/Resource metrics, we believe that PNR stands out, driven by its 50% stake in the high grade ~4Moz Norsemen Project, in Western Australia. While continued exploration success at Norsemen will provide a steady stream of positive news flow, we believe the most significant unlocking of value for shareholders would come from the potential acquisition of the remaining 50% of the project. We believe this could double PNR’s market value when taking into account the premium the market is placing on larger scale high grade projects. We upgrade our SPEC BUY recommendation to a BUY and increase our PNR price target to $0.27 p/s from $0.20 p/s.
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