PRN is a $2.6bn global mining services company providing contract mining, drilling, and support services across four continents. Its subsidiaries, including Barminco, specialise in underground mining, drilling, blasting, and logistics solutions. The company’s integrated offerings cover the full mining lifecycle, from exploration to production, which makes it a key player in the global mining sector. The stock has surged higher through 2025 as the company continues to win contracts, including the recent $300mn Ramelius Dalgaranga gold project. Their current work in hand is ~$6bn, placing it in a strong position for FY26.
In August, PRN delivered a solid earnings beat while demonstrating strong cash generation and an optimistic outlook for FY26, which has led to the stock re-rating on the upside. PRN has advanced almost 50% in 2025, with a pullback likely to be well supported by its buyback of ~9% of issued capital.
- We like the risk/reward towards PRN, in the $2.25-2.50 region.
MM is bullish towards PRN
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