quarterly report, page-4

Can u feel it ........ can u feel it ........ here it comes.

Lotsa good stuff happening next 6 months.

I originally took note of PGM at/after the IPO last year cos of

(1) Fifield ....... elluvial Pt (160 K ozs ?) which if viable couldave provided IMO quick cashflow on low capex to justify around 2 bucks / share NPV;

(2) Munni Munni ....... 2.4 mill ozs pgms resource at sub critical mass ........ key to viability is resource upgrade / and or recovery improvement / and or higher pgms prices ....... hopefully all likely in years ahead;

(3) Mt Venn ...... which originally caught my attention as a Nickel play in the good ol days of the early 70s when Tasminex ramped up to 90 bucks a share on a cited "discovery" there ....... has been under double wraps in the brothers' hands since methinks, so good to see it emerge again and 100% ours ....... touted as a Ni-Cu-pgms play now. Invaluable for mine.

Was happy to see all this stuff into a new unencumberd vehicle outa HLX (no dead bodies on technos) and just kept accumulating parcels sub 20c IPO price given that it was represented entirely by cash backing then.

Then Santa came along outa nowhere with a healthy looking polar bear to freak me out.

Hence what can I say?

PGM has some spectacular projects and I am thankful by sheer fluke I was able to acquire the holding I have when I did ........ I could probably float a company on the IG precious ounces under option to me now haha.

My entire holding is now labelled "core" and locked outa my sight and reach for as long as the resources supercycle runs ........ and reckon most original holders if still in would be thinking same now.

So that means am looking for the techno breakout to do a jesse livermore with some trading stock to reduce cost of core holding to zilch, my usual MO.

I really cant see where any decent lines will be shaken out from espesh if one director also on HLX board wakes up to the intrinsic and likel future value of his holding here.

Hence IMO this is a tight spring being wound tighter each day and VERY close to launch into new intermediate wave with IMO, techno target around 220, tho fundamantally wouldnt take much at all to see market caps of 100, 200, 300 mill bucks evolve with only modest success.

But what fair value do we place on Skaergaard espesh if critical mass is reached outa project assessment now underway? And what of the Vanadium credits at 1+ % ??? Aint Vanadium running at around 30 bucks a lb atm ???

IMO this is an extreme sport buy and hold for dear life if u can get them anywhere near the recent placement price. The reward / risk equation is mind boggling as u can see IMO .... at least it boggles my simple mind praise Aphrodite !

IMBOOC