Ann: Owendale Project Update, page-4

This is a very responsible approach for mine Donnie. Probably in line with what a Al-Sc alloy maker dipping their toes in this new biz would want. Nothing more than an upsized pilot plant which can be quickly scaled up as confidence in the emerging Sc technology is gained and more importantly by the establishment of secure supply source, Reckon a deal should soon come on the back of this. Doubt they would be playing with the numbers / size without guidance from a buyer.

I take this very positively espesh the low capex requirement to be first in the biz. Don't forget our project base case sp is usd 1500 / kg .... thats 25 pct lower than both SCY and CLQ project price, and our high grades allow us to contemplate such a "pilot plant" advantage. I call 20 tpa "pilot plant" cos within 5 years once secure supply is established, them dipping their toes will prob want 100-200 tpa from us ...... that's the way I see likely .... and we could do it whereas others probably cannot.

And for 38.5 mill capex, who needs a partner .... get the contract and am sure we could project finance such a small amount quickly for 100 pct ownership. This aint a billion buck capex that CLQ is fantasizing prob 5 years out and valued by market cap as if they have the contracts and supplying tomorrow. And AUZ .... not worth a mention yet IMO.

If the Scandium is bedded away like this with a pending deal for 20 tpa say, that then allows PGM to next focus on the overdue Cobalt definition, as has been signaled with a 2 mill drill budget in the new year. As I said do your whatiffs on a 50 kt resource size IMO, once again high grade and in the shallows. Exciting quarter coming up next on this and likely significant re-rate to quickly accompany. That's project no 2 on my list of likeley timing.

And same time we wait to see what Novo/ARV plan with our still 100 pct owned Munni Munni. Most interesting one cos ARV have to spend the bucks to earn theirs and still wondering if we have pre-emptive first right of refusal on any new partner ARV have to spend the bucks required. Hots ??? In any case again emphasize we have a most desired position with the ML and the NT existing at MM. Suspect this will be resolved in Q1 or Q2.

And if the Scandium is bedded down and the Cobalt JORC resource definition is underway and the politics to fast-track MM comes into priority focus for ARV /maybe Novo, then WHAT is delaying what would be MY focus for shareholder value before we get accidentally diluted, viz the rising of the Ice Queen.
Everything else is peanuts cf to Skaergarrd's 40 mill ozs of Pd/Au waiting for infill drilling to upgrade from current SS status ...... in my way of thinking, with Pd and Au likely to come into very serious global focus from Q1 ahead.

Its a start in the rightb direction for REALITY evolution for PGM so my mid term targets can be met haha.

OWEP