Ann: Quarterly Activities Report, page-6

for pre-cashflow companies - scoping studies are effectively expensive ads (pfs and dfs much more expensive ads)

put out at the right time they attract capital to build. put out at wrong time and the project doesnt get built - goes into mothballs - and 99% of market forgets it exists

i view this new Skaer... scoping as a fresh ad at what they hope might be a better price/capital market to attract either JV or buyers

the idea of bringing in another project is to find a fresh play that doesnt have baggage so that helps next time they want to run around the market

the tough thing to assess is that sometimes - even if commodity price is high, capital willingness is low. right now is one of those times - so developers are struggling to get much lift. money is all going to stocks in production.

id say PGM probably needs a fresh ceo or capital markets conduit more than they need a new project.

not that theyve done much wrong imo in a tough market - its simply the case that theyve used all the ceo's market heft already. get in new blood would bring new connections and new money

i do agree they should put Skaers.... as the primary marketing project. there's no visibility around scandium - and not enough industry heat either given lack of buyout offers

thats the main mistake to date