Ann: Parks Reef Confirmed as a 5E PGM Orebody, page-47

Well done, very helpful. Good points re polymetal. Worth looking into the detail specs of each. I have only looked at Waterberg so far.

PGM’s Waterberg bigger, underground project involves a full process down to a refinery. This is an important point as POD will send concentrate to a third party refinery (hence more likely to be paid c.$2,000/oz, not full 5E $3,400) plus it’s going to be open pit initially. So I expect POD will be much lower capex than Waterberg.

Waterberg:

“The key outcome of the DFS is the development of one of the largest and lowest cash cost underground PGM mines globally. The shallow, decline-accessed mine will be fully mechanized and produce approximately 4.8 million tonnes of ore and 420,000 combined ounces of Pd, Pt, Rh, and Au in concentrate per year at steady state. The mine will produce for approximately 45 years.

Estimated project capital of approximately R13.1 billion [United States dollar (US$)874 million] plus R3.5 billion in capitalized operating costs to achieve 70% of steady-state production.

The economic minerals will be recovered by flotation techniques into a flotation concentrate suitable as feed stock to a smelter and followed by further downstream processing at a precious metals refinery, typical of the PGM industry.

The ore is hard and is not amenable to semi-autogenous milling; therefore, a three-stage crushing followed by two-stage ball milling circuit was selected for comminution.The testwork programme was used to develop a grade-recovery relationship targeting 80 g/t 4E in the flotation concentrate as feed to a smelter. The concentrate is expected to contain 2.5% Cu and 2.7% Ni in addition to the contained 4E elements (Pt, Pd, Rh, and Au).”