Sorry that's misleading as the Merensky reef head grade would be less
8.38Moz @ the 7.7g/t 3E+Au for UG2
&
10.4Moz @ 2.96g/t 3E+Au for Merensky so translates to a head grade of 2.5g/t 3E+Au
Merensky being wider gets less dilution so at Two rivers resource grade of Merensky is 3.14g/t 3e+Au which drops to a head grade of 2.65g/t 3E+Au
84% conversion
Here are the resource figures from the IPO presentation note exploration target taking things upto 53Moz (including very heft geological loss factor)
So why is this so cheap?
Ann: Southern Palladium Successfully Lists on the ASX, page-11
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