Ann: High Grade PGM Intercepts Continue, page-54

	5E Grade	1.65 g/t
1	Cu	0.07%
2	Ni	0.09%
3	Co	0

Haven't assumed anything extra from this:

2 August 2022:
The PGM horizon sits physically sit below the base metal horizon towards the hanging wall. An example of the grade transition is shown in Appendix A. Importantly for early-stage mine planning, the PGM – upper horizon currently hosts 12.3Mt at 2.05 g/t 5E PGM and this high-grade allows the study team to assess multiple mining options.

Nor this (neither have I budgeted for initial strip but the conservative $750m capex budget covers a multitude, incl longer lead time)



Crystal ball gazing - time for some guidance, if only from a third party analyst.