Ann: Bengwenyama PGM Drilling Programme Intersects UG2 Reef, page-3

Yep compare SPD to market darling GAL. Major risk is SA labour costs and political stability.

SPD
18Moz inferred resource in a pretty well known and predictable area geologically the Bushveld + resource target 30-50Moz @ ~3-6 g/t PGE.

From surface

5 operating mines within 40km on same orebody - known costs for mining and processing this style of mineralisation

Processing concentrate selling to smelt in SA

Cash on hand ~ $16M

Mkt Cap FD $113M

GAL
No resource, geology poorly known (potentially big, potentially an also ran) Not enough info to confidently outline a resource target grade ~ 1-2.5g/t PGE at present.

Possibly from surface - so far from ~ 100m

Processing ?

Cash on hand ~ $25M

Mkt Cap FD $208M


Not bagging GAL but given the unknowns for GAL rationally SPD with the size of resource + very good chance of it converting a lot of it and their exploration target into a reserve SPD represents compelling value.