Ann: Independent Resource Estimate of 6.9Moz PdEq, page-125

Typically for a PGE project to have a chance at being commercial, a concentrate grade of >80g/t is a starting point. Therefore the fact that FME can produce a concentrate of 271 g/t PGE3 is a fantastic position to be in. The challenge then becomes costs associated with grinding of the ore to liberate the PGEs from the host rock, which are typically very finely crystallized. If they can reduce the grinding cost, then this project can really fly.

At present there is almost no value placed on the size and grade of the resource. There is also no Australian deposit premium, which should be applied to such a project for the simple fact that it is not in South Africa or Russia.

I will be buying more, and hoping the management team learn how to market what they have, and attract the type of support which projects like this require to get to the >$250M market cap.