In my evaluation I am assuming that payables for PGMs are...

In my evaluation I am assuming that payables for PGMs are broadly in line with gold. Refineries for PGM are essentially multi step gold smelters, similar to Perth mint (where they just separate gold and silver to 99.99+%)

So something like 90% payables on market price for low-grade feed to PGM smelter, 95-97% for high-grade feed to PGM refinery. Below are what Anglo use to define what is low and high grade.


Base metals copper nickel cobalt should also attract a payable % as they are also recovered per above, but maybe at a lower rate, 80% of LME?

On POD quarterly, the Dec quarter they did NO drilling ($0 spent on exploration in the Dec quarter), so the 2.6 quarters of funding remaining is disingenous given they are starting drilling again shortly per their timeline. Agree with @Sharetrader78 cap raise likely March, possibly even Feb. Once that is over and done with, the brakes will be off.