Yep compare SPD to market darling GAL. Major risk is SA labour...

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.