Need to get back to other stuff but before I sign off, I tweaked...

Need to get back to other stuff but before I sign off, I tweaked my model. Lower capex to be consistent with modest capacity and low revenue per oz; moved the start out another year. Haven't tweaked the grades as it is too hard to know. It seems likely that initial grades will be better than my assumptions overall.

Equity issues - who knows but I have assumed (a) further interim CRs (may need more at DFS but not a major sensitivity as long as share price reflects progress) and (b) that the share price will head towards $1 (market cap $400m) by the time FID comes along. If not, it's game over!

If this model is even half right, POD has the potential to become a long life, high ROI cash machine. The world will need a lot of non-Russian PGMs to clean the air and deliver green hydrogen.