Ann: Key Project Work Gathers Momentum to Inform Feasibility, page-9

Yes I really like all of POD forward outlook and if all goes to plan the SP will be much higher as its we know in the past the SP can get a good run on if the market sentiment changes esp to Platinum which POD at present has the largest Plat resource in Aus... could we see in time Pt flip with Pd and once again take the mantle with a much higher $2koz+ price on predicted demand outstripping supplies >>>>Platinum is more than ten times rarer than gold.

Come across this From SPD IPO >>

Current Developments in Terms of New Supply and Exploration
Current developments in terms of new supply and exploration are limited and there is a dearth of
exploration and possible new supply worldwide. The low hanging fruit has been taken and very few
if any close-to-surface low-cost ore resources are still available.

As there are literally only five major PGMs complexes worldwide that have been discovered in the
last 120 years, there is very little chance that more will be found. PGM containing complexes contain
“heavy” rocks with relative densities 3.2 to 3.6 times the weight of water compared to light rocks
which dominate continents (comprising granite, sandstone and gneiss) which have relative densities
of 2.6x. Gravity surveys can detect this difference up to 1,000 m in depth.

As the whole world has been explored (mostly by aerial surveys) for heavy rocks, it is highly likely that all heavy rocks have
been drilled and new Greenfields complexes unlikely to be discovered shallower than 1,000 m.

Major new supply from a discovery is not likely. Brownfields drilling in South Africa (Southern
Palladium, Jacomynspan and the Northern Limb of the BC) and Zimbabwe (Karo project) and the
Julimar project in Australia, which seems to have a small rich but geologically and mining
complicated orebody, is taking place on a limited basis due to the paucity of PGM bearing orebodies
shallower than 1,000 m in depth worldwide.