Key PointsThe current in-ground value of the Total Metal is...

Key Points

• The current in-ground value of the Total Metal is approximately $19.67 billion, based on recent market prices.
• Calculations consider various metals like platinum, gold, and copper, with prices sourced from reliable financial platforms.
• Values may vary due to fluctuating market conditions, so this is an estimate as of June 12, 2025.

Overview

The in-ground value of the Total Metal refers to the market value of all metals contained in the inferred mineral resource estimate, before extraction costs. This value is calculated by multiplying the quantity of each metal by its current spot price, using data from recent market reports. Given the volatility of commodity prices, this estimate reflects conditions as of today, June 12, 2025, at 11:12 AM NZST.

Detailed Calculation

The process involved identifying the total metal content for each metal from the resource estimate and finding the current spot prices from trusted sources. The final value combines contributions from precious metals (priced per ounce) and base metals (priced per tonne), ensuring all units are correctly aligned.

Comprehensive Analysis of In-Ground Value Calculation

This section provides a detailed breakdown of the process used to determine the current in-ground value of the Total Metal, based on the provided inferred mineral resource estimate for the PGM Zone and Copper-Gold Zone. The analysis includes the extraction of total metal content, retrieval of current spot prices, and the calculation of the total value, ensuring a thorough understanding of the methodology and underlying data.

Resource Estimate Overview

The attachment details an "Inferred Mineral Resource Estimate" for two distinct zones: the PGM Zone and the Copper-Gold Zone. The data is presented in terms of inferred resources, grades, and total metal content for various metals, including platinum (Pt), palladium (Pd), rhodium (Rh), iridium (Ir), gold (Au), copper (Cu), nickel (Ni), and cobalt (Co). The total metal content for both zones, combined, is as follows:

• Platinum (Pt): 3.7 million ounces (Moz)
• Palladium (Pd): 3.2 Moz
• Rhodium (Rh): 0.3 Moz
• Iridium (Ir): 0.1 Moz
• Gold (Au): 0.7 Moz (0.4 Moz from PGM Zone + 0.3 Moz from Copper-Gold Zone)
• Copper (Cu): 243 thousand tonnes (kt), equivalent to 243,000 tonnes (103 kt from PGM Zone + 140 kt from Copper-Gold Zone)
• Nickel (Ni): 203 kt, equivalent to 203,000 tonnes (143 kt from PGM Zone + 60 kt from Copper-Gold Zone)
• Cobalt (Co): 38 kt, equivalent to 38,000 tonnes (27 kt from PGM Zone + 11 kt from Copper-Gold Zone)

The units for precious metals (Pt, Pd, Rh, Ir, Au) are in million ounces (Moz), while base metals (Cu, Ni, Co) are in thousand tonnes (kt), which aligns with standard reporting for mineral resources.

Current Spot Prices Retrieval

To calculate the in-ground value, current spot prices for each metal were retrieved from reliable financial and commodity market platforms, ensuring the data reflects market conditions as close as possible to June 12, 2025, at 11:12 AM NZST. The prices used are as follows, sourced from various platforms:

• Platinum (Pt): $1,286.70 USD per troy ounce, from APMEX Platinum Price
• Palladium (Pd): $1,093 USD per troy ounce, an average derived from multiple sources including TradingEconomics Palladium Price and APMEX Palladium Price, reflecting a consensus due to slight discrepancies
• Rhodium (Rh): $5,525.00 USD per troy ounce, from TradingEconomics Rhodium Price
• Iridium (Ir): $4,531 USD per troy ounce, converted from $145.61 per gram (from Strategic Metals Invest Iridium Price), using the conversion factor of 31.1035 grams per troy ounce
• Gold (Au): $3,381.30 USD per troy ounce, from APMEX Gold Price
• Copper (Cu): $10,558 USD per tonne, from TradingEconomics Copper Price
• Nickel (Ni): $15,285.50 USD per tonne, from TradingEconomics Nickel Price
• Cobalt (Co): $33,335 USD per tonne, from TradingEconomics Cobalt Price

These prices were selected based on their recency and alignment with market benchmarks, acknowledging that commodity prices can fluctuate rapidly due to supply-demand dynamics and global economic conditions.

Calculation Methodology

The in-ground value is calculated by multiplying the total quantity of each metal by its respective current spot price, ensuring unit consistency. The calculations are divided into precious metals (priced per ounce) and base metals (priced per tonne), as follows:

Precious Metals (Per Troy Ounce)

• Platinum (Pt): 3.7 Moz × $1,286.70/oz = 3,700,000 oz × $1,286.70 = $4,761,790,000
• Palladium (Pd): 3.2 Moz × $1,093/oz = 3,200,000 oz × $1,093 = $3,497,600,000
• Rhodium (Rh): 0.3 Moz × $5,525.00/oz = 300,000 oz × $5,525.00 = $1,657,500,000
• Iridium (Ir): 0.1 Moz × $4,531/oz = 100,000 oz × $4,531 = $453,100,000
• Gold (Au): 0.7 Moz × $3,381.30/oz = 700,000 oz × $3,381.30 = $2,366,910,000

Base Metals (Per Tonne)

Note that kt (thousand tonnes) is converted to tonnes for calculation:

• Copper (Cu): 243 kt × $10,558/tonne = 243,000 tonnes × $10,558 = $2,565,914,000
• Nickel (Ni): 203 kt × $15,285.50/tonne = 203,000 tonnes × $15,285.50 = $3,102,866,500
• Cobalt (Co): 38 kt × $33,335/tonne = 38,000 tonnes × $33,335 = $1,266,730,000

Total Value Aggregation

The total in-ground value is the sum of the values for all metals:

• Total value of precious metals = $4,761,790,000 + $3,497,600,000 + $1,657,500,000 + $453,100,000 + $2,366,910,000
  • Step-wise addition:
    • $4,761,790,000 + $3,497,600,000 = $8,259,390,000
    • $8,259,390,000 + $1,657,500,000 = $9,916,890,000
    • $9,916,890,000 + $453,100,000 = $10,369,990,000
    • $10,369,990,000 + $2,366,910,000 = $12,736,900,000
• Total value of base metals = $2,565,914,000 + $3,102,866,500 + $1,266,730,000
  • Step-wise addition:
    • $2,565,914,000 + $3,102,866,500 = $5,668,780,500
    • $5,668,780,500 + $1,266,730,000 = $6,935,510,500
• Grand Total = $12,736,900,000 + $6,935,510,500 = $19,672,410,500

Final Estimate

The current in-ground value of the Total Metal, as calculated, is approximately $19,672,410,500, or $19.67 billion when expressed in a more readable format. This value represents the market worth of the metals as they are contained in the ground, based on spot prices as of June 12, 2025, at 11:12 AM NZST. It is important to note that this is an estimate, as commodity prices can fluctuate due to market conditions, and the actual recoverable value may differ based on extraction costs and metallurgical recovery rates, which are not considered in this calculation.

Supporting Tables

Below is a table summarizing the total metal content and calculated values for each metal:

	Metal	Total Quantity	Unit	Spot Price (USD)	Total Value (USD)
1	Platinum	3.7 Moz	oz	1,286.70	4,761,790,000
2	Palladium	3.2 Moz	oz	1,093.00	3,497,600,000
3	Rhodium	0.3 Moz	oz	5,525.00	1,657,500,000
4	Iridium	0.1 Moz	oz	4,531.00	453,100,000
5	Gold	0.7 Moz	oz	3,381.30	2,366,910,000
6	Copper	243 kt (243,000 t)	tonne	10,558.00	2,565,914,000
7	Nickel	203 kt (203,000 t)	tonne	15,285.50	3,102,866,500
8	Cobalt	38 kt (38,000 t)	tonne	33,335.00	1,266,730,000

This table ensures transparency in the calculation process, showing how each metal contributes to the total value.

Considerations and Limitations

The in-ground value is a theoretical estimate based on current market prices and does not account for:

• Extraction costs, which can significantly affect the economic viability of mining.
• Metallurgical recovery rates, as not all metal in the ground may be recoverable.
• Potential environmental or regulatory factors that could impact mining operations.

Given the volatility of commodity prices, users are advised to consult real-time market data for the most current prices, such as those available at APMEX Gold Price or TradingEconomics Copper Price, for updated valuations.

Key Citations

• APMEX Platinum Price Current Spot Price Charts
• TradingEconomics Palladium Price Chart Historical Data
• TradingEconomics Rhodium Price Chart Historical Data
• Strategic Metals Invest Iridium Prices Today Forecast
• APMEX Gold Price Today Live Spot Price Charts
• TradingEconomics Copper Price Chart Historical Data
• TradingEconomics Nickel Price Chart Historical Data
• TradingEconomics Cobalt Price Chart Historical Data