Think this is my point. A couple of shallow starter mines - open pit - producing 100k oz 5E PGMs pa + base metal credits at today’s prices would be very profitable - substantial NPV. The rest (longer/deeper) adds even more value which of course would justify a valuation that would add many more multiples to today’s market cap. Investors need convincing on both as there isn’t anything to go on so far.
”The upper PGM horizon model has shown it is the most likely portion of the Parks Reef to host higher platinum, palladium and gold grades. The lower PGM horizon currently indicates higher grades of rhodium and iridium. Both the upper and lower zones within the PGM horizon demonstrate combined high grades of 5E PGMs.
The PGM horizon sits physically sit below the base metal horizon towards the hanging wall. An example of the grade transition is shown in Appendix A.
Importantly for early-stage mine planning, the PGM upper horizon currently hosts 12.3Mt at 2.05 g/t 5E PGM and this high-grade allows the study team to assess multiple mining options.”
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