Ann: Share Purchase Plan - Offer Documents, page-11

Probably a simple answer, but why would the SPP cap out at 250k shares per eligible shareholder?

Back of envelope calcs, but say top 10 holders own approx. 60% of the registry (or around 80M odd of the 140M on offer), that leaves 60 million spread amongst us. Adjusting the maximum shares on offer under SPP (approx 42M less 2.5M for the Top 10 purchasing their 250k) that leaves around 40M shares under SPP to be taken up by the minor shareholders. If taken up fully does two things: 1. the heavy lifting for the capital raising is done by the minor holders, and 2. the result is that proportionally the major holders are diluted far more (post SPP they'd own 50% of the registry.)

Surely one would expect that at a minimum the lifting is spread equally among holders proportional to the size of their current holding? And there is an argument that (especially at this stage and potential) the larger holders should stump up proportionally more if they 'believe' in the project.

Unfortunately in my view and as others have suggested PGM is in trouble. There are few options available without getting an Offtake Agreement: Somehow get folks to convert their existing Oppies - unlikely without good news; Sell the tenements in Greenland/Munni Munni - not clear to me what they're worth; Or put their faith in the SPP.

And the unfortunate thing is with the SPP is that it relies on everyone taking it up (read small shareholders - it's a bit like prisoner's dilemma for any of those folks into Game Theory), and at the upper end of the allowance, to provide enough capital to get through the PFS and then BFS. I just can't see it happening.

No doubt i'll probably ride it through to the end, but without an OA that end isn't looking pretty (at least it will be soon!).

Anyway my thoughts - hope I'm proven wrong...