Yes I did a very deep dive on their prospectus I am quoting...

Yes I did a very deep dive on their prospectus I am quoting Fully diluted so all the shares are accounted for in my Mkt Cap calcs.

Yes I did a deep dive again on the geology of Bushveld and mining and put the ruler over 5 other operating mines.


Risk is all in the political side. Most of their exploration target 75% of Merensky and 90% of UG2 is above 1000m (too hot to mine the BV below that) so those are the limitations to put on the exploration target size ( which though not stated is why I suspect they have applied a very high geological loss factor to their exploration target).

Biggest risks are:
1) South Africa
2) PGE market long term because in 10 years we'll all be driving electric cars and their will be no demand for auto catalysts ( Hahahahahah F'ing Ha Yeah Right) - After >>1 Trillions spent in the last decade windmills and synthetic leafs have only upped their share of power by 2% and grids around the world are already crashing. So where is the green electricity going to come from for all the EVs????? Either we are going to keep our ICE cars or we peasants will be back on the backs of horses.
3) Mass die off from immune escape variants of Covid and or long term amyloidosis from the > 6 billion injectable products administered (now that would be a demand crimper) +/- famine
4) Ruski /Ukulele war going Nukulele (have you got your SPF 1,000,000)
5) +/- super sizing with we can't be left out of the party invasion of Taiwan
6) Another great depression / great inflation bursting of the big bubble
7) All that hubbub about UFOs being real which they are according to NASA/ Pentagon actually being followed up by a real Alien invaision.

Just a normal day on the markets.