BMO Research Note, page-4

If historic drilling for PGM's only reached 140 metres and generated a 1.0 million ounce Platinum resource (based on 103 Mt at 0.33 g/t Platinum assay only) and now the current drilling is identifying mineralised zones up to 390 metres further down with grades between 1.2 - 129 g/t Pt then the original billion dollar resource will eventually be upgraded.

Exploration drilling is 2.8x deeper, finding higher Platinum grades (129 g/t Pt vs. historic resource average of 0.33 g/t Pt) and now assaying for multi precious metals including Platinum, Palladium, Rhodium, Iridium, Osmium & Ruthenium is ultimately leading to a massive revaluation of the project. The inclusion of all the PGM's increases the value of the resource based on Hole SD022 reported interval assays from US$5,097 per tonne (Platinum only) to US$9,317 per tonne (all PGM's). A significant byproduct credit for the business.



Therefore, the $1 billion dollar resource based on platinum assays only can easily be upgraded by 1.8x should further planned drilling confirm ongoing extensions of the PGM orebody.

As for achieving >$7.50 per share, a polynomial regression of the SRL closing share price since 2018 indicates it is possible or more than possible over the next 12 months!!!!