MACLEOD22 You mentioned the dilution issue which I think should...

MACLEOD22
You mentioned the dilution issue which I think should be viewed from a different angle.

The current market cap of roughly $200m was already reached in June 2008 at a sp of $1. At this point of time the resource was 12m oz PGM only, today it is a multiple and still growing. Despite some dilution as a result of the Genorah farm deal NPK will unlock significant value going forward. The market will realize that sooner or later.

The annual production target of 1m oz is not written in stone as long it is not confirmed by the BFS.