increased production, page-13

PLA is definitelty a bargain at current prices.

SH production is definitely moving in the right direction and this improvement should start to be priced into the share.

Rooderand newsflow is also looking good and expanded open pit options will certainly reduce the cost per tonne for a longer period of time.

Panton is back on the Agenda. Although it will be less profitable than SA operations owing to higher Australian cost base, we need to consider;

1. Metals prices make this project possible and further increases can be seen in the prices of platinum/palladium owing to rising SA cost base as well as longer term improvement in the global economy.

2. This reduces the company's exposure to SA political / labour tensions risk and I feel it is the right decision to proceed at this point in time.

Jojo has referred to 40cts, but if SH is finally on track I will not be surprised to see this rise to 90cts again over the next 6 months and more from there depending on newsflow from Rooderabnd /Kalplats etc.

I have held and experienced all the pain and would not want to see somebody come in and take PLA for below A$1.00. Holders should remember Equinox and its doubters, yes PLA has been even worse in start up but PGM mining iss more difficult than copper mining. For another example look at East Plats and the dire history of the Crocodile river mine, which was only put right after years.

So again I say buy on PLA and be prepared to rise out the panic in markets. There are risks but from these levels it is a risk worth taking.

BR
Max