increased production, page-14

Hotfire,

As production rises the costs will be reduced (fixed costs being spread across more ounces).

I do not want to make any guess as to what cost base the company will have for the June quarter but if we have 15,000 oz production then the cost per oz will be significantly less than for the 8,000 oz produced in March.

For sure the SA cost base is being driven up by rising electricity costs as well as workers fighting to have a fair wage. The beauty with PGM is that there is no competitor to the SA producers and prices for PGM's will rise with a rising cost base.

I am therefore not worried about costs, but production quantities.

BR
Max