I did ask Lewins about the Panton Process and he said that a...

I did ask Lewins about the Panton Process and he said that a 'few' large caps in the sector were already trialing it.

How it works is PLA request the data and then respond to the company as to whether it's feasable. He did confirm that PLA would get the revenue benefits (Lewins designed the process himself so as a stockholder it was my obvious concern) although he would not be drawn on any potential revenue/royalty streams that might come from it. Royalties could be minimal or very significant i'm really not sure but one that is for sure is that the large caps take Lewins very seriously, as they should.

In respect of the AGP overhang, if that is indeed the case, often funds have a criteria of a limited exposure to a single equity and with PLA nearing production the more risk adverse funds will step in and take the lead as the company nears and achieves producer status. We like these guys because they pay more for a lesser risk. My view is that we will have analysts crawling all over the stock and the 'production' tag will obviously forward us a complete re-rating on the company.

I'd be surprised if we had not achieved A$5.00 by year end and that's not taking into account a potential announcement of a US PGM ETF that could send the very limited amount of PGM stocks a little crazy, especially the producers. Off the top of my head JM stated a 10,000oz surplus in platinum in 2006 whereas a US ETF is expected to absorb aproximately 500,000oz per year of 'combined' PGM's. The timing of PLA going into production is, well, perfect.