Macquarie Research August 2021, page-2

Thanks KK: good yardstick for the imminent announcement and Macq update which will follow.
The bank did issue an update on 28th Sept and revised their price target to A$ps to $9.00 on the back of a 9% lowering of the mining inventory. In that revision Pd went from 4,980koz to 4,527koz and Pt from 1,245koz to 1,132koz. Also lower were Au, Ni, Cu and Co. I found that rather strange since it was based on the then latest round of drilling results - which were trumpeted as "Extension drilling results are encouraging". (Did they have other information related to the unfolding MRE?). All calculations were based on long-term prices which were much, much lower than spot prices (excluding Co) - e.g. Pd was set at USD1,000/oz vs the spot of USD1,964/oz
Anyway I can accept a 7% 28/09/21 revision, from their immediately previous $9.70, to $9.00. which is for Gonneville only and excludes Hartog.

Looking ahead, the big picture is looking good:-
US October unemployment has dropped to 4.6% from 4.8% and the trillion$ bill has been passed.
Growth is undeniable and inflation and prices have only one direction to go....and it is not down!
That is a great scene into which this venture is going to be launched.