Number 1 on the Podium - Find me a cheaper Precious Metals play, page-424

I think drawing comparisons between POD is a very dangerous thing to be done, and it needs to stop. They are not comparable deposits in any way and CHNs lack of a resource does not really make it any less attractive at this stage. PGEs can have some notoriously messy, poor met work associated which can destroy projects.

Please hear me out and read my justification below. I am not trying to slander POD, I still think there is significant potential for growth here, I am simply saying that comparisons with CHN are so poor and simply dangerous to put out there for the average retail investor with little knowledge.

The main problem that bugs me with this interpretation is the mineability of the POD resource. Yes 2 million ounces sounds great, but you have to remember that is over a strike length of 8km so far that is HUGE and could never form part of a single pit… CHN on the other hand, the Julimar discovery / Gonneville deposit is large, but the resource is very centralised and actually forms a beautiful circle!

The second key issue with the POD resource is that it is almost exclusively a single moderate thickness lode. The CHN deposit is characterised by repeated significant thickness lodes. Think of this in terms of digging a pit, with the repeated lodes at Gonneville CHN will be getting ore grade material out of say ~80% of cuts!!! This is amazing!, consistent ore feed to the mill. POD on the other hand, hosted in that single layer, you might get ore grade material out of ~20% of cuts, and that might be generous… (This is without running any numbers as I really don’t have the time for that stuff quite yet). Also, note that going deep is great, but that just increases the amount of waste that POD have to pull out of the ground, which would have an exponentially negative impact of the mineability to depth. Underground mining may be an option, but this is a hugely expensive method and would require some serious grade to justify.

Thirdly, the nature of these ores often makes metallurgical recovery very difficult and can have a significant impact on the mineability of these deposits. From my research on POD, they have not given an indication of metallurgical recovery. There is no point having a 2-million-ounce resource @ 1.5 g/t PGE + Au if it’s only mineable at > 2 g/t!! CHN however, have already made the market aware of their recoveries and they are looking great - 86.3% Pd and 73.9% Pt. This is a sign of good things to come for CHN.

Let me just reiterate that I do believe there is definitely potential for some great growth for POD, I am simply putting forward an objection to the comparisons with CHN. POD won’t ever be half the company valuation that CHN will, I’d be surprised at 20% MC. An attractive high resource number isn’t the full story! There are so many more parts to the puzzle that investors need to be wary of! As some other people have said in this thread, Julimar is a globally significant, world-class deposit... can the same be said for the Parks Reef...I'm not so sure, not yet at least! fingers crossed to all holders, will be a sweet day if/when it pulls through!