frikki,it still represents a 50m mc, stock at these 8c...

frikki,

it still represents a 50m mc, stock at these 8c levels.

when you have 800+ NPV, plus dekom, plus the other reef, (and so NPV could really be 2 billion) we are already way undervalued, if you take a view that a JV with the cash in, to add certainty to development, makes us a goto stock in market looking for certinty.

You can conclude that we are already in a disconected irrational pricing environment.

What is the probabity of a jv wanting one of the last few low cost operations, in the highest concentrations of PGMs in the world?

Very good i would say. So a matter of when not if.

All that, put it aside. As the market is already in some disconected reality, where it has basically saying NOWAY JV. or very little chance of it.

If a NPV of 2billion, is a matter of months to de-risk with the staged cash jv injection, and expertese to get it done, 50m mc, is not rational.

Hence, those that are selling, are not holding a balanced view, but a skewed one, based on frustration of the delays thus far.

Hence a further capitluation, by those in this frame of mind, could, see a collapse to nothing, a dump of irrational disgust of impatience.