Resource Valuation, page-10

Do we take the average of a current trading cycle? In July last year a bottom of $760 was tested more than once and then in January $780 was tested several times. Not predicting when it will retest the 2011 level of US$1850 but with a minelife of 40+ years it's highly likely it will happen in it's early life or even before they have even completed construction.

On a trading range of US$760 to US$1850 the average is US$1350. On this value the total platinum resource increases from US$17.9 billion to $28.4 billion. Have no idea about palladium as we are still in the process of creating the range.

With an increasing number of hybrid cars and tighter regulation of exhaust emission the market has found itself in palladium deficit. Platinum is the more efficient catalyst requiring half the quantity in a catalytic converter, so I can see palladium being partially replaced and the use of platinum increasing.