Eddy,I have watched the sp move up after getting concerned and...

Eddy,

I have watched the sp move up after getting concerned and thankfully not selling aout when the redpath news first hit.

1. Bad news on Smoky Hills is out so the market is not expecting much from the Dec quarterly. Best would be if PLA/Jic use the quarter to set the scene for an improvement in March.

2. Kalplats DFS is complete and is now being reviewed by ARM. We have higher capital cost but ofsetting higher PGM prices and lower operating costs giving rise to higher NPV. BFS is based on 50% of resource so there should be potential for more upgrades going forward. We will know soon how ARM views the DFS plan so maybe something positive sniffed out by the bigger players.

3. We could be looking at a strong resource upgrade.

4. PGM prices are moving up strongly and that improves the economics across all projects. If PGM basket price rises much further then I really do see that some JV development plan or sale of Panton could be on the cards.

I see PLA as being at a crossroads. SP could start to move up significantly if positive newsflow starts to come out and at $0.70 level could be really cheap. On the other hand things can also get worse with further downward pressure. I have decided to stick with PLA and hope that the negatives are behind us. Time will tell.

BR
Max