Ann: Update - Merger of PLA with Jubilee Platinum, page-25

re: Ann: Update - Merger of PLA with Jubilee ... Hi Nickyjames,

I believe that JBL believes that Smokey can become cash flow positive after 6 months of production.

If they manage to do so that will be some Cashflow coming to them.

The outlook of Palladium/Platinum and Rhodium is also increasingly positive with the latest analysts talking about a small deficit this year and larger for years to come.

It looks like the Russians are running slowly out of their stockpile of PGM metals and the South African and output from Zimbabwe is falling.

This will come in very handy for the new JBL/PLA venture.

Time will tell but it does look like we have a silver lining on this deal.

jojo