A Mega Mine, NSW lateritic clay belt, page-108

PGM longs...I apologize for the discussion on the PGM thread about possible take-off prices at a competitor.

but as I hope you can see it does have relevance to the prospects at PGM, as PGM is a scandium project.

I am very interested in PGM at current prices. It has been beaten down badly and I think it is below fair value as an optionality play, and there is Skaergaard also.

But I have been concerned about the strategy of PGM management, because they will not be able to control what Uncle Bob does on the take-off price, and Sunrise will also be a deadly competitor on the cost side.

GLTAH