Ann: PLA Presentation , page-6

Hi

Nice to have a few new contributors to the PLA postings!

Yes agreed, management are now the key factor weighing on the share price. And when (if) they can deliver on their promises (over the next 3-5 months) then I would expect a significant re-rating of the company's share price and future prospects.

As I have said before I think the company (and share price) has been hit by the perfect storm over the past year. With the significant contributing factor being the inability of management to forecast and deal with the issues at Smokey Hills (as well as their inability to clearly communicate with shareholders). i.e. not delivering on their promises and continuously pushing out timelines!

With the move to Owner Operator and the investment in human resources in South Africa along with the 2 year employee wage agreement struck with the Union late last year, I tend to believe that management now have the best chance of delivering on their forecast targets for CY 2012.

My take away points from this presentation are:

Smokey Hills Platinum Mine
Management continue to forecast expected move to positive cash flow in June Qrt 2012
Management have reasserted planned production for CY 2012 – 70,000 ozs 4E (read: double FY '10 and '11 figures)

Rooderand Platinum Project
Updated Resource due March 2012 (read: announcement due this month)
DFS due for completion First half CY 2012 (read: announcement before end of June)
Commence development in late 2012, with first production early 2014

Kalplats
Resources drilled to only ~200 metres. Significant potential to expand resource along strike, at depth and due to large regional presence
Commence development in late 2013, with first production early 2015

Panton PGM Project
Project Review to be completed in first Quarter 2012
Strategic Review (due) first Quarter 2012 (read: announcement due this month)

So in conclusion from what I can tell the future of PLA will become clear very soon and news (market announcements) on two of the projects is due within the month. The future looks bright, however management need to deliver big-time (but probably have the best chance yet of doing so).

Gus