probability of a takeover?, page-20

Hello Jojo, your heart is in the right place, but in my experience PLA would be lucky to recover 15 million from sale of the Smokey Hills plant; the value is in the resource and this only has value if it can be mined at a profit. So far Smokey Hills has yet to demonstrate that it is a viable resource. It might be, but so far it has been shown to be marginal to cash negative. Maybe increased metallurgical and operational efficiencies can swing the pendulum the other way, but Smokey Hills will never provide bonanza returns.

Rooderand looks as though it has potential to provide decent cash flows but its ownership is in question. I hope that PLA did their due diligence on ownership before committing any funds to work on the deposit.

My personal view is that PLA should seek a buyer or JV partner/operator for its South African projects on mutually beneficial terms and then do what it does best and that is explore for and prove up mineral deposits.