Resource

Category

Mass

Grade

Contained Metal

(Mt)

Pd
(g/t)

Pt
(g/t)

Au
(g/t)

PGM3E
(g/t)

Ni
(%)

Cu
(%)

Co
(ppm)

PdEq1
(g/t)

Pd
(Koz)

Pt
(Koz)

Au
(Koz)

PGM3E
(Koz)

Ni
(kt)

Cu
(kt)

Co
(kt)

PdEq1
(Koz)

Reef

Indicated

7.9

1.99

1.87

0.31

4.16

0.24

0.07

190

4.39

508

476

78

1,062

19.1

5.2

1.5

1,120

Inferred

17.6

1.59

1.49

0.22

3.30

0.23

0.07

193

3.63

895

842

123

1,859

41.1

13.1

3.4

2,046

Subtotal

25.4

1.71

1.61

0.24

3.57

0.24

0.07

192

3.86

1,403

1,318

201

2,922

60.3

18.2

4.9

3,166

 

Dunite

Inferred

103.4

0.31

0.25

0.07

0.62

0.17

0.03

145

1.12

1,020

825

225

2,069

179.6

30.2

15.0

3,712

Subtotal

103.4

0.31

0.25

0.07

0.62

0.17

0.03

145

1.12

1,020

825

225

2,069

179.6

30.2

15.0

3,712

 

All

Indicated

7.9

1.99

1.87

0.31

4.16

0.24

0.07

190

4.39

508

476

78

1,062

19.1

5.2

1.5

1,120

Inferred

121

0.50

0.43

0.09

1.01

0.18

0.04

147

1.49

1,915

1,667

348

3,928

221

43

18

5,758

Total

129

0.59

0.52

0.11

1.20

0.18

0.04

150

1.66

2,423

2,143

426

4,990

240

49

20

6,878

1Palladium metal equivalents

Based on metallurgical test work completed on Panton samples, all quoted elements included in the metal equivalent calculation (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being ultimately recovered and sold.

Metal recoveries used in the palladium equivalent (PdEq) calculations are in the midpoint of the range of recoveries for each element based on metallurgical test work undertaken to date at Panton. It should be noted that palladium and platinum grades reported in this announcement are lower than the palladium and platinum grades of samples that were subject to metallurgical test work (grades of other elements are similar).

Metal recoveries used in the palladium equivalent (PdEq) calculations are shown below:

  • Reef: Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60%
  • Dunite: Palladium 70%, Platinum 70%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60%

Assumed metal prices used are also shown below:

  • Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel US$18,500/t, Copper US$9,000/t and Cobalt US$60,000/t

Metal equivalents were calculated according to the follow formula:

  • Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%)
  • Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.933 x Au(g/t) +2.03087 x Ni(%) + 1.481990 x Cu(%) + 8.80 x Co(%)