Platreef NPV Improved Over 50% From Base Case ScenarioOriginally $916 million for a 4 Mtpa mine; it's now over $1.5 billion. You can see this clearly in Table 22.16 of the 2017 Feasibility Study. Since Palladium and Platinum are together in equal amounts, the value (Pd + Pt / 2) can substitute to obtain an average price for each. They couldn't have anticipated the sharp rise in demand for palladium at the time of the study. Rhodium, currently $5600 oz is a real wild card. The FS anticipated $1000 oz. For palladium, the price assumption was $825, not the current $1850. It's currently $1000 oz higher than the price assumption provided in the study. Bottom line: since much of the original CAPEX will be absorbed by initial construction of the 4 Mtpa operation, for a 12 Mtpa mine at Platreef, NPV 8 is in excess of $5 billion, And that's a fairly hefty discount to cash flow to account for risk. Most traders have no idea what they're sitting on.