“What we have seen in recent weeks is an entirely understandable and arguably anticipated market shift after a good run. “Precious metal fundamentals remain sound and we are likely to see a correction of this shift in the near term,” says Platfields CEO Bongani Mbindwane.

He maintains that this scenario, together with the company’s ability to move rapidly from exploration to openpit, cash-generative mining, presents those investing in Platfields now with real growth potential into the future.

Formed in 2002, Platfields has two near-surface platinum-group metal (PGM) exploration projects, Berg and Leeuwkop, on the eastern limb of the Bushveld Complex, and one near-surface gold exploration project, Grootfonteinberg, in the Transvaal Drakensberg goldfield of Mpumalanga.

The company plans to list on the main board of the JSE before the end of the year, subject to prevailing market conditions and regulatory and other approvals.

“We believe that this is the right condition for a junior to enter, when the market is stronger, because it encourages investors to get upside and we anticipated the shift in the market. “We aim to raise, in two phases, about R450-million in the short term to expedite our current exploration programme and initiate early openpit, cash-generative mining.”

Platfields’ flagship Berg PGM project covers some 6 000 ha at the southern end of the eastern limb of the Bushveld Complex, along strike from Anglo Platinum’s Der Brochen project and Northam’s Booysendal project.

A R283,7-million, three-phase, 232-hole exploration drilling programme to increase confidence in the Berg project’s geology and category of stated minerals resources got under way in recent weeks.

The Leeuwkop PGM project, in which the company has a 32,5% interest, is a near-surface target covering 600 ha at the north-western end of the eastern limb of the Bushveld Complex.

The Grootfonteinberg gold project, covering 301,1 ha, is adjacent to Simmer & Jack’s Beta gold mine. Exploration to date indicates a possible target of up to 3,43-million ounces. Further planned exploration includes surface mapping, aeromagnetic and radio- metric surveys and a R17,1-million, two-phase drilling programme comprising 13 boreholes.

Mbindwane says that, while Platfields values its independence, it is mindful of the logic driving consolidation of Bushveld Complex explorers and producers, and “will actively pursue collaborative opportunities with other like-minded companies when and where it makes sound business sense to do so”.

Platfields is currently 37% black-owned. The balance of its shareholding comprises 1 600 indi- vidual shareholders, making the company diverse and broad based in its shareholding structure.

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