In addition to the River Valley (NAM) current resource estimate of 3.9Moz PDEQ, the revised resource estimate in Q1 2018 (before PDAC) and the rising price of PGE, it is significant that  the metalurgical wing of Glencore basd at Glencore's Falconbridge (Sudbury) offices is doing  a metalurgical study and developing a new flow sheet for processing NAN's milled ore at Glencore's refinery and smelter in Sudbury.

North American Palladium has a PGE deposit at Lac des Isles near Thunder Bay and ships their milled ore over 1000km  to Sudbury for processing. They do not have a Refinery or a Smelter at Lac des Isles.

NAM's River Valley PGE deposit is conservatively a 1.5 hour drive (at trucking speads) to Sudbury and mostly on paved roads. On a bad winter winter day it would take 2 hours compared to NAP's drive of over 12 hours.

Will Glencore or Vale, both in Sudbury, buy the NAM deposit or will a South African company decide to diversify out of South Africa?

Anglo Platinum is intimately familiar with the NAM deposit having been 50% owners until 2010 and they spent $22M in exploration between 2000 and 2010.

NAM's COO Trevor Richardson will be in SA for a month in JAn-Feb 2018 and will likely be talking to his contacts at various SA companies about the NAM deposit.

Sibanye (SA) bought Stillwater (USA) for $2.2 B in 2017. Mines are getting deeper in SA and less economic, to say nothing of the political climate in SA.

Regardless who buys the deposit, the ore will be smelted and refined in Sudbury at the Vale or Glencore facilities. Very few companies could afford to build their own Smelter.

Even if a larger company like Anglo were to buy the deposit it would not make economic sense to ship the ore long distances when there are 2 smelters within 100km.

Glencore's metallurgical study will be of great assistance even if it is not Glencore that buys the deposit