Aparently Sibanye wanted to diversify out of SA because of increasing mining costs there and the political situation. There are suggestions that others will follow.

So lets be conservative with our estimate of what River Valley is worth. Lets assume that it makes sense that Glencore or Vale will be the purchaser since they are neighbours.

In 2012, 5 years ago before the pine zone was discovered and before any footwall mineralization was discovered at 4M below surface,  the resource estimate was 3.9MPDEQ ounces measured and indicated and 1.2M OZPDEQ infered. This was Palladium equivalent which is a rather sofisticated formula that takes into account only 6 minerals in the RV ore....PT, PD,AU,NI,CU and CO.

There has been a lot of successful drilling done since  and NAM has acquired more property.  Mustang Minerals had done a lot of exploration work on the RV extension that NAM acquired in 2017. The strike length is now 16 KM an increase of 4 KM. The grades they are finding in the shallow footwall mineralization are a significant improvement over previous assays.

Anglo Platinum sold their 50% interest to PFN, now NAM, in 2010 because metal prices were low and money was tight but their concerns at the time were low grades and low volumes at River Valley. These 2 concerns have now been addressed and RV is now an economic deposit IMHO.

Drill hole T3-17-04 had 28M (4-32M) @ 1.77g/tPD including 3M (4-7M) @ 5.3g/tPD (7.12g/tPDEQ). These are significant grades and a big improvement from 2012. Additionally this is virtually at surface and very amenable to open pit mining.

Considering the success NAM has had since 2012 it would not be unreasonable to expect a significant increase in resource size soon. A 25% increase would not be out of the question.

In 2012 Tetra Tech used a 100% recovery rate in their resource estimates because there were no valid metalurgical studies to define the actual recovery rate. So lets reduce our expected resource increase from 25% to say 10% and include only measured and indicated reserves. This would give a new RE of 4.3MOZ PDEQ M&I. Most people would agree that this is a very conservative estimate considering all the success since 2012.

So Palladium is currently trading about $1077 per ounce. So lets round down to $1000 per ounce. This would value the in ground mineralization at $4.3 Trillion dollars USD even when we exclude all inferred resources.

Now lets be very conservative and reduce the value by 90% because the ore has to be removed from the ground and processed. So that gives a value of $430M.

Fully diluted NAM has 126.3M shares but excluding options and warrants there are only 68.6M shares outstanding. Some of the warrants and options will expire soon.

At 126.3M shares the value per share is $3.40. If we assume 100M shares in total will be outstanding the value per share would be $4.30.

In Sept 2017, Fundamental Research Corp. estimated that the fair value per share at the time was $0.49.

At $0.07 per share FRC estimated that NAM's shares were trading at just $0.70 per PGM
ounce. Currently PGM prices (USD) are $1077/oz PD and $926PT. Gold price is $1300USD/oz. NAM payable metals include 40% PD and 20% PT.

In 2012 NAM had 2.46Moz PGE & AU. Applying a 10% increase would be 2.71 Moz.. For estimation purposes a value of $500/oz PGE & AU would be conservative. So a conservative value would be $1.35 Trillion. Based on 126.3M shares = $11 per share. We could double that using the actual mineral values. Even at a 90% discount the share value is minimally $1.10.

Clearly these are very rough estimates of value. A full feasibility study including accurate metalurgical recoveries would be required to make an accurate assessment of value.

However this does show that the FRC estimates were not unreasonable and that the current share price of $0.11 is very undervalued.

Please do your own Due Dilligence before making any financial investments.