Calculations19 Jul 2025 13:13
Individual Estimated Metal Ounces & InβSitu Dollar Value
1. NKT Underground (305β―kt Ni, 143β―kt Cu, 57β―t PGM+Au ββ―11.2β―Moz PtβEq)
PGM + Au (~57β―t) = **1,832,281β―oz (57,000β―kg Γ 32.1507β―oz/kg)**
Allocation (assumed mix): Pt 40%, Pd 35%, Rh 15%, Ir 5%, Au 5%
Pt: ~733β―koz
Pd: ~641β―koz
Rh: ~275β―koz
Ir: ~92β―koz
Au: ~92β―koz
Ni & Cu value converted into PtβEq:
Generates the remaining ββ―10.2β―Moz of the PtβEq number (~91%), but is not counted as actual PGM ounces.
In-situ metal values (assuming spot prices):
Pt $950/oz β 733β―koz = $696β―M
Pd $1,000/oz β 641β―koz = $641β―M
Rh $5,000/oz β 275β―koz = $1.375β―B
Ir $1,200/oz β 92β―koz = $110β―M
Au $2,400/oz β 92β―koz = $221β―M
Total PGM+Au in-situ ββ―$3.04β―billion
Plus the Ni & Cu value (not converted)o easily exceeds the stated $1.2β1.7β―billion NPVΒ
2. Monchetundra Cluster (incl. NKT, flanks, Nyud) β Est. 80β120β―Moz PtβEq
Using the same metal mix ratio yields:
Pt: ~32β48β―Moz
Pd: ~28β42β―Moz
Rh: ~12β18β―Moz
Ir: ~4β6β―Moz
Au: ~4β6β―Moz
Using current spot prices gives in-situ basket value in the tens of billions USD.
3. West Kytlim Alluvial (~3β5β―Moz PtβEq)
Similar mix implies:
Pt: ~1.2β2β―Moz β $1.1β$1.9β―B
Pd: ~1β1.8β―Moz β $1β$1.8β―B
Rh: ~0.45β0.9β―Moz β $2.25β$4.5β―B
Ir & Au: smaller but still substantial (~$100β$300β―M each)
4. Combined InβSitu PGM+Au Value
Low end (~100β―Moz PtβEq): ~$50β―billion
High end (~136β―Moz PtβEq): ~$68β―billion
These values donβt include Ni/Cu which add additional tens of billions given spot commodity multiples.