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Everyone loves a high-grade drill hit. But what if the number investors focus on most is also the one most likely to mislead them? I benchmarked 18 major PGM-base metal projects globally and found that open-pit assets outside Mogalakwena average just 0.61 g/t 3E, while underground operations average closer to 3.5 g/t - yet projects such as Marathon have still secured nearly C$1 billion in financing and moved into construction.
The difference comes down to depth, strip ratio, geometry, metal mix, metallurgy and what each tonne actually costs to turn into revenue. With Terra Metals now reporting broad PGM-copper-nickel mineralisation at Southwest, this is why grade alone may be telling investors only half the story.
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