Peter Grandich Platinum Group Metals Ltd PTM-T BUY Sep 30, 2005

Developing a great project in South Afica. Stock is starting to move up. Well managed.

Peter Grandich

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$1.400

Stock price when the opinion was issued

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DON'T BUY

Doesn't particularily believe in junior companies trying to develop out their own exploration targets. 1 in 3,000 anomolies becomes a mine. Also the idea of someone spending a great deal of time looking for platinum in Canada doesn't seem like a great idea. If you want to play platinum, play the South Africans.

COMMENT

Likes volume, hard to analyze because it is trading in a narrow range. Would not buy until it broke out ($2.60) $2 and $1.90 are support levels. It could go either way.

COMMENT

Likes the platinum market. Platinum is still trading at discount to gold, while historically it trades at a premium. Platinum is a very small market with only about 8-10 million ounces of platinum production each year versus the gold market of about 80 million. Expect there will be a major supply disruption sometime out of South Africa. He would suggest using a basket of platinum companies.

HOLD

Platinum only comes from Africa and is used in Catalytic convertors. This stock is expensive and he has probably missed it now.

COMMENT

Likes the people and likes the platinum business a lot, and the balance sheet is a little tough. If you own it, pay continual watch on the balance sheet. Look at it every quarter. If they are successful in turning on this plant without any hiccups, there is an awful lot of upside leverage. Their cash position, relative to their need for cash in the next 3 quarters is going to rate real monitoring.

COMMENT

Sprott is a secured lender in this project, as well as a shareholder. The mining start-up looks like it has been fairly troublesome. If they work through their problems, which he thinks they will, he thinks there is tremendous upside. However, there is risk. There is tremendous upside if they can make all this work. This is not for the faint of heart.

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Peter Grandich Platinum Group Metals Ltd PTM-T BUY Sep 30, 2005

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