aex presentation at egm today, page-23

I'm siding with Dapper on this one.

If commercialisation was a near thing on KN1 then the venture in the UK was not necessary. I view the UK acqusition as a simple means of providing cash for general running and further exploration over the next couple of years. I don't believe it's going to be used to pay dividends etc.

If KN1 was close to commercialisation then
a. The UK buy was not necessary and would only provide a distraction to work on Nuyini and WSS
b. Any SPP to raise capital could have been done on the back of commercialisation progess reports that would have yielded a far better price either lowering the dilution necessary or increasing the funds that could be raised from the same number of shares placed.

I believe we could be faced with a wait of over a year before we hear the type of news we're all looking for on KN1. We're a small holder in KN1 and the operator clearly has their sight elsewhere in the near term.

That said I hold and will continue to do so... but for taking up the SPP... I'm still not convinced it's going to result in anything more than a parking lot for my cash.

Illiquid