mungana prospectus lodged, page-13

KZL is delivering on the $150m market cap Mungana IPO that it promised. KZL will will receive a cash payment of around $26m and retain a 49% interest. KZL and the Chinese control 65% and a nice tight 35% ($50m) free float to KZL shareholders, probably conservatively priced. Mungana should be well financed, with cash and financing shouldn't be a problem with the Chinese on board - hopefully in 2 - 3 years we will see significant low cost gold production.

KZL setting itself up nicely for a prosperous future with nickel currently coming into production as well. Excellent margins now being made from existing copper and zinc production.

I think it is good KZL is not rushing an Admiral Bay pre feasibility study. It is better for KZL to give certainty as to whether this is a definite goer or no goer so that the market is fairly certain KZL is not going to throw away its capital and time and risk financial destruction with a poorly scoped out study. Admiral Bay will likely be a goer but KZL is wise to take a a couple more months to get things right and deliver a high quality study.