Ann: Conference Presentation - 121 Mining Investment NY, page-19

I can understand your point regarding a junior walking away from a finance offer from a proper bank - practically unheard of... these juniors have to sleep with the devil in this department (take AUZ last month - had a nasty fall in their sp because they had to cut a deal with a DEATH SPIRAL financier - the market got so spooked that they were dumping AUZ en masse)... and in such a scene IF KNL actually walked away from Nedbank due to (say) 3-4% extra interest charges than what they may get from KfW then it is DEFINITELY a very huge sign of confidence (IF that is the case)... as a junior, they can NEVER walk away from a finance deal and even though I am a technical investor, my decades of investment has taught me this basic fundamental finance 101 too.... so coming from an expert like you who lives and breathes in this space, I take it as a STRONG signal....

I get the angst here - the punters want to know what is happening behind the scenes - even I want to know (and I am probably the most laid back investor I ever met ) the details this time - I hope KNL management throw us some crumbs here... or perhaps we are so near the finishing line that all our Christmas gifts may come in the one stocking we have left hanging next to our bedside since 2015

Sydney drinks are still up for grabs - let me know when you are available - $1 may come, but Oktoberfest is only up to this month (aha, another German connection !!!!)...