Ann: Quarterly Activities & Cashflow Report - 30 September 2014, page-5

Hi Andy & All,
It looks like the new CEO has got things ass about face;
the ramp-up to 385 ton/day (140K p/a) should have been
announced first (see Sept 1st ann)and then the quarterly at the end of the month
but I guess with the AGM coming up soon, we can only hope
that there is a method to his...strategy.

The ann of the all-in sustaining COP during this ramp-up QTR
of less than $1000/oz may be comforting to him as a new CEO
but the market would have more appreciated the confirmation
of the previous forecast of $700oz.AISC for the longer term.

During ramp-up cash at the 30th June vs cash at the 30th Sept
tells the story and the ASIC figure is not very
relevant for long term shareholders during this short ramp-up qtr.

It seems unfortunate that when the market expected good results
in July that the broker valuation a month later put the damper on
sentiment and the SP has been struggling since.

The SP lifted 49% in the June qtr only to drop 29% in the Sept qtr.
IMO, that was due to the sponsored broker valuation and the lack
of promotion of KRM's prospects going forward. Forecast timing
and quantities from the Splay vein is what the market wants to hear
rather than ramp-up AISC which started in the 2nd week of July from 0.

But I guess new CEO's always want to start from a low base.

Cheers
Moorookamick