Ann: Response to Appendix 5B Query, page-21

Lets stick to what we know:-

• Kibaran is out of money in 7 weeks or less based on the quarterly report. Possibly much earlier if previous quarters under forecasting happen again.
• The ATO wants some or all of the R&D rebate back that KNL claimed after concluding its investigations
• The share price is at the 52 week low of 11.5c with all signs pointing to a further decline (Barchart100% Sell below - KNL.AX)
• The are almost no buyers so holders can't sell a decent amount even if they wanted to. Holders have no option but to hold and hope for the best.
• There is no evidence supplied that Top 20 holders are not selling, selling or buying
• KNL Management/directors have not bought much stock in the past 12 months even while being extremely well remunerated compared to their peers.
• KNL could end up trying to build the EcoGraf plant in China (Long term holders on here saw KNL as somewhat unique in that it avoided dealing with China. That may not be the case anymore. I guess holders will be all for China now)
• There has been very little to no recent progress in Tanzania for KNL. Multiple companies in Tanzania planning a graphite mine seem to be progressing well of late. 
• Finance has been promised for well over 3 years now. The finance 4th Birthday is coming up soon.
• Nothing is guaranteed