extension of time, page-9

I agree that the likelihood of getting the company back in any resemblance to its old form is non existent... IF KZL survives it will be in a much different form to the fully operating business that it once was.

It would most likely be in the form of a no operating cash flow explorer or and explorer with one small profitable operation (absolute best case senario).

One other thing to note is that the market value (must be taken with a grain of salt given the small free float) of KZL position in MUX has increased to A$40m in the past few months. There is a real possibility that they may be able to pay off the majority of their liabilities simply through the divestment of that asset. The sale of plant and equipment as well as some if not all of their previously operating mines could quit easily (even at distressed prices) cover the remaining debt and provide sufficient capital to shore up some of their higher quality zinc deposits with a view to finish off the Mungana plant around the time the expected deficit in the zinc market occurs in the next 3-5 years.

Regarding cancelled warrants on the LME, although this is positive, it is important to note that this is likely trader s such as glencore/xstrata (who control the market for zinc) playing shenanigans.