Hi 3500. A few things. I don't think they "fooled" Celtic or...

Hi 3500. A few things. I don't think they "fooled" Celtic or OKAP. Celtic are in the business of providing unsecured CNotes. They are low risk. They convert at below vwap and they sell to recoup loan.

And OKAP although unsecured did have a corporate gaurantee. Also OKAP are inter related party. At the time KAB were flat broke. Their was no alternative. Bit like in January when they were down to $78k in bank. They always cut it fine.

Also Noble are NOT a substantial holder. In fact they don't own one share. They have warrants which may convert in the future. They have loans with interest at the high end of loans. Now two salaries. They can't lose.

Agree with the grades. Ofcourse they wont all be >55% but even ~40% is very viable. Noble are doing due diligence and they are the one with an offtake agreement. They seem satisfied.

The only concern with grades will be meeting our contractual obligations of48% Mn. If we fail to do so, then the remaining $5.5mil is out of reach. Also their are penalties to Noble.

I'll be more comfortable WHEN Noble become shareholders and their interests become more aligned with ours. But agree EIM is a good, and 1c could be an OK entry.

This week should be positive. They need to start building credibility. They said 5-10days now they need to deliver.

PS Pit size is just a mistake Santoo made. In reality it's better that it's 'only' ~300m as it still has room to grow. If it was already completed to 2km then were could they expand?

Still a bit baffling that they changed pits. Chowa seemed to have the better grades. No physical advantage of one or the other.

The distance to port factor is always going to be the drawback. It will reduce margins significantly. But I suspect it's still commercial and profitable. So we sould see rising sp if Noble keep KAB motivated.