“...why didn't KNL start mining 3 years ago...” Because our...

“...why didn't KNL start mining 3 years ago...”

Because our initial BFS for 40ktpa did not meet the stringent criteria of the Equator Principles and IFC Performance Standards. We had to redo our BFS and then also complete our RPF and RAP to meet these same stringent standards.

There is a reason why no other G company is pursuing bank finance and that is because their DFS and RAP are not Equator Principle compliant. Is bank finance worth the $10m and two years that we spent completing our RPF and RAP? That is a valid question. One thing I do know is that our BFS has underdone a level a scrutiny that no other G companies has. This gives me confidence that the figures in BFS will be achieved.

I have made the mistake of investing in a company in the past that published a DFS with impressive numbers only to discover during the development and production phases that they could not deliver on them.