Todays announcement of minimum subscription is good news as I was concerned that MUX would be a flop considering that its listing coincided with the announcement of a resource tax and decline in global markets. Assuming the full subscription will be taken up, KZL should have around 50M in Cash and be well placed for growth (possible completion of the Mungana Concentrator could be on the cards). As previously announced, KZL intend to embark on a major exploration programme, which when combined with MUX exploration should bring a pipeline of good news announcements. Ignoring the potential blue sky upside of Admiral Bay, KZL is a bargain at current prices.
KZL Price at posting:
57.5¢ Sentiment: Buy Disclosure: Not Held
