plan b, page-23

Hi BB,

Interesting,looks like Non holders were getting scared before most of current KZL holders make comments. All rush in to make a list.

As a SH, I was frustrated with today's announcement, KZL finally didnot solve the funding issue on time, I think KZL have to accept the bid from the administrator to get more time.

I think the administration will trigger upcoming takeover bid for the whole company which you mentioned is your "worst case" but I believe it's the best option.

You mentioned "Lounge Lizard sold for 43% less than minimum expectations", actually Lounge Lizard sold slightly higher than the book value--$67.4m.

Refer to half year report, balance section:

current asset

Asset classified as held for sale
67,392,000 ($67.4m)

So Lounge Lizard project sale didnot make any demage for the $477m NTA.

But the operation in last 4 month may contribute to further $30-50m loss, that why I just use 50c per share as current NTA.

I am expecting any formal takeover bid is in 20c-25c range. This mainly focus on KZL's copper assets and the MUX holdings.