Just throwing some thoughts...The good ,the bad & the ugly.Hope...

Just throwing some thoughts...The good ,the bad & the ugly.
Hope others can add or amend ,because KAB is a difficult beast to fully understand.
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1) Noble:
Friend or foe.
I lean towards a friend...Kab is too small for a major to target.
The early payment is a plus.
Paying for trucking the ore is a plus....It saves KAB paying upfront for logistics.
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2) OKAP:
Converted $1m debt at 0.01....Why so generous?
The largest S/H with roughly 15%.
$700Ks remaining debt ,with fees payable in share.....Will they convert?
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3) Celtic:
An enigma.
$1m debt with fees in share....Likely a seller.
Will they convert?...When?
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4) Shareholders:
OKAP 15%.
EIM Capital 6%.
David Scanlon 5%.
Heerden 3%.
Brewer roughly 1%.
? Noble.
? Celtic.
Not a bad shareholder base.
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5)Governance:
Don't see anything glaringly nasty.
OKAP with 15% is unlikely to harm its goose.....A holding not large enough for mischief.
Heerden has enough personal vested interest.
Noble on the board is a nice safeguard.
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6) MC vs EV:
A small MC is rather misleading if we take liabilities into account.
OKAP /celtic/noble....around $12m of debt...$10m is a welcome debt.
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6) Dilution:
60m options at 0.01.
300m options at 0.012.
Noble warrants.
? Celtic...?OKAP.
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Didn't mention anything about production...resource...cash flow.....these are unknown at this stage.
Took up my options....Long dated....the previous options were trading at a hefty premium despite a very short time frame to exercise.
Don't usually get too involved in analyzing resources penny dreadfuls ( don't have enough knowledge about digging stuff) , but KAB offers something different with its move to production.....Noble's support is also intriguing me.
Any feedback welcome....good,bad or ugly.