Kiwi - next steps are for S32 to sign the EIA and stump up the...

Kiwi - next steps are for S32 to sign the EIA and stump up the $8 - 10m to drill.

If they do sign the EIA, I’m sure there will be a re-rate of SP as they wouldn’t sign if there was nothing worth signing for. My guess is around $60-80m MC when the dust settles which equates to around 2 - 2.5c SP. Our last high was 2.8. The higher SP will only come when the drill turns and if we find decent strike intervals.

Don’t forget, we have 3.3 billion shares, so think MC / shares on issue to come to a realistic SP. Juniors with proven resources and well down the track of JORC / BFS / Financing are sitting at $150 to $250m so at $250m for us would = SP of 7.5c.

Keep your expectations realistic and you won’t be disappointed