Ann: Change of Director's Interest Notice, page-28

It most likely is an overreaction but the the market loathes uncertainty. And as for “the information provided”, I’d say that so far we have been provided with very little information and that is a big part of the problem and IMO why we have witnessed a sustained depreciation of our SP since the announcement on 2nd October.

Here is the announcement from 2nd October 2018:

“Kibaran Resources Limited (Kibaran or the Company) (ASX: KNL) advises that it has been informed the Australian Taxation Office (ATO) queries certain claims made in respect of research and development programs during the period 1 July 2015 to 30 June 2017.

The Company conducts research and development programs in connection with the evaluation of the Epanko Graphite Project and associated downstream processing activities, for which it has previously received Australian and Overseas Advance Findings confirming the eligibility of its planned programs.

Kibaran is advised by external experts on these matters who are currently engaging with the ATO to clarify the nature and amount of its queries.

The Company remains confident of its research and development claims.”

Six weeks have passed since that announcement was released and we, us shareholders, still have not been informed of the nature and amount of the ATO’s queries. I have had enough dealings with the ATO to know that our management would’ve have been informed of the nature and amount of the ATO’s queries by now.

As for some MNS holders coming onto the KNL threads and stirring the pot and beating their chests about recent Director buying (on-market purchases and exercising options), I think we all know by now to ignore most of what is said. It is difficult though not to take notice of one of their Directors exercising $300,000 worth of options that weren’t in the money. All of our Directors combined haven’t bought $300k worth of shares over the past three years. Directors buying isn’t an indicator of the quality of the company but it sure is good for market sentiment.