Ann: Results of Annual General Meeting , page-22

"The repayment of the the 0.5M is not due in December now??"

No it's not due in December. But $1.5mil is. That's whats important. We need to survive until January before we worry about repaying the $500k.

But the Celtic loan was also due to possibly convert today.

"The Company has entered into an unsecured A$1m debt facility with Perth based investment group, Celtic Capital Pty
Ltd. The facility which has a term of eight months and convertible (at the Company’s election) after two months (maturity) into ordinary shares at either 80% of the average of ten daily volume-weighted average price prior to the maturity date or 130% of the average of ten daily volume-weighted average price prior to execution date of the
facility (28 September 2012)."

Thankfully it's at companies election.

But what choice do they have? $1.5mil due. You say another $500k in January. Another $390k with "no fixed term" owing to OKAP for prior consulting.

That's a total of four loans:
-$1.5mil December 2012
-$390k No fixed term
-$1mil Celtic convertible from today and due in full by 28 May 2013
-$500k refundable Noble advance due January.

Then their is the $100k in credit cards.

So really it's "take your pick" for "another loan". They have a few to choose from.

Their was only about $200k in cash. Nowhere to hide.

You want to ignore the plant and that's fine. But Noble will NOT advance the funds if KAB cant prove they can mine and process the ore. Right now it's marginal if the first tranche will cover loan repayment and leave enough for working capital. Almost insolvent.

I suspect one day we will wake up to a 3B for Celtic. Catch people by surprise. Market is anxiously waiting.