fundamental analysis: 5 bagger, page-11

God! It's like ground hog day lory.

Let me see. Contracted Okap...arrr sorry KAB.
Get a wonderful feel good story.
Add some called professional investors with the "inside track."
Add crowd control.
Add valuations not based on reality.
And the pump de dump is on.

Firstly. Kiss goodbye to the 48% dream. Not going to happen.
Impondo blasted 2000 ton. Only 500 selective tons ever saw the light of day to China.

This 48% was to be from the Chowa pit yet just about every old drill hole shown in the Chowa pit was below this grade.
With down dips were 40 degrees plus.
With a pit full of water and below a swollen water table.

Not one hole drilled. Not one ton mined by KAB as promised every "Q" for never 14 months.

$3m spent and half of that on Admin. Only trenches to show for it.

Secondly

24 Dec a complete turn around. Now it's the Mansa pit with grades well below your 48% and complex.

I suggest you read the Geo report, page 4 of the last "Q"

High lights.

The tenement area consists of flat wooded country with drainage towards an extensive swamp to the south and southeast.

Engage drill contractor to drill to at least 80m, to penetrate hard laterite layers, penetrate manganese reefs
and control ground water.

Conduct bulk sampling program to collect material from paleochannels to determine recoveries and
potential economics of the alluvial resource

This mineralisation is shallow with only 0.4m. Dip of the veins varied from 45degrees to 80degrees to NE
with dip reversal also observed. The exposures indicated greater complexity than previously assumed with possible
splay structures of variable thickness and orientation

Trenching also took place to the north of the previous open pit mining areas with trenches excavated approx.
500m north of the Peco Pit and initially focussed on an area of previous illegal mining.

Similarly potential extends to the north of the Peco Pit where trenching and historical illegal mining has exposed very coarse alluvial material

The potential exists for this trend of mineralisation to continue, however the more southerly trenches did not intersected reef structures due to the depth of alluvial cover over the manganese reefs (which increases southwards) and the hardness of the laterite that was unable to be dug by the excavator in use.

Trenches to the north did not encounter any manganese reef material but was halted by hard laterite. Small alluvial
channels are exposed carrying manganese nodules. The most eastern channel contained very coarse angular
manganese nodules.

Thirdly.

This bulk lump ore is to be bags for shipping.
It then has to travel 1800km to the port at Dar es Salaam.
As our resident mining expert and someone that not only lived in Zambia but ran mines there stated. "this is where the pig will get slaughtered."

Then you have the $10m loan that is to be paid back in just 30 months plus interest.
Noble now own this and the KAB share holders will not be at the top of their list.

83m shares traded. Who has that amount of shares? Anyone?

You can only shake your head.