funding approved and off-take in place, page-21

I take your points Bigmac. What better thing could they do to have enough cash to start a mine? If all the $4m or so need to be raised with shares issued we should see the number of share doubles by now. Noble took the risk to give them cash and to be paid with production. For a company with recent acquired asset, no JORC or feasibility study, getting a loan worths half of the market cap plus a off-take contract is what other small cap could only think of. I would expect the sp to stay at 1c mark as issue price but if today market is right then it is lacked of confidence in deliver. I just could guess it that way, it's not a massive dilution, KAB is in much better position than many small cap when reaching this stage. But I agree with you that KAB will need to show the drilling/trenching results, JORC, processing plant, mining equipment set up in the next couple of month progress to win the confidence.