Ann: Cleansing Prospectus , page-30

I certainly am not saying the Share Price is not relevant....it is what it is....

what I WAS trying to say, is that to use it for the purpose of determining a takeover offer is IRRELEVANT... this is because there has been nothing to suggest that Zijin will move for a takeover.... if THEY DID, and were so confident, why have they not offered already..!!???

answer: risk!!! they have moved cautiously to gain a large stake in NKP IF THEY WANT IT.... however, it would NOT be until NKP had achieved all conditions precedent that they would consider converting this stake to equity... If NKP were UNSUCCESSFUL in achieving conditions precedent and then I would imagine Zijin would demand their money back (of which we have none apart from their recent contribution) and WALK AWAY.... this catastrophic event, IMO, is currently factored into the SP to some extent...

If NKP achieve conditions precedent, and Zijin make their 2nd tranche commitment, it may be at the time Zijin may consider proceeding with the JV (likely, as why else are we trying to achieve conditions precedent) OR Zijin may make a takeover offer.... Upon achieving conditions precedent I would imagine this provides a lot more certainty in the stock and would warrant an increase in the SP.... Accordingly creating a higher base to negotiate JV terms or even a TO if that is what Zijin want to do...

have I explained my views well enough for you??