Ann: Appendix 3B, page-26

Any valuation done today will need to be heavily qualified.

Reasons being as follows:.

1. Bauba Platinum has told me that ARM is stalling over the Modika Deeps resolution. This in turn is impacting NKP's H farm. I imagine that before it can be resolved it will also require an independant valuation. Maybe worth 5-10c to NKP.

2.The Bengwenyama Tribe tells me that the appeal by Genorah over the E and N farms at Tubatse goes to the court in mid Dec for assessment. Their view is that G's arguments are crap once again and in their opinion it will be thrown out and farms will be lost by NKP. If that assessment is corect and we will know by year end then more value is lost.

So as you can appreciate nothing is bloody simple with this stock.
Had G paid up that 10m shares to the Tribe all of the above would have evaporated and NKP would have been worth $1 today and not its current price.

Thank Maredi and his G shareholders for destoying value as we exit.