what's the latest on the hoepakrantz farm?, page-46

Hi SB

Firstly, the meet and greet was in the public domain and was available for everyone to attend. Obviously Balilow and I living in Perth made it easier for us to attend.

Secondly, do you really, honestly believe that the proposed settlement with Myeleti is not material? Think about it.

Thirdly, this is what you wrote:

Essentially, the feedback I have been given, is that we are waiting on the JV partners to sign up and that is about to happen.

Again, we know there has been chatter about doing a JV, but this sounds like it is almost a done deal. Again, do you really, honestly believe that this is not material? If NKP has presented a JV agreement for signing (or been presented one), do you think this is material?

Fourthly, Xstrata and Anglo probably do have ongoing court cases all the time. The issue though is about materiality. Most of those court cases will not sink Xstrata/Anglo; but for NKP, some of these court cases could absolutely kill us. If the recent DMR decision had gone against us, it would have been the end of NKP as we are such a small company.

Finally, my question list. They are very direct. I make no apologies about that. I have sent emails in the past that have been very polite and received no response. I don't have the time to write up pretty emails to a management that does not know the basics of communication and has no respect for it's shareholders. I manage and lead large teams myself and I will tell you right now, if this management team was working for me, they would be out of a job.

I know for sure that I will NEVER EVER again invest in a PL managed or lead company. The resource for NKP sells itself; not the management.

Ralph