june 30, page-67

Maybe a couple of years ago Genorah wanted at least $2 a share for NKP but things have changed since then. It’s been a long road and maybe if everything went smoothly (no dispute, financing or JV on attractive terms to NKP) then maybe it could eventually be worth close to $2, but right now an offer of 30c would look very good to some shareholders.

If there is no other way to get Garatau developed it’s always possible that a JV partner will buy a stake in NKP at say 30 or 40c in return for securing debt for development. Genorah would retain its 26% direct interest in the project, get some desperately needed cash and have funding for the capex of its 26%.

It may be a lot less than it would hope but in the end it will have a platinum mine. So it becomes a trade off for them.

The price action in the last week or two does seem very odd. Keep the sp price down then make a low ball offer that looks good to frustrated shareholders.