one of the best speculative play..., page-143

Comparisons with SYR are totally fair imo, but not by comparing the share price- need to look at the fully diluted market cap of each. In that respect KNL has much less shares fully diluted (the performance shares in the 3b relate to nickel exploration). I calculate total diluted shares on issue at about 86m. With that in mind, KNL has potential to surpass the price of SYR, but obviously only on equal / better results as SYR. SYR are further ahead in terms of their drilling and cash position. KNL will surely have to raise funds after this campaign but this could be at a way higher level, and with a pretty small dilution to the overall issued capital.