Ann: March 2016 Quarterly Activities & Cashflow Report-KRM.AX, page-17

Loki, I vehemently disagree with these views. The current mine is worth ~$0.25-$0.30. This provides for absolutely 0 upside on exploration, two sites of which currently look very, very promising. I think that you have little understanding of Epithermal deposits and how LIKELY the success of not just 1, but multiple additional mines there could possibly be. There is even a possibility of finding a lower grade high volume porphyry in the vicinity as Epithermal deposits and porphyry deposits come hand in hand. KRM is priced for very little success and permanent debilitation of the mine.

I would recommend that you understand the geology a little more before providing a valuation for a company. I work in oil and gas and have often seen incredibly wrong views of companies lead people to buy (I.e FAR, CVN) with little understanding of the costs, durations, and dilutions involved in a small co bringing a major project to completion. KRM has had 0 risk from the government, it is operating currently, and it is a widely held view that once a mine is operating in Indonesia, it ceases to contain much country risk.

It is by no means a Disallowed, I feel it is at least worth 30% more at a minimum, and could possibly elevate to 40-50c with upside exploration. That assumes the gold price sits where it is.

The skewed upside potential on KRM is rarely seen in the market, and trades at a severe EBITDA/Market Cap ratio to most (if not all) Australian gold miners.