Ann: Kingsgate Letter to Shareholders, page-16

Sorry, Botswana t3 mine npv 297m at $3 copper. IRR 42%. $373m at $3.30 copper.

Updated pfs out soon should make for an interesting read what with all the extra plant throughput, pit extensions, underground development, grid power to be connected (diesel generators used in scoping study I believe), silver credits...

Capital costs of $135m. I'm not tooo sure on the levels of project financing are typical for these ventures lately. Sprott closed this week on mining for KIN gold mine in W.A. they hold 10% of mtr. Safe to say, with Sprout as cornerstone, mtr's cash and assets, they can expect to develop T3 with MINIMAL dilution.

How's that for looking after shareholders.

Do I think they have a sound plan and have the ability to improve the fortunes of Kcn holders? On past performance, I would have to say yes.

Will they look out for kcn shareholders? Yes they will. They have to. They're the largest.

The foundations are being set for a company that should deliver outstanding returns for investors in the medium term. The upside in Botswana alone is superb. So much exploration potential. A huge landholding.

Take a step back and weigh it up. From £400k to all that in 42 months and no debt along the way. Where will they be in another 42??

Tantalising.