Ann: Early Works Expansion Funding ahead of BFS, page-9

Another read - a better result than a cashflow shortage cap raise that some had told us about on other threads.
- Money being used for production improvements and increased tungsten output. Also to increase reserves in the underground and Iron Duke thru more drilling and investigations.
- The convertible note at a premium price is a big tick of confidence and the interest rate is slightly lower than KIS 7.25% weighted average.
- The extra gear will allow 24/7 production which means less botle-necks.
- The reference to 2.5t per day suggests improvements have been made. The additional equipment will mean more from the stockpile and less tailings. Therefore the tonnes per day should increase.
- The Mets testing has finished which means they will have more time to produce rather than assessing & analysing different samples from the stockpile as was required by the Mets grant program.
- The development timeline hasn't changed from the Darwin presentation in Aug.
- The revised JORC resource upgrade should see higher grades if the recent drilling program is any guide. I wonder if the approach of mining the king veins rather bulk mining will change the overall resource. The value is in higher grades.
- Pleased to see more drilling for the Iron Duke which should add many more years.