Ann: RRS Investor Presentation, page-12

I am looking for a resource upgrade, but given the limited drilling (and no headlines about any new discovery at Mystery Fault) I am not expecting a big jump. I think I noticed a retreat from "1.5 to 2 million" back to "over 1.5 million ounces). I am hoping Kin can get some ore treated on reasonable terms.

I am watching DCN to see what they are doing about a new tailings facility and a bigger water supply for the Mt Morgan's mill which is currently sitting idle. They called for expressions of interest to treat outside ore, then decided to put the mill in care and maintenance. My understanding the ore Kin has permitted and ready to mine, once contractors were appointed, would be a good fit for that mill. A complication is GMD own 80% of DCN and Kin/Delphi own 10%.

I am watching to see what happens with the St. Barbara mill at Leonora which (a) hasn't been making money lately and (b) hasn't been running at full capacity. If GMD end up owning it who knows ... they have ore at Ulysses which they say is close to ready, although no reserve. If Silver Lake outbid GMD for the SBM mill then a deal with Kin to treat some Cardinia ore might be on the cards.

Then there is Red 5 who have a new mill which has only just started making money. It is expandable, so once Red 5 are meeting targets they could expand the mill and treat outside ore.

All of these possible arrangement involve at least one other company, so how it turns out is not up to Kin alone. IMHO it helps that Kin/Delphi have 10% of DCN. After June GMD could make another TO offer for the remaining DCN shares .. I think it would have to be a high cash offer to succeed, but would still get them a nearly new mill and a decent resource for a good price even if they paid $200 million for the 20%.

(I presume the idea is still that the permitted ready-to-mine ore could generate cash flow while the resource is expanded and a decision made about next steps).