Ann: Bulk Sample Outperforms Block Model-KNL.AX, page-25

Not KNL's management style. The board tend to under-promise, over-deliver, especially since a couple deadlines slipped a few years back. Don't want to pretend things are confirmed until the signatures are on the paper. KNL is still very much a speculative stock, and will be until the funding finalization comes through. Spinks & Co. know the company's worth nothing if funding falls through and are managing expectations accordingly.

That said, I'm here because I'm absolutely confident that funding will come through in the short-mid term. I do however have it in the back of my mind that there is always a chance, however small we perceive it to be, that it won't.