Ann: Capital Raising of up to $10.3 million, page-26

Yes, successful completion of key stages of the BFS is the key to growing investor confidence.

A critical component of the BFS will be confirmation the refining process proposed for KFE's ore will deliver a product the Nigerian market will buy. If off the shelf technology could be used, life would be easy from here. Unfortunately, KFE's ore requires an innovative process (Tenova?) and innovative processes require continuous testing at scale before commercialisation. That means a pilot plant. Pilots are generally expensive and likely to be somewhat more than the first instalment of $2.14m.

With a successful pilot under the belt, there should be nothing stopping KFE hitting the big time.