I have no doubt that it would have gone under without the two...

I have no doubt that it would have gone under without the two big shareholders putting the money in. But it also means that they will decide KIN's future and it's not clear to me whether they want to fund the long-haul path into production.

The drilling results have been decent but they simply haven't moved the share price much. Whatever comes next from the exploration programme needs to be a different order of magnitude. If not, it'll be back to the big two for another round of funding, bringing a compulsory offer closer?

Having the two big blocs of votes working together probably provides a blocking stake to an unwanted approach but I'm also wondering if either one of them might make a buyout offer themselves (and then try to capture a fuller share of a better valuation later in the development cycle). It's an interesting situation as a struggle between the two could be good for minority shareholders in driving up the price.