Ann: Clarification - Annual General Meeting Addresses, page-2

The KGL Board is no doubt industry smart and very experienced.
I have every confidence in their ability to oversee the construction and commissioning of the Jervois project.
But they have virtually no experience in running a junior mining company or understanding the stock market.
In response to a query from the exchange they have warned investors that the revised 2 MTPA plant capacity
"should not be misconstrued as a production target" and that the stated production capacity "could be significantly lower
than the proposed nameplate capacity and investors should not rely on this information for making any investment decisions"
Well the warning is a little late!
And not surprisingly the sellers hit the market and established new lows on Friday.
In the July quarterly report the Board stated:"Technology selection and design of the processing plant is complete resulting in
nominal capacity of 2 MTPA,a 25 per cent increase from the previous feasibility study"
Nameplate capacity is a very definite indication of production targets and I have relied on this to buy millions of shares over the past
6 months.An extra 400,000 tpa of open cut throughput at Jervois could boost cash flow by $60 million a year or more than KGL is
currently capitalised at!
It should also be pointed out that throughput can be very often tweaked to exceed nameplate capacity.
But then the AGL board is big on highlighting anything negative.
The Chairman mumbled on about the copper price at the AGM which is totally unnecessary as everyone knows and understands the
thematics.BHP has underlined the potential for copper!
He could have highlighted the steep discount in the market valuation of KGL to the NPV in the last 2022 feasibility study.
He might even have commented on the likely increase in NPV following the increase in open cut reserves and consequent life of the project.
Finally,we were told at the time of the last raising that the revised feasibility would be available in the 3rd or 4th quarter of 2024.
We are now told it will be next quarter.Delays are understandable.
But there is sufficient information from the last study to brief analysts in preparation of the new results.
But then the KGL price might rise and the Salim family can buy more cheap stock.
This is Rex resources all over again!