Ann: Completion of Non-Renounceable Pro-Rata Rights Issue, page-10

hard to compare like for like as you say Sevo, but definitely not a bad result I’d have thought

looking ahead, what do we see as likely catalysts
for a re-rate, ideally ahead of the DFS

my starter for ten would be:

- Officer drill results - any time
- Offtake news of some kind - could be soon as it’s hard to see why negotiations couldn’t have been ongoing for some time whilst the team were largely just waiting for environmental approval?
- Output of Bechtel’s work - Q1 ‘21
- Resource upgrades from work being funded by the RI (haven’t checked the impact of the shortfall on the split between Officer and LD though) - most likely Q1 ‘21 than this year I’d have thought?
- Strategic partner of some sort, although that might have to wait for DFS I guess (I haven’t checked timing of KLL’s support from K&S though)

any thoughts appreciated!

slimbo