Ann: EcoGraf Confirmation Testwork Update, page-185

Good morning Natos,

Isn't it a little hypocritical claiming "with such a low SP and cash balance, dilution should hit you again in a week or two."

KNL has been very prudent with their raises, as you will know being a WKT shareholder, In September 2017 Jinpeng took part in a Capital raising where they become a substantial shareholder, at the time there were 145mil shares on issue. 2 years later there are now 318mil, with another 38mil 15c option soon to be converted, WKT will have 356mil shares on issue. this is over 200mil shares issued in 2 years,

Over a similar period, KNL had 245mil shares on issue in Dec 17 and now has 295mil shares, we will see another capital raising into the future, it is likely that the company will be looking to raise $1-2mil, lets use a conservative figure as worst-case scenario of 8c = 25mil shares. Total shares issued in 2 years would be 75 mil shares.

KNL has 2 projects that are likely to see finance in the next 6 months, with EcoGraf most likely to see funding early in 2020, subject to offtake agreements.