Ann: Encouraging results expands drilling program at Nyngan, page-4

There has been no buy depth for months, so any selling smashes it down - even light volume.

I notice our neighbor, AUCU with the same Anglogold Ashanti JV are at $35m AUD market cap, vs KCC at $8m.

Upcoming catalysts

- Further scout drilling at Nyngan/first hole at Nevertire + expanded phase 2 step outs + gravity survey results
- Wongarbon ANT/gravity survey and drilling once landholder access resolved (drilling paid by Fleetspace)
- The next JVs (Fairholme & Jemalong?) which Sam has said are "imminent"

Cash - should be close to $2m in the bank and the 10% management fee from Anglo JV going along way to cover G&A. Once next JVs are signed, should be close to self funded for G/A and hopefully cash holds around current levels.

KCC should be trading at minimum 2x current levels, with huge asymmetric upside should the partner funded drilling get lucky. An example WTM went to $70m mcap drilling Spur near Cadia last year. I can see similar excitement for Wongarbon drilling (adjacent Boda/Kaiser) or Fairholme & Jemalong drilling (best ground closest to Cowal not held by Evolution)