Ann: Government Support for Epanko Debt Financing, page-52

Hi Semi,

KfW * US$40mil

If that is approved combined with the significant influence of an Untied Loan Guarantee from the Federal Government of Germany, that will make securing additional finance from other senior lenders a very high probability as they will take great comfort knowing that ~ 45% of the projects CAPEX is guaranteed by the German Government...ie issuing a loan to a customer that has a 45% deposit...banks mane their money by lending money...If KN secures KfW funding, then there will be plenty of banks that want to take part in this project.

..."Kibaran wishes to thank the TanzanianGovernment, in particular the Ministry forMinerals, Mining Commission, Ministry ofConstitutional and Legal Affairs and Bank ofTanzania, KfW IPEX-Bank and other seniorlenders for their commitment to secure asuccessful outcome to enable the EpankoGraphite Project to proceed for the benefitof all stakeholders"...

Other Debt * `US$20mil

Balance * ~ US$29mil to institutions, partners and Top20, NO SPP/Brokers, at this time it is envisaged that whoever the partner/s that will take a strategic position will also take a board position.


BUY THE LOWS - NOT TOO LATE

All IMO