Ann: Kanyika Project Feasibility, page-44

Fact is a great day today in cleaning out the sellers - sell side now trimmed down already.

No fact is the possibility of credit facility for finance with minimal dilution ahead. What they highlight is going for the higher grade area of pit initially and state several times of 18 month payback of CAPEX ( I keep saying it - finance is a lock but no need to rush it market yet as much to do - if they are to in production in 3 years as stated we will have finance confirmed some time in next 6 months I would hazard a guess).

Also stated is the incredibly low strip ratio just 1.5 to 1 - now if this were a gold mine that just had its ML approved and a release of PFS with NPV of 140 million USD - the SP would be .... Does not matter it will arrive - one step at a time.

Couple of other important things of note - the CAPEX is inclusive of all civil machinery which is tremendous and obviously lowers OPEX to the levels stated rather than contracting drilling/civil and there will be no very expensive diesel generator electrification.

The refinery location is interesting - in that they have not stated where other than somewhere there are key qualified personnel although low level staff required as all automated and agents - electricity source readily available.