As I posted back around 15th September, here are the capital...

As I posted back around 15th September, here are the capital raisings going back to 2014:

"...

17 Aug 2016 $10.9M 23c
11 Apr - 15 May 2015 $5.6M 17c
4 Jul 2014 $3.1M 13.5c
3 Feb 2014 $1.125M 12.5c plus 4.5M 20c options

..."

Apart from the most recent raising at 23c (currently down about 10%, but early days yet), no one who bought shares in the last four offerings is doing too badly. So I don't see that one can say that the offerings have been poorly handled. We now appear to have some pretty weighty entities on our share register at 23c and awaiting more reports (hopefully positive) on issues such as drilling, land holder settlements, bulk sample results, battery graphite study, finance, German Government Guarantee, etc and ever more news about the importance of natural flake graphite in the transition to EVs and stationary energy storage, aside from other evolving requirements (expanded graphite foils, 3D printing) and the traditional refractory requirements (for which KNL's product significantly eclipses stuff out of China).

With regard to KNL's reporting record, it is interesting to compare the number of "Price Sensitive" announcements made to the ASX by KNL and some other graphite stocks over the last 6 months (to 18th Oct):

KNL 15
SYR 11
MNS 13
VRC 14
BKT 18
WKT 22

So KNL is in the middle of the pack — not a bad record. Hardly uncommunicative. Not the best share price gain over the last six months and not the worst either.

Slowness of unfolding events is stressful, but I cannot see that the directors have been doing anything other than a pretty good job, given the position that the company finds itself in. Excellent progress over the last 12 months.

As emphasised on previous occasions, we are not a junior explorer (like the bulk of graphite plays), but an impending producer with "sold out" initial production plus exciting expansion plans. CBA taking 5% at around 23c is a great vote of confidence. There are numerous ways that the company can approach the equity component of its CAPEX when that is addressed and I would be surprised if it is not significantly above 23c when it does occur.

Finally, graphite is not "fungible" like gold. "Oils ain't oils!" and graphites ain't graphites, but there is no doubt that we have a product of very high quality; suitable for the likes of TK, Sojitz and the EGT. While our board members are amply remunerated IMO, I doubt that Spinks et al would have welcomed Conidi onto the board if he had little to offer. Presumably his financial experience is his forte and that area was probably lacking amongst other board members as we approach the final approvals.

FWIW IMO DYODD