This is a good graphic (below) showing why Kin mining is...

This is a good graphic (below) showing why Kin mining is relevant to GMD’s ambitions.

1.Kin has the ground between Ulysses and SBM Gwalia. They had a JV deal with GMD which GMD pulled when Kin bought into DCN.

2.Kin has resource literally across the road from Gwalia to the east.

3.Kin has all the ground south of Redcliffe (DCN)

4.Cardinia (Kin) is way closer to Mt Morgans mill (DCN) than Ulysses

One of the financial press gossip columnists referred to GMD’s “superstar” management team. The superstars closed DCN’s mill . A working mine is worth 6 – 10 times what a care and maintenance mill is, so maybe a good tactic – shut off of an option for Kin to get a revenue stream from some ready to mine ore they had been negotiating with DCN about, and lowers the value of DCN for a second TO offer.

Certainly you could say Kin is squeezed, and those annoyed by my posts can take comfort in knowing I am below snorkel depth in Kin. Except Kin isn’t Kin. Delphi own 42% of Kin, and every time Kin is squeezed they have to raise capital and guess what? Delphi steps in, funds Kin on its own, and sees its % go up.

So look at the map again and replace “Kin” with “Delphi”. 42% is easily enough to carry any actual shareholder vote, because not all shares vote. And every move the geniuses make against Kin results in Delphi increasing its hold on all that ground.

So what to make of Delphi? Delphi look to me like they want a large position in near development WA gold, not for short or even medium term trading but for the kind of strategic reasons Dimitri Speck explained in his famous book. They took a large position in GCY (19%) a month before it went into administration. Ouch. But they havestuck with GCY, which came out of administration. They are still putting $ in. They came on board Kin after a plan for a low cost second hand mill build imploded, but they have poured $ into every capital raise ever since, including some where they were pretty much the only shareholder who did. Meanwhile SBM bought 20% of Kin for who knows what reason and have been diluted down to 13%.

I am not saying Delphi have found their Alan Bond in RF, but I think the "who do Kin think they are" narrative is superficial.