Ann: Proposed issue of securities - KGL, page-6

I completely understand your concerns about capital erosion and management's delays. There's no denying that the company has yet to prove itself, and both this raise and the previous are not been beneficial to all shareholders. However, I believe last year’s use of capital—particularly for in-fill drilling to increase confidence in the resource—was necessary and successful in making the project more attractive to debt investors. Debt funding is just as important as equity in getting this project off the ground. If a competent financial advisor is appointed soon, we should see better strategic moves, whether through a JV, an equity sale, or even a full sale of the project. Given the project's fundamentals and the weak AUD, I still believe overseas investors will find it highly attractive. Hopefully, management steps up and delivers.