Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-20

Lol that's a cop out answer. Real answer is you have no idea. Was an easy trade from high 5's to 7. Am I surprised it didn't break out, no. People don't like the timelines on this stock and it gets traded. If not emotional about it it's not surprising, who cares. Short term pips don't dictate what value is. If you wanna call movements based on hourly or daily TA then cool. But saying $17m EV is steep is a different conversation and only fair you can justify it.

My opinion (which means SFA like everyone else):

RAG sold what I think is a worse shot at a discovery than Rana for $10m to BHP recently. I mention this specifically cos KRM/BHP clearly have developed relationships etc. So IMO this is a substitutable value for Rana right now. If they drill a bunch of dusters this goes down. If they hit then it goes up. No shit right.

Penikat has a lot of proven historical drill holes. The mineralisation type/and structure mirrors other large PGE deposits. Non JORC estimates when it was held in Element46 were 3-5Moz on known mineralisation at ~5-6g/t. Exploration target is as much as double this to 500m depth when analogous Bushveld complex deposits go to triple that depth.

FME which will never be mined valued at $13m. POD which is 6Moz 5E at 25% of the grade is valued at $23m. So I could argue that Penikat while waiting for permits and JORC conversion sits somewhere between those and worth $18m.

Cash of $34m. You say this is worth nothing. I say it's worth more than $34m for a couple reasons. 1 is optionality. They still have the chance to take on other projects. 2. They don't have to raise for a long time. This is hugely valuable particularly in current climate. While all other juniors are getting reamed on their ability and terms to raise cash KRM have a war chest. So cash IMO is worth at least 1 for 1.

Lastly the team. They have all been there done that. Fabs sold a project to ADT for a good sum that ended up getting shelved. He sold the gold project which IMO was a POS (sorry old timers on this forum) for a solid amount of money (well above what it was worth). Rest of team have built and worked on some huge projects. That knowledge, skill and deal making has an intrinsic value even if you don't want to put a dollar value on it.

So is $50m steep. I think not. As of today is it yugely undervalued maybe not. For me the value lies in unlocking next steps and having the cash balance to be able to pursue that without being at mercy of brokers. And this last point is the double edged sword. With no carrot for brokers they have no reason to pump it. So we spin our wheels with retail. But as a LT proposition I think there is plenty of value.