Ann: Results of Meeting, page-21

The market is currently valuing KIN at less than 900,000 ounces of in-ground resource, based on the metrics of the NTM/DCN deal of about $145 an ounce for the NTM resource. Argonaut and Bell Potter have been valuing explorers at $170 an ounce, and I know from talking to KIN that they are hoping for more than that as the resource grows.

The like-for-like comparisons are difficult (the NTM resource is smaller, but higher-grade?) but the implication is that KIN isn't even reaching fair value for its existing resource, let alone the imminent upgrade this month, plus the prospects at East Lynne, Iron King, Collymore etc etc.

Just got to hang in there now and hope that the resource upgrade is a decent one, and that they have some more decent hits at East Lynne.