Ann: Significant Gas Resource Increase to 4.9 TCF, page-16

Valuations from MST Access randing from AUD$0.24c to AUD$1.05

"Risked NPV Valuation A$0.24 – Resource Provides Large Potential Upside

Our base case valuation of A$0.24 is derived by estimating the risked value of developing the Mpumalanga project.

Our unrisked discounted cash flow (DCF) valuation is A$0.43 per share.

As a cross-check we look at the EV/Resource method, deriving a valuation using average market multiples.

The valuation of A$1.05 is derived from market average EV/ Resource multiples, showing the potential upside to KKO as the project is developed, reserves are certified, and production increased.The key risks relate to development risks, reserves conversion and funding."

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