Ann: Wet Commissioning Advances as Ore Feeds Through Concentrator, page-104

Morning Venge,

These guys won't support a CR, they still believe BMCG backup up US$9.3mil in convertible equity was available,

You only need to look at the December QTR cash flow report and compare it to the March QTR.



And compare it to the March QTR report.



The pump crew also failed to detail Gemcorps US$5mil in backup funding is an " Incremental debt"

You are spot on with your assessment, WKT has previously run the accounts dry twice, which has caused the company to raise funds with significant discounts. the last CR had a 43% discount. We heard yesterday there are more delays with the first concentrate being available. there are no details on Gemcorps loan servicing requirements (2 QTR'S of loan repayments that are required at all times) If this is only the interest payable for the loan, WKT has enough cash in the back to cover this requirement, although if they need the principal as well, they don't have enough.

I cannot see Gemcorp advancing the US$5mil incremental funds if the debt servicing requirements are not being met for the existing US$20mil fully drawn loan.

Since you are only new to WKT, these pumpers are not open to reasonable discussion, they don't believe any of the issues other companies have faced will occur with WKT, and they don't hold management accountable for the significant blowouts in construction or commissioning. For a project to have been quoted to only take 9-12 months to get into production, it has nearly been 3 years since WKT made this claim.