Argonaut, page-58

On 18 August 14 KNL lodged a report which gave a value to Epanko of $213million. This is from the report.
 Indicates Epanko as an economically robust graphite deposit capable of producing premium
quality large flake graphite which has no limitations to its industrial use
 Net Present Value (NPV) of $213m
 Capital payback period of 2.5 years
 Extremely low strip ratio (W:O) with first 15 years 1.3 to 1 and LOM of 2.2 to 1
 Substantial Mine life of 27 years
This value in Epanko is across 130m issued shares and is worth over $1.50 per share.
Now why would the directors come back to a poor market to raise capital when they have at hand such an asset which could be used to attract a 10% partner to bring in $20m.
Then there are the nickel assets which may be sold.
Cheers,