Brokers' Data, page-734

Didn't want to post til finance is out..but, welcome on-board Christophe. Can confirm I had the same reply re the BFS.

Hi Wilma, true to some extend but knowing the reasons for the non-responsiveness created some very good buy opportunities that I hope most LT's took advantage off, the biggest risk reaming for me is if the Independent Engineers Report ( IEG) will come up with something they don't like or need further info thus creating further delays or worst case rejection of the figures in our BFS which would mean no KfW finance. However going by the tone I get from when speaking to Mngmt it appears our BFS is solid, if that is correct than we'll have confirmation that our basket price, Opex and Capex are achievable and our project will be deemed viable for finance by the banks.

A positive BFS on it's own might generate some interest for a while for most listed Co's, however in KNL's case it's slightly different we are one of very few that get their BFS scrutinized by an IEG on behalf for a Bank, and this being a 2nd BFS for the same project (of sorts) and I expect the figures to be better than in the 1st, due to bridge, higher grades etc, but what will separate us from the rest of the G plays will be once the market get's to see the figures from our 60ktpa operation, I believe we will be valued very different after that.

Following the BFS & the 60ktpa figures release, the great work that has been going on behind the scenes and management made very good use of the delay that the RAP and the IEG have created for us, so we will see in short intervals:

* Finance
* BFS for Spherical Plant
* announce JV partner for Spherical Plant
* announce off-takes for remaining 16ktpa - from the 60ktpa

I say the above will happen in short intervals because they are all dependent on one another and work for all of them has been progressing over the past 6 months and the announcement of a positive BFS will start the chain of events.

And once finance is out of the way, and regardless on how much equity well have to come up with as we only have 246mil shares on issue, the low number of shares combined with the NPV that will be know shortly will convince a lot of skeptic's that KNL will generate some very good ROI for years to come.