Hello All, Some news for you all – yesterday, just before lunch...

Hello All,
Some news for you all – yesterday, just before lunch time we let Kin Mining (through the MD and Company Secretary) know that the s249F meeting would be withdrawn. We’d like to thank all of all of you that supported us.  It was a difficult decision, but with the deck tilted against us by the rights issue it was a step we had to take.  You can read more about our decision here:  

https://www.fixkinmining.com/docs/shareholder-group-wanted-opportunity-to-change-kin-for-the-better/

This however does not mean good bye from us.

Our campaign was never and is not about control – it’s about getting the excellent assets Kin Mining has moving forward, into the right sort of development and generating value for all shareholders.  We’ve actually built mines before, we know how this works.

The current directors reckon they know how do this.  We have our doubts, however we intend to keep the current board accountable to the promises they have made to us all in the last few weeks about how they are going to generate value, and a turning point under their watch is just around the corner.  Some of these promises include:

• The updated PFS for the LGP is on schedule for completion during the December quarter
• The company delivered a cash positive result with gold production (908oz) from the trial mine at the Lewis East deposit
• Kin plans to become a +50koz per annum low cost junior gold producer within 18 months (of October 2016) with the objective of becoming a mid-tier gold producer in the longer term.

As recently as Diggers & Dealers in August they “intended to be a gold producer three years”.  Now it is 18 months.  Pressure from shareholders to keep the board accountable in that time has led to improvements – not enough, but some change.

However, it’s some recent promises in the Quarterly about funding we are going to focus on today:

“The Company is now fully funded through to completion of a Definitive Feasibility Study (DFS) and decision to mine.”

And

“Conclusions of the PFS will be formative in the development of the Definitive Feasibility Study (DFS), which is scheduled to be finalised by mid-2017.”

This raises several questions.  Firstly, it’s not quite what they said in the Annual Report a little over a month ago.  Secondly, it doesn’t quite sit straight with what they are asking for in the upcoming Annual General meeting.   You can read more about these differences here:

https://www.fixkinmining.com/fully-funded-through-to-what-and-when/

Shareholders should also note that in an investor presentation in  August, they said the DFS was “expected to be completed in early 2017”.  Now it is mid-2017.

With the upcoming Annual General Meeting, we are also looking forward to starting a series called “Questions on notice to the auditor”.  One of the first ones in that series will be how exactly a loan to a director got secured without apparently getting shareholder approval, and who approved the granting of that security.