focus on the future

Once again a number of posters appear to be focusing on the past and wasting their energies on items that cannot be controlled or have lapsed.

NKP's history/prospects.

When I first commenced my journey NKP's prospects looked exciting. Here was a company that appeared to have a massive platinum resource, it was a wanted global commodity and a potential JV partner ( Xstrata) had been signed up. Genorah had a large stake in the game. It was looking great.

Roll on and we found there was delay in the highly expected BFS. Feedback was that Xstrata had assisted in its production and it would be just a matter of time before we saw mining opportunities.

The prospect of a "minor disputation" over a couple of Tubatse farms gave no alarm from within the company. In fact NKP saw the Benwenyama Tribe litigation as belonging to Genorah.The legal advice was so solid that they saw no need to alarm nor inform NKP shareholders.

The move to have the litigation reviewed in the Concourt turned this company inside out. The rot had set.The eventual judgement not only went against Genorah and by default NKP but it initiated a review and claim by Anglo/ARM over all Modikwa farms. Xstrata promptly decided to reneg on any JV agreement.Unsure whether its intention was communicated to NKP and whether it failed to advise shareholders.

Litigation, Concourt judgements, Xstrata surrending its JV option, suspension, Bengwenyama seeking a review over N and E farms and the threat from Anglo/ARM etc have adversely impacted the company and destroyed its once preceived extraordinary value estimated at $2 per share by two brokers.

Constant communication failure resulted in the shareprice spinning out of control. Genorah, due to incompetence did not appear concerned as they only focused on the platinum asset.Unsure whether it thought thru the prospect of how to secure working capital with a declining shareprice.

I was told by both Anglo and ARM that they were negotiating a settlement late last year. The H farm was offered as a sweetner amongst other operating options.The deal was not honoured and failed.

Even though NKP obtained a Mining Right and surprised onlookers there was/is still a threat of Anglo/ARM taking the DMR to court and winning back its farms. Litigation could take several years before the courts and based upon Sth African historic cases there is no certainty of success.

I imagine that one of Gleneagles objectives when seeking a JV partner(s) was to ensure that the Anglo threat was neutralised.Partners they did find.But were Genorah directors pleased with what was on offer? Obviously not. It appears that they wanted more.However they failed to recognise global events, industry disruption,lack of funds and the Anglo/ARM noose.

The recent dumping from Gleneagles must have occurred due to its frustration and desire to communicate a wake up call.

In my opinion Genorah's ineffective management, greed, poor communication etc etc has destroyed shareholder value for themselves as well as us minority shareholders. Its going to be a hard road back. Especially after offering shares at discounted prices of 20c and 30c( DRA), let alone todays closing price.

Until the threat from Anglo is settled together with the Benwenyama dispute I cannot see a new platinum giant being created. I am sure that the IDC will not offer funds nor participate in any equity uptake until all is resolved.

We are in desperate need of a new Board, new high powered investors, IDC funding and neutralisation of litigation.Hopefully this will occur before Oct m/end.

NKP is primarily Sth African in every aspect. Always has been and always will be no matter where it is listed be it the ASX or JSE. Minority holders like myself will be Aussies keen to participate in its eventual success.None have exited the Top 40 over recent months.Are we all fools?

Although NKP has been a real disappointment to date all is not lost ......as yet.

As to the question re who will be our main and new partners going forward?



My speculation.... new Sth African investors upon JSE listing, Genorah,DRA,IDC,and "A-Z"(subject to confirmation by Bigmac).