FY25 P&L Predictions, page-43

Jason,
The current board will have a good handle on the estimated forward looking parameters and are not at liberty to disclose them for commercial reasons. Changing the composition of the board is not going to improve any disclosures to the market without jeopardising negotiations IMO.

We are mining with regular blasting multiple times a week and feeding two plants with mineralised ore. We have almost completed a lift of TSF2 while reshaping the walls of A North which were mined very steeply prior to the mine shut down and this financial year our capital impairments will be reversed.

I too wish we could move a lot of waste and low grade ore quicker but we are digging towards the higher grade and paying the bills while we progress. We are mining 24 hrs a day, 7 days a week and fully utilising the available plant and machinery and our approx. 400 staff.

The market will not award a decent EV to KCN until we report decent profits with a long mine life. After meeting with Jamie and Bronwyn recently, I am certain we are on the right track, we just need to understand the scale of this operation and amount of time it takes to move so much overburden. The Geo team are currently working on the updated MRE.





With the amount of waste currently being mined and transported to TSF2 and processing low grade our current AISC will not reflect steady state and our true ongoing AISC, hence should not get too anxious about the current costs as long as we have the cash flow sufficient to pay the bills and thankfully the high gold price is high enough at present to indeed pay the bills while doing the cut back.



We are most likely going to be receiving a 40 cent divvy in the near future (FY26) from a company with a current SP of $1.43, that is an investment with great returns for the patient investors.

At this SP, as shareholders, the best we can do is back the truck up and Buy more shares while management manage the company out of this very difficult situation.

GLTAH