Uncertainty is the sp killer.. no idea what Thai credit facility...

Uncertainty is the sp killer.. no idea what Thai credit facility negotiation delay got to do with Thai elections. The assumption that KCN will be at $2+ when both mills are running at current POG is 4-5 months is based on no delays on refurb of the 2nd mill and producing on avg grade 0.81 g/t from the AISC projections..

I believed in RSK story that refurbs could be paid from low grade stockpile production.. but the GM% slightly above 0.44g/t grade off is 11% based full year one mill production at current POG FCF estimate is ~ $15m positive op cashflow. Corporate G&A cost circa $12m and NE cash burn $7m say we have total cashflow outflow without refurb costs $20m.. that $5m negative operating cashflow per year based on one mill production projected on low grade stockpile . These rough calcs but there no way KCN could have paid for refurbs from internal cashflows based on going commitment.

KCN MGT cashflow forecasting and disclosure has been utterly woeful..