many questions

There are many issues here and even in a worst case scenario I cannot see how NKP can be stripped and left with zero assets;

1. The legal process is against Genorah. If Genorah rights are assigned elsewhere then this could mean Genorah shares are to be allocated to another party and not the NKP assets being stripped out. Genorah is the one that stands to lose big time on this.

2. NKP would have significant legal claims over both Anglo/ARM and the DMR as it was induced to spend substantial amounts on proving up the resource on the understanding that it has free rights and the Anglo issues dealt with.

3. What about the 15% share of the projects NKP acquired from International Goldfields? is that also being questioned?

4. Will Anglo restart the process of developing resources or do they wish to take over the work that was already done by NKP? They would have to compensate in order to get access to the work done.

5. What about the other 4 non NKP farms Anglo/ARM are disputing? Seems like Anglo/ARM are going for a shotgun approach in order to try and claim back something from properties previously lost.

6. Which communities are represented by Who? Who does Genorah represent? Who does ARM represent? How many communities, tribes, ethnic minorities live on that strip of land? I grew up in that part of SA and am really thinking that I should go and stake my claim over some of the land now that it is a free for all!

7. Anglo are one of the key beneficiaries of the Apartheid era, so why would the communities / current government now suddenly be sympathetic to them?

Like all I am in shock about the developments of the last days and feel that these issues were known by Xstrata and NKP hence the delays. The next course of action was clearly depending on which way the Tubatse court case went.

I am however putting down the key issues and trying to get to a logical outcome of all this. I do not see a scenario where NKP are wiped out but rather an arrangement that will allow these projects to go ahead. Will not be surprised to see the SA government getting involved in these discussions.

I can see D&D point of view that this has become very unclear and very risky. I would not be buying into NKP with this uncertainty but as I am a holder that is of no consequence. Looking at what is in the mix, I will not however be rushing to sell my shares at the first opportunity when the traading halt is lifted.

BR
Max