Moving forwards

As we sit here in late 2018 I think its an appropriate time to reflect on what has been achieved, where we are, and what lies ahead.

This year has been a transformational year for our company with the release of the test work results and coal results that shows that our iron ore can be made into high quality steel.

This year has also seen significant changes within the company. It has seen the retirement of Ian Burston, our founding Chairman, as well as the departure of Kevin Joseph. 

It has seen a new Chairman appointed in Don Carroll, a CEO appointed in Martin Wood, and the recent appointment of independent director and head of the Audit committee in Greg Boulton. We have a new adviser in Paul Marsden as well.

The team that is driving the company now is different than what it was for a number of years. And that is ok, as the company is different to what it has been for a number of years!

We had a divided shareholder base that was brought about by the 249D shareholder action which had been simmering for a while.

And all throughout 2018 the share price started where we are, hit 20c, and is now back where we started.

That is the year that has been.

But when deciding to buy KFE shares right now one needs to take all of that into account but also look at what lies ahead. And this is where things get exciting.

The next two pieces of major company announcements will be quite significant for the company and us shareholders. It will either be the Metal Bulletin study results or a cornerstone investor. 

The Metal Bulletin study will be the first real third party look at the size of the market opportunity for KFE. It should confirm that the company's expectations for in-country demand for its finished product will be significant. This will be extremely positive for the company especially as it progresses project funding (both debt and equity).

And then the CI. This will not only provide a strengthened balance sheet but also provide the validation from a large investor that our business plan is sound.

Think of the platform after thesetwo events... the confirmation of the test work results, a study confirming themarket opportunity is massive, and the money in the bank to get the DFS done.With potentially no more equity raisings on the ASX then things from a shareprice perspective will get really exciting!!

All throughout the year there will be progress on ECA funding, off-take agreements, DFS progress, and who knows whatever else is happening behind closed doors.

And that is against a backdrop of a compelling risk reward as per Chillers DCF calculations.

I think now is the time for all of us to unite and recognise that we are equity holders in what will be a transformational multi-generational project for the people of Nigeria and we are all invested at the ground floor.

It really is quite exciting and I hope and do believe that Wednesday marked the low point in terms of sentiment and that the positive momentum that we had for part of this year will return in earnest.

We are all part of a wonderful team and we are poised to deliver.