For what it's worth, feedback i received out of the roadshow...

For what it's worth, feedback i received out of the roadshow (and eluded to in the recent ASX announcements and the Bridge Street Research note) is that:

1) The recent Roadshow was delivered with a clear message that this ISN'T A pre capital raising roadshow - "If Institutions or Funds are waiting for a CR to get set, well, this isn't happening".

2) Yes, a CR of circa $10MIL is foreshadowed (to generate sufficient funds to enable SFX to make their final commitment payment to KMS) however given the nature of the required raise and how it will most likely be handled it isn't the sort of raising that this should keep a lid for the following reasons:

- the company's current view is that the sort of raising envisaged (probably around end of 2021) will lend itself to a modest pro rata rights issue to existing shareholders, this means of raising the funds eliminates the incentive for interested investors to wait around for a cheap dilutive raising instead of entering on market.

- the contribution to KMS from SFX is not required until 60 days after FID. This will be post the BFS/DFS, a point at which many of the current vagaries will no longer be up in the air. This clarity is likely to have lead to an increase in confidence in the Project and hence a higher on market SP. Any raising will be priced relative to the SP which at that time is likely to be higher than the current SP of $0.40