nkp summary, page-3

What I do feel is that NKP would get a large portion of funding via a partner for sacrificing 50 or 51% of the project. You can say that aplit would be in the range of Genorah 26%, NKP 23/24% and JV partner 50/51%.

On the entirety of the CAPEX NKP could be left needing to raise say close to $100-$120m which could be a tough ask if it were to be done via equity. The other way would be a debt facility that is from the JV partner. This way NKP would need to raise less equity.

All these $3 valuations (taking into account that NKP will have a lot more than 655m shares after the Joint Venture) ... I would not this far yet. On full production (and everything goes well) you can look at this sort of numbers but short term (3 months) I will be happy with anything close to 70c.

New replacement options assuming it has 35c strike price and 100m of them plus 3c initial outlay, I would assume that yield would be just $3m initially and just $35m when they are exercised.

A JSE listing still means you have to issue extra equity if you want to raise money.

Also remember that NKP has a option to pay IPO $45m.

Peter Landau been telling a lot of people/shareholders that Joint Venture to be completed within 3-4 weeks (I urge caution when trusting in Peter Landau words alone). If its 3-4 weeks this really means that the timeline is still open (with most likely more prerequisites that needs to be overcome) and a 6-8 weeks could be on the cards.

Good Luck to all shareholders