price of manganese, page-12

My original calculations included operational and administration expenses. You have skipped across this and simply focussed on dilution with unrealistic and fictional figures. Remember, Jason Brewer has said that debt financing is the pathway to get Kaboko producing and earning material levels of revenue.

Lory, you really need to focus outside the microcap end of the market. Jason Brewer and the Kaboko team are ethical, professional and experienced campaigners. They will deliver if the Manganese projects are deliverable. In my opinion, and through my calculations, Kaboko is likely to generate NPAT of approximately $16 million when it is producing 240 thousand tonnes of Manganese per year. Increase the percentage ownership to 70 odd percent and the NPAT will be in the low 20 millions. If the Manganese price returns to $800 plus then there will be some mouth watering calculations. If Kaboko starts producing 300, 400 or even 500 thousand tonnes per year then this will be classified as one of the best corporate stories. Nevertheless, let us wait for the JORC compliant resource statement and deliver the Sinosteel binding offtake agreement before those figures are factored in.

Keep the Kaboko faith.