Short Term Trading Week Starting: 25 Jun, page-35

One for the goldies here...2.8Moz gold resource for 26 mill MC.

Drilling start 10/5/18, awaiting results. Post drilling will complete earn in to 70% in Q3 2018. Using the same metrics for valuing the company as it is now, should provide uplift of MC from 26 mill -> 39 million

	Column 1	Column 2
0	ASX Share (Industry)	KSN
1	SP	0.022
2	SOI	1.2 billion
3	Cash	5.6 mill (4/18)
4	Cash burn/quarter	1.5 mill estimated (4/18)Q for next Q. Prev Q 678k
5	Debt
6	Options	33 mill 3-7c

	Column 1	Column 2
0	Market Cap	26.4 million
1	Fully diluted MC (ideally ~35-150mill)
2	EV	20.8 million
3	Misc	CR at 2.2c for 4.5 mill (via bridge st capital and Curran and Co)(10% discount to VWAP) for 194 mill shares (6/2/18)

Misima Gold (PNG) (49%)
- Merger with WCB resources to obtain project (who in turn have a JV with pan pacific, copper company). Earn in up to 70%
- Planned earn in to 70% in Q3 2018
- 8Moz gold resource (roughly half indicated, half inferred)
- 1989-2004 open pit mining produced 3.7Moz @au US$218. Ceased after this due to low gold price
  - Proven metallurgy High recovery, free mill ore
- Valuation: $20*0.49*2800000 = 27 million. Valuation *0.7 = 39 million


I hold