I have held KCN for years and have bought more than my fair...

I have held KCN for years and have bought more than my fair share. I have also spoken to Jamie and Ross a couple of times a year for a few years now. I have recently spoken to them and have been compelled to write this as there are a number of expectations that are about to be disappointed.

1) As KCN has mentioned there is interest in NE and one is significantly progressed. KCN however, are making sure that this time it goes through, so, we do not see a repeat of the TDG deal. This deal is likely to be completed in the first quarter of 2023. These funds will be much welcomed.

2) We do not have post-Taurus funding – HOWEVER – we have numerous options including from Thai institutions and so there will be no announcement regarding funding this year. We are covered and no Capital Raises or funding issues exist. We will also start to produce a modest amount of gold in the first quarter of 2023

3) There will be no “settlement announcement” this year. There will be no piece of paper saying that we get XYZ and ABC. What will happen is that there will continue to be negotiations into the future where we will hopefully get more value from tax holidays and various other things.

4) The TAFTA framework, a legal document and subsequent decision (from the tribunal) will remain in play until such time as KCN ask for it to go away. The company will not do this until they are happy with what is happening (us mining at that point) and with the various other value drivers that have been given to us.

5) There will be no financial reward. No big cheque to KCN from Thailand.

6) Going will be slow. We only produce 40,000 ounces in year one as there is much overburden and we will only have one plant running for part of it. Year two will be significantly better at 120,000 ounces and potentially more.

7) The good news is that the structure/bones of this company are now solid, and risk is now limited.

8) Upside drivers will come from

A) Risk-free once we are mining again.

B) Institutional buying when we are a miner again

C) Exploration discoveries in 2023.

D) Material increase in Gold and Silver Prices

E) Outcomes from the ongoing negotiations.