Ann: Kin Mining and PNX Metals Merger, page-7

Yes it doesn’t reflect our resource values including environmental approvals and the uranium could be significant , whilst probably a slight premium for KIN resources, obviously their cash and shares are reflected but the resource not sure it’s worth a lot right now needs some more exploration.

However in the current environment their cash is very useful and avoids dilution, once merged few junior exploration companies will comparable when it comes to exploration/ production upside and the financial capacity to execute.

Best outcome for all will be if both companies have some drilling success in the short term and push the sp’s up