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It was my question eshaitan.. and a very legitimate one at that, to which he gave a condescending, wooly & dismissive reply.. in a pompous way..
I simply asked the obvious question (to a man who openly commented that the finance was nearly over the line at the end of Q4-23) and also complimented him on (another) great presentation.. I was trying to be kind..
“You’re very close to this Harry, what’s your gut feel for timing re financial close?”
Jeez.. he’s given enough “gut feels” over the years which have been utter baloney.. I was hoping for a better one, given the “imminence” he kept referring to.. just got Exec guff..
I like this investment, always have - but, 7 years in, Im starting to see a Chairman I don’t think is that flash when it comes to delivering fact with brevity and dealing well with the difficult questions..
I have watched this and listened to the investor meet interview. Harry seems very confident.
One of the questions on the investor meet presentation was as he is is close to the process what is his gut feeling on.how long this will take for closure? He refused to answer that, but on the pay dirt presentation he said weeks away from final approvals with signing of documentation shortly after and launching within months.
I have been invested here for what seems like a long time through countless delays but I do think this will complete this month. Its very close. Could be a trade here if I could put in more money but I think my wife would divorce me if I did!
Eldave. I have watched that video. I was truly impressed. It just shows what a great relationship he has with Ethiopia per se.
This could be the start of greater things to come with other mines being handled by KEFI there?
As Harry has always said 'First cab off the rank!'
Part two
(Slide six) no way the country is gong back to the authoritarian rule (of the previous government tplf). Its been a struggle for the mines ministry to get its head around our business but there is a sincere desire to make it happen its going to happen.
Saudi is a bit similar, but the flip (not the bird) for mining has happened by royal decree so some of the problems we had there for years have flipped to the better by royal decree. We are rock stars in Saudi with the next two development projects we are the technical guys in the JV with Artar. This region is going to come alive.
Project over view (slide 8) we have a string of three projects..TK gold where we have literally have lawyers for African banks and lawyers for central banks beating each up as we speak (now I would pay to watch that) sorting out the final detail on exchange controls (joking apart a thumbs up report came in after this presentation). Its the last big hurdle…we have been given a clean bill of health on the technical side by the due diligence people, by the banks that are putting up two thirds of the money and the security people.
We have two projects behind that in Saudi one will be triggered next year one twice the size of TK.
(Slide 9) Todays market cap vs NPV opportunity to create wealth from derisking the projects (slide 10) comparison to other mining companies a lot of upside.(slide 11) you do not need to bring capital to the country (probably mean mainly Saudi) and in Ethiopia are partners are government related and development banks, leading contractors to the country both of whom are in the audience PW mining and lycopodium mining ad we have brought the capital to the country from regional people.
(slide 12 milestones) the key milestones are really for the company is to close the financing documentation for TK. We signed our umbrella agreements in June we have lawyers crossing swords on the fine detail now we hope that final approvals will be issuing within weeks (this was before report from banks so that timescale may have just shrunk) then final documentation executed shortly there after and we will be launching within months.
slide 14) Strong board.
TK good first project to start with ore body not far below surface (whizzes trough the slides) market cap of Amak that is in production is 1.4 billon I think, the Saudi market has gone cracker its hot. Our first project (in Saudi) is a string of pits (JQ string of pearls) the second one is a VMS (Hawiah)just exposed a new VMs deposit (Chefs kiss)
I am pleased we kept this number of people back at the conference to listen to the story.
If anybody has watched this on YouTube, you can see and hear the passion in Harry's voice about Ethiopia. This has been his life there whilst trying to get this mine into production. This presentation and the webinar has been his best.
If there are some who have not seen that video, take a look and make up your own minds whether his presentation skills has improved or not.
It is so easy to criticise others. How do you feel when others in your place of employment criticise your quality of work/work ethic?!?
Https://www.youtube.com/watch?v=jHQ8rYTDnmM
Rough paydirt transcript (Australia) my comments in brackets the presentation was before the shareholder webinar have cut some of bits were harry goes off track.
Harry I like to think they gave us the last speaking spot to keep the crowds at the conference (or could be they thought people might need a drink afterwards joking apart it’s a longish slot and the conference organizers have been generous to Ethiopian mining generally).
We are at a very critical moment for mining in the Arabian Nubian shield and I think the two countries we are involved with Ethiopia and Saudi but particularly Ethiopia (Critical moment for those countries).
htTps://www.kefi-goldandcopper.com/files/presentations/kefi-africa-down-under-conf-pres-sep23.pdf
The Arabian Nubian shield has been talked about by geologists for a very long time and some of the geological similarity's with Australia have been striking and the opportunities have been striking.It is geopolitical reasons that have create barriers to entry… (Harry goes of a bit in a tangent talking about Centamin how long things take the history maybe kefi involved to early problems the company hit and so on).
All history now today its quite remarkable it’s the first time in year I am able to look forward and look at longer term issues. Present minster is150 percent mining that’s all he does he is on a mission the countries on a mission Ethiopia in the top ten countries in the world in terms of annual growth. Introduction of democracy caused unrest and delays to the project..
Kefi stood its ground (dealing with the difficulty's). We have a deep and trusting relationship with government and we are ready to start. TK is that hill (slide 1) TK is peaceful unlike some areas of Ethiopia but most of Ethiopia is peaceful. Ethiopia is a country that is remarkable and has remarkable potential. It a timing thing and I believe the time is now.
TK.. we have kept our syndicate together…2023 the aim market has raised less money than in any year since it was created so company has had to raise money for projects at the subsidiary level and from the region where the projects are based..regional banks regional investors and we have covered the funding requirement for the project if everyone closes the way they say (TK is the project and we is the consortium) some have already approved it and some have yet to approve it formally.
I will not talk about Saudi today as technically not Africa but..(Slide 3) same geology, multiple discoveries..the lessons we learned in Saudi, is what led us to Ethiopia we we invited in to a company that had fallen onto it knees we did not do anything radical we were ready to rock and roll then the county got hit by changes..
Corporate overview…we have a very low market cap as people need to see thing get going..numbers scream out investment opportunity…inflection point is now. Other mining companies in Area (slide 5)
Ughts - you ain't m8
( ゚ー゚)
pop over to tw’s share profits website, new correspondence with harry.exciting times!
https://x.com/*************/status/1700432502744141837?s=61&t=_dhnit0ve9jdssfprtygfg
Al systems are go!!
I hope I don't lose my shirt! ;)
I must be the largest holder on these boards.
Warts and all!! Most difficulties seem in the past - and Harry seems on top of things.
Am much more relaxed now - and depending on progress - may increase my investment.
😐
Rob many players think that they have the winning cards
When the cards are on the table they find out they've lost their shirt
Has in the past been a good share to trade and will be again if it comes together
Https://www.youtube.com/watch?v=7b_cHqJgzQI The investor meet webinar.
No problem was a bit late finding them.
Caterham he was actually nonchalant relaxed and actually enjoying himself completely different style from when he talks to shareholders.
One factor was he was talking to mainly industry professionals hence him just flicking through all kefi prospects at warp speed the main one though is he knows he has a winning hand now.
Thanks for the links Rob.
That is one very exuberant and confident Harry presenting at the Conference. He knows what is coming!
Apologies all crashed out woke up with a headache either it was the shear excitement of listening to Harry or the heat. Will work my way through the webinar and post it up tomorrow sometime along with the other webinar after all you cannot have to much Harry 😉
htTps://www.youtube.com/watch?v=9zJoWqU-4kw
Kefi get mentioned at end “A company that is here has actively contributed to these changes is kefi gold and copper and they are preparing now there project now that is similar to many gold mines in western Australia”
htTps://www.youtube.com/watch?v=1A7YnNVqTdM Any lithuim experts here?
htTps://www.capitalethiopia.com/2023/08/14/game-changing-lithium-production-to-commence-at-kenticha/ Any lithuim experts here?
htTps://www.youtube.com/watch?v=jHQ8rYTDnmM Kefi and Harry the Actual presentation at the conference. Will write up tomorrow some time.
Up.
So, presuming we get sign off, where do people feel the sp will go?
Rob - I don't disagree.. Kefi has made progress and they are closer than ever before. But can you trust the lot to deliver in this year or do we need to wait further is the question. I hope HAA delivers. GL
Or to put it another way - past performance is not an indicator of future performance. It cuts both ways.
Its different Fantasy because kefi never been closer in Ethiopia and Saudi than they are now and never had this level of support in Ethiopia than they do now and never been closer to a first project in Saudi with JQ.
Another difference is Harry has not left himself or the company with a huge amount of wiggle room a JQ resource upgrade has been promised soon then it’s a question of when not if JQ is developed. As for TK now saying with the thumbs up report from the bank just received that they are happy and they are getting ready on the ground for the go signal from the credit and board approvals that are being ironed out.
Harry did look smart but he is mixing with the great and the good at the conference and effectively representing a country probably was in a donkey jacket and wellies when he was demonstrating the mining equipment.
The SP seems to think differently.
I’m hoping, in the past, you’ve taken the opportunity to average down?
Is this a desperate last attempt before you close your shorts?
Rob - Yes I don't give a damn about these webinars.. that is correct.. usually I submit a bunch of questions which I have done over the last 7 years.. I haven't submitted any questions to KEFI in the last 12 months. But have openly criticised their poor performances - both during webinar Q&A sessions and in emails. I hold reasonable amount of shares in Kefi. HAA recycles the same BS every time. Rainy season. Frontier markets. State of Emergency. Finance is coming. But delivers placement.
So what has HAA delivered differently today? Nothing substantially different. End of Sep-23; is what HAA originally committed to have the finance sorted. Lets see the boasting HAA delivers or falters again with another excuse. Only amateurs talk about red carpets and being proud without the signatures; or money in the account. :)
Rob - you can laugh all you want... :) Doesn't bother me one bit..
Can someone enlighten me why the share price is where it is today at £30m MC.. I know one reason for that - HAA and his hobby of "kicking the can" :) Again easy with it. HAA talked about red carpet and rest of the nonsense 3 months ago remember? anyways one positive from this interview was - HAA was dressed nicely for the occasion :)
Ok Fantasy sorry for laughing at you.
I have been a here long time as well I know all the history since Saudi I know about all the mistakes that have been made and was probably the first person to moan about harry when he became CEO. However I do see progress being made especially where its in the companies hands especially the excellent work done by the geos, they have been really world class with their hit rate in Saudi that’s just a fact hence Harry talking about the company being a leader in Saudi Arabia. Overall not relying on Harry more the interests and support of all the interested parties.