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Https://www.kefi-goldandcopper.com/files/announcements/kefi-renewal-of-jibal-qutman_-exploration-licence-17oct22.pdf
“is pleased to announce the renewal of the Jibal Qutman Exploration Licence (K/144) in Saudi Arabia.
“The re-issuance of the Jibal Qutman exploration licence
‘Jibal Qutman’ Exploration Licence (EL K/144) has been renewed on a 5-year term covering 99.68Km2.
This licence gives the company access to a 270Km2 ‘Jibal Qutman Exploration Area’ which also consists of the recently issued ‘Jibal Qutman North’ and ‘Jibal Qutman Southeast’ exploration licences, covering a significant portion of the highly prospective ‘Nabitah-Tathlith’ gold belt
(see Figure 1 in the appendix below).
From what i see kefi should be able to put in a claim for any work done in JQ north and south East the central area I don’t know depends what Is meant be re-issuance and renewal.
One difference is gold now listed as one of the minerals (see previous links for details) maybe they are suggesting that JQ does not qualify might depend on whether in the fine print. Does the licence count as belonging to kefi from when it was originally given or when kefi effectively got it back which covered a bigger area than originally.
It is a shame that we appear to be subject now of a short attack just as we needed some calm period ahead of newsflow, however if we can stay above the key 0.50p support we may be ok.
Harry could be playing a shrewd game here, one in which kefi will be sold on the cheap and he retains a key position in a new outfit with deeper pockets.
Another missed deadline (or did I miss it?)?
RNS 19 Feb 25: "Later this quarter we will be issuing an update on Hawiah and Al Godeyer following the positive work programmes that have taken place. The metal content already reported at Hawiah is the gold equivalent of the Company's other development assets (Tulu Kapi in Ethiopia and Jibal Qutman in Saudi Arabia) prior to any further additional expansion. We are therefore highly encouraged to have made the Abu Salal discovery, which once fully appraised will no doubt significantly increase our resources in the Hawiah district still further."
Q Thanks for an excellent Investor Meet presentation that was very insightful though I have comments on two of the questions I asked. Firstly Harry suggested I had my figures wrong when I asked about the recently announced $182m Saudi incentive fund with a potential $2m being available for each licence a company holds up to 15 licences. He thought I hadn’t done the currency exchange and that it would be much lower when converted to SAR. He’ll be pleased to know I had done the exchange and it’s 7.5m SAR per licence. Please let him know as it could provide a useful source of funds. I agree there are often small print obstacles but someone from Kefi needs to check that as given Kefi's 14 licenses it could be material.
A. Saudi Arabia’s Exploration Incentives Program is a very good initiative and is yet another example of the Saudi Government's efforts to fast track development of its mining sector. You are right - the fund provides up to $2M per EL and you're also right that like similar programs globally, the devil is in the details such as only EL's which are within their first 5 years of tenure qualify.
We are in the process of preparing applications for ELs which qualify for this program and also worthwhile for GMCO to do the required exploration prior to being reimbursed for a portion of those expenses. We are hopeful that our planned exploration programs at several ELs will qualify.
Q. Harry Adams mentioned that Kefi is carried by its partner in GMCO for its exploration costs in Saudi. This is excellent news but please can shareholders have clarification on how this ‘carry’ works in practice. Is it a complete carry of all costs that are deferred until revenues arrive after the anticipated mines are operating? If so, is it interest free ‘carry’ or in effect a low interest loan?
A. The terms of the 'carry' will be reported when formalised. In the meantime, ARTAR is funding GMCO exploration programs to maintain momentum and KEFI is not diluted.
Posted 09 April 2024
Youtu.be/LzNayAyIs1g?si=vkkb4kJJXsArvJPA
Most recent Investor Meet company video:
27m 15s. - timelines for bank #2
Gold explorers and producers in general have been booming the 3 months and Kefi has fallen significantly. we are now well below the recent placing price so the fall in comparison to the market has been very painful to see. Kefi will have its time but we are now Mid April and i sensed this will meander on towards June. The second bank i cant believe are still working this through credit as that was totally not what Harry was originally saying and according to his words every investor was putting their investment to their boards at the end of February so over 1 1/2 months later has no board met and signed this off? Amazing Harry can get away with saying all this. Funnily enough that was all said just before he dropped the bombshell placing so go figure on his motives and how many people were sucked into topping up around .7/.8? We cant trust what Harry has to say but hopefully what the EG and others have said will get this moving in the next month.
Further… FDD is nearly always carried out by a top 5/6 firm, especially on a deal of this size and nature.
They will not do the work twice (or more) for each co-lender.
Same with asset valuations. It’s one piece of work and the output is shared.
Hi Catbert
In club deals (senior debt-provider syndicates) underwriting & credit functions do rely upon elements of common DD & FDD (Financial Due Diligence) for example - external valuations and reports. These might be addressed separately to both lenders, but would in fact be the same piece of work.
I have done this many times in practice, and also conferred directly with co-lenders to confirm a mutual understanding of same.
I do recall HAA detailing something along these lines on an investor presentation.
Hopefully we will hear something soon.
GLA.
When is shortly? lol
The SP has been holding up well considering the latest delays and uncertainties with the second bank approval.
Shalamar mentions 20pence not 2pence. SHALAMAR is the name of the largest DIAMOND
0.2p ridiculous, but this might just hit support while HAA spends a couple of weeks trying to find himself - last seen riding a dune buggy into the Saudi sun.
Some mild blatant deramping.. with 0.2p comment.. hey-ho.. ramp.. de-ramp... do what you want.. markets decide what the sp will be.. good luck.. I have been accused of deramping in the past for my negative comments or outlook..
Just the statement of a pillock...
This is inconsistent with ongoing communications and stated intent. 0.2p is pie in the sky given latest status. You "hope next placing above 0.2p" what a bizarre statement.
Wake up and smell the coffee.... soon to be the second largest export in Ethiopia, after Gold.
Harry could be playing this out beyond this year to grease a cheap T/O through IMO
I do not care if that the case but i just hope next placing is above 0.20p levels
Balance of funding 90million dollars from Africa Finance Corp due shortly……then all you negatives will be swept under the carpet……time for a final top up at these silly prices….
Some posters here seem to believe that the second bank is going to use the due dilligence conducted by the first bank.
Highly unlikely.
Firstly, the second bank won't have triggered their due dilligence process until the first bank was in place in the funding syndicate becasue without the first bank there would have been no syndicate.
Secondly, due diligence is a detailed process of verifying the significant facts to a level of certainty that one can absolutely rely on.
Thirdly, the notion of using another institution's due diligence is for the birds. An organisation mught replicate some of what other lenders have done but it will have it's own risk management process and credit approvals committee. It will need information which it has validated for itself. Their credit committe might have different questions that it wishes to answer to the first Bank prior to making a decision. Therefore the due diligence of the second bank wont necassirly be a duplicate of the the first bank's.
Finally. If the second bank had withdrawn or refused credit then this would be a notifiable event.
Slow/ imminent/ bloody irritating. It is what it is. I believe we are still headed in the right direction.
GLA / DYOR.
I've sacked TW. Never again
PLEASE, never again use the word I M M I N E N T
HAA said that two year's ago
This whole thing is fast becoming a joke.
Gold price up $400 since December.
Not worth a bean to us.
Production now 2026 at least.
If you have his contact details then i'd ask him?
Are his details available to the general public?
Perhaps TW will let us know what is going on?
Any news like that about the second bank would HAVE to be rns'd.
I'm sticking with the second bank being useless....