Kefi Q+A12 Feb 2026 07:18
Q: Why is mining contractor no longer investing equity?
A: It is good news that the mining contractor as it is still making the same investment but not receiving any equity share. That is a positive outcome of the retendering that we completed.
Q: Why not raise a simple traditional royalty instead of an equity-ranking royalty and why not complement it with a simple share issue?
A: A traditional royalty is much riskier in that the royalty provider gets paid before other stakeholders. Therefore it increases the risk of financial leverage.
As regards the suggestion to issue ordinary shares, we are striving to avoid unnecessary ownership dilution. We have been transparent that bank debt approvals in October allowed us to then focus on optimising equity structures and fully launching.
Q: Does KEFI have any licenses which contain critical metals, other than silver and copper?
A: We have opportunities and we do not discuss licensing strategy publicly
Q: Please comment on rumours of a possible takeover, partly due to public commentary by a journalist who claims to be close to management.
A: We do not know what has been said, have not discussed the topic with anyone and remain focused on building the business for its long-term returns.
Q: I have been investing in the junior mining sector for nearly 20 years and have been based in Saudi Arabia for the past seven years. This is one of the key reasons I have been closely following KEFI, as I share your view that the Kingdom offers very significant long-term potential for mining development.
While I am not familiar with the detailed terms of the Al Rashid agreement, I would encourage you to consider, where feasible, the possibility of applying independently for exploration and mining licences.
Given the evolving regulatory framework and the increasing number of opportunities being made available, this could potentially offer additional strategic flexibility.
A: All possibilities will be explored.
Q: Now that all the funding is effectively in place is Kefi able, even at this stage, to provide any forward guidance on a dividend policy? Feel free to caveat it as you think appropriate.
A: TKGM’s formal mandate is restricted to its licence area and, apart from servicing its business operational and reinvestment into that licence area, it targets to reduce debt quickly and pay out to royalty and share holders.
In turn, the KEFI group of companies above TKGM would place a priority on striking a good balance between reinvestment in business growth and dividends.
Feedback received from a long-term KEFI shareholder:
I have been invested since the Nyota days, but have regularly doubled up on major pullbacks, due to my respect for the effort you have been putting in. I've never lost as much on a stock, but fortunately this has paid off handsomely in the end, and I now have a substantial shareholding. Obviously I could have made much more buying the S&P500, but I shoul
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