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In terms of what I think Alanos, this is not the first time I have held a stock where all the ingredients for a serious re-rate are staring the market in the face, but the valuation remains in suspended animation. It can be confusing and often leads to lots of reasoning and justification that is purely sentiment/share price driven. What truly matters is that the fundamentals are all in place, and these nice little extra details continue to prove that.

The fundamentals will drive the share price when it is ready, and with it, a new, more bullish reasoning and justification. Such changes can happen almost overnight.

I have now alanos. Thank you for highlighting, and thank you to Robjm66 for tirelessly searching and posting these things.

So as I suspected, this is all looking like it is already timed. Official full funding set to close, give or take, in two weeks, followed by the ceremonial process in Ethiopia a week or so later.

It would be lovely to have any remaining overhang cleared by that point. My own count says c. 2.3BN shares traded since 22nd Dec, so that looks very possible.

Thank you for this, Bear666. I commented elsewhere yesterday that it was unlikely that Kefi would be attending the project site twice in February.

This indicates that this visit was going to be important. Confirmation that they will be meeting the president says to me that this will be the ceremonial sign-off of the project. That in turn says that the announcement of the full funding package closure will come somewhere in between.

In terms of valuation, let's see the overhang clear and the share price move more freely. Then let's see the final finance fully closed RNS, followed fairly closely by long lead item orders and earthworks commencement. There is no reason why these elements should not come through in the weeks immediately following the February sign-off. Then let's judge the valuation.

They don't need to the deal sites are the link. That is merely a holding platform.

I asked management about the low number of items on Kwiksales, and the response was that it will likely always stay low because it serves as an access point for customers to purchase flash sale items, as explained in the latest update.

A large excess stock item is pushed out at a super low price on these sales websites and sold off quickly at a decent margin. backed by 24-hour delivery and a near limitless fulfilment scale.

Have a look at Latestdeals.co.uk

There you will find Kwiksales discount codes. Under food and drink, you will find Discount Dragons items listed. Take a look at the other listings and note who they are up against. Hence, the messaging around needing Amazon-style delivery to compete.

From the last video update.

"With our own websites, what we have to do is we have to promote them. We have to drive customers to those websites. We do that through a variety

of different channels." That costs a lot of money vs basket margin.

"So the question is, now we've got stability. Now we can actually deliver next day. How do we unlock the potential to sell those brands to a wider audience whilst de-risking our own position?"

"What we know is that we can continue to build our own database, but ultimately, there is an expense connected with that because we've got to go and acquire a customer."

"What we've started to do and what we're in the process of doing is unlocking marketplace channels. So whether that be Amazon, whether it be

Temu, whether it be Onbuy, we're going to unlock all of those channels. And for the first time, now with our new fulfilment partner, we can actually

deliver single items, and we can do that efficiently. We'll still make around 25% margin, but what we won't have is any marketing costs and what we won't have is any card processing costs, and also we won't really have any additional staff costs. So all of that profit just flows straight to the bottom line."

Each customer unlocked on this new platform is then an access point to direct marketing that has a fractional cost vs TV or radio. Huddled through these new sales channels is going after millions of customers. They don't need many to stick as direct customers for it to make a big difference. So it's a double whammy in terms of opportunity, and to top it all off the stock they will be selling is on consignment.

I don't expect the wider market to understand this straight away, but at a £8.6m MC, I see (finally) a lot of potential to be had here now that the business is stabilised and has THG fulfilment at its back.

You need to treat this as effectively two business streams. The core business is all about basket margin and absolute margin, which are affected by marketing costs.

The deals site business is about rapid, sometimes one-off sales that have a margin calculated that includes commission and delivery.

It is well worth watching Martin's last video on this for insight.

I just wrote this elsewhere.

"It is important not to lose sight of the fact that #HUD is effectively offering its retail partners an outlet for their excess stock. Huddled for their part can take the stock on consignment.

That means no upfront inventory costs and, in essence, no marketing costs unless sold.

Think about that.

Morning all.

Having discussed their plans with management on various occasions, I would say that the RNS contains what the nomad allows vs other communication channels that perhaps can be more open.

It is essential to recognise the leverage that THG Fulfilment now provides. A big part of their budget previously was marketing, but it was a spend that didn't guarantee a return. The introduction of commission-based sales through external deal sites directly attaches the marketing cost (commission) to a sale that still delivers a solid margin (25% stated in the last video update).

In addition, through these channels, Huddled can now access millions of customers whose mindset fits their brands. That allows them to add more direct customers for a limited marketing (commissioning) outlay. Yes, they have to deliver it and prove it through improved numbers, but in terms of true potential for this business, the journey has really just begun.

2025 was disappointing in terms of revenues and profitability, but it delivered the leadership, the team and the fulfilment required to make this business the success it can now go on to be.

Someone has been accumulating here for a few weeks now.

Accepted Equanimity but in this gold price environment, Kefi has many good choices to fine-tune their equity package.

We are at $4,670/oz and rising. Kefi could not have a stronger backdrop. In my opinion, the Chancery CEO's comment, "let's see where we are in two to three months", was directed at the share price. He knows that in this pricing environment this share price moves north once it is free to do so. That creates options which in all honesty, the Kefi BOD should be aware of already.

It's excellent exposure for Kefi and brings with it significant industry belief and backing.

But most importantly, they have confirmed that $20m is sitting there waiting to go. With the $26m from the preference shares, Kefi has $96m of the guided $100m for the equity portion of the project. An additional $10m is there if they want it, but I would be far happier if they kept their options open. In this bullish environment, they could easily raise that in 2-3 months (post construction start) at a much higher valuation and retain that 3%.

More from the Chancery CEO in the live Q&A.

"Harry is on the phone to me every day. It is such an exciting story Kefi (Gold). Unbelievable. The market has missed a trick. It reminds me a lot of when K92 was 40 cents and nobody wanted to know. It's now $25. Really similar parallels."

The Chancery Royalty CEO just said this about the #KEFI gold stream in their live Q&A

"We've done a commitment for $20m. Would love to take $30m, but I said to Harry, let's see where we are in two to three months. So $20m is committed, and we are fully funded. We've actually got that money now."

"I said to Harry I'd rather he not take the extra royalty because that would be 9% gold on what is by far the best undeveloped gold mine in Africa."

So the $20m is committed. We're ready to fund when he's ready. The extra $10m, I probably would advise him not to take it. I'd love to selfishly, but I think 6% royalty is more than enough for this beautiful mine. If he still wants the money, we will give it to him, no problem at all."

That clears up any questions over at least $20m of the gold stream for Tulu Kapi. It is simply waiting for the call off.

I said when it was announced that the gold stream in this gold price environment is too damn generous. But I find it extraordinary that it is the gold stream company that is seeing this and encouraging Kefi management to reduce it. If indeed that is how this is playing out. Perhaps Kefi are the one driving the reduction.

Most important for me is that Chancery has the money if Kefi insists.

https://x.com/BigBiteNow/status/2013264981874077774?s=20

DD moved just before Christmas, but since then, delivery efficiency has improved significantly for all 3 brands thanks to the service provided by THG.

That's all done now. Now it's time to leverage that advantage.

The market has had guidance on what FY revenues will be. The EC has also gone on video to explain the issues with Boop stock in Q4. DD traded well in a Q4 that is Nutricircle's weakest quarter. So all "excuses" are already in the public domain.

The update should concentrate on the plans and opportunities for 2026, which are centred around a now fully operational THG facility.

I note no one here is highlighting the now excellent Trustpilot ratings that Huddled has managed to achieve.

A revisit of the Chancery Royalty video (see below) also helps explain how their investment will be spread out. This ties in with my posts last week.

At 17mins he says,

"We are putting down the first $10m right now. The second $10m in 3 months. The 3rd $10m tranche in 6 months time."

Now, a reminder of the quotes from Kefi I posted last week.

"The drawdown from the Project equity investors has started for some and for the rest is expected to start February 2026."

Start February, not close or complete.

"Drawdowns are in accordance with a schedule to match spending with funding."

It is important that investors digest all information where possible and then decide for themselves based on the facts. It can help avoid any unnecessary confusion.

https://www.youtube.com/watch?v=8W99hNbOAPY

Morning,

I won't even attempt to dissect what was discussed here over the weekend, but what I can see is that the $10m Chancery Gold fund raise is not scheduled to close until January 23rd (see below). Given that this funding is also being marketed as help towards their IPO, nobody can really determine how much of it is required for their first gold stream tranche with Kefi.

Meanwhile gold is on a tear.

https://chancery-royalty.xamplification.com/

The FY trading update is scheduled for January, but could come at any time.

Further video updates have also been indicated.

Huddled is now selling on alternative channels like LatestDeals and Hotdeals. Amazon, Temu and TikTok are also due to come online. These sales sources offer low marketing cost sales, which could be a margin game-changer for Huddled and are being driven by the fact that they now use THG fulfilment.

Boop stock levels are also starting to rise, I notice.

Any debt package for any purchase can fall through. So anyone playing that card with Kefi will always be able to argue, however weak a stance it may be.

But binding agreements are in place. So as long as the conditions precedent are all met and the economics of the project remain positive, then the debt package will be completed, and the project will progress through construction. This is why I pointed out the revised break-even cost with all equity included. At $1,946/oz, it is a long way below the current gold price, and future forecasts call for at least $3,000/oz going forward. That makes this project very bankable and gives the lenders no reason to walk away.

To kick things off, the remaining two equity packages need to close, but as I explained earlier, there is no real reason for them not to because they are subordinate to the senior lender's debt and the project economics can afford their terms.

It is natural to want to look for problems and be nervous until the Is are dotted, etc. Unfortunately, it is also normal for persons to be nefarious and throw around doubt, hoping some sticks, especially whilst an overhang is clearing. But given the fact that the overall market isn't stupid, all these details will not be lost in translation, which is why I think clearing the overhang leads to sustained buying, which will be supported by each progress update. Be they debt sign-offs or progress on the ground. I would think earthworks kicking off will really wake people up because it signals true mine construction.