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Evening all, I have put together this post, which contains two extracts. One from the 22nd Dec RNS and the other from the 6th Jan.

I believe the key statement that was perhaps lost in today's RNS was this,

"Having arranged that the equity capital package includes non-ownership dilutive Gold Streams and the KEFI EthioPrefs, the required Lenders' approval of the associated detailed documentation is taking place and is expected to be completed shortly."

If this is correct then once that approval lands Kefi will have completed the next key milestone of closing the c. $100m equity element of the finance.

It is then intended that this finance will be employed to commence the early phases of construction, whilst the senior debt finance package is closed out. Bear in mind that this could not happen before the equity portion is closed.

Today's RNS had too much detail and was poorly referenced. It should have tied back into the 22nd Dec RNS, and then perhaps it would have been better understood.

https://x.com/BigBiteNow/status/2008589374527598705?s=20

Boop items are running down, but they also started a flash sale yesterday with 85 items listed. That is now down to 70 items. They can do this now that the next delivery cut-off is upto 11 pm. Nearly all fragrances were included, and the most expensive fragrances have already sold out.

At its core, that means sales. Be it I would like to see some replenishment taking place.

The company doesn't need to update on every issue, but at the same time, these issues wouldn't be blown out of proportion if investors were kept better informed. I have made this very clear to management as often as I can.

Morning all,

I have been in contact with Huddled and was informed that DD has indeed moved to THG and is now operating well, but this transition came at the expense of a few days of downtime last weekend. The company is express delivering all orders that were delayed to catch up.

DD reviews have also been impeccable for several weeks leading up to this move, leading to a rise in their overall score. The same applies to NC and Boop, whose reviews remain very positive since their move to THG.

I count 12 complaints on Trustpilot in the last few days, but I am sure a few more will come through. Not ideal, and yes, some explanation as to why they decided to move so close to Christmas would be good, but it is also important to appreciate that they are processing many hundreds of orders a day. So some perspective needs to be applied also.

An update on all things Huddled is very much required, and I believe this is being worked on.

Huddled needs to update the market on its progress and plans. Something I trust they are working on. Then perhaps some of these comments will fall away, and investors can return to focusing on what is a really compelling growth story.

It is worth appreciating that Huddled booked more gross profits in Sept than it did in the whole of H1 2025, and it was achieved off the back of a relatively small increase in monthly revenues. The interim report demonstrates this. Improvements in the AOV and absolute margins drove it. Since then, DD has enjoyed significant PR through its C4 exposure, and it has moved at least two brands to THG, where costs and customer satisfaction should see further improvement. Plus, the Q4 holiday selling season is in full swing. That combination does not scream that this should be sitting at an all-time low share price.

The lack of communication has driven it, and I have communicated this to management. That gap, plus bright lights elsewhere, has taken interest away from the business and created an unnecessary dark cloud over sentiment. This seems to be preventing the market from seeing/remembering the progress achieved to date. But that doesn't mean it's not real. However, if the improvement and progress have continued through Q4 (the above developments say they likely have), then in time this will right itself.

Some excellent insight into the positive effect that the C4 series has had for Discount Dragons.

Worth a watch.

https://youtu.be/hveNKqYdnCA?si=G7kbfj045x107KlW

Making the 2 weeks guidance a thing only sets one up for disappointment and fails to respect the complexities of ensuring all stakeholders are satisfied.

Any perceived overrun does not change the current price of gold and therefore the markets bullish approach to the sector. Nor does it change the economics of the project.

I would much rather they take the right amount of time to ensure a happy group of stakeholders and the highest possible stake is retained. That said it could land anytime.

That’s enough from me.

Morning all,

I am reasonably new to KEFI, having taken advantage of the dip on 7th November. However, I have been adding since.

To say the set-up is compelling is an understatement. Some commentators inevitably try to spread doubt given the importance of the next stage of funding, and yes, nothing is ever certain. But at the same time, these things are always about the percentage chances involved.

The biggest hurdle for KEFI was getting the banking syndicate together and their sign-off on the main debt package. Post that KEFI requires just $60m in further equity to complete their CAPEX needs. To place that in context, this represents just 32% of the current market valuation. Why? because gold prices are so high that such equity is essentially irrelevant at this stage.

The extract below more than proves that.

"At US$3,000/oz gold, the project demonstrates a levered NPV5 (100% basis) of US$1.1bn and a levered IRR of 89% at the start of construction. The levered NPV5 rises to US$1.3bn at the start of production. The project is expected to generate net cash flows of US$1.6bn to shareholders. Average

annual EBITDA in the first three years of production is estimated at US$387m."

The numbers are simply off the scale, even at $3,000/oz gold, making the equity portion left to find almost trivial, and we are currently a good $1,000/oz higher than those figures.

If anything, this is now about negotiating as fair a deal as possible and not giving too much of the prize away for such a small element. Included with this are the expectations of the Ethiopian government and local stakeholders. This is why my figures are all based around 70% final ownership, with any uplift deemed to be a bonus. You don't march into a country and take that sort of money out without somebody wanting a piece of it.

But even at that sort of stake, this is still a big winner post-finance and even more so as construction unfolds and production begins.

As I say, doubt can always linger until the deal is over the line, but the numbers say this is about when and not if.

At $3,000/oz and a 70% stake, KEFI would generate c. $270m in EBITDA in the first year of gold production alone. That equates to 450% of the $60m they are looking for, and they are closing the deal at +$4,000/oz. Enough said.

I have bought a ton of these today.

The entry price currently offers me a 17% dividend. Far too good to turn down.

Apologies, I accidentally published that post without completing it.

That should read... Many companies are using their social media accounts to communicate the progress of known plans. There is no reason why Huddled couldn't do this, too.

The feedback I have received is that the team feels it is better to get their heads down and push the Q4 business plans forward. The impression I also always take away from my chats is that they are working very hard, they are full of ideas, and they are more advanced than the market currently understands, but as a management team, they are also potentially stretched right now. This is perhaps why they choose to update the market quarterly at the moment, which, as I say, is a shame.

That's a real shame bobbyaxelrod.

I have recently chatted with management, and the picture being painted is one of a much better story developing than investors are currently able to understand. This is why I keep encouraging management to update the market more often. I think if group profitability were secured and cash on hand were increasing, it wouldn't be so necessary, but the business has not declared that yet. If I then add in the THG move, whose programme of execution has only been hinted at and so far only partially communicated, then there are solid grounds for more updates. These don't need to be in an RNS. Many companies are using their social media can be through their social media sites

New tweet.

https://x.com/HelixExp/status/1988910238360113558?s=20

The 16th Oct RNS was a fascinating update, but interest soon dissipated because many felt it was just a case of jam tomorrow.

One month later, they are going after that jam but also looking to deliver what could turn out to be the strongest-performing helium well to date. Remember this well is in the southern dome, and its ultimate success should feed into an upgraded resource report. So the result is important.

Also, committing these funds says much about Helix's confidence in first production and working capital to move through that point into sales.

This is the Bo quote from the HEX interview.

"We would like to punch six to eight wells per year in this thing (Rudyard)."

Great interview with an excellent US reach.

I didn't say Discount Dragons, and I agree there is work to be done to improve the service there. But my understanding is it hasn't moved over to THG yet.

Dare I say that these videos are getting better? Clear, straightforward insight into what THG can do for this business moving forward.

Recent feedback from management is that the string of recent poor reviews for Boop and Nutricircle has ended now that they are in THG.

https://www.youtube.com/watch?v=CGKEVBKTNKw

Morning Bobbyaxelrod,

That wasn't discussed. Does Channel 4 usually take payment from/pay companies to create documentaries? I approach it as a mutually beneficial project for both parties. The content and the perception gained by viewers will be the deciding factor. This 4 parter is part of a saving UK consumers money series, so I doubt it will be a hatchet job.

If anything, it will introduce a great many more people who clearly have an interest in the subject matter to Huddled brands and (thinking more immediately) during the busy run into Christmas. In addition, it will add further trust that they are a legitimate business worth buying from.

These things are all about timing. I invested in Huddled last year because I could see a strong case for the continuous fall in UK living standards creating an attractive customer base for these brands. This series helps compound that belief. On the flip side, Huddled has needed more time to execute than I predicted, but that doesn't mean they aren't progressing well.

I have had direct feedback from management on this.

Post move each brand is being monitored to ensure that it is functioning properly before then updating the cut off time. They are very happy with how Boop is performing post move. Expect to update cut off times later this week.

The Channel 4 four part series is a chance for the business to be showcased and for a wider audience to not only better understand what they do but also see that their brands are trustworthy and here to stay. It is excellent PR.

There is a new broker note out from Hannam and Partners, which gives excellent insight into hydrogen and in particular, helium 3. It also explains their relationship with Rudyard and the connection with Ingomar. I struggle to see how they put it together without company help, which in turn makes some of the quotes around next steps, etc, all the more interesting.

I have added a few quotes here, but I can't copy the full note over.

https://x.com/BigBiteNow/status/1979063349443735673

Great post TrekMadone.

I wonder if the market needs a little time to digest the enormity of all this. I’ve been involved a long time and follow helix closely but am certainly still taking it all in.

The offtake agreement or lack of has been feared but perhaps we should be more excited to hear who final partner will be and what they will bring.

What today’s announcement has certainly taught me is that there is far more going on under the bonnet than we think.