Member Info for Bonkers0801

Harry

Harry lost me as a supportive investor a long time ago,

Unfortunately, I don’t share the thoughts we should be giving him a pat on the back, id also love to know what’s been said to mithril that changed his opinion from creating a shareholder revolt detailing in categories why he should be changed, to a letter off the back of a webinar thanking him for his outstanding leadership

Harry gives the impression he thinks of himself before shareholders,

Changing the sti bonus plan without letting shareholders know was a huge one for me.

The work he does via Semarang I question, and the charges he no doubts lays on kefi

The bonus received was poorly timed and not warranted in my opinion.

The work achieved in the last few years is very limited to date.

When a large percentage of your money raised goes on salary red flags appear for me.

The wages he receives are not in line with the average C.E.Os. on aim , the following link Executive Remuneration in AIM listed companies 2023 | KPMG UK and decide for yourself and decide what category he falls in basic salary vs mcap and turnover

I could carry on and on but I won’t., he’s the man that cried wolf, if and when he does it I will be caught off guard no doubt

Talking of communication, the communication surrounding Saudi has been nothing short of shambolic at best.

November 2024 Kefi said there was to be a strategic review of Saudi, the message to shareholders was very clear

1) GMCO were looking to INCREASE regional exploration

2) The cost of such exploration would be too dilutive to shareholders

3) Kefi made it very clear the focus for its capital was to optimise shareholder value via majority owned projects

4) That the funds would open up other opportunities of projects in Ethiopia.

This short clip is one of many showing that this was very much the alleged company stance

https://youtube.com/shorts/Nq6OyEnApUQ?si=9xJVHjzSiaUqOgYz

yet fast forward a matter of months to April 2025, BCM come on board as a new contractor to replace one we were not aware we had even lost, and because they intend to commit 23m suddenly KEFI were not “motivated to dispose its GMCO interests.

That is some turn around, and one that stinks of desperation, because if we were 20 odd million short , its clear Harry was prepared to put Saudi up as collateral damage to secure the cash needed to get TK sorted, BCM would have had to negotiate with Harry and its likely these discussions took place early in the year.

Why not announce the 23m and bcm in a separate RNS while continue the stance we continue to review the Saudi transacion

It’s likely in my opinion the reasoning for the review was a load of B.S

So Saudi currently remains, we need to pay our way, no idea how it will be paid and for our efforts we have been diluted to a vulnerable 15%, for me nothing has been achieved in Saudi, its been managed into a disaster for kefi shareholders and likely one that will continue to cause us financial concerns that will not benefit us moving forward.

I wished they sold the projects, put money in the account and then got the institutions on board at a better share price

All in my opinion of course

Saudi projects

Ok so ill start by saying something unusual regarding Harry, where Saudi is concerned Harry was probably caught between a rock and a hard place, the alternative to paying for our share of exploration in Saudi via dilution of the projects would likely of meant raising capital via the market and we would probably be sitting at 15b shares right now, raising money 2 times a year with TK and then a 3rd with Saudi would of decimated the share price.

So, Harry MAY of felt it was in share-holders’ interests to pay via dilution. Its easy to be a critic with hindsight in mind, but if the relationship with ARTAR was as great as suggested why not simply say a few years back to SLOW DOWN.

We had a holding of 40%, we were and continue to be a small company trying to manage multiple projects, why not say to ARTAR “listen we can’t afford to explore at the ambitious rate your planning, lets slow down and when TK is up and running, we can up the ante.

And if ARTAR refused why not sell the 40% there and then, because instead the choice made has simply diluted our holding to 15% at the cost of the kefi shareholder, we are still in a position we need to fund the exploration , on top of the new licences ill add , while ARTAR have simply explored at a discount as the kefi shareholder have paid 25% of costs,( was 40% )which has been paid for by giving up more of the pie to ARTAR. It’s a terrible business model.

ARTAR have played a blinder.

I agree with most that Saudi interests will be sold, kefi always said they intend to sell Saudi at the same time as TK launch , neither have happened and its not silly to suggest that could still be the plan. Its just not been very well communicated.

Kefi had time to do this, why not increase those reserves officially from 1.05m oz , why not go and grab some licences such as Konso and actually explore on them creating further value, you could then go to the banks with a 2m oz reserve which would be a lot easier to secure finance then one that’s in a poor jurisdiction and one that doesn’t even fall into a tier 2 mine category let alone tier1.

Harry himself said kefi have lost 5 years (speaks volumes).

you took time out to write some thoughts to me and asked me to do the same, rather then pros and cons just a few overall thoughts on saudi tk and harry , could of wrote more but haven't got the time i'm afraid.

tula kapi

for me the fact institutional investors have contacted harry or he has sold it to them that the project is worth investing in, is a plus in anyone’s book, regardless of how long they stay in for, it wasn’t just one investor either it was multiples so credit where its due.

ratification while not down to kefi its no doubt a huge step forward, achieved or progress doesn’t really matter, what matters, finally a stalled project can now move forward.

also,i guess the project is still alive, it’s not gone down the aim graveyard where multiple other exploration companies have ended up, shows harry has clearly worked hard behind the scenes at times to achieve this.

what’s not so great is easy its communication, a huge issue i have with harry is the p.r announced via regulated channels such a rns is not quite the same message as the unregulated routes such as webinars, the q&a and p.r such as vox interviews. and at times leaves you scratching your head, one statement will come out on one channel and harry ****s it up big time by making a hypercritical statement elsewhere.

if i listed all the contradictory statements, i would be here all day. some p.r also appear misleading, the slide on page 4 in the latest presentation titled field activities q2 2025 for me as a example of a little misleading, it shows a whole list of activities and then ticks next to them all, why the ticks??? why not just list them all, under construction it says new access road and then a tick next to it, gives the impression it’s been completed, the annual report clearly states its only 50% complete.so you have to research beyond an official presentation

it’s always been like that, 2020 annual report suggested that the ethiopian government had set aside the licences surrounding tula kapi with multiple targets, the following year it had been issued elsewhere and never seen again, same kind of terminology with konso, what harry says is very different to what happens,

i have always said tk is a good project, but why not advance it while we waited for ratification, harry has raised a unbelievable amount of cash over the years, 10s of millions, no exploration, no finance sign off, why not say to shareholders “look ratification will take as long as it takes, but in the mean time we will not stand still”.

aim investors love the drill bit to be turning, why not use only 10% of money raised to explore, 10% will give you a war chest of 4m.

Domt think im ignoring you mf , im just opping out

I'll look to answer your questions later on today

Mf well written and appreciate the time you are putting into the forum.

To add to some of your points , when harry mentioned you can't sell your house in a month, he was referring to the saudi review not tk finance , it was aimed at those that believed saudi should or could of been sold in December 2024 which he laughed off and then followed up with the house phase. It was never a realistic time frame.

My issue with tk is that its had a lot lot longer then a month , and the biggest thing harry done wrong was sell the story (rightly or wrongly to keep kefi in the game) by raising millions and millions , telling those shareholders who put up the cash, its to get it over the line ,and looking back it was never going to happen either, so for me he misled shareholders , at this point tk still isnt done , and its no surprise now some (not all, each to their own) want less words and a lot more action.

Exploration , yes I agree Saudi has been explored . I'd be a fool to disagree or a bigger fool in some peoples eyes here to say it hasnt . But again playing devil's advocate at what cost to the kefi shareholder, ARTAR have been relentless in exploring, probably quicker and more aggressive then kefi would like to admit, kefi haven't achieved this , they have simply tried keeping up which has resulted in a share holding in gmco down to 15%.

A drop from 40% to 15% while now leaving ourselves wide open to be brought out, for me is not achieving, it was imperative we stayed above the 25%.

Yes I need to make allowances that this is Africa , things dont happen overnight and its incredible slow , and at times, difficult, the sectornisnin general . I do take those points onboard. This is also a one player game , I dont blame harry for my entry point or my holding, that's all on me , but I do expect a c.e.o to act in shareholders best intrests at all times, and too many times now i have seen harry act with his own intrests first where the timing frankly couldn't of been any worse.

Mf, enjoy your weekend

So what has been achieved MF2017?

I dont mean to come across aggressive, but take emotion out of webinar , how has kefi moved forward last 18 months.

Tk

Saudi

Exploration

Finance

Which one?

Lesterpeigeon , its weird me calling you that. Do you mind if I call you and chaucerman stormpiper it feels much more familiar.

You say you for one am very happy with what's harry has achieved. But then dont actually say what your happy about.

Care to share what your over the moon with since 2024.

From where im sitting very little has been achieved other then raises and dillution.

Ratification was obviously a big hurdle but that had nothing to do with kefi.

So what is it , why are we giving harry a pat on the back and saying you deserve your bonus

Hahaha mithrel thanks for making me smile

One min your leading a shareholder revolt against harry , next min your thanking him for his outstanding leadership.

Quite a cringe reading letter if i have ever read one.

Felt harry was ready for battle today, i watched it with a negative attitude.

Unfortunatly telling shareholders he had hardly seen his family for 11 years while being patronising regarding the 5m worth of shares and then defending his salary he completly lost me.

I did smile when he said those that thought saudi would be sold in December were being very unrealistic, takes longer to sell a house , I got slaughtered by some here ,for suggesting otherwise , hubstar and co have gone buy one poster remains which will remain anonymous. But starts with ste and ends in bo.

Saudi defence was to tell us ARTAR think we are weird for wanting to sell, no harry shareholders are sick of Saudi dillution and have concerns how its to be paid for , if 10s of millions was on the table whyvwas keeping it a better option , we dont know.

Disapointed only 2 questions from the room, 2nd one was a weird one , more disapointed as mine wasnt addressed.

Regarding tk finance sign of ibheard NOTHING that give me hope this is done and dusted by August, add his body language and attitude i thinknits going to be a while longer yet.

Shame was hoping for more. Maybe those that made the effort to attend can give some more positives

Unfortunately i honestly dont believe there were any bids for saudi stringer , the terminology used and the tikeframe believes it was all about pr stunt

Tk I dont thinkis done in aug , I hope it is , honestly i do , I can then exit this. But I read nothing that convinces me it will be

stringer stebo was giving me a hard time nearly a year ago saying final weeks here and there , i find it strange he questions dv that its a bad time to trade when he done it himself a few weeks ago. the sheer cheek of the brooker, i mean man

this isnt just about to cross the line in my opinion , kefi latest guidance 2 months.

bcm have only said they intend to commit , id like to know if they have acctually committed. until then thisbremains up in the air , have the 2nd bank also done there revised agreements agian it needs to be done.

saudi is a ****show , there's no other way to describe the mess its in.

open a data room in november saying we are thinking of shareholders and intend to move on with majority owned projects. in the meantime we have alleged to have opened the data room. bids were submitted and then unbelievabley extended , but we simply walk away because bcm have intended to commit 23m., it was a pr stunt for me and time building exercise.

i'm sure if there were companys that were doing d.d they are fuming , wasted time and money bidding on a minority stake in a project.

now we have 15% of a project we can't even make serious plans for the future because it can be legally taken from us at any moment , if not and we keep it we have to fund the exploration and if we can't afford that it will be via more dilution of the project until nothing left. i see a silly price sell or i can see it gone for nothing via dilution.

meanwhile tk has been promised for the last 3 years , but i was again shut down last year for saying its impossible because afc couldnt legally lend kefi the money until ratification was done. so harry has lied constantly.

now we are going through a process that doesn't happen overnight while oppo is screaming all on track and its about to rerate, shame i used to like his posts until this weird cheerleader obsession.

cash gets spent very quickly in kefi. i can't think of a single aim company spending such quantities of money on either exploration or a project that's not even financed.

manu says has any money come in yet , the question should be where the hell is it all gone.

so much wrong here. i can't wait to get out of it , and while there is so much wrong harry is getting huge bonus plus a salary which despite what others type isnt the average salary for a company with our market cap.

he's on a very very generous salary indeed.

please rampers work harder. we need this ramped up for my exit, because i dont see finance sign off any time soon.

lifestyle company

Rob I'll take that as you can't name any them!

Mf , a very balanced post

Hi eric , farming out part of gmco for a free ride isnt a sustainable option.

Simply there is no free ride ticket on offer , we can be brought out whenever ARTAR chooses too , and why would they when their holding has increased for no out lay and their exploration has been done 25% ,(now 15%) cheaper courtesy of the kefi shareholder.

Noveneber 2024 , KEFI has made it clear that the priority for its capital is to now optimise shareholder value via majority-owned projects."

April 2025 , now no longer motivated to sell , now that bcm are potentially onboard.

If that doesn't scream it was all about money then I dont know what does.

If it was all about the money, any offer for Saudi in the bracket rampers talk about here would of been signed and sealed. Even the more negative like me would of been happy if 75m was to land in the accounts.

Rob do you work for kefi?

Question you wrote harry gives hints away in previous webinars.

Please enlighten us all , what positive hints has harry previously disclosed that actually came through?

Where im sitting this pretty close to a scam the last few years.

Eric where do you see 5m coming from to pay for our share of JQ , dont you think that's more of a important question before you work out what divi you may get in a few years time.

5m is some dilution

If not diluted it will be sold , if so why not sell before the last raise? Especially as this moves into q3

It's hilarious the posse rounded on me to suggest this was not being done by Xmas 2024 , and here we are , minimum of aug 2025

Eric where donyoubsee 5m coming from tobpay for our share of JQ this year

Being prepared for 2025 devolpment launch

Kefis equity contribution should we wish to participate is 5m

So its pay 5m by diluting , or dillute to pay or sell

Which begs the question if 10s of millions was in offer why on earth wasnt it sold

Aug for tk launch , no chance

10s of millions for Saudi no chance

Its quite scary how this company litterally hemorrhage money ,

The spread has never been 10%

Might say .56 ask in lse but looking at hl last few days the buy quote is much much closer to the sell quote.