Member Info for Bridgedogg1

From Donegal1997 on ADVFN: “Good news for a change. TW said he can't discuss the security issue but he knows what it it. The mining minister wasn't aware of the delicacy of the issue and is now, as are the financing syndicate, including the banks. The EG will now allow the extension and an RNS is expected on Monday. He also said that the 'we will know' why he couldn't tell us what the security issue was in due course”

Hopefully he’s right and RNS Monday tackles this. The question remains why the details of the letter wasn’t shared with us.

“ The Directors of KEFI believe they have an especially close working relationship with the Ethiopian Government, which is a shareholder in TKGM at both the Federal and Oromia Regional levels”

The only positive being that Harry is currently in Addis Ababa so hopefully this is getting sorted along with the financing.

The letter was issued prior to the quarterly update webinar. Harry said the issues would be resolved this month so I hope he had all this in mind and the finances know they need to move it along. As I’ve said the security issues don’t need to be resolved due funding they just need to be accommodated and planned for. Hopefully this will get the funding fast tracked, otherwise we are looking at a big hot mess. The ministry seem pretty ****ed but no way they will revoke the license at this stage imo. It’s not like someone else is going to come along and pick up the project while there’s a civil war on.

All will be revealed on Monday morning RNS. If this tanks I’m going to be ****ed but I think it’s saber rattling.

Just having a look at this and wondered if this loan is all above board. Would have though an O&G company going into development could do more with £3m than get 2.5% return p/a. Has it been secured against anything? What opportunities have come up as a result?

Brilliant Strategy?

Hopefully next week will see this begin to pick up as solutions to security issues are put in front of the financiers. We don't need the solutions in place they just have to be accounted for in the planning. Harry said by end of October so we will see. Much of the outstanding matters are with the Ethiopian government, so that may involve a commitment on security, but also an increased budget on the project for air transport over road transport. I also expect news on a bridging loan, possibly from one of our African banks, to cover costs until the end of the year.

Ethiopia are investing massively into infrastructure and road construction. We are seeing the electricity links to neighbours improving and the dam will be generating electricity shortly. Ethiopia is one of the fastest growing economies in Africa, its great that we can be a part of that. Hopefully the civil war will shortly be resolved and humanitarian relief can get to those that need it.

Share price seems to be strengthening a little and I have and will continue to top up at these levels.

Thanks LO, I'm actually invested here, ORR, WRES, KEFI and RMM. All good turnaround prospects and undervalued. Huge asset here which I believe will come good, my frustration is not only the offtake delay but the lack of detail and the seamless switch from one offtake discussion to the next without any details on what the helll is going on. Don't like it when shareholders are treated poorly.

..but one of the key points from the webinar was confirmation that the project funding would cover our outstanding loan and capital requirements.

"Roll on Q2 2022 next year - because that's when we'll get a clearer picture on "how much and by when?"."

I thought initial production was slated for Jan/Feb? Or are you talking horizontal?

Nicks, the only reason the mining was put put on hold was because the LOI were not converted to offtakes. I'd also suggest that an offtake in the region of 32k/month is already priced in to some extent (I'll leave you to do your own calculations). This needs an agreement with the Chinese to get it really moving.

There also upcoming Hawiah news:
· Phase 4 of Hawiah's 2021 drilling programme is nearing completion - approximately 14,000m of 15,500m completed
· Updated Hawiah Mineral Resource Estimate ("MRE") on track to be reported in Q4 2021
· The upgraded and expanded MRE is likely to enhance Project economics in the Preliminary Feasibility Study ("PFS") due to higher grade and increased tonnes
· Metallurgical testing, environmental and hydrological programmes are progressing well

When I compare to popular companies like Kodal, they have no license, no funding and a much smaller project that they will have to give a way a large chunk of to get funding. Their gold projects are really early days and don't have anywhere near the potential of what ours has already delivered and yet KOD is worth 3x Kefi.

Now that gold prices are coming back we might see people searching the market for under valued near-term gold miners to leverage. If gold pushes strongly above 1800 we should attract some more interest. There is a big disconnect here between share price and value.

Very nice update.
- out of every Ounce $900 on costs, $300 on financing, the rest profit to KEFI.
- technicals on financing agreed, legal documents with major banks for ratification

Quite a few automatic execution buys going through. KEFI must look undervalued to some algorithm or other

Unless...

West Newton doesn't flow at all after spending another £5m.

Wressle starts to produce water or quickly declines

I wouldn't make guarantees

Yes - £1m bridging loan - up 20%, £1m placing down 20% - looks like they took the correct course of action this time.

Hopefully the genius' down at KEFI can do the same and my turn around plays will actually turn around.. maybe

The gov are otherwise occupied but I'm sure have an eye on the potential revenue from TK. If the 'big push' up north gets resolved quickly then regional security will be much better. I reckon the gov will be looking to reclaim Afar and Amhara then come back to the negotiation table from a position of strength. A full out victory isn't possible IMO, they just need to understand that they dont run the country anymore. I hope for the sake of people in Tirgray this gets sorted out asap.

The delay may not be one of security per say, but more of project funding - i.e. this may need to be revised upwards once additional security costs and transport costs are factored in. Maybe we will have to drop another few extra % of the project to get this over the line?

Either way lets get this resolved before the end of October as stated. We will later see if Harry has changed his tune on timescales, if not then its all good.

Its not Masterman, its the fundamentals, or more specifically the debt.

Why do you think £3m was raised just when revenue started coming in?

Fleshes out the security risk nicely. Seems to be focused on the route from AA to TK and the number of incidents locally. TK just inside a hot zone which apparently is more of a security issue than some areas in Amhara- seems unlikely. The security report page is in French, probably completed by an independent security firm for the funding?

Shows the potential expansion of Hawiah, already 2m oz.

Harry will be targeting Institutional investors once funding goes through.