Member Info for Catbert

The numbers used by Edison are very conservative and neither do they consider or include the underground potential of the site.

The risk discount for jurisdiction should also be considered in the light of the fact that the project has both regional and Federal Government plus the country's own Sovreign wealth funds as participants.

A Gold price holding nearer to $3500 has a significantly uplifting effect on the NPV. Once the sign off is completed I would like to see a revised report.

I have no issues with Edisons methods, however in just a few months Gold has moved significantly and it seems that it is now a far more fundamental constituent of Central Bank's holdings given the propensity for money printing and the ever increasing levels of government debt.

Once gold prices appear to have been normalised at these higher levels the case for revaluing Tulu Kapi becomes compelling. Simms45's value may come sooner and could quite easily be at the upper end of the figure predicted.

For those not of a mathmatical disposition simply ask your AI to recaluculate Kefi's beneficial interest in TK using the edison calculations but based on the higher Gold prices we are seeing. Then do the same with an added uplift to include a possible 1 moz underground resource.

Then just for fun, go and look at yourself in the mirror. You might find that your eyebrows are a quarter of an inch higher than they were before.

GLA

Extrader I fully agree with your last statement!

For me what is interesting is both the general principle at play here and the intent behind it, which seems to be that there is Chinese capital available for green steel.

Perhaps now that US Bonds may have less of an appeal the Chinese evidently have capital to deploy into a foreign markets. In this case as a financial transaction with a safe covenant such as Fortestcue in a transaction which simultaneously also serves to support the persuit of China's own mercantile aims.

It seems to me to be a very enlightened way to think about things and offers a degree of encouragement that a Capex hungry project such as ours could be funded by something similar.

Board meetings for KEFI, KME, and TKGM are taking place in August 2025, with each meeting following the completion of internal approvals and definitive documentation.

These meetings are coordinated to allow signing of all necessary documents to advance the Tulu Kapi project, after which other parties (banks and government entities) will proceed with their countersignatures.

The government entities who are counter signatories are

Ethiopian Ministry of Mines: This is the principal ministry involved and is the main government signatory for the mining agreement and related permits.

Ethiopian Sovereign Wealth Fund: Participates both as a partner and investment entity, with a direct board-level role and countersignature required for funding and project structure.

Federal Ministry of Finance: Required for financial oversight, regulatory compliance, and state investment mechanisms.

Oromia Regional Government: As the project is based in the Oromia region, the regional government’s participation is required both at the syndicate board level and for project operation and approval.

The first part is our Boards signatures which do include members from the regional government but the regional government itself also has to counter sign.

I can see why Harry has said August signing but probably complete in September because of the counter signatures required, hopefully it isn't too far into September as presumably all the formal agreements have been done well in advance of the signings and it is just a question of schduling these signing processes.

Let's hope for news ASAP.

Thanks for the Psychological insights Caterham 7.

I had put it down to them being a bit of a ladies front bottom (colloquial version thereof).

But I like your explanation better.

This plant is already running and was commissioned in 2023 it's not that big at 1m t/pa.

https://camaltd.com/fortescue-baowu/

This might be interesting though. I understand that the Chinese have also just lent Fortesque $2bn for green steel projects.

https://www.reuters.com/sustainability/boards-policy-regulation/australias-fortescue-secures-yuan-loan-worth-2-billion-green-energy-plans-2025-08-07/

Still more drills to report on at Mbe plus the environment and social license report and application for the mining license at Bibemi news due soon too.

All potential catalysts here. Mbe isn't the only asset.

There is nearly half a million ounces of decent grades at Bibemi in a shallow open pittable deposit in a trend which has only been partially explored almost ready to go into PFS. Some would argue that Bibemi alone is worth multiples of the current market cap.

Understandably the excitement is Mbe given the potential scale and the bonanza grades of course.

GLA DYOR

The signatories were/ are all party to the umbrella agreement, an accord which has been in place between all the signatories since 2022 only amended with the exit of FCW and replacement by BCM who were able to agree to put some monies into the pot.

The conditions of the loans need to be certified however all the terms of the agreement have been known about for a long time. Indeed both the regional and federal government are posied to benefit significantly with the regional government expected to earn IRO $50m per annum net of dividends which is 1.4% of their annual revenues not to mention the additional wealth created by large numbers of well paid local jobs and the obligation by TKGM to purchase locally wherever possible.

There are multiple parties and the agreement is complex and must be built for the numerous contingencies and risks associated with building a mine- if it takes a few more days to ensure an amicable accord on any of the finer points, so be it.

Again as has been the case throughout some elements are requiring actions by parties outside the direct control of Kefi. Harry is on record as saying signing in August although it may slip into September. This goes as fast as the speed of the slowest member of the party and these are not parties controlled by Kefi.

If someone has backed out then it is a requirement that Harry and the BOD informs us of this, however given that the parties all signed the Umbrella agreement this is not anticipated and furthermore the draft agreements have been in circulation for some time now.

Indeed had anyone been unhappy with what they were expected to sign then they will have had adequate time to raise any concerns.

Https://www.steelradar.com/en/mauritania-and-saudi-arabia-launched-iron-ore-partnership/

Certainly in our space and a project with existing infrastructure so they may be a project with a lower production and Capex than our own.

Either way we have a larger resource and it is good that this project looks to be getting the go ahead and will be looking to come online in 2029.

This gives potential buyers or SI's one less option which may be good for us. Our project is at least 6 times bigger too.

Lots of posts from sandwich boy at the Buffet. We must be getting to him as we near signing.

The more he posts, the closer we are, so we must be damn near over target by now.

I imagine someone in the Les Patterson mould "Cultural Attache" sharing his wisdom with us all albeit with some of his egg sandwich dribbled down his tie.

It takes all sorts to make a world, Buffet included. GLA even Buffet.

Agree Crazytowner. Should be at full NAV by full production and the timeline set is 18-24 months (sign off to production) should be .3-.5 of NAV at sign off so £250m is in that range.

The build isn't lengthy and one imagines they will do everything they can to get this delivered ASAP- so if they can land it nearer to 18 months that will be a great achievement.

Valuation during the build will fill the gap between sign of value and full NAV as time progresses. Crossing the £100m value will certainly attract some more II money.

These estimates are excluding added resource from underground, Konso exploration, Saudi development etc. Plus, if gold continues on it's present trend again that is a helpful bit of wind in our sails.

Sign off here will be a monumental catalyst for share price appreciation.

Sooner rather than later would be ideal but if it takes a few more days or weeks that is okay by me as long as it gets done.

Compared to something like Orosur which has an Mcap of £39.6 M and no resource this has massive upside still. Could easy x 3 in quick time from here and the Bonanza grades are something special which will get worldwide attention. If there is an MRE for Mbe out soon that will be a further catalyst.

Looking at the excitement around Wishbone there is real hunger for these smallers Gold Explorers particularly if they have genuinely found a seriously valuable deposit.

Don't forget that Oriole already has an asset and Bibemi with an established resource.

According to the March plan the Mou for our EPC was due in Q2. So why no announcement?

My AI has four basic theories;

1. The failure to announce the EPC contractor may be becasue they are linked to the Strategic Investor and the SI doesn't want to disclose their interest at this point.

2. Technical details still need to be resolved - we have changed the spec somewhat and details may have taken longer to work through into and agreement with the EPC contractor. Indeed we don't even have a specific plan on the number or location of the pellet plants which as of March was still at a TBC status.

3. Commercials still need to be resolved as per 2 re specification changes hence the delay. It might also be the case that we're looking for a fixed price deal as per Kore Potash and no EPC is going to sign one unless they have fully understood their risk in doing so.

4. We are in the process of negotiating term sheets.

I'd love it if 4 was correct however at a guess as we haven't reported yet on the tailings study, pipeline study or the pellet plant study any one of these could be the reason.

We are now looking to be behind the timeline that was set out in March , however to be fair any strategics with whom we are engaged may also be requiring work and/ or clarification of elements of the plan which we might not have been able to anticipate back in March.

If we are engaged with multiple strategics then there is the interplay between these players which also needs to be managed.

As many elements of these workflows are intrinsically interconnected we may be looking at a situation where many of the outstanding pieces get reported on simultaneoulsy.

Possibly this may align with the signing soon thereafter of term sheets for construction and finance (one can always hope).

My own deadline for this is the AGM. Hopefully we have some news sooner.

GLA DYOR

Ask your AI the significance of asenopyrite finds at Red Setter and what this means for gold discovery also ask it the significance of the reef structures at Telfer and how many reef structures we have at Red Setter.

Https://www.linkedin.com/in/marty-knauth-49992235/

Worth a look and also worth reading his posts. The people who endorse his posts are worth looking at too for insights into the sorts of people who are attempting to cultivate a relationship with him. Consultants, prospective employees and so on.

The message that Zanaga was progressing towards a construction decision seems to be the most meaningful piece of comms we've received.

If this is the case then presumably we now have passed a bankable feasibility study stage.

Indeed we seem perhaps now to be in a position of final adjustments or so it would seem.

Q3 ends at the end of September. By this time we should have completed some significant elements of the plan set out in March.

Should be interesting to see the assays when we get them in a few weeks time. Hopefully they are good and the breccia has gold in it which isn't refractory. Exciting times!

Good point AM90 this is value. Good jurisdiction and Alex has now got a handle on understanding the structural controls of the site plus we've had a welcome bonus with hits in the Gabbro. The MRE is due Q3 which ends in September so, imminently due.

My guess is we'll be just shy of 2moz and all for £9M Market Cap (most of our material is at or near surface so we're open pittable).

This isn't some crazy jurisdication and it doesn't need a massive capex to get started. Probably a £100m and we can mine it. Some total ding dong of a seller who wanted to capitalise on a news free period and maybe thought we'd raise has torpedoed the price.

This is looking like crazy good value it has lots of very loyal long term holders who are well under water most of whom have sunk enough into this. A good MRE and this takes off. Compared to others it is mad value. Some news and some new buyers and we are going to fly here.

GLA DYOR

This is flying, no assays, asenopyrite and they haven't hit any reefs yet either but it's still flying. Wow...

Hi Sadako, Everyone has to do what is right for them. I have wavered too on a few occasions debating what constitutes "rational self interest" for the various parties involved, some of whom won't even identify themselves.

On the subject of being taken private and removing the benefits of partaking in the upside from PIs it may be possible to do this however it is also a holders right not to sell. Even though the downside is the loss of liquidity.

Furthermore on this subject a few of our big holders are some of the great and the good of the Iron Ore industry who are wealthly enough already and might wish to preserve their good names.

No matter what is right for you there is still a significant event that is supposedly near term which is the announcement of our strategic investor. Perhaps once this is announced some of those who have followed closely from the sidelines may decide to rejoin the fray.

The issue here is that there is so much secrecy about so much that it has become rather difficult to piece it all together. I remain deluded with optimism. It might cost me a hefty price. It might be a good call. I really don't know.

My hope is that what is going on in the background is the completion of the derisking and asset optimisation.

Such that the project will be ready to be sold for the best price possible- somewhere between £2-4 per share. Many of our participants are getting on in years and I would assume they would wish to enjoy not just the excitement of concluding a project such as this, but the rewards too.

GLA

Https://normative.io/insight/eu-cbam-explained/

You can see one of the reasons why they are buying

As of 2025, the European Union accounts for about 7–8% of global steel consumption, and imports remain a significant part of its supply:

EU Steel Consumption

In 2025, the EU's apparent steel consumption is forecast at 128–130 million tonnes.

For context, global steel consumption is estimated at around 1.75–1.8 billion tonnes in 2025. This means the EU represents about 7–8% of global demand (130Mt/1,800Mt).

EU Steel Imports

In 2024, the EU imported approximately 28.9 million tonnes of steel, a 3.7% increase year-on-year.

Imports typically make up 27–30% of total EU steel consumption. In 2024, EUROFER recorded imports at a 27% share of total apparent steel consumption, one of the highest on record.

Key import suppliers include Turkey, South Korea, Vietnam, Taiwan, and China, with Turkey accounting for 16.4% of finished steel imports in Q1 2025.

After the signing they still have to complete the resettlement, purchasing and contractor mobilisation. The signing looks like it is still scheduled for August according to this article at least.