Member Info for Catbert

Selling does potentially make sense at this stage maybe it's in the $800-$1.6Bn range plus DX.

Time value of money and 3 1/2 year build and political risk makes the case if the price is right.

The project is ready to go, it's a world class deposit near the coast with pretty stunning project economics and in an inflationary environment - this project could be worth a considerable amount as it is and with time a lot more.

If there are two interested parties. That helps.

Mosaic just sold assets in Brazil to pivot into better quality projects Maaden might also be a possibility or Owi Rams, SQM, Power China or Sinochem there are others too.

It's a very nice Tier 1 asset.

Kola is probably the more complete/ advanced of the two projects given that they have an MOU on the fixed price EPC and they are working through the workstreams to reach all the finance sign off pre conditions- it seems that in their process to appoint an operator for the project which was a sign off item for finance-a couple of potential buyers emerged. There are various speculations about who these may be.

My guess is that Zanaga is a little behind this in terms of progress with it's project and is still waiting on technical and commercial reports before we get to a restated valuation then hopefully to bids. Currently no EPC contractor has been announced (was supposed to be Q2) this is possibly linked to maintaining ongoing secrecy for likely Chinese bidder or to the fact that for a fixed cost EPC bid Zanaga needs to have completed all workstreams to create a complete spec for the EPC to bid on.

If Kola gets a bid accepted that will be a big positive for CB i.e. it will be a huge vote of confidence in CB as an investment destination something which should also be good for Zanaga holders.

What was that?

The UK Takeover panel's decision to permit confidentiality is a positive as there is a certain level of evidence required to obtain this dispensation (PS31).

The UK Takeover Panel has agreed to a dispensation allowing the interested parties in Kore Potash’s sale process to remain confidential for several strategic reasons. This dispensation, under Practice Statement 31 (PS31), is granted when the Panel is satisfied that the company is genuinely initiating a formal or private sale process and wants to maximize competitive participation without prematurely identifying potential bidders.

Key Criteria for a “Genuine” Private Sale Process

Sincere Intent: The company (often through its board and advisers) initiates the process with the actual intention of selling all or a major part of the business, and not as a tactical move for another purpose.​

Structured Approach: There is an organized, deliberate process involving contacting and negotiating with multiple potential bidders privately, rather than openly in the public domain.​

Panel Engagement: The company’s advisers must consult with the Takeover Panel at the outset and continue this engagement to ensure compliance and proper management of disclosure, especially to prevent leaks.​

Sale-Focused: The process must be more than casual or opportunistic conversations—there must be clear and credible steps taken toward exploring and securing a sale transaction.​

Competitive Element: Preferably, the process should enable the company to engage with a range of bona fide bidders to maximize value for shareholders.

The indications would appear to suggest serious and advanced discussions are underway.

It looks like we're ok on cash and it seems that everything is progressing towards the project being in a position to comply with the requirements for the finance package.

The China Power contract operator proposal seems apt given their in depth knowledge of the project they would seem to be a potentially suitable partner in this regard so nothing controversial there.

The environmental peice is ongoing anyway.

There's a hint at a possible plan for DX but no details given.

It looks like we are progressing as we should be with several elements of the required conditions for the financing already in place and progress on the remaining items.

It might be a bonus if we were to get a plan set out fo DX in the next couple of months.

Theoretically we seem to continue to be on target for build commencement in the beginning of 2026.

Obviously garbage or simply very out of date.

No one associated with the project expects production in 2026.

Nil points.

The President of the Republic, @SassouNGuesso_ , met on Tuesday, October 28, at his residence on the plateau, with Mrs. Marie-Laure Akin-Olugbade, Vice President Principal of the African Development Bank. The discussions focused on strengthening cooperation between Congo and the AfDB."

SorB my understanding is that they will do the MRE with what they have however this may include them retesting some of the cores they have already drilled.

Alex is on record as having said that he'd like another 10-15k of drilling to more fully delineate what we have.

SorB I'm not sure that there will be any massive surprises however one big positive is that they have found gold in the gabbro and we have a lot of historical drills in the gabbro that were untested because at the time we drilled them Bill thought that there was no gold in the gabbro. Felix is one such example where the surface geology was giving strong gold signals but the drills were pretty meh!

We have about 4500m of untested Gabbro from the historic cores.

The second element is that we have extended the land package Eastwards and moreorless proven the theory that we have continuation in that direction the Western extension pinches out but the Eastern one does not.

Plus adding the Gabbro gives us a wider deposit area which would mean that the original pitshells we had modelled could be expanded.

I think Alex has a few reasons to be positive although he would probably want to prove them further by drilling some more.

The MRE cannot come soon enough.

In some regards the less solicitous they are towards us PIs the better as at this juncture as we are really little more than a side event (assuming serious talks are underway).

However they will potentially come under political pressure in CB as the elections approach if this drags out too long and that wouldn't be good from a perspective of negotiating a good price.

So kicking the can into 2026 would not be a good idea either for shareholders or for the in country regime.

The ideal outcome would be an announcement about the long awaited development of Zanaga well in advance of this so that the political presteige can be lavished on the current regime and it's likely successor (responsible for developing international investment) well in advance of the elections.

We are now stacking up multiple outstanding reports/ updates. I wouldn't be surprised if these weren't already complete and have already been shared at least in draft form with whomever we are in talks with (if we are).

They are quite clearly slowing up the flow of information to the outside world on multiple fronts. Again a good sign IMHO.

PIs are the only people likely to complain about this. However we don't really matter at this stage.

The AGM should be interesting.

GLA DYOR.

It's not possible to predict the future price - nobody knows - however it should move upwards from here because construction will start as soon as the equity element is completed and construction starting moves us past a major derisking stage.

Thereafter it is for the market to decide. Usually a % of Nav up until we are producing.

There is even a case to be made - given our partnership with the EG at various levels on TK that the project might be more secure than other comparable projects and therefore it may be worth a larger % of Nav during the construction phase. Time will tell.

Perhaps we might get some more institutional buying once the build is underway and if we do that should certainly move the price along.

It was interesting to watch the video with Harry this morning. Perhaps this partnership with the Ethiopian Government is a big Kefi USP and maybe bigger than many of us thought.

Kefi being seen as a trusted partner helping the EG walk through the process of developing a privately financed mining project which can be configured to benefit both Kefi shareholders and Institutional Investors as well as the people and regional and federal governments of Ethiopia is actually a unique and scalable business model.

Seeing this idea as clearly articulated as it was today was quite something.

Presently institutions are quite limited in how they can invest in Ethiopia which is a by all accounts a potential economic powerhouse.

One way however that people can invest in Ethiopia right now (and it's a way which doesn't expose them to the Birr in any risky ways) is through Kefi.

This takes us out of a market which is solely about investors wishing to invest in mining and gold and pitches us into an area where people want to invest in Ethiopia.

The rare earths aspect is another draw.

In both cases these newly highlighted aspects of Kefi seem to show Kefi is an investment which could appeal to a lot more types of investor both private and institutional than we might have imagined.

Developing market funds, African funds, Critical Minerals funds, Ethiopian funds as well and Gold funds might all begin to consider Kefi as a possible target investment.

This can only help the cause IMHO.

And more late posts today 4,200,000 x2 and both looking like buys based on the price.

A few million rinsed through late posted yesterday - looked like buys.

GoldQueen you are probably correct on this point however TBH this isn't the thing which most holders or imminently prospective holders would consider to be a priorty at this time.

For most people very basic practicalities are a higher priority i.e. complete the deal and get building.

Some of what you seek is articulated in the Edison reports. Your point is still valid nonetheless and would suit a more corporate and less boot strappy version of Kefi, which is probably imminent.

The boot strap version buyers know what the value plan is already and it's this; Build mine/ develop underground resource and revise MRE/ Persue the return of overpegged adjacent claims through Ethiopian legal system/ DFS the two Saudi projects/ FID two Saudi projects and build/ start exploration on Konso.

We may see something along the lines of what you have suggested at some stage. TK has to be in construction first though.

There's no point trying to put a cherry on top of your cake unless you actually have a cake to begin with and TBH we're still working on the cake at the moment. Hopefully we don't have too much longer to wait for it to be ready.

This one isn't for the nervous nellies who check the price every 5 minutes. If that's you please just sell and find something else more your style to invest in.

You'll be a lot happier.

The MMs and the twitchy are going to add volatility short term here that is just the nature of this thing so if you are of a nervous disposition you are going to be in for a torrid time over the next few days.

The next event here sho an RNS to say that the equity elements have been agreed and giving notice of the shareholder's meeting to approve these arrangements- this RNS could drop any day now and certainly within a week or two.

IMHO it is exteremely unlikely, albeit theoretically possible that shareholders don't approve the final bit so therefore the next RNS pretty much cuts the ribbon on TK.

Consider too that Harry owns about 9% of this so he's not going to do anything that damages his own interests or ours.

The garbage about this all being about the drawdown is just nonsense the next RNS comes in a week or two and assuming it's not unexpectedly terrible news then woosh.

The whole thing is on the clock for the purchasing part anyway- the bank finance is nailed down, however the equity part was always going to need a little time to sort out as there are a number of parties involved and Kefi has created a one off financial instrument for the locals to participate in the project but it is hugely important for the safety of the project that we have as many Ethiopians investors onboard as possible.

If you are a holder here you should want these locals onboard and the price you are paying is to have to wait for a few more days.

In the grand scheme of things it is neither here nor there.

GLA. DYOR.

The Ethio prefs are non convertable i.e. they do not and cannot be converted into ordinary shares (which would make them dilutionary) instead they will be redeemed for Gold once we are in production the stream is similar it will also be redeemed for Gold once we are in production. The Ethioprefs are popular with local investors as the Birr is subject to quite a lot of inflationary pressure and is being devalued. Whereas Gold is appreciating in value.

These local investors can in effect convert their Birr into Gold at today's prices and also earn some interest on it plus they can redeem their investment based on the price of Gold once we are producing.

Kefi wants local investors bought into the project becasue it means we are sharing the rewards with the locals and this is one way to ensure we stay onside with the government there. I.e. the locals get to make some money out of the project - which they should. It's their country afterall.

The Ethio Prefs and the streaming finance are non dilutionary. So most of the equity will not dilute shareholders here. Harry has stated that they will probably cap the Ethioprefs at a certain level as they will be contributing in Birr which is probably less stable as a currency than USD or GBP is currently.

Not sure Barravelli, the financing was contingent on a number of actions required of the company - conditions precedent set out in the Non-Binding Term Sheets.

Mostly these relate to finalising Operational management and governance, budgetary refreshing and the management of political risk in addition to a couple of technical validations which were also required.

The company had quite a number of workstreams to complete to meet these conditions precendent endpoints. News soon hopefully.

He's gone to see his Uncle Bunbury.

The 2025 Fourth Plenum’s economic and industrial resolutions have direct implications for iron ore producers and exporters, including projects such as Zanaga Iron Ore in the Republic of Congo. Although the plenum communiqué does not name specific foreign ventures, several policy directions in China’s upcoming 15th Five-Year Plan (2026–2030) can significantly influence future Chinese activity in high-grade African iron ore and green steel partnerships.

China’s Ministry of Industry and Information Technology (MIIT) and the National Development and Reform Commission (NDRC) outlined pre-plenum draft goals that were endorsed this week, including a national Hydrogen-Based Steel (H2-DRI) expansion program. This plan emphasizes:​

Developing high-grade iron ore feedstock compatible with direct reduced iron (DRI) and electric arc furnace (EAF) processes.

Securing low-contaminant, high-Fe ores from stable supplier countries to complement the shift away from coal-based blast furnaces.

Expanding partnerships through the Belt and Road Initiative (BRI) for resource-backed infrastructure in Africa and the Middle East.​

Zanaga’s magnetite concentrate (≈68% Fe with low silica and alumina) aligns closely with these DRI suitability objectives. As China transitions to H2-DRI-based production, there will likely be greater demand for this type of product under China’s steel decarbonization roadmap.

https://transitionasia.org/will-china-win-the-green-steel-race/