Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Polygon also have a stonking 5.2% short on Petropavlovsk (POG) - surprised they still have any liquidity after the beating they must have taken there.
https://www.miningnews.net/m-a/news/1388188/west-africa-proving-to-be-gold-consolidation-hot-spot
Agree on the point of a share buy back - it would hoover up the stock from the current sellers and entice those sitting on the sidelines to buy in. A dividend, at this point, whilst better than a kick in the teeth, would mean the SP is instantly punished if it were to be discontinued further down the road - I just don't think it would be the best approach at this junction.
Very unlikely - if you watch the video I posted earlier, DB outlines what he sees as the way forward for Dugbe: bringing on an experienced partner to take the mantle as it were and through that JV we would, in my opinion, likely be carried, at least for the first couple of phases, after which I'm sure if it moves into development they would look to debt financing.
hxxps://www.youtube.com/watch?v=11LRg5CfIvE&t=1477s&pbjreload=10
Go to 24.10 of this video - DB explains that at the point of being net debt-free he would like to "signal something to the market" in the form of a dividend/buy-back etc. That obviously needs to be discussed/approved by the board but come the end of this month (when we will be net debt-free) perhaps we will receive details on what has been planned on that front.
I assume you are unaware of the investment structure here.
To clarify, ANS (Ethiopian investment syndicate) are investing 38m USD (11.4m USD first tranche) in TKGM. TKGM is essentially the Tulu Kapi project company setup to develop the mine - we (Kefi plc) will have an interest of 45% in TKGM. The investment by ANS is therefore at the project level and not in Kefi plc - no shares in Kefi plc will be issued to ANS and therefore there will be no dilution from that side.
My thoughts exactly.
With both reports complete the next step will presumably be presenting them to ANS - not sure exactly what 'satisfactory completion of the independent reviews' means from their perspective with regard to what ANS require to release funds, but I assume there will be engagement between the two parties before that happens.
My take is that provided the content of the reports is in line with expectations then realistically early to mid-October for release of funds, though potentially an update at the end of this month on proceedings.
I don't mind a couple of extra weeks as long as this event occurs.
Not sure if it was the original poster who posed the question to KEFI, but the following Q&A was added to the KEFI Q&A page today:
Q: What is production profile for Tulu Kapi? I don’t mean what is bankable, but you are planning to do?
A: First full production year 160K oz from open pit and start the underground mine in or about third year of production to lift it towards 200K oz pa.
September could be a company-making month if everything comes through as anticipated.
Reports due: first at the end of August and the second mid-September. Closing of the first tranche from ANS after said reports released > likely end of September.
Drilling in Hawiah > could be interesting.
This is KEFI so a large pinch of salt and the patience of a saint is required, however, plenty to look forward to.
I think you need to read the RNS again.
'ANS Mining has confirmed its first instalment of US$11.4 million (Ethiopian Birr equivalent) will be released to trigger community resettlement and other development tasks, upon the satisfactory receipt of the aforementioned updated independent reviews'.
It was specific to one region (Amhara), which is no way near Tulu Kapi, and has been dealt with already. Given that this is Ethiopia it would take a lot more than that for it to have any impact on KEFI.
You are certainly correct that both regional and federal government are involved, but they are for two separate items which we are waiting on - hopefully both this quarter.
The regional government should (hopefully) trigger community resettlement at the end of this quarter, provided security etc. is all settled.
The federal government, or I should say the Prime Ministry, needs to sign off on the last item from their side which is ratification/endorsement of the project finance structure set out with the central bank. Once this occurs the bond issue can finally happen, or at least push it along to the next step.
I'm not sure exactly what you mean here, but to reiterate, the Ethiopian mining reform and the triggering of resettlement are separate from one another. The recent changes to the admin and security structure I believe you are referring to are at the regional government level and not linked to the mining reforms.
I'm saying there is no link between the Ethiopian mining industry reform and the triggering of resettlement - your timelines seemed to suggest there was?
I think any reform should effect us positively as the minister mentioned a small reduction in royalty/tax payments but I shouldn't think too drastic.