Member Info for Crazytowner

so if tulu kapi is over 2m oz gold, and our 13% share in gmco becomes a similar equivalent size, then what does that make us at $4,500...... 40p - 50p per share !!!

and that excludes konso in ethiopia & the han**** jc in saudi

Really have to laugh,

"I've exited the share"......But let me just write another long tedious post

Green binned

"Tulu Kapai is considered to have much larger potential for production than the reported 1.7 million oz"

&

"And GMCO’s discoveries, aggressive exploration programme and multi-billion-dollar backers offer the possibility for KEFI’s 13%

of GMCO’s resource base and economic potential to match that of KEFI’s 83% of Tulu Kapi"

Hard not to like those 2 recent statements.

Fair play to Kefi, they addressed a lot of my questions.

I found TW's Bearcast very interesting for a couple of reasons :

- That Harry has contacted TW and asked him if he wants to be an insider.

- That other parties have also seen the release and been made insiders.

- That it seems the RNS could land this or next week (not necessarily tomorrow), so something is being discussed.

- That TW has suggested amendments to RNS detail is odd that as we have already received most of the information.

Could an acquisition / JV offer been made.......?

Would make sense for an acquirer to get in before an expensive life of mine stream is entered into.

TW said he could'nt post some of what Harry had told him (Obviously been made an insider) and that it will be released in the RNS.

Am expecting news tomorrow

My next step would be to sell Saudi and avoid drawing down the $30m from the gold streamer

Using a gold price of $4,500/oz, 1.75m oz deposit & the companies discount factor of 5%.

Every $10m drawn under the gold stream is going to cost us $130m NPV

Drawing the $30m will cost us $400m NPV

Any extra they might get from selling Saudi they can use for proving up Konso, obtaining and proving other Ethiopian license areas, proving up the areas surrounding Tulu Kapi (Once recovered), the cost over run and next few years of overhead.

If they've got money left over, buy small minority interests in other deposits or issue a special dividend.

"Short-term investors would like to sell Saudi wheras long term investors can see value in having multiple mines across multiple jurisdictions"

Simms, i certainly don't consider myself to be a short term investor here.

However I also don't consider a negligible 15% to be anything more than an investment. It certainly doesn't make us a miner with a status similar to what we have in Ethiopia.

As to offers not being attractive, Kefi apparently had a long list of interested parties, approved the issue of the edison report citing 50-100m at a time when there is significant cash washing around the country.

Not selling Saudi was Harry's and the boards ego over shareholder returns.

Rob,

If we'd have sold Saudi earlier in the year we'd have avoided May and this December dilution and a minimum of $20m of the streaming deal.

By my calculations, shareholders have lost over $700m NPV by not sell Saudi.

Saudi does have tremendous potential value, but our 15% interest is never going to be worth what we have lost this year.

We are all going to make an obscene amount of money here and getting Tulu Kapi over the line is an exceptional achievement by the company, but let's not kid ourselves that retaining Saudi has been good for shareholders.

Agreed KefiGold,

There's going to be a lot of people trying to buy in tomorrow.

Those placing shares are going to have gone to strong hands and we'll see TR1's shortly.

It's not about PI's anymore, it's now about institutions and they will be loving the deliverable plan for Tulu Kapi and Group

Have upgraded the Tea & just popped a bottle of Champagne :O)

Have a wonderful evening everybody, Harry's only gone and done it

A nice cup of tea and a couple of reads through the RNS and I can say that i'm very happy.

- Launch underway

- I suspect we will see that our Debt providing banks now have decent equity stakes in Kefi (9m GBP)

- We are funded for group overhead through to production (5m USD)

- Continuing negotiations for 15m USD to fund exploration and development in Ethiopia and Saudi Arabia

I get that people panic and think this raise is no different than the rest, but it is clearly very very different.

Bit of a surprise to log on and see the RNS's.

Personally, I really don't see what all the fuss is about. We are there.

This is interesting.

"Today it repaid those liabilities (in aggregate approximately £8.9 million) through the issue of 680,865,381 Ordinary Shares (the "Subscription Shares") at the Placing Price. The providers of the working capital facilities requested to invest the amounts owed to them into Ordinary Shares (the "Subscription")"

I suspect that our investment banks have been providing short term financing whilst finance was being finalised. It wouldn't surprise me if they now have an equity stake in Kefi. That will be sweet. I guess we will see some TR1's coming through shortly.

KEFI (AIM: KEFI), a gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, notes the media comments regarding the securing of certain funding for the Company's high-grade/high-recovery Tulu Kapi Gold Project (the "Project" or "Tulu Kapi").

The Company can confirm that it has signed a term-sheet with a fund for US$30 million of equity-ranking 'Gold Streams' (with terms as outlined in the Company's announcement of 8 December 2025). Completion of this funding remains subject to detailed documentation being agreed with the provider and approved by the Project's senior lenders. This will form part of the Project's required equity risk capital funding.

:O)

I think in the New Year Harry will announce we will be moving to a main market London listing.

Once TK finance is locked in we won't ever need to raise funds in Ethiopia again so don't see any financial benefit.

However, they may be in the position to raise $20m from an Ethiopian listing rather than taking tranches 2 and 3 of the stream further down the line

Yes, looks like it's all done.

It's wonderful news for all of us shareholders

Chancery seem confident Tulu Kapi will be worth billions to us.

Expecting the full RNS breaking down finance on Monday.

This is going to absolutely fly

It's good to strengthen and diversify the stakeholder base of Tulu Kapi as well as have the flexibility of future draw downs.

However, it is expensive though, 45k oz of gold ($180m @4k/oz) for just $10m

Surely selling off 5% in GMCO would be a much better financial alternative to raise funds

A great find Nick.

Very happy to have a gold streamer now involved with Kefi.

It's expensive, but tranches 2 and 3 remain optional. This clearly gives Kefi the ability to find a cheaper at a later time.

Wonder what else will be in Kefi's Monday morning RNS

Latest Bearcast, Funding Secured announcement still on for this month