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The drop is likely caused to be panicking husbands who put the wife's Christmas present money into Kefi

Selling today will let them take the cash out on Christmas Eve for last minute shopping

:O)

Kefi has multiple assets at various stages of progression in multiple jurisdictions with its primary commodity at the start of a supercycle.

To ignore all of this and suggest a price based upon a slight mark up and nothing changing seems unusual.

The completion of the finance package is monumental, not just because it finances Tulu Kapi through to production, but because residual / returned funds will likely remove the need for Kefi to ever return to the market.

This seismic shift totally changes the whole company and it's risk / investability profile and is why I think we'll see this plough into the 4's shortly after sign off

Magic-orb,

I did misread your post as "What's the odds this will still be in play next summer".

However, that being said, I do believe we will see moves Q1/Q2 next year to acquire Kefi / TKGM as Tulu Kapi will be a fully funded through to production, with good grades, large resource and low AISC.

My position has been that we will be acquired before production for sometime and if a "newbie" had bought because i said that 3 months ago then they'd have tripled their money already with a lot more to come.

The reality is that majors are currently generating more cash than they know what to do with and therefore entering an acquisitive phase where the best assets will be picked up first.

Just take a look at AngloGold Ashanti's latest earnings. Free cash flow in the 3 months to September of $920m, of which $460m was paid as dividend. Their cash & cash equivalents stood at $2.5bn on 30th Sept. In the next 9 months they'll have brought in another $1.4bn after dividends.

https://thevault.exchange/?get_group_doc=143/1762848239-Q32025-EarningsReleaseReport.pdf

Personally, I think that they will be our acquirer as we'll complement their African portfolio, reduce their average AISC and provide them a foot in the door to Saudi with GMCO and as a stand alone business.

I don't think existing shareholders will accept a 5 - 6p offer, I think it will need to be North of 7p to succeed.

Magic-orb,

I'm expecting a takeover Q1/Q2 next year.

Whether that it is just TKGM or Kefi plc will depend upon the the acquirer.

An offer of 7 - 8p would likely be accepted.

Christmas day in Ethiopia is 6th Jan 2026

Just because UK markets are closed, signings can still happen

Will be Interesting to see what price the 9.5m shares come back onto the bid at today

Mibb,

I don't view this as high risk at all.

Debt finance sorted, equity oversubscribed, easy mine build, low AISC, excellent gold outlook, supportive country

It's a no brainer as far as i'm concerned

Interesting that the 7m is still on the bid at 1.45

Wonder if they will up the offer to ensure getting them today

Rob,

The articles identify multiple genuine reasons that Ethiopia could look to revoke the licences.

If they choose to do so, Askari may try to fight it, but it will only be a matter of time until they lose.

The next avenue will be Kefi advancing it's dispute with the Ethiopian Authorities, no ideal but do'able.

We don't know exactly on what grounds, but Kefi have always been steadfast that they expect to recover them.

For me though, I'm very relaxed and extremely confident that Kefi will recover them.

With all the government agencies involved and supporting Tulu Kapi, you can be sure that there will have been many conversations regarding the wider district and Kefi wanting them back.

Kefi certainly wouldn't be publicity saying that they expect to recover them following project launch unless all parties agreed

Seems like all the loose shares around this price have been picked up.

Bodes well for the next step up in share price

A lot of green boxes this morning.

Surely the detractors aren't getting nervous and trying to disrupt the board

:O)

Rob, it seems that the relevant Ethiopian Authorities have quite a few valid reasons to revoke the licences without Kefi needing to get involved.

I don't think Askari would fight it. They've not got the funds, would most likely lose, and if they did win, they'd be wrapped up in red tape to progress and not get the next extension granted.

That certainly picked up into close :O)

Yesterday's RNS was extremely positive.

Releasing the detail of the offers now could very well have been part of Kefi's negotiating tactics for what is clearly very over subscribed funding.

Its also worth remembering that Ethiopia Christmas is 7th Jan 2026.

So still lots of working days this month

Fantasy,

Kefi have $60m to finalise.

They currently have $40m stream, $43m Pref Shares & $50m specialist fund in negotiations at various levels.

So we have a potential $133m to fulfil a requirement of $60m.

Definitely worth the company taking the time to get this right

Agreed deedee,

I do like the streaming elements and happy to see them solidify

Everything else still on track for this month

Happy days :O)

A nice little reminder just popped up at the bottom of this page

https://postimg.cc/rD032GRV

:O)

There's noting to be stressed about.

We all know how close this is to full sign off

Load up and chill is the best course of action :O)

Whether it's today or next week, it is clearly coming and we won't be at this price for much longer

It's going to be a good Christmas