Member Info for Crazytowner

Think you need to re-read my post Fantasy

MF2017,

You have totally missed the point. The discussion is not one around whether the news is share price sensitive and the governance in place for releasing such information.

It is around whether information released within Q&A's is less credible / reliable than that contained within an RNS.

The answer is No.

The requirement is on the company that the information contained in both are factually correct & to the best of their knowledge.

When RNS's and Q&A's are submitted to the Nomad prior to release, they are not being checked in detail for accuracy, they are checked for market sensitivity. If there is something particularly sensitive, the Nomad may request supporting evidence.

Using the Saudi Q&A response as an example. "An update on the Saudi projects will be provided before the AGM, after approval by GMCO".

This is clearly not share price sensitive news and so Q&A was the appropriate delivery method.

It could equally have been tagged onto a previous RNS, it still wouldn't have been share price sensitive news and the statement would have been equally as credible as the Q&A.

Under either method, if Kefi don't provide the update, whilst frustrating for us inquisitive investors, its absence is still not share price sensitive news.

However, if Kefi had released an RNS titled "GMCO Strategic Review Update Due By 16/07/25", then they'd have the responsibility & requirement to provide by RNS, either the update or explain its absence tomorrow.

As I mentioned, i'm not really bothered if we hear anything by tomorrow. If you are, then drop an Question to the Q&A's. I've always found them to be pretty good at replying.

Bonkers, you can argue and you can belive, but you are wrong.

The standards for Q&A responses are equal to RNSs, simply the delivery method is different

Bonkers,

It was a response in the Q&A which are subject to the same standards as an RNS.

It would be nice to get a Saudi update, but I'm not particularly bothered about it at the moment.

Worth remembering today is the last day to submit your votes on the AGM resolutions

Into the green box for you

Stringer,

You are absolutely right, billion dollar projects in first mover countries just magically happen overnight and for free.

Utter moron

Stringer,

If Kefi had a low calibre management team they would have gone bust years ago like 95% of AIM explorers.

As it is they have made it through a civil war, corrupt ministers, bring institutions onto the books and are about to finalise a $300m funding package that is favourably high debt to equity and employ thousands of people.

You think I'm employed by Kefi, jog on you pathetic Richard

"Nimrod is an informal word for a very stupid person in US and UK English"

Hard to argue with that

Kefis position is very clear, they believe the licence areas will be given to them upon development of Tulu Kapi and will not comment further.

Kefi / Harry were correct when they advised us that they'd win the recent frivolous legal claim, they'll be right again with the licence areas.

Am not really bothered whether we get something on Saudi before or after AGM.

In a few weeks, holders here are going to be making a lot of money

Anybody from here going?

Bonkers,

In the Askari announcement, Kefi is mentioned 64 times & Tulu Kapi 62 times

They reference Kefi published information from 2017 to current.

Wouldnt you say that when issuing such a fluff piece, that by omitting mentioning Kefi's dispute of the license area they are deliberately misleading the ASX market?

Seems like a slippery slope for them

Askari pretty much needs to raise their market cap in cash in order to fund their next 12 months exploration across their 4 existing projects.

With the share price on its knees raising this money will be massively dilutive / expensive.

I think that they are looking to use the proposed acquisition and what is about to be major global mining news surrounding Kefi / Tulu Kapi to pump their share price and soften the inevitable fund raise.

The acquisition is due to complete on 1st September. I suspect it's been set so far away to allow them to get the fundraise in ahead of it.

With Aksari shares held by 20 parties, it will be very easy for the company to put out a concern regarding disputed license area after the fundraise and have the shareholders reject the issuance of new shares, therefore ending the aquisition.

Whilst it sounds extremely misleading and not a realistic strategy, its worth looking at all the Kefi source material they quote in their ASX release.

Somehow they neglect to inform the ASX market that Kefi has lodged a formal protest with the Ethiopian Minister and dispute the license area.

Stringer,

Kefi has had 8 months to plan and align all parties on certification and finalisation activities whilst they were awaiting ratification of AFC.

The ratification of AFC by the Ethiopian Government 2 months ago (13th May), released the brakes to all of these activities which will have been progressing to strict sequencing & timelines.

It was only 3 weeks ago that Kefi adivsed that Financial Sign Off will occur in August. Absolutely no reason that this is not achievable

Opportunistic,

Contrary to what some are saying, I do not believe that loss of the exploration areas was a balls up / oversight by Kefi and that they will recover it.

We don't really have a lot of additional info on it and so there's no point it going into it further.

What i find extremely intriguing is this though:

- As Bonkers pointed out....."KEFI has received confirmation from the Ethiopian Government that the area proposed to be explored by KEFI has been set aside with the intention of being granted to the KEFI group upon commencement of development of Tulu Kapi"

- And we know that Financial Sign off and commencement of development of Tulu Kapi will occur next month in August.

But Most Importantly, the aquisition by Askari has not completeted!

- The proposed issued of shares and securities by askari requires share holder approval. As per their ASX Announcement "Acquisition is subject to receipt of shareholder approval"

- This shareholder approval is scheduled for 29th August, 7 Weeks away!

Seems to me that Askari have significant concerns regarding the license area and have left themselves an aquisition exit

Agreed Rob, Kefi's position seems pretty clear.

Kefi have never commented publicly in detail on what entitlement they actually have to the areas but seem pretty resolute that the areas will be returned to them.

It therefore seems to be a very risky and costly play by Askari. They are giving up 15% of the company and cash that they really don't have to aquire the land. They then don't have the funds to engage in a legal dispute.

I think that they are hoping to quickly flip the asset to Kefi in order to avoid the extremely dilutive and costly $1m they are looking to raise

Signing August

Drawdowns commencing September

Kefi then recover circa $10m from the project financing, will likely contribute to Saudi costs to maintain share.

Will then circa $5m in the bank moving forward

Am fully loaded here but am expecting positive news next week ahead of AGM

Bonkers,

Perhaps this is why the Apr25 Q&A response is worded as it is :

"We remain confident that the successful launch of Tulu Kapi will sort this issue and our administrative processes remain focused thereon. It is not in shareholders’ interests to elaborate publicly"