Member Info for Crazytowner

Definitely a shift on level 2 in the last 30 minutes

"Who knows, but also who really cares", that's exactly what i was thinking as believe we'll be taken over sometime during construction.

I do find this line of discussion really interesting though

Stebo,

Sometimes its preferable to carry debt as it spreads the risk around.

The interest payments will be negligible in comparison to the profits Tulu Kapi will generate and will have no bearing on the dividend value.

Not repaying the debt will also allow dividends to commence sooner in the project life

Sharezy, I agree with DSRT on the debt, not the signing.

I think they will most likely re-finance to better commercial terms once producing to allow the business to grow its cash reserves

Sweet :)

Bonkers,

Obviously the price of gold will have a massive impact on what profit Kefi makes and therefore what is distributable.

However, I would start with a 50% dividend policy and assume for now that the rest is used to advance Saudi, Konso etc.

At $3,000 = A 0.8p dividend per share and £65m retained by the business annually.

At $3,500 = A 1p dividend per share and £80m retained by the business annually.

When it starts will obviously depend upon how / when they decide to repay the construction debt.

For the record, I still think Saudi will be sold and so Kefi will have a sizeable cash reserve available and growing from very early.

Bonkers,

Your opinion is that most will go elsewhere and some will come back towards mine completion.

Whilst the reality / fact is that Centamin climbed steadily, institutional investors were accumulating and its market cap grew x10 during construction.

The shareholders holding from the start of construction made a lot of money in both share price growth, reoccurring dividends and ultimately being taken over.

Just finished the interview myself and fully agree Caterham, it was a really interesting watch.

Community will have been resettled by the end of this wet season (September) for major earthworks to start

Bonkers,

You say, "Once financed is sorted and mine construction starts I don't see any reasons why the share price will start moving north to the levels some have predicted".

Personally, I will use the construction phase of the Lassonde Curve & and the perfectly comparable Centamin to understand the massive upcoming value growth for share holders

https://postimg.cc/NLmSXKZn

https://postimg.cc/mzxKZHt3

There is a massive value gap here and the recent placing has enabled PI's to accumulate cheaply, so there will be sizable holders.

(I also added yesterday, but only about 350k shares).

MrPlumper,

Kefi are extremely good at answering questions via their Q&A's in a timely manner. Most of my questions get answered on their website and if they are unable to then they let me know.

Tulu Kapi is now in the bag, so if I was to meet Harry my interest would be on whats the plans for Konso & then the next project

stebo,

i don't disagree with any of those, although i suspect that gmco will end up being artar & han****, with our share being bought out by either of them.

i imagine kefi brought han**** to the table for the al hajar project and i'd be very surprised if artar aligned itself with more than one mining contractor to exploit the assets.

i do wonder whether there is a version where han**** simply take over kefi once the finance is sorted for tulu kapi.

15% gmco, 100% ethiopa, uk listing..... han****s pockets are certainly deep enough

The way I see it SB_1964 is this.

Tulu Kapi finance and launch in the bag with the experience of BCM to deliver. Project is financially self sustaining and will throw out dividends from 2027. Big tick.

Kefi can recover 5m for Tulu Kapi Early Works and will be able to charge out a proportion of their staff. It will need cash towards the end of the year. No problem here.

Konso will require cash to explore / prove up. I would like to see this begin sooner rather than later.

GMCO is no longer a JV, its simply a 15% investment which will require substantial further funding to maintain our share.

I suspect the reason we've not seen the share price move is because we went from a clear strategy of selling Saudi to focus on Ethiopia to a flaky "we're not motivated to sell", for a cash issue that we didn't know we had. Granted the discussions are still continuing, but Kefi has thrown out mixed messages.

In hindsight, we can all see that Kefi should have sold our 25% share a year ago. They simply need to get it done now.

Crack on with Ethiopia , Doh :)

Am personally still hoping they do the deal and get Saudi sold.

The 50 -100m cash would really allow us to crack on with Saudi and remove all future risk of dilution.

It's all feels so close now Opportunistic. Financial sign off & Project launch in 6 weeks

The ducks all seem to be perfectly aligned (Country, Commodity & Finance)

It's easy to think that all investors on AIM are aware of Kefi and it's imminent sign off, the reality is that when the RNS lands will be a surprise too many

The upcoming 7am RNS announcing finance sign off will have a much larger impact than the ratification intra-day ones with PR machine to go into overdrive.

We don't know when the various necessary activities / certifications commenced, however, Kefi would have had foresight of ratification, if only by a few weeks, so things are likely to be well progressed.

Contractors are preparing to commence at the end of next month, 6 weeks away and so sign off really could occur at any time

I personally take a forward looking view of Finance, Construction, Operations, Commodity, Location & Management.

It's very generalised, so i tweak it as things are met / missed.

My current view is:

1. Finance - TK Sorted, Early works expense recoverable by Group, Saudi saleable, dilution risk very low

2. Construction - Simple mine, BCM loads of experience

3. Operations - Simple mine, BCM loads of experience

4. Commodity - Gold price future looks great

5. Location - Developing country, but seem very pro-active

6. Management - Aligned and benefit from getting TK into production

So I have no concerns here. Ultimately, the price of gold and its outlook is going to determine how much money is made.

The side factor is chance of takeover, which i think is very possible during the construction phase

From yesterdays presentation

Approximate Percentage Held by

• 15% Management

• 10% Other Founders

• 10% Institutions

• 65% Retail

There is absolutely no doubt that institutional accumulation will be going on at the moment.

Notification is only necessary once they pass circa 240m shares.

Yesterdays presentation told us that we have 10% institutional investment (I assume visible on the shareholder register)