Member Info for Crazytowner

Bonkers,

Kefi really can't win with you can they, lol.

They answer your questions fully regarding timelines, only to have you say that they shouldn't be putting out timelines.

Yet if they don't answer your questions you complain about lack of transparency.

Bonkers,

The company RNS'd yesterday "The various Government and other formal processes (including AFC country membership) are on track and working towards the same timetable" and today confirm ratification as imminent and the the breakdown of the timeframe to your question

You can choose not to believe it, but the language is a lot more certain than the "hopes" of February and March

We will fix d out soon enough

Kefi's words this time not mine :O)

Looks like Kefi believe Ratification is only days away

It's been the blocker on this project and financing sign off for the past 6 months, so I think it will remove the shackles to the share price

Ratification is reportedly imminent

Updated

mainstay,

i would love kefi to maintain it's 15% in gmco whilst progressing our 100% ethiopia assets, but it doesn't appear feasible. it appears that it will be very dilutive at either gmco, group or a mixture of the 2.

kefi simply dont have the funds available to keep up. along with a breakdown of expected costs (which didn't include any consideration for the han**** jv). kefi published this last month

"kefi is looking to make way for a larger company with the financial capacity to replace kefi as artar’s partner in gmco"

as an investor i want the company to have a strategy and then see them executing it.

for tulu kapi, i am very happy with how it is progressing

for saudi, i was happy with the strategy to exit the country, the reported progress in actively engaging with suitors and the timeline.

so whilst yesterdays rns was excellent news to bring in bcm, the strategy of focusing on 100% owned assets and the ability to self sustain from the saudi sale whilst growing rapidly suddenly vanished as the company was no longer motivated to sell due to bringing on a mining contractor. meanwhile the items such as excessive dilution to maintain saudi and that institutions want us only focusing on majority owned projects still exist.

if we'd had sold saudi at 25% holding last year, we'd have avoided the horrendous december raise, have cash in the bank and be self sustaining now. we will be saying the same in 12 months time against the 15% whilst only holding 10% if something doesn't change.

Sadly, raising on the AIM market has become increasing difficult, costly and open to to manipulation.

As a non producing company in a frontier market Kefi have no choice but to raise in order to keep moving forward.

15% of Saudi is not a prize anymore, it's now an investment which will require sizable cash injections if we wish to maintain our share.

Selling Saudi at any price now would be better for shareholders that diluting the whole company

I'm not even slightly concerned and see no reason for a raise if they can deliver to the stated timelines and get Tulu Kapi financing signed.

The banks will be providing short term financing at this stage of sign off, perhaps BCM are contributing in some way also.

Once financing is signed off, there will be a big payment back to Kefi for the work performed since Early Works launched.

The company is continuing its discussions with the parties interested in our Saudi Assets. So a sale may well still happen, although the tone of yesterdays RNS seemed to lean towards keeping it.

Hopefully they will respond to my questions and put some clarity around what the companies plans are for Saudi going forward

Bonkers,

I did agree with your post earlier today in that there does need to be further clarity around Saudi.

However, I also feel that such a shift in direction has to have more behind it than the appointment of Tulu Kapi's mining contractor.

I'm sure it will become clear over the coming months, but i did raise the below questions with Kefi this morning. I've had quite a positive response rate, so fingers crossed.

1. The RNS dated the 13th November clearly laid out the reasoning for the Strategic Review and sale of the Saudi assets. This included Prioritising it's majority owned projects, focusing on a large Ethiopian pipeline and that raising sufficient funds for Saudi is considered too dilutive.

How has the potential 23m injection into Tulu Kapi's pre-production costs changed the reasoning of the above?

2. The "Introduction to GMCO (March 25)" that is published on the website indicates that Kefi's annual share of exploration is $4.5m & that there is an upcoming equity component for stage 1 development this year.

Where do Kefi intend to get this money?

3. Should Kefi not be able to fund its share of costs going forward and with the increasing value of GMCO, is historic cost now a fair basis on which to base dilution?

4. The ability for Artar to force Kefi to sell it's remaining stake to them creates market uncertainty. We have no idea what it may be worth or when / if Artar may decide to implement this compulsory sale.

Wouldn't this be a good time to amend the JV agreement to put some protection around Kefi's interest?

5. As Kefi is now no longer motivated to sell its GMCO share, can you provide the approximate market value of Kefi's share at this time?

My view is that Harry needs to lose his hard on for Saudi, treat it as a 15% investment rather than a Joint Venture, realise and extract the value from it, focus on Ethiopia 100% and create a company that needs no further shareholder fundraising ever

They could have a lot more of it if they hurry up and ratify AFC :O)

https://www.ena.et/web/eng/w/eng_6490629

I am in favour of selling our 15% Saudi Share as we remove all risk of further dilution by covering the business overheads and having cash to kick off the exploration of our other licence areas.

I also think Saudi is now a distraction that with only 15% we have marginal influence and we'd be better off focusing on our majority owned Ethiopean assets.

To be told that we don't need to sell Saudi because BCM is now involved with pre-production costs is odd as Kefi had clearly said that selling Saudi had no impact on Tulu Kapi.

The banks will be providing working capital facilities whilst financing is sorted, I wonder whether BCM is doing something similar over the next few months which means Kefi doesn't have to spend anymore cash on Tulu Kapi site prep / access roads etc.

Watching todays interview, it is clear that Kefi / Artar have an extremely good working relationship and so I wonder if Kefi's Saudi Sale has been about establishing the Market Value of GMCO for alternative reasons.

- GMCO now have a list of suitors who are willing to invest in 15% blocks ... very handy for placings ahead of a Saudi listing of the company or the upcoming construction equity raises

- A market valuation at this stage could provide a fairer basis for the dilution calculation going forward should Kefi not contribute proportionally.

MRP,

The $240m bank debt has been approved by the respective credit committees and boards so is pretty much locked down.

There was $60m further required, of which $23m was announced today.

Harry mentioned in a recent interview companies were prepared to pay to work with Kefi and establish themselves in Ethiopia, so it's good to see it happening

Kefi will now be tweaking and finalising the numbers with the remaining providers.

Ratification needs to happen sooner rather than later in order to hit sign off this quarter.

With contractors told to be ready to mobilise from end of June and now BCM kicking off with plant and equipment procurement, It is hard not to see everybody having to deliver to the agreed timeline.

Personally, I would like to see Kefi sell Saudi and have full focus on Ethiopia. However, there is likely a bigger picture that we've not been made aware of yet

$240m from Banks AFC & TDB... Check

$23m from BCM... Check

Circa $37m from Gold Linked Preference Shares / Middle Eastern Investors being finalised

So 88% of financing pretty much locked down and proceeds from Saudi Sale not required

Would love to see Ratification when HOPR sits at tomorrow's regular meeting.

The bid is looking pretty good

4.7m just went on at 0.534.

Unusual to see such sizes on level 2, these are usually filled in the background

Manu,

It is extremely clear, not sure why you are having difficulty understanding it

- BCM intend to commit $23m of pre production costs

- The portion of pre production costs is the 23m (pre-production costs will obviously be a lot higher than 23m)

Manu,

The 23m is the proportion.

"At Project Finance signing, BCM has confirmed its intention to contribute US$23 million of pre-production costs (estimate based on designated portion of civil works and mining works) of Equity Risk Notes, repayable in cash or convertible post commencement of production at Tulu Kapi."

Was supposed to be imagine if ratification happens tomorrow / this week too

:O)

Imagine if happens tomorrow / this week too

Definitely worth a read through, very strong mining pedigree

https://www.bcm-group.com