Member Info for Crazytowner

Time is clearly running out to buy in at these rediculously low prices.

The market is very fickle and will quickly only be looking forward to massive returns.

Looks pretty clear that Artar did not action the buy up clause some were claiming had happened

"BCM has been appointed Preferred Mining Contractor on the basis of it having now offered full mining services on the best available terms, undertaken to proceed with procurement of the mining fleet for supply to the Project and confirmed its intention to bid for civil works contracts"

No turning back once those orders go in for the mining fleet.

WOW. Simply Wow

What a great and unexpected RNS

Game on

Dvh, from the RNS you mention

"The preparations for full launch of Tulu Kapi Gold Project are advancing across all fronts for signing this quarter of the assembled detailed definitive documentation"

Along with

"All contractors have been asked to prepare to proceed from the end of this quarter"

There is clearly confidence all outstanding matters will be resolved for the project launching the 1st July.

It looks achievable to me and there has certainly been the time to plan the launch.

What I would say is that ratification needs to be sooner rather than later, so they could only be setting the date if it was happening in the next week or 2.

Kefi though Feb, then March... Has the EG confirmed April?

Continued ...

TULU KAPI

You say that all we get is regurgitated information, yet the past 12 months of RNS’s, Q&A’s, presentations & Interviews has shown progress and kept us updated on Early Work, transitioning works & Financing.

Kefi are clearly trying to keep shareholders updated regularly which does lead to repetition of news and leave them open to greater scrutiny. As an investor I certainly prefer this to the alternative.

You talk about Kefi losing the areas surrounding Tulu Kapi, but neglect to mention this was during the tenure of the corrupt minister of mines and that Kefi have responded within the Q&A’s that they believe the launch will sort this.

You say that Harry has convinced himself that he can influence the Ethiopian Government, yet the recent Q&A’s clearly say that Kefi are relying on the process and timelines advised by the highest Government Officials.

Tulu Kapi has a complex Financing Package, but it is progressing.

Ethiopia is in a very different place than a few years ago and so constant reference to it is totally pointless.

If you want to spend your time counting trades so that you can state that the market has no interest in Kefi, that’s your choice. But this is AIM.

When Financial Sign Off and / or Saudi Sale lands the share price will go ballistic and the trade numbers will be in the thousands.

Bonkers,

I did remove you from filter in order to read your questions following the favourable follow up comments and your reduction from 30 posts a day.

I read through your posts from yesterday and today and still find you to be completely disingenuous.

It’s clear that you have an axe to grind against Harry / Kefi and I can only assume it is because you’ve have previously lost more than you can afford to here.

SAUDI SALE

Kefi advised us that they were performing a strategic review of our Saudi Asset at the end of last year and the reasoning behind it.

They have subsequently kept us informed with the Feb deadline for indicative bids, the updated resource, why they didn’t sell at the higher ownership %, the new licences, the new JV, the March deadline for updated bids, that they are shortlisting from a long list of interested parties and when they expect to have the process concluded.

They have also advised previously that Artar have the right but not the obligation to purchase us at Fair Market Value (What we would have received for the sale in an arms length transaction).

We have also received the Edison report which whilst paid for by Kefi, must be approved by Kefi. Therefore, it could not be released as it was if the February offers received were not within the 50 – 100m bracket.

You are perfectly entitled to your view, but as a reminder it is that : nobody is interested in buying our share, that Artar have already actioned the compulsory sale, that the price will be dictated by an external valuation and you have accused those on here who were saying numbers within the Edison range as living in fantasy / dreamland.

Your questions aren’t ones that Kefi can / will answer. We might hear that they are down to say a shortlist of 3, but I’m expecting an RNS on a Monday / Tuesday morning to simply announce the acquirer.

KONSO

You have asked Kefi whether it is wise to spend 500k on Tulu Kapi related items yet are this morning complaining that we have not started exploring on a licence area only received 4 months ago.

Surely you recognise that at this point in time funds are better spent ensuring full project launch (at which point they can be recovered) rather than on a licence area only just acquired?

You make light of us being an exploration company that’s not exploring, but in reality we are now a Pre Production Company and such activities must take priority.

I finished writing the initial post, checked the numbers and then bought more shares here.

It was mentioned previously that a take over of Kefi would be nowhere near 10p.

I agree it's a lot of money based on todays share price, but I can see a path and reasoning for why it is achievable.

- The Industry is entering an acquisitive phase where well advanced deposits will be take over targets as producing miners who are currently making shed loads of excess cash from existing operations and strong metal prices look to bolster / secure their resources.

- Acquiring Kefi, its personnel and knowledge will shave 5 plus years 's of pain for a new entity entering the country. The contracts, navigation of legislation & bureaucracy, workforce, supply chains etc. already exist and don't need to be re-learnt or sourced. Buying out these barriers to entry allow the new company to hit the ground running with an operational mine and preferred bidder status for new licence areas.

(In a recent interview, Kefi let us know that companies are paying to work, such is the desire to establish themselves within the country)

- The latest presentation provides a Tulu Kapi NPV $1.2bn at $2,800 (10 Year Life Of Mine, 1.6 Moz Resource). Circa 10p per share.

The probable reserve 1.05 Moz greatly enhances the above numbers whilst an improved gold price will positively effect the cut of grade used (Lets say another 10 years of mine life)

Plus, we know it is open at depth and there is potential satellite deposits in proximal licences.

At $2,800 Tulu Kapi Provides Net Cash of $220m per year, so on a purely cash basis, Tulu Kapi can

- Fund its CapEx cost in Year 1

- Repay a $1bn aquisition cost in Years 2 - 6

- Generate $220m per year for years 7 - 20 ($3bn)

A couple of Bearcasts from TW last week where he mentions that he expects our events to be far sooner than 2 or 3 months and that once financing is sorted we'll be a takeover target.

Seems to me he is expecting Financial Sign Off and / or Saudi Sale within a month

Our two favourite countries :)

https://www.ena.et/web/eng/w/eng_6447725

morning sb_1964,

- kefi have told us that there is a long list of interested parties after first bids closing date

- kefi expect the sale to coincide with financing sign off / launch

- mining companies are desperate to break into saudi

- there is a huge amount of cash looking for homes within saudi, mining & especially gold

- the value of our share was 50m @ circa $1,900 & 100m @ circa $2,900 prior to recent resource update and han**** jv

- artar have incredibly deep pockets and access to funds

- the positive sentiment around gold and its future is very high

if artar are going to buy up our share at market value (arms length transaction), then i would expect the number to be solidifying now.

i have absolutely no doubt that those who have recently said that they expect us to only get 10m and that nobody will be interested in purchasing our share are soon to look very very foolish

Sweet

Lots of interesting videos around

The theme seems to be that the west is losing control of managing the price of gold and BRIC could reintroduce gold backed currency.

Posted earlier.... Yup... It's going to go a lot higher

THE GOLDEN RULE OF NEGOTIATING AND SUCCESS: HE WHO HAS THE GOLD MAKES THE RULES. THANK YOU!

From Donald Trump Truth Social 04/20/25 04:09 PM

Stringer,

I don't have any issues with the management team, they are delivering within the industry norm timeframe, have navigated hrough a civil war, a corrupt minister of mines, an undeveloped country without modern day mining or financial legislation as well as the cess pit which is AIM.

AIM mining company share prices can 7 to 10 bag upon finance close and you are right that it is common for them to then pull back and settle afterwards. The main reason is that whilst these companies have financing to develop the asset, they have nothing in the bank to pay group overheads and so the market knows they will have to raise multiple times during construction.

Perhaps more importantly though is that projects can overrun and cost more than budgeted. We often see AIM companies running out of cash who find themselves in the position of trying to raise funds or renegotiate borrowings whilst in a position of weakness.

It is items such as these that make institutions reluctant to buy in.

However...... Kefi will be in an extremely unique position of having say 75m in the bank from the Saudi sale

which allows the business to progress other assets simultaneous to the construction of Tulu Kapi without the need for further dilution whilst maintaining a sizeable cash reserve. Kefi then becomes an extremely attractive and investable business to institutional investors who will have to buy from the open market. This is why I think we will see Kefis share price rerate massively and actually grow through the construction phase.

As to the gold price, I think it will be a lot higher by the time we hit production which could be used to reduce our already short capex payback or generate a dividend early in the mines life

Stringer,

The resource, grades, feasibility studies and commodity outlooks point to 15p and more being achievable once in production.

We will shortly begin a transition where those buying in are looking for dividend yields as opposed to multibag rerates and we will get into a more natural share churn and price growth once the realisation is that this AIM company doesn't need to raise and dilute.

You say if the current management weren't in then it would already be 3p. I would argue that the company is more likely to have gone bust during the civil unrest.

i'd say the likelihood of kefi hitting 10p or more in 2 years is about 75% and ever dropping to 0.15p is about 2%.

with the banks credit committees and boards having approved the funding they will now be providing short term financing to the project whilst the last admin issues to full sign off is completed.

we are now 7 weeks since the first submission of indicative bids for our saudi assets and 3 weeks since updated bids so news could drop at anytime. still think it will be artar and that they will tie in with han**** to exploit the existing deposits.

considering the commodities markets and how investible ethiopia is becoming, i wouldn't be surprised to see a bid come in for kefi as a whole shortly after project launch.

it would be a very tasty prize with saudi sale cash in the bank and a clean slate with first mover status

It's certainly the perfect storm fro Kefi to be selling Saudi and launching Tulu Kapi

$3,400 looks like it will be broken very shortly

MF2017,

I read the first part of your post regarding the Saudi Assets, realized what total clueless drivel it was and din'nt bother with the rest.

You are using NPV's based upon gold prices of $1,900 and saying that to achieve these NPV's requires strategic premiums.

You are then for some reason reducing it to a valuation of 10-15m which would be based upon a gold price of $1,200

To achieve the $100m upper end of the Edison report which is based upon a gold price of $2,900 may require a multiple bidders, but there is now a larger resource, a new JV with promising licence and other deposits which are not included in the clacs plus other licence areas, and lets not forget, a long list of interested parties

MF2017

Where on earth are you getting your numbers from?

The Edison report clearly provides the correct numbers and basis of calculations.

You say Hawiah NPV is 250m. However, the PFS was 300m at depressed prices and 400m at current prices

You say Jibal is 40m. However, the PEA says 112m at depressed prices and 245m at current prices.

At 15% Kefi's share is between circa 50m - 100m

Since the Edison report there has been resource upgrades plus a new JV with a very promising licence area.

Plus there is a pipeline of other licence areas.

You then completely ignore how hot / desirable mining in Saudi is