Member Info for Crazytowner

the future of gmco is clearly artar & han**** with nobody else involved, they simply don't need anybody else in any way, shape or form.

- exploration & proving up....check

- mining & processing.... check

- saudi contacts .... check

- deep pockets.... check check check

and ties in with the gmco strategy i just posted.

i've no idea what green box guy is posting, but i can imagine he is losing his mind at the moment

"GMCO is aggressively bidding (and winning) tenders for additional exploration areas, with some of this activity being in

joint venture with a major Australian mining group looking to leverage off GMCO’s propriatary GIS and track record.

KEFI is looking to make way for a larger company with the financial capacity to replace KEFI as ARTAR’s partner in GMCO

and to have an interest to perhaps partipate in projects directly , as they are defined and triggered.

GMCO is focused on becoming the leading private sector mining group in the Kingdom. "

Had'nt seen this posted on here before.

Looks like it was added to Kefi's website a week ago.

https://kefi-minerals.com/files/files/Introduction-to-GMCO-13March25.pdf

this has all been about timing and the bigger picture for artar to develop their saudi assets with an experienced major partner.

- artar require mining & processing experience to progress gmco’s projects. they don’t need help in exploration and proving up a resource.

- the timing of award of these licence areas would have been known a month or so ago which is why kefi announced the short end of february deadline on 23rd jan.

- gmco would have known they were getting the licence areas months ago

the february deadline that kefi set for indicative bids has provided an arms length market value for our 15% of gmco. grossing up to 100% provides a reasonable estimate of the value of gmco prior to yesterdays licence award.

this provides artar the financial basis for bringing han**** into all gmco’s existing projects as a jv partner.

the march deadline that kefi has set for updated indicative bids will provide an arms length market value for our 15% of gmco which now includes yesterdays licence award.

this provides artar with the buyout value of our share in gmco

the reason why kefi have said that the sale of our interest in saudi will be finalised in line with tulu kapi project launch is because the plan and parties already existed, what was missing were the prices.

artar will pay a premium to buy us out.

its going to be a very exciting few weeks for those holding

obviously, all in my opinion 😊

absolutely spot on rob,

han**** have extremely deep pockets and would be a perfect jv partner for the mining & processing side of jibal qutman and hawiah which is the next phases.

am even more convinced that artar will buy our 15% and become 50/50 partners with han**** across saudi.

there is now no reason for artar to need or want anybody else involved.

han**** prospecting could take over kefi without even breaking a sweat, they made $5bn profit 23/24.

exciting and profitable times over the next few weeks

Well, that's going to add 10's of million to our sale price, effectively buying 7.5% of this new multi billion dollar JV.

Perfectly reasonable for the deadline to be extended to allow indicative bids to be updated and new interested parties based upon this news to become involved.

$100m doesn't look unreasonable based upon todays news

Dsrt,

We are only selling a 15% investment stake.

Indicative bids were submitted by the end of February.

We know that there were parties in the data room prior and that Kefi are now shortlisting interested parties from a long list.

If Artar decide to purchase our stake at an arm's length transaction price it will happen quickly.

If we move into competitive bidding between 3rd parties, it could take up to the the 3 months you are expecting, but could also be within a few weeks.

Whilst I was working in Saudi, I will never forget the finance managers ongoing efforts to get the banking finance sorted for the mine fleet, only for the Saudi partner to pick up his phone in the middle of a board meeting, call the bank owner and have the $40m sorted within 10 minutes on his word.

It's hard to comprehend the level of wealth that exists over there and how quickly decisions happen.

Stringer,

If Kefi were just starting now to look for suitors and were selling 100% then i would agree that the process would take 6 months.

However, Kefi already have a long list of suitors who submitted indicative bids last month. Shortlisting and turning these into firm offers wont be a lengthy task.

We also know that Artar currently have the opportunity to purchase our share at the best price (something many of us feel is the most likely outcome), but the window to do so will be time bound and need to occur sooner rather than later.

Also worth remembering that Saudi Mining is an extremely hot market with investors desperate to find places to put their money

https://www.agbi.com/banking-finance/2025/02/maaden-1bn-sukuk-nine-times-over-subscribed/

Ma'aden are looking to grow the size of its assets ten-fold over the next 15 years.

A large chuck of that is going to have to be through acquisition.

https://www.agbi.com/mining/2025/03/maaden-to-invest-billions-after-profit-surge/

Stringer,

Kefi are a 3rd party to the ratification of AFC and have no control of the timelines relating to this. The target was Feb and this has obviously slipped slightly, these things happen but Kefi are still progressing.

I viewed yesterdays RNS as extremely positive but was a little surprised to see a separate board approval RNS at this time.

However..... what this official approval by AFC does is give them the ability to say that all internal approvals are complete and they are ready to immediately invest in Ethiopia, something that certainly wont hurt the ratification process, may possibly have even been a requirement.

The finance orientated events over the past few days, the RNS & parliament meeting overview does lead me to believe that the ratification is imminent.

On a side note, interesting to see that Saudi is committed to working with Ethiopia in the mining sector.

https://www.ena.et/web/eng/w/eng_6205828

On the backdrop of this occuring yesterday

https://www.ena.et/web/eng/w/eng_6202362

Tomorrow looks like the perfect day for AFC ratification and ties in with March timeframe

https://www.ena.et/web/eng/w/eng_6204552

The project is clearly progressing whilst elements are being finalised. This isn't uncommon in projects of this size.

There is also clearly strong interest in acquiring our Saudi Investment

I think we will see Ratification within the next few days, possibly even occurring at the moment.

Bank boards don't give give time to consider and then subsequently approve such deals unless they've had assurances for a timely wrap up

Bid coming up & good size buys going through.

Boards of Major Banks do not approve financing unless it is nailed on!

"The delegation is also anticipated to negotiate the WTO Working Party Meeting on March 19, 2025, with additional bilateral meetings taking place alongside it.

Ethiopia has spent the past two decades implementing comprehensive economic and trade policy reforms to meet the WTO’s strict requirements.

Now, with the finish line in sight, the nation is preparing for a critical round of talks aimed at finalizing its membership, it was learned."

https://www.ena.et/web/eng/w/eng_6194747

It's very hard to de-ramp a Project that has got.....

- Bank Credit Committee & Board Approval

- The Government investing in Project Security & Infrastructure

- Local Communities now being compensated and relocated

- Huge NPV's and CapEx payback in less than 1 year

Whilst Kefi parent are about to receive 10's of millions from the Saudi sale as well as probably between 5-10m project cost recovery once draw downs commence.

It's pretty simple, the banks boards won't have approved and the Ethiopian Government won't have started relocating citizens if this wasnt happening.

Huge gains to be made here.

Skimmed through the project overview, seems to be aimed towards what institutions will want to know. Not surprising as they'll about to be taking positions and buying from the open market

Looks to be some great reading with our morning coffee.

https://www.kefi-goldandcopper.com/files/files/KEFI-Tulu-Kapi-Gold-Project-Overview-March25.pdf