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In last weeks interview kefi stated everything was on plan with good momentum.

In todays RNS they are very happy with Ethiopia progress.

With 3 days left in Feb, these are not they noises I'd expect from a company abouts to miss its targets

Going to be an interesting couple of weeks comings up

It might already have happened, it might be this afternoon, either way, the RNS would lively be tomorrow morning (although I expect somebody to break the news here first).

Kefi were on plan with momentum last week....

Its an interesting situation Stebo,

GMCO was deemed a jointly controlled entity of KEFI, supported by factors including KEFI's continued significant shareholding, representation on the Board of Directors, active involvement in policy-making processes, and other relevant considerations.

Whilst the ownership has reduced from 25 to 15%, there has been no RNS stating changes to directorships or policy making.

So, if a 3rd party were to buy Kefi’s share and have the same rights that Kefi presently have, then that is a very powerful 15% stake.

We also know that Artar can acquire the interest at fair value. Where "Fair value is determined as an estimate of the price the transferring party would have received if it had sold all its shares in GMCO in an arm's length exchange, driven by typical business considerations”.

I think the proposals with indicative terms received on Friday will be used to set the “Fair Value” as falls within typical business considerations.

In which case, 3rd parties aren’t really competing with each other, but will need to get their bids high enough to dissuade Artar.

Meanwhile, I can’t see Artar missing out on the opportunity to take full ownership and control at this stage.

All while the commodity and country is flying and trying to maintain a “Typical Business Consideration” backdrop.

Personally, should we exit Saudi, i would prefer it to be a full withdrawal so that the efforts are 110% within Ethiopia and we have a headstart

Just a few thoughts on this,.

If Artar don’t invoke their right to buy our share at fair market Value, then we enter a competitive bidding process. At this point, Artar have foregone their effective right of first refusal, and probably have limited input into who their new partner is.

If I am Artar, and I have the financing available, I get in quick before the price rises, I take full ownership now and if I want to bring a partner in I can do so on my terms at a time that suits me.

The Artar / Kefi relationship is a good one, conversations will have been had, hence why Harry is confident of getting this wrapped up in March

Agreed. Ratification of AFC is not a small event for Kefi and so am expecting a sizeable move up in the share price.

I actually think we could see an RNS next week stating that on the back of Kefi having established Market Value of our Saudi share, under the terms of the JV agreement, Artar are utilising their ability to buy us out at the price.

The bid and ask are both moving up.

From watching the Ethiopia News Agency website over the past month, ministerial decisions seems to be made on the Tuesdays.

Last week Harry said everything was going to plan

Game on for tomorrow

Stringer,

The due diligence is already occurring and likely has been for many months with interested parties in the data room. It will be significantly advanced to enable Kefi to set a deadline for terms and indicative offer.

"This also coincides with KEFI' recently announced strategic review of its investment in GMCO (see the Company's announcement on 13 November 2024). KEFI has received interest from a number of parties who are now exploring the acquisition of the Company's 15% shareholding in GMCO. As a result, KEFI has set a deadline of 28 February 2025 for the submission of proposals with indicative terms"

There has been absolutely nothing to suggest any link between selling our Saudi share and TK financing other than they are expected to occur simultaneously

SB,

With Kefi stating that the sale will coincide with major works launch and that due next month, I don't see how anybody except Artar can complete so quickly.

With initial bids due on Friday, the fair market value will then be known. Artar will then have first refusal before it moves onto a competitive bidding process

Stebo,

I agree that we don't need the money for Tulu Kapi, however...

Firstly... The longer it takes to sell Saudi, the more of this year's costs Kefi will be liable for and I think the dilution will now be more costly than value added this year.

Secondly... I want to see Kefi kick off an aggressive exploration program of their new licence areas, this will need cash

Basically next Friday will ascertain the market price of our Saudi share.

Our partner Artar, will then say yes or no as to whether they want to buy us out at this price.

If they say Yes it will be a very quick transaction, if they say no then a longer bidding process.

Most of us believe Artar want full ownership, Targeting sale completion with TK launch can only occur with Artar buying.

I my opinion, this has never been a true sale, more an exercise in establishing market value

If it hits 7.5p, I may consider selling too

Last week of Feb here we come.....

Feeling very comfortable holding right now

Addis Ababa, February 19, 2025 (ENA) -- Ethiopia's ongoing economic transformation is remarkable, UK Deputy Prime Minister Angela Rayner said.

In her remark made at the Ethiopian Securities Exchange (ESX) this afternoon, the deputy PM commended the commencement of ESX, opening up of the nation's market and the overall economic reform.

She reaffirmed UK's continued commitment for the realization of Ethiopia's ongoing economic reform agenda.

During the occasion, Minister of Finance Ahmed Shide for his part lauded the exceptional partnership of Ethiopia and UK as the partnership is instrumental to help Ethiopia's growth trajectory.

Acknowledging the support from the government of United Kingdom to the private sector and Ethiopia's economic reform agenda, the minister said Ethiopia will continue deepening and sustaining its partnership with the UK.

During her official visit in Ethiopia, the UK Deputy PM Angela Rayner met with Prime Minister Abiy Ahmed, Deputy PM Temesgen Tiruneh and other high-level government officials and heads of institutions.

It is good to see all of the buying occurring

A very positive sign

when the expexted RNS's start to land, this will be frenzy

I'd also expect to see kefi recover say 5m from the financing package for Early Works costs to date

Not uncommon to see AIM mining shares x7 to x10 on financing close.

I'm expecting around 3 to 4p over the next month

Start of production middle of next year around 10p

However, I actually think there will be a takeover offer around 7p later this year

Whichever way it goes massive upside from today's price

Cheers Cossy, I genuinely believe that there is a lot of money to be made here in the next month and then the short / medium term.

Meanwhile, gold is touching $2,950. Imagine us going into production next year with a gold price of $3,200 and how quick the debt payback period becomes.

Opportunistic,

Plan & Momentum Remains In Place was what was said in yesterdays interview

The plan is ratification this month and full financial close next month

That little red RNS dot could land at anytime.

Yesterday Harry said that everything was still going to plan and that there is momentum.

The plan per the presentation earlier this month is that by next Friday

- Ethiopian Government has ratified AFC

- The Banks boards have ratified the financing agreement

To get the second part done,next week, the government will need to do their part now.

Tomorrow is looking most likely, next Tuesday latest