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The clever insight from posters much appreciated on this topic. KEFI have been instrumental in raising the profile and educating Africa on mining necessities and I have to hope are in some way pulling the strings in the background with it's inside track. The SP still creates a fingers crossed stance which doesn't seem right now. HAA is hoping for greater application of mining law to give certainty in Africa which must have something to do with it.

It is time labour used its majority to deprive landowners of the planning permission gains on approval for housing. It is also time the big housebuilders mentioned in the CMA report stopped using resource heavy bricks and mortar construction methods when factory energy efficient prefabs could house people. It is currently a wool over the eyes stranglehold for boring ugly building of future slums.

MF2017; A hostile takeover is a possibility given the value disconnect of the MC. HAA could be kept on somehow. I don't want it but the job could be stressful at his age mainly due to shareholders on his back.

Interesting NickE. The Chinese would not be influenced by past KEFI non performance and likely see the potential as big miners themselves and active wherever they are welcomed. I think most holders would welcome a decent premium, 2p maybe. Personally I would like HAA to see us to production but am not in his head to know all the pressures and rewards he anticipates.

In at the start of Saudi/Ethiopian mining boom it makes sense for KEFI to expand into smaller % of a bigger pie. Powerful local players have been partnered with and can hopefully help grow KEFI.

Could just be bureaucracy- the UK is mired in it but Ethiopia is hauling itself out of some of it.

Mithrel 21/6 RE: Delays21 Jun 2025 11:30

Retrospectively, AFC Ratification was the critical path 1H 2025, which HAA clearly explained yesterday.

Plant certification, which requires "independent" detailed up-to-date quotes of the lump sum components, is the critical path currently, triggered by AFC Ratification. This is currently "halfway through".

Https://www.lycopodium.com/case-studies/yaoure-gold-project/ They will have to get a price off BCM and they have an unusual? payment arranged which will most likely result in a more expensive plant imo. I am just trying to pinpoint the delay as the plant was mooted by Mithral as the delay below somewhere I think. I'm not into padding out the post numbers with positive sentiment posts as they tend to diminish from a serious board and for me are humouring green boxes.

I thought plant construction was the hold up though which BCM will be very familiar with so no hold up should happen. Agreed Stebo that share settlement would mean skin in the game but maybe more than they should have!

Mithrel: if the leach plant costings are being provided by https://www.bcm-group.com/about-us/ then their $23m arrangement lends itself to inflating the cost? don't you think, hence the delay. OPM otherwise should be fairly standard work. With a 20% stake the MoM will have a good look at it and they could hold up definitive contract signings.

PaulFG- HAA's health and the possible effects of KEFI on it have concerned me. Constant sniping by shareholders who have not appreciated his modus operandi has undermined progress and cut him no slack so causing headwind. Sell off/end of the line talk is the sort of discouragement he has faced when hitting targets and rapid progress is what is possible now.

HAA thanks shareholders for supporting the market with their optimism fed by podcasts etc but they need to realise that is what HAA has traded on in his dealings with the Ethiopian Government and financing banks. He has shared his mindset which has been what KEFI was and is. With the end of the first chapter KEFI is about to enter Stebo's metrics based phase. Doing legwork will bore us all just like the detractors who dredge up what will be old irrelevancies.

Looking at Tuesday trades then Wednesday, the spread got widened by the offer. This should attract more sellers to satisfy buyers. Strong demand is being met by the MMs at as low a cost as possible to fill the chancers picking up bargain basement shares. You have to hope the bigger volume is from buyers who want to hold for good news.

That's a thought, he might get an AIM award this year.

It is under the KEFI Live RNS tab https://www.lse.co.uk/rns/KEFI/fundraise-of-16376m-to-expedite-tulu-kapi-launch-ydnzc40d452eiuq.html

I am for keeping it simple while we wait. Qs can be put when the lie of the land is decided.

You seem to me to be a bit all over the place MF2017

I am fingers crosses for HAA to get the certifications over the line, period

Https://www.kefi-goldandcopper.com/investors/q-and-a

I thought this point interesting as HAA is not taking advantage of the low SP or prejudging the results of funding and the company prospects until things settle down.

'It is important to note that no Incentive Options are in issue to any executives, including Mr Anagnostaras-Adams, under the LTI scheme as it was felt appropriate to only issue Options after full funding of Tulu Kapi is closed and reported'

Scrutiny will surely be rigorous then.

If HAA wants to maintain a large % of KEFI I doubt using it's equity would be wise to fund GMCO 15% but a valuable KEFI will strengthen credibility in negotiations.

The investors with wide vision are overtaking those with blinkers soon.

If you look at the appointments https://kefi-minerals.com/people/senior-management ; they are all from well rewarded backgrounds but appear of a calibre to implement Tulu Kapi. They would not have taken the posts for peanuts considering that. HAA has worked hard to bring on board the government and banks to preserve the equity so has paid himself accordingly via shares to align with future success . I don't know which executive(s) was/were instrumental in attracting BCM but it was positive. Payments have been made committing residents to relocation and the attractiveness of the new urban facilities will oil the wheels there.

If you have averaged down and kept a good holding then as with the board and recent iis and EIH (ESX was established in October 2023 through a pioneering public-private partnership with the Government of Ethiopia through the Ethiopian Investment Holdings (EIH), its strategic investment arm, as the founding shareholder, with a mandated total public shareholding of up to 25%, with the remaining 75% to be private shareholding.) then you could expect to share in a rapidly expanding company.

I put EIH (Ethiopian Sovereign Fund entity I presume) as a shareholder or future one as ESX may have bought those 420m; https://esx.et/financial-sector-education/ and this will be available for the EIH or Ethiopian citizens to buy.

I fully concurred with the sentiment on underlying value and shares in issue in the Q&A : "The bottom line is that the Project needed the money and KEFI had to put it up. We were fortunate that we were able to raise a large portion of the funds with specialist gold and other institutional investors, which concurrently addressed another important structural issue. Despite the additional shares in issue, the potential underlying value of KEFI continued to grow at the same time as the shares on issue and therefore remains many multiples of the prevailing share price; having taken so long to get the Tulu Kapi Project to a position of financial close on the broader $320M syndicate, we had to protect the Company’s position and did not want to delay or put the closing at risk. "