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Gold through $1,800 is supersizing the economics of TK. The margin per ounce is multiplying on each $100 move up from the AISC. At £16m cap, the stock is eye-wateringly cheap.

More generalist funds are looking for gold equity exposure. The value disconnect will close as equity flows into the sector, appreciating asset prices.

When shareholders apply most pressure on producers to replace their mined ounces (dwindling most of the decade) do projects like this get bought.

NPV is an unflattering number necessary for lenders to price risk. Every ounce mined outside the model is a "super ounce" - you can see this in how the NPV boosts by adding the underground mine, which is at PEA stage.

As KEFI drills the underground resource and expands it, the affect on NPV will sky-rocket.

KEFI is confident that u/g drilling where avg grade 5.7g/t, is capable of increasing the resource quickly. The 140koz pa initial production target can rise to 200koz pa. All this excludes satellite deposit. The open pit NPV is x10 mcap of £18m and including the underground, closer to 19x.

KEFI is being smart - get into production efficiently and quickly with the open pit, knowing there is upside to expand into with cashflows. Larger players will also recognise the model, as will institutional investors.

I suspect others interested, mining or exploring in Arabian Nubian Shield will be interested in Tulu Kapi.

A good sign MMs now waking up to reality and starting to compete for your shares.

Alphabet's cap is $1tr!

EUA was stuck at 0.5p, suspended at 7.2p and might go multiples higher still. Not the same size project but this ain't a 1.2p share when finance closes and project gets on development track. Its land package in Saudi is outstanding and ARTAR, an incredibly powerful partner.

Once 1.2p taken out, stock looks quite thin above. Could run if this next 1m shares taken out.

This does - the anticipated beneficial interest of KEFI shareholders in Tulu Kapi was estimated to be 45% post-equity investment from ANS. We know that KEFI has already invested most of its equity for its 45%. The RNS said the new financing deal will likely increase KEFIs beneficial interest - so let's guess 47.5-50%.

On a 100% basis, the annual FCF is 3x the market cap for the open pit only.

Expect KEFIs ultimate beneficial interest to exceed previously forecast 45% under the ANS Mining deal, so assuming 50%, 10x current cap.

Sure. But honestly it's a good trade today. I read somewhere below the cap is only £3.5m after the sp was +125%, which isn't correct. Compare the stage (and its mcap) of Aura other advanced juniors. Maybe a few PIs will chance it all the same.

Really? What's Aura found in Mauritania and its cap'd £11m now - £5m less than KEFI about to close finance to build a gold mine.

Dip, to clarify, my account is live for L2 access however not for bb discussion with anonymous IDs acting in concert. Save for a handful - yourself as a Pathfinder Telegram member, Edzi, Aldel and tn - I derive limited benefit hence like an increasing majority, Telegram is growing rapidly in popularity. Should anyone wish to join the PFP Telegram Group, please DM. Only one requirement to join and that is to verify your Twitter and LSE IDs and upload a profile picture.

Share price is firming and plan to add. L2 fairly balanced.