Member Info for emcauslan

I'm as baffled as anyone as to the share price movement, but I don't think it is a big seller dripping stock into the market. The Stock Exchange give a fascinating analysis of daily / monthly trades, split into number of trades, value and volume. If you look at 2026 to date, all three measures show a steady monthly pattern. Even in May, as the share price has fallen, daily stats are unexceptional until 13th May, where there is a huge spike. Value of shares traded that day was £4.63m (KIV this includes buys and sells) against daily averages of c £1m; volume of shares was 360m, against usual 100m. Interestingly NUMBER of trades was around daily average - so there were some big deals in there. Last four trading days, everything has reverted to normal. So I don't worry that there is a drip feed going on - and the net excess £1.5m traded on 13th, whilst obviously institutional, isn't huge - and someone bought these shares!

Qnard, electriclion - good chat. I agree the Saudi RNS was a holding statement, and a reminder to the market that they have written of the $13m exploration expenditure for Saudi, and are (not unreasonably) looking to reinstate that as an intangible asset on the balance sheet for the upcoming AR. It won't make a blind bit of difference I think - they have to get through the auditors - unless they put a silly valuation on it, which might bring out the "sell Saudi" dafties.

What I'll be looking for in the AR is a) directors' remuneration, and b) directors' shareholdings. You know my view - the board should have bought shares in the recent issue - that would have been a huge positive for the market. Skin in the game etc, but also a huge indicator that they like the shares at 1.2p. Why did they not do it??

End of rant - I now need to go and filter RMc2407. FFS.

Er, there wasn't any. Or at least they haven't told the market yet.

In the placing document it stated that "KEFI’s management team actively participated in the structuring and allocation of the Placing". Naturally in my naivety I took that to mean said management team had actually purchased some shares in the placing. I now see it meant they participated in setting the price, saying where the shares should go, and, er, that's it. Putting their hands in their pockets was obvs not on the menu.

Pretty poor show if that is the case.

Molatov - oops, apologies!

Grovel, grovel....

(on this site, that would prob read grolev, grolev)

Hey molatovkid - cheeky b*gger! Because I check my insightful wisdom for spelling and grammar errors before I post, (something I recommend BTW for other regular contributors) you accuse me of using AI?

Can AI Agent (wtf?) drink several large Tanqueray and Fevertree tonics and produce such pearls of wisdom??

I think not.

Bonkers - I thought you had passed way - welcome back. My inbox is full of new green boxes after all these loons coming out of the woodwork.

Your past posts have been excellent, and v good nudge on GGP recently.

But I have to take you to task. You have admitted that you have no shares in Kefi, having sold at average c1.85 - well done you - good sale, and you also have said you will not be buying in the near future. So you have no economic interest in Kefi. Whether the shares go up or down is no longer a matter of concern for you. So....

I am intrigued - genuine question - why you continue to post on Kefi? By your own admission it is of no interest to you - you have no shares - yet you continue to pose questions about Kefi.

What does it matter to you that Kefi have no money to pursue other projects? Why do you care about tier 2 &3 deposit? Who cares about a comparison with GGP? Previous posts from you always been interesting and challenging. But now it's just the same old, same old, invariably negative , disguised as faux concern about no money for next generation targets, Saudi contributions etc etc.

Apart from the dafties here, few expect Kefi to be a ten bagger - but Kefi does seems to be at an inflection point where financing, gold price, and in country geopolitics seem to be in confluence. We may make a lot of money here. (well not you obvs).

So as Dylan said "if you can't say nothing, don't say anything at all"

Love and kisses.

Splendid Friday afternoon post Bonkers. I'm with you......

BUT, you mustn't get your undies in twist about the following - 10p forecast, 3m ounces, dividends at .3p in 28, move to main index, only a £6m budget, next door overpegging, Harry for the Nobel peace prize, slag Bonkers for a laugh etc. It's all white noise.

KEFI owns a valuable long term asset, in a commodity which seems to have upside, project funded, hopefully now with institutional backing, albeit in a difficult jurisdiction and with all the caveats about timing. Of course there are huge ifs and buts, and the management has made decisions which, while probably necessary, resulted in significant dilution to existing equity holders. But we are now in an ok space.

Share price is fine, it might drift for a while on technical factors, but as long as the company delivers sensible updates on the construction and progress on the ground, then it seems to me to have genuine intrinsic value, and I think we'll make decent money from here. (OK you won't, but that's fine too)

So refill the g&t, pray that the lunatic orange one across the water doesn't go too daft, and enjoy the ride! Have a good weekend.

Johnpwh - all a little confusing.

Dec 22 RNS announcing Definitive Agreement - "Xinhai to nominate one board member on ...completion of Nomad's due diligence, and on other customary conditions".

January 30 quarterly activities report "nomination on satisfaction of certain conditions in DA".

April 14, defenestration of chairman 14 days after signing annual report.

AGM should be interesting, but the date is, er, not yet settled but is "expected to be held at the end of May" (AR p 38.)

Board ructions? If it walks like a duck and quacks, the odds are on it's a duck.

Atkins was appointed to the board 3rd June 2025 as deputy chairman, so has ascended to the top position in nine months. This was obviously a planned succession. MdV being given deputy chair position is obviously a sop, and I wouldn't be surprised if we see a further retiral announcement six months away, once a new company secretary is found. ( What on earth was the chairman doing doubling as CS anyway?). In latest annual report he owns 70m shares (up 5m from last year! so 2.6%)

Is there a Chinese hand at work do we think?

Anyone any idea when the annual report is due? Last year it was released on 27th April, so it must be almost due.

Chairman's statement and outlook should make interesting reading, and hopefully stimulate some interest.

Who are all these new people? MRM1yagi - 1 post? Doubledrop -22? Tucket? Zen19? All chatting away like they've been here for yonks.

Delighted if they are buying shares, but where have they been? How do they find these chat forums?

This so cheers me up after a Friday lunch.

Come on Harry - get your hand in your pocket and buy the hell out of this at 1.5p.

Great response, thank you. I'll check those out. I'm hopeless with shares that have already gone up four times like Cobra, I always worry I'm that last buyer! POW looks v interesting. I'm in SAV: like you I bought well but still believe the long term story - it's in the pension fund, not the punting fund.

In the spirit of reciprocating, I sold some PAF (far too early) and bought into AAU (which, funnily enough, has a similar back story to Kefi - a decade of seemingly going nowhere and draining the life (and money) out of long term suffering shareholders, but which might just be on the turn) and KAV (one decent asset in Zimbabwe but has the backing (57%) of hugely wealthy London based Kansagra family, and which last month raised money at a 25% PREMIUM to the share price, unusually including investment from in country Zim pension funds). Well worth a look.

As you say, don't invest on the back of this or any other forum - but I need some light entertainment in my retirement! Cheers.

Bonkers - I am hugely impressed with the amount of time, effort and research you put into this Kefi board - mostly interesting stuff (then you go off piste critiquing other posters - tedious). My point is, if this is what you contribute to a discussion about a share you have sold (very well if I remember) - can I ask you what other gold shares (apart from GGP - good nudge last week btw) you hold, so I can go look up your comments on something you have an ongoing interest in?

PS - can I recommend you just filter those chaps? I did most of your missing persons names on your list last week and I can't tell you how satisfying it is to see half of each page lit up with green boxes. Exhilarating.

And the quality of the other posts has improved dramatically. Try it.

I think we should get some interesting bits of news by end April.

HAA doing live presentation next Wednesday at 1000 hrs BST - not expecting anything other than super bullish mind...

From RNS 20th March - "The Placing was oversubscribed, receiving strong support from existing and new investors, allowing the company to broaden its institutional following ...". Bearing in mind total new shares will account for c28% of existing SII , then surely we shall see some tangible signs via RNS of institutions declaring after the 14th April GM authorises the second tranche.

And from same RNS - "Kefi's management team actively participated in the structuring and allocation of the Placing". Again director's purchases will need to be RNS'd so that will be of major interest to see who has put their hands in their pocket.

Ok - first tranche of filtered - newt79, sharezy, djharrison, jewster, belstaff, deedee1.

bonkers0801 - you're on your last warning....

Bit weird though - feels like censorship, and I'll never know if they care....

Agree.

Pardon my ignorance - can someone set out how you filter someone on this board please?

Angus 513

Add onto that Caledonia down 28% and Pan African Resources down 27%, both in a month, and that Harry has a lot to answer for.

Not as stupid as me, obvs, holding all three shares, but he must still be a major contributor.

PS - buythose, I know things have moved on since I were a lad, but can one lift one's skirt and grab one's balls??

Weird.

well as one who has been angling for this route i feel a little vindicated. but not at this price. it has been obvious for weeks that the last part of the funding was proving problematic, to say the least. so why wait, watching the share price fall and fall until the placing is done lower than the december deal. ok, in the real world, the price is not of kefi's choosing. the broker will have trawled the market and given a range of options - $10m at x, $20m at x-10%, etc. so the board made the decision to raise a significant amount, albeit at a ****ty price. so we are where we are - let's see who, if anybody, declares, and also watch with interest the director's buy announcements. i put up my pro rata share but had to pay 1.28p - i'm maybe too early.

i wholeheartedly agree with the criticisms of the presentation and wording of various rns updates and interviews. haa may well have believed at the time that funding was "complete", only "finessing, signing, notarising" etc was required; but the whole ethiopian prefs fantasy, excess demand from streamers, blah, blah. not necessary - but i hope not deliberately untruthful. the board and the broker need to address this.

the deal will go through - turkeys don't vote for christmas - and let's have a reasoned and professional review from the company after the egm with the results, then knuckle down, zip mouth and get the mine built.

hope springs eternal ....

Pjh1 - as Ally McCoist would say, 100% agree. Shanta was a disgrace. Taken out at c13p, 2p BELOW the price they raised money twelve months previously. A bigger steal than Brinks Mat, and if it was not an inside job, I'll eat my hat. Still fuming.

Whilst not a pour example (I thought it was a clever pun, not a crass misspell), one difference is that SHG had a significant institutional shareholding base. Despite a valiant rear-guard action by many PIs on this board and others, the final vote was 88% (of those voting) for the takeover. A combination of short term institutional investors taking the cash and voting apathy from PIs.

In KEFI there are no declarable institutions - several private client platforms*, which according to HAA constitute 5,000 holders. The large majority of the underlying holders will not vote - fact - but at least there isn't a couple of 3/4% holders looking for a quick exit who can cast enough votes to tip the balance. That might put off any predator.

So a Catch 22 - we want big buyers to come in to move the share price, but that comes with its own issues. I want Kefi to close the financing, foot to the floor with the development and see where we are in twelve months. But if a bid comes in at any time at a small multiple of then current share price (even two or three times), stand clear of the rush to the exit, long term potential notwithstanding.

To those looking for institutions to come on board, be careful what you wish for.

* from KEFI website, capital structure, updated 18th march 2026