Member Info for emcauslan

What do participants think about a placing for £15-20m at the last placing price (from memory 1.3p??).

We "finesse" the much desired and long promised £20m, funding complete, market belief returns and that surely opens up a new set of buyers. It makes a better pitch for IIs to get in at this level.

Plenty RNS follow with on ground developments, including innovative live beaming from Hubstar (the clue is in the name Bonkers - he's up there)

We don't have the problem of potential long term dilution from the terms of the streaming deals. I certainly don't understand the full details of our agreement with the chancers. (how's the fundraising going btw?)

As sure as eggs is eggs, the share price falls close to or below the placing price, and we all get the opportunity not to be diluted by buying roughly 20% more shares to back our judgement in the company at a "ludicrously low" price. If it doesn't fall to that level, then that means the market likes the deal.

Admittedly it would fill this place with screams of pain and glee in equal measures, but....

Thoughts?

This is supposed to be a discussion board, but I don't think anyone can deny it has descended into a mutual slag festival. Here's a try.

I would like views on the following question.

Why does the stock market not recognise the value which the assets of Kefi Gold & Copper plc seem to offer on a long term basis?

Everyone's views please. Only one rule - you are not allowed interrupt / comment / abuse any contributor answer for 24 hours! Let's get a range of responses.

there's a thing. i didn't know if you clicked on your name, you could see your own post history. rereading, i obviously only post when ****ed (pwp) which explains the long winded nebulla as and when i do deign to share my thoughts. so why change one's habits.

i do recommend my 31st december year end review - v prescient.

anyway - here's to be taken out (reluctantly) at 4p in june.

(cue background cries of deramper, scotch egyt, say no to 10p, nav 27p, don't be out over the weekend, rocket emoji, etc etc)

CJM - even 10% in a highly speculative explorer is a bit racy! I'll let you off if it's grown from 3%.....

Everyone, or they'll shut down the site for hate speech!

We're all experienced investors who know the first rule is that you should not have more invested in any one stock than you are prepared to lose.

Aren't we?

Just to echo previous comments - even an old cynic like me was pretty impressed with the sincerity of HAA - he comes across best when he's outlining big picture stuff and not risking short term timing predictions! The footage of the ceremony was indicative of the feeling of optimism and enthusiasm on the ground he mentioned.

A good watch.

I quite like Bonkers posts. You do know he is taking the mickey, don't you?

Mind you 5,786 posts does suggest a bit of an obsession.

Followed the link to the Chancers. 196 followers. Let that sink in. 196.

I've tried to find out how the pre-IPO $10m raise went, closing last week. Can anybody point me to the announcement?

First up - I am a shareholder and want this to do well, so don't jump down my throat at my observations.

Why has the share price not reflected the obvious progress in this project?

20 Oct 25 - Kefi announces debt signing - sp hits 1.8. RNS states $40m of $100m required equity funding is "secured"

17 Nov - RNS - "full project launch year end 25". Equity commitments "excess of $100m"

8th Dec - RNS - term sheets "signed" for $40m gold streams, processing proposals for $43m Ethiopean pref shares, $50m "advanced negotiations" with specialist African fund. "Finalised this month".

22 Dec - $20m placing. "100m Equity funding now $20m Ethiopian Govt "funding" (nb not cash), now $26m Ethiop prefs, $30m gold stream, $10m from Kefi "previously raised" and $20m this placing. HA "Fully funded blah blah blah".

6th January - another full launch, including £60m "mining services agreement" over and above the $100m equity - latter not broken down in RNS

21 January RNS - "Dec $20m placing completed the balance of the equity funding" - just a fib I'm afraid in an RNS.....

Today - Ethio govt $20m, Kefi $30m 2025 placings (see above),$20m Chancery royalty, still to come : £10 Kefi shares for development costs, and another $20m royalties (not disclosed). Oh, and $43m Ethiopian pref shares to come- remember them?

So conclusions. Why is the share price at 1.6p?

Institutions quite like management of a company first of all to understand the issues they face, and on that basis to communicate the hurdles, and then to under promise and over deliver. Kefi has not met this criterion. HA underestimated the difficulties of raising that final $100m tranche of "equity" - he might believe so passionately in the project that he has been blindsided by market indifference.

There is no doubt Kefi are here today because of his doggedness and diligence over several years. But his recent RNS announcements have persistently overstated the company's position and sown doubt in the minds of potential large investors.

How to sort it? First Kefi FFS- stop the BS. Tell us the facts - is the $20m Chancery money in the bank (or at least the first $10m tranche); is the next royalty signed?

And accept - there is no money out there. Go back to the institutions who backed you last year at 0.5p, and the ones in December at 1.5p and tell them this is a great project, and raise another $20m in pure shareholder equity. Do the effing placing - you know you need it, and it's better than $10m of Kefi shares drifting into the market from suppliers over the next six / nine months.

Tell the market the truth and put us out of our misery. Then we might actually support the placing. Then we might get 2p. Or 3p or ....

Anybody heard how that fundraising went? Aiming for $10m and supposed to be closing last Friday.

Was anyone else not the teeniest bit insulted by HA's latest? "My 5,000 investors are not sophisticated and need to be told again and again that the deal is done, which I knew in October. Things are happening on site, well not actually on site per se. The chaps living there (who were supposed to be resited last year) have to be moved, roads, er, electricity, temporary toilets for contractors, er, er"

No Harry. It's not your existing shareholders that need convincing. That's a sine qua non. Unsophisticated we may be, but we're invested. It's the rest of the market that needs to see solid progress, contracts finally signed, pounds in the company. Not never ending wishy washy promises of Ethiopian prefs, esoteric non-dilutive issues, putative gold streaming etc. Just words, words, words.

And by the way, he looks and sounds absolutely rubber ducked. This might be too much of a burden on him. Is there nobody else in the company taking some of the strain? A one-man band? On which we are loading all our hopes? (Well obvs not all, if you are are a half sensible investor...)

Dear sophisticated bountyhunter007, at no time in the two months before the placing on Dec 22 was the Kefi share price below 1.30p.

"SP worked upward 10-15%"?? I wish.

Last post was after long New Year session and feeling bruised - apols. Of course it is not a dog poo stock.....

What I struggle to understand is this. When you are the broker to a company and they need to raise money, you need to ensure that the placees don't lose money twenty days after they have taken the shares. So you make sure you have further buying, ideally at the placing price, but at the last resort at a (say) 5% discount, so you don't p*ss off the original placees. And you certainly don't put the shares into hands which are going to offload them two weeks later at a loss ffs. This is just bog standard corporate broking. Any genuine guys that took the placing at 1.3p are not going to be there for the next fundraise with the price at 1.2p a fortnight later.

So I think we know what that tells us. First, the corporate broker has no clout. Second, there are no natural buyers out there. They've twisted arms, "do this one, we'll get out at break-even, and you'll get the next goodie". And third, the broader market does not believe the story, even with a proper house like SP Angel backing the stock with a "strong buy" and a 3.5p share price target.

So we are stuck, squirming, between a belief that this is company with a valuable asset, which unfortunately only we know about, and a nagging wee voice that Mr Market is rarely wrong.

Ah well, in for a penny (or more correctly 1.2p) .......

Stayed calm, cannily waited till the shares fell below the placing price, as always before....topped up at 1.28p. Went to the pub.

£1k down in two days.

What a steaming pile of dog's poo this is.

Two comments.

A sincere and genuine thanks to the contributors to this board which persuaded me in (in a small way - I am not a big swinging dick) into Kefi one year ago. There was a lot of sensible chat and analysis- and a lot of contrary guff - but behind the hurting long term holders there was genuine hope and careful analysis that the company could deliver on its main asset. And they probably have. Still some hurdles to cross, and I'm less sanguine about the issues than others, but the market has seen and understood the progress, which is why the share price is where it is. So again, thanks guys.

Second, would it be at all possible if the dafties on the board would desist from clogging it up with total bull? We know there's 1m buys being hidden by the mms. We know the shares are about to (rocket emoji). We know this is last chance to get in below 2p. We know it's going to go up by 0.5p every month till first pour (sigh). Etc. Etc. Ffs guys - you are preaching to the converted. Stop clogging up the board with the same old same old. We're in there already ffs. In the New Year I will need some advice as to how this green box thing works...

Anyway rant over. Let's hope 2026 brings the same share price return as 2025.

Does no-one on this board or its advisers have any street sense? Getting on board with these f*ckwit Chancers who not only bind them into a poor commercial deal but then proceed to humiliate them into releasing a holding RNS on the morning of the planned fundraise announcement in the afternoon. Anyone heard of a NDA clause?? Anybody?

Do you think these guys have bought their "one million bucks" of shares by now? Today, maybe? Nah.

BTW don't worry about dilution - if you really believe the story , you will soon be able to buy your pro-rata share in the market below the placing price.

Old words in RNS - "report full launch" "structured and orderly"." pleased to announce"

New words "assemble", "to be raised", "conditionality largely procedural" (pardon??)

Detail - $20m "to the value of" to Ethiopian government , on completion of roads and infrastructure - ie nae money into company

$26m KEFI Ethiopean prefs - "to be raised, subject to certain conditions" (not specified) - ie nae money at the moment

$30m gold streams - er. not quite finalised yet. Slippery devils these chaps. Still, leave that with us.

$10m - money we've already put in

$20m - our own shareholders.

That should about cover it, eh?

Oh, mention the $15m from Santa we're putting aside for the "cost overrun reserve" aka board remuneration.

Actually, don't - let's leave that to the Chancers to bring that up in their next Youtube video.

I despair.

Agree 100% Catbert (as Ally McCoist would say). But this is standard for this company. Having last gasp desperate talks with these chancers, who then put out this ludicrous video featuring a guy I would not trust to tell me if it is raining outside. If they are so full of cash from their long standing big pocket backers that they can announce three mega streaming and gold deals, why are they looking to raise a paltry S10m from new investors? And who seriously expects to raise money from institutions with a sales pitch like that? No wonder they've all knocked him back before.

But I did him an injustice last night by accusing him of using price sensitive information. The market took one look and went "nah".

And I got up early for the RNS? More fool me. Very frustrating.

Not sure what the KEFI board / management will think of some guy boasting on a You Tube video what a great deal he got from the company, when they've not actually yet put out an RNS about it. Nor indeed what the LSE will think about the cheerful admission that he'd put in "a million bucks" in the full knowledge that he was in possession of price sensitive information.

Still that's the super new way of doing business the super Oz way I suppose.

I await the listing of Chancers Royalty with interest.

As a three minute trawl of t'internet reveals.

V interesting posts from Qnard and Puzzled Pete. Of course they might not hit the jackpot with the ten baggers on here but it does deserve some consideration and input a degree of reality. Don't forget that Kefi brokers SP angel have a risk adjusted long term (repeat long term) target of 4p on the shares. So it might not be beyond the realms of possibility that Nirvana may be a wee bit later than the day after the (long promised) equity injection takes place. (any money in yet? Where is Manuf - I've missed him?)

The market does not believe the story - hence share price of 1.5p. Every shareholder on here (ignore the bampots that have no holding) is betting that they (me included) know better than the market. Not a winning position long term, but occasionally, and very profitably, one might be right.

If Kefi gets to PPs 2.3 - 2.5p, would we be complaining?? Most of us would have made a multiple of our money. Would we still be going on about how the market doesn't get Kefi?? I certainly wouldn't and I would be taking a quarter of my holding out and running risk free the rest.

I confess - I just have this wee voice in my head saying "listen to the market".

Finally dipped a (small) toe in the water here, after reading pages (twelve months worth) of your esteemed contributions! Some obvious dafties, but some excellent deep research too. This is obviously a special situation where for years a company has not delivered on its promises, has promised the earth, made several huge corporate missteps, thereby frustrating long term PI holders and disappearing below institutions' radar. As a professional you can't put clients' money into this situation. End of.

But they have assets. And 100% of THE asset. And they're slowly getting credibility (and money) behind THE asset. Huge issues with management / corporate governance - understandable. I haven't met them - do they present well, is the main guy credible? He is caricatured here as demented driller not a finisher. Hmm.

This reminds me of Kefi - ten years of p*ss take then it (might)happen. So here I am, fresh faced, doing the Death In Paradise bit to long term holders - "I'm sorry for your loss".. but hey-ho, see me, I'm in at 1.6p. What's not to like??

PS as a long term season ticket holder of Glasgow Rangers, I'm due some good times....