Member Info for ericmca

I read one broker saying the recent recovery in the dollar, backed by a robust first message from new Fed chair, emphasising price stability - so possible $ rate increases - puts pressure on gold price. Central bank buying also paused.

GQ - the recent options grant was for a fixed number of shares, which represented 4.74% of the company AT THAT TIME. It is not a locked in percentage as you (or your LLM buddy) claim. It is true that does not stop the board issuing more options in the future.

Xhita - you're wrong about Ariana - share price is flat year to date, Kefi down 19%. BTW are you sure your day job doesn't require more of your spare time?

Patshare - you are in danger of ruining this board with some common sense. Please desist.

Well, give HAA his due (unless it's postponed late), he's putting himself up in this webinar to some pretty trenchant views from many long standing (and also more recent ) shareholders. Chapeau as they say.

I'm pretty p$ssed I can't be online for it - never seen one of these before, but lunchtime on Wednesday is sacrosanct, and dedicated to getting Diageo share price up. So fingers crossed, be sensible guys, and let's prove the doubters wrong.

Someone pointed out the tiny turnover figures - yesterday there was 171 trades with a total value of £176,000 - so an average trade of £1,000! This was just the lowest of several pathetic days trading. No-ones "dumping" the stock - there is just zero interest and the price is drifting. Obvs we wouldn't mind it drifting up occasionally, but it's hard to see a catalyst for this. I'm not convinced the AGM will change things - there just isn't any news to be had. Link to LSE page :

https://www.londonstockexchange.com/stock/KEFI/kefi-gold-and-copper-plc/trade-recap

God, that made me laugh on a day when all seems lost. If only it didn't ring so true!

You can mump at Bonkers all you like (remembering he has no economic interest in the shares, but nonetheless is more than willing to pass on his words of wisdom. We should be more grateful.)

BUT, as he puts his finger on my biggest bugbear..... he is spot on. Neither of the executive board have bought a single share in this company since Annual Report 2023. (see p61 in 2024 AR, and p72 this year). In fact HAA shareholding only increased in AR 2023, the year he was paid £173k bonus...in shares!!

HAA goes on endlessly in interviews, presentations, ARs about how under valued the shares are - worth a multiple of the current price etc, but neither of them has bought a share - the new AR share tally is dated 14th May 2026, so they haven't even used their £400k cash bonuses to buy shares yet.

As for the hogwash mentioned earlier about tax etc - this company is based in Cyprus, there is no way HAA as an Aussie citizen is based in the UK for tax purposes. Cyprus may have been chosen as the tax jurisdiction for its climate... but I doubt it. And frankly HAAs existing holding is peanuts - less than 3%, and I can't be bothered looking back pre 2022 to find out how many of them were granted by the company. I suspect the majority.

So to recap - HAA £400k salary (+33% yoy), £400k cash bonus now, plus 2x£400k cash bonuses on debt drawdown and production if share price is 2.5p for five days and 3p respectively. One last rather interesting point - if a change of control happens, ie takeover, or sale of TK, ALL amounts oustanding are paid in cash.

Executives interest in the share price - minimal. Our interest in the share price - rubber ducked. Do you think the two are anyway connected?

Sorry if all a bit nerdish - but as I say I do like proper executive skin in the game, especially with such an, er, obviously undervalued share as KEFI.

Chairman sold one million shares (a third of his holding) for average £1.57 on 15th April.

Wish i'd listened to him.

Looking at the stats over the last week, there were four relatively busy days - 20/21st and 26/27th. Total turnover those days was £1.5m, 1.4m, 1.4m, 1.2m, and the number of trades was 385, 360, 462, 507 respectively. So the average size of trade was £4,000 on 20/21st falling to £2,500 on the 27th.

Compare that to the huge spike on 13th May where turnover was £4.63m with 450 trades - so an average size of just over £10k.

Of course the value numbers include both buys and sells, so even on the 13th, shares sold (and bought obvs) totalled £2.3m , and the other four days averaged £75k falling to £500k.

So it doesnt look like there was a "massive" seller, but the number of round half million / million trades suggests a persistent seller, and the price may have been held at these low levels to test the seller. The tailing off recently (yesterday only £163k traded) might indicate the pressure is off.

But I might be grasping at straws!

Yes, that was a surprise to me too. Particularly as it is "on the same terms as ..Chancery Royalty" (RNS). The same Chancery Royalty which HAA jokingly referred to in the interview: " if there's another (royalty), you're not getting the same terms as last time". Much chortling all round - eh, what are we like.

Oh, hang on, you have just given the same terms - to a Cyprus based entity...which is where KEFI originates.

Do we know for sure if Mithril is a shareholder?

Simms45 - remember four executives were granted a total of 650m options earlier this month (HAA 232m; fd, coo and Jeff Rayner 139m each) exercisable at 2p. So a considerable incentive to conclude that a bid at these levels would not be in the interests of, er, all shareholders.

3p gives them a windfall of £6.5m in total - prob still not enough for the decade of effort.

I've said before that a huge red flag for me was that none of the board put their hands in their pocket for the 1.2p fund raise. Poor show.

I agree this pastime has to stop. All winter he's had queues at the door pleading with him to let them give him untold millions for the Saudi asset; then they demanded a couple more billion shares to be issued; and now even the bl**dy Ethiopian Government and the banks are pressurising him to get on with it.

How's a man to find time to do television interviews, attend international trade conferences and sign multiple placing letters when everyone is on to him to do something? The man must be at the end of his tether.

I quite like the fact that there are so few "institutions" on the register. I remember vividly being shafted in Shanta Gold just as SHG was about to double gold production when these sophisticated institutions accepted a ludicrously low offer price from a bunch of overseas based chancers connected with a board member, despite a valiant attempt by PIs to knock back the offer. Oops - blooming Autocorrect - should have read "characters", not "chancers".

Obviously good news in that the company is not going bust, which is would assuredly have done looking at the steady depletion of the cash over the last few years. And this is serious funding - 125% of market cap...

What possessed me to pay 23p three years ago on a seven year mining project is a mystery lost in the mists of time. But there you go. This equity raise funds the company till Q1 2026, with debt finance "to be raised before then and a FID expected at that time". Hopefully we get a DFS in the near future for South Crofty (to add to the PFS, PEA, FFS) which shows that NWF might know what it is doing. VBR had no choice IMO. OK?

I agree with Gingy - this is prob dead money for a while - but at least that is metaphorical and not actual!

Whilst not in the big league like others on this board, bought 1.5m shares at 0.4818. First time buyer so no baggage!!

Can anyone point me to where I can find a list of shareholders?

Well that was to be expected after the numerous delays. Were we ever told who the $1.2m was supposed to be coming from? At least they are generating some cash flow from operations, although I'm a bit concerned about the reference in today's RNS to the "Homase Mime"......

Where's Marcel Marceau when you need him?

WH Ireland were at the global banknote conference, and their daily says "Spectra was a lead sponsor, major exhibiter, and keynote speaker - significant interest in Fusion - fair value 380p." It is sponsored research but they've been pretty good on SPYS to date.

V drunk and v p*ssed off. As the share price drifts up to the bid price it looks like the arbitrageurs approach their end game in this blatant corporate steal. Completely out of our hands as the big institutional shareholders will decide the outcome - as ever.

But pretty heartened at the way a group of private investors on here have tried to get together and make their views heard and made calls, emailed, and tried online to get their votes registered against this deal. Of course we probably won't count in the big scheme of things, but if it is a close call, then it might just not have been in vain.

So ignore the naysayers on this site - if you have shares and don't like the deal - try your utmost to get your nominee to cast your vote.

Watch this. I've got a Barclays online investment account (execution only) and I've been looking for the Shanta details on their corporate action page. There is still nothing there so I phoned. Because this is structured as a Court meeting, followed by a General meeting, it will NOT appear on their corporate actions. They do not normally put AGM's etc up as an action and ask for proxy votes as they are regarded as merely housekeeping. So you must phone them, go through the full explanation and tell them specifically to vote no against resolution 1 at the court meeting and "against the scheme" at the General Meeting. It wouldn't surprise me if these chancers on the board knew it would be difficult.

Voted against here for 550,000 shares.

There is also a lot of anger on the ADVFN share chat. Is anyone a member of both, and is there a way there could be some form of collaboration?

First post from me too. I have 700,000 and share the frustration of prob all private investors in this. I'll certainly be voting against this sweetheart deal.

I like the idea of having some form of shareholder action group (SSAG??) but how do you go about it?