Member Info for Fantasy

Talking of divis.. :) If HAA delivers finance sign off by 31-Aug, I will take it as a divi :)

HAA was moaning about how long the procedure to sort few things in Africa...

- Documentation by 31-jul

- finance sign off 31-Aug

- Drawdown in Sep

- procurement

- civil works / construction

- installations (commissioning, qualification and verification)

- production.. etc

- Production teething issues..

- consistent delivery of gold

- positive cash flow

- dividend..

The longer the list is the more uncertain it gets; especially in the regions we operate... but HAA will happily talk about things that is so far away.. :)

Hi MF - Vaulted asked a question to HAA about licence during the AGM. HAA didn't give a straight answer. He said that we will find out soon (as if to say, I know what is coming but cannot say or comment at this stage).

"Let’s see if Harry comments. But for now, I’m watching — not panicking."

Nice distraction with the licences... Hope HAA and Kefi will have sorted the documentation by next week (31-Jul); followed by signing of the agreement by 31-Aug.. Everything else for now is a distraction and noise.. :)

MF,

At this stage I will treat all i.e., askari, kefi or anyone else involved who may or may not get the licence as speculation.

TK funding and drawdowns will definitely help kefi’s cause. GL

DVH - it could flip between majority & minority, depending on your trade :)

"Could be an exciting time ahead for shareholders....

(probably in the minority of those that post on this bb lol)"

Cybaajak - yep consolidation was hard and what followed that was even harder… 👍🏾 Thanks for sharing it..

Crazy - I was relatively respectful to HAA, but you called him a c word? You are not a hypocrite. 🙂

“ Let's also remember that when Kefi announced they were looking to sell Saudi last November, one of the key reasons kefi told us was because institutional investors wanted us focusing on 100% owned projects.

In layman's terms institutions don't want the unknown or uncontrolled dilution Saudi brings to Kefi Group.

Yet Harry knows better, we still have Saudi and surprise surprise, another bucket shop placing.

He's an absolute c***”

Crazy - I envy your intelligence. 🙂

“ You are right, you don't need to agree with me, you can blissfully chill in ignorance.”

Crazy - I don’t need to agree with you.. 🙂 Good night

Crazy - in 2014; Kefi's share price was 34-16p... Call it 16p.... today 0.57p... that is 96.44% down.. If you want to call that an achievement under HAA's watch, by all means do so... During this time the gold price had gone up from $1100 to $3300. And still we are faffing with the TK finance.. Can't wait for 31-Aug-25 :)

During the same time; do you know how much Kefi had raised? :)

Crazy - correct... I have a different point of view to yours.. those that you mention are mere progress towards a goal.. the ultimate goal hasn't been achieved yet. By all means, you can celebrate the achievement of successfully navigating them - but I won't. CEOs are paid to navigate the company - if they feel these as achievement, they shouldn't be in the job. :)

I wish Kefi had gone bust 7-10 years ago, I would have been better off.. If it goes bust tomorrow, I personally wouldn't worry too much. GL

Crazy - yes.. war, covid all that is understandable. Whilst I understand HAA and his tenacity, I completely disagree with how HAA and his BOD managed communication with the shareholders.. let me repeat, HAA and Kefi haven’t achieved anything yet. Haa says we are almost there, we had been for the last 2 years.. If ratification is not kefi’s hands, why come and tell a timeline to the shareholders?

As told on HAA’s face - If I get my money back, I will take it.. if not, no bother (in my mind, I have written off my investment in kefi ). However will hold HAA and the BOD for lack of delivery.

Crazy - I understand, the license may be of high value.. worst case, if Kefi isn’t successful with finance and delay by 2 years (another war or Force majeure situation)… New licence will be of any value.. when TK is sorted and there is a realistic construction and production situation, then the licence will be of value to us.. For now, imo i really don’t care about new licenses. We took 10 years to get closer to finance (not closed yet), I would be crazy to think of another licence. GL

Dsrt - I am with you on this.. I am not worried or excited about the new licenses. The only delivery I am expecting from HAA is TK finance by 31-Aug.. we haven’t even started building mine with the current license, why worry about the new licenses?

Mithrel - thanks for the info. Were you at the AGM?

Mibb - HAA is the founder and ceo of Kefi.. I could sense a bit of his personal ego to get this over the line. He explained how he can’t explain certain things when dealing with govt, banks, local agencies, social aspects around TK, community matters.. I understand it’s complex - but didn’t agree with his communication to the shareholders and the update via RNS. I said that if for example ratification is govt dependent and cannot give a timetable, he should have stated that in RNS rather than next quarter.

1plus1 - Robinson came across as good guy, wanting to help support HAA and engaged with me a positive way - even though I was difficult with my questions.. I really have nothing against Robinson. I would happily have a similar chat with him. He was inquisitive.

Simms - I forgot to say.. during the personal chat.. I asked HAA, how confident are you to deliver TK finance by Aug-25. He said, nothing that he is aware.. that would stop TK finance. Quoted at 90% confidence level. Left the 10% to unknown unknowns. Understandable.

1plus1 - Thank you! I did give a hard time to HAA and BOD. That didn’t stop HAA to not have a chat. I stood where I sat at the AGM and he came around. I have little bit more respect for him. He did say to my face that I had a demeanour and my body language was similar to a Japanese stress releasing pod (probably he felt like a punching bag). Some of the shareholders were shaking their head disagreeing with me.. I couldn’t care any less. It’s my money, my decision to buy and my decision to question the CEO and BOD.

I was relentless with my questions but the old fella did well.. It was humorous the way he said it…

I forgot to say.. during the personal chat.. I asked HAA, how confident are you to deliver TK finance by Aug-25. He said, nothing that he is aware.. that would stop TK finance. Quoted at 90% confidence level. Left the 10% to unknown unknowns. Understandable.

Has anything changed for me after the AGM: My personal view is that, no. Kefi and HAA need to deliver TK finance. Presentations, webcasts and all the celebratory note will not change my views, however delivery will.

Other investors questions:

Investor 2: Harry 3 weeks before the last placements; you came out and told the shareholders we will not raise. You did exactly that after 2-3 weeks. People are losing trust in Kefi because of this.

HAA: HAA alluded to having institutional investor onboard and clear some debts; one of the requests/demands of the bank for next steps.

Investor2: So you were aware of this requirement; why did you not tell the shareholders about this need before. You could have done better with the communication.

HAA; HAA acknowledged he could have done better.

Investor 2: Last year Shareholders were upset about the bonus. Did you understand why the shareholders were upset?

HAA: HAA acknowledged why some of the shareholders may be upset with him. He said, that he has take shares as compensation and not cash. He also mentioned that it was last year because it would have been 10 years with Kefi and the bonus was in acknowledgment of his contribution to kefi over the last 10 years.

Investor 3: Asked question about the structure of financing for the 20m.

HAA: Haa kind of said, no there is no easy answer or an ideal answer. If we want to fund, we will have to either give away a part of TK equity or pay for it in a different structure. In a way he was saying “can’t have your cake and eat it.”

As another posted Vaulted posted before - HAA has a lot of respect and support from his BOD. He has persevered through some hard times - some times I might have not acknowledged that in the right way.

Hope this helps. Thank you!