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HAA boasting about how the share price moved from 0.44p to 1.28p… did he talk about how much kefi’s share price had reduced over the last 7-8 years… including dilution and consolidation?

I am not complaining and moaning about dilution. That’s what happens with exploration companies… but coming a boasting about share price increase whilst ignoring how much he had diluted.. come on Harry.. 🙂

We will have to use the equity part of $100m first and the $240m of debt part will be used later. We need spend that $100m first..

"Lenders’ drawdowns commence mid-2026.??"

Simms - you are one of the worst rampers in Kefi.. :) 20p+ lol... lets get the finance sorted, which you had been saying, "its coming".... hasn't come yet... GL

"Spot on mibb but i would settle for 10x over next 2-3 years. My main interest is largely ongoing dividend that i conservatively put at 1p-1.5p from 2029. However valuation of 20p+ is not unlikely based on the TK numbers and not counting Saudi valuation or expansion of TK that is nailed on and all the other concessions the Ethiopian government are going to lavish on Kefi once things start motoring. Government are 20% shareholder so thats a very handy to have onboard."

There is a lot of disconnect between Kefi’s NPV to the current share price.

Although there is progress made, why the share price is where it is today..

- Finance for $100m was supposed to be sorted by the end of the year and it wasn’t. Almost there. The constant almost there message without 100% closure doesn’t give the confidence and the shares get traded.

- Production has moved from 2027 to 2028. Market sees it as a delay. Not the first time from HAA.

- HAA doing HAA thing and releasing news to others (including TW) before vs the market. Losing the trust of some of the shareholders.

I am continuing to hold and wanting to see the $100m finance closed. Followed by $240m debt facility. $100m equity will need to be used first, which means there is no real risk in using the $240m debt facility just yet. All we need now is, $100m equity facility sorted and approved by the lenders, which the RNS stated “shortly”. I hope it is short and we can change trend and move upwards.

Thanks

We should have disposed off Saudi 3-5 years ago.. and should have solely focused on TK & Ethiopia assets.. Now that we have already diluted enough and our share price will be significantly higher - further dilution will not be significant.. and we should keep Saudi assets and develop it further. Once TK is in production, its a different ball game and hence any dilution will be over the next 2 years (before production). Either way, 1st things first.. lets get the full funding for TK solved.

No need to get rid of Saudi assets at this stage. Get rid off HAA and let the new & more competent CEO recommend what to do next with Saudi. 🙂

Hello, hello… so where are we with the finance package? All to be sorted by end of the year? Look back when was this promised originally last Dec-25, it was Q1. Then by July, then October, and now December? And still not fully sorted? The kind of “over promise and under delivery” the market hates.

Progress has been made but poor communication and leadership. With the gold prices above $4000 / oz, the issue is HAA and no one else. Drag the feet, delay the project and continue to earn his salary.

I understand the complexity but poor execution. Was supposed to be last Christmas and I had bet at that time, this lot I met in AGM would claim for Christmas 2025 and still couldn’t deliver. Once the finance is sorted - it will be time to kick out HAA.

GL

We are better off outsourcing the ceo role. Had been critical of HAA, can’t wait for him to leave once the finance is closed. 🙂

Magic - I own FRES, Serabi gold, few other miners and ETFs.. I don't post in most other BBs.. Kefi by far the longest I have held and worst return on investment (so far, hopefully that changes). Too many false promises from HAA & Kefi...

Sharezy - correct about the direction of travel.. Progress? - we will find out when the news comes out by end of the year... :)

Kefigold - start the countdown now for the next 2 weeks.. :) and when it is delayed further, claim that its coming.. and that no news is good news.. :)

Rob - glad you agree that the goalposts have moved... that goal posts were never fixed over the last 10 years... so moving it now, is no surprise for any one. How long HAA will continue to move? With gold price above $4000 / oz, HAA is faffing... need to pull his finger out and do the deals..

During 2025, most of the gold miners, moved up by 2x, 3x, 4x - producers and developers.. Kefi also moved up - but the progress made is not priced in fully at all.. Thats because no one wants to believe in HAA. We will see a positive move, when finance is full closed. GL

Everything was over subscribed and we were told 1 week to finalise deals + 1 week for documentation. That hasn't come to fruition. If Kefi or HAA cannot confirm timings, they should shut their mouth and get on with their jobs.

I am now completely lost with HAA... I will believe when I see it. 2025 will be gone and not expecting the finance closure.

See you all in 2026; hopefully sometime in 2026.

GL

Kefigold - you are no different to some of the green boxes here… stop spamming the BB. GL

DVH - knowing HAA for the last 10+ years, I am expecting good news on finance and he will equally squeeze in a placement. (In a way expecting a slightly negative news with it). Another week goes by without news. But expected by now i think.. GL

Simms - what calendar do you use? You seem to have a different calendar. 1 + 1 week deadline came and gone end of last week. Count down is overrunning... :)

"Sounds to me people forget his last interview in Addis A and the fact he is in London. If i was a betting man monday he might release an RNS confirming more details as he did say 1 week + 1 week so seems likely. Count down continues!"

Sharezy - you had been posting the RNS? Can you read the last few RNSs regarding timings? How things have been dragged by HAA or poor communication on timings. Was supposed to be Q1, Q2, Q3, finally delivered that $240m package and was supposed to be by Nov for the rest… and still.. which is why no one believes HAA until everything is done and dusted. Earlier in the year, I joked that we talk about funding by Christmas 2025. This is exactly where we are. Not one thought we would have to wait this long, but…

Anyway the point is some choose to read a part of the RNS because that’s what meets their needs?

Rant over for the day/week/month/year. Hopefully HAA delivers the finance package by end of this year.

GL

HAA cannot keep his own deadline of 2 weeks. This is why the share price is where it is. He tells one and does another. GL

Thanks for sharing... so where is the news, we are all waiting for? :)

Every time HAA is in London - it worries me a bit... he comes with a placement (hope its different this time). I hope we get the finance sorted news tomorrow....

Relatively Small volume… even though it’s a strong finish to the day.. let’s see what tomorrow brings…