Member Info for Forcella

Mike, pathetic post as usual. No disagreement with what I said then?

Back from your ban for more r4c 1sm Mikey?

What's happened in the past year in terms of tangible progress, we've had an unexpected 2nd "Umbrella Agreement"(mainly due to cost inflations) and a Finance Plan. That's it.

No progress from the EG side has been made in terms of signed agreements. Security is still up in the air, and they've still not agreed for profits to be repatriated out of the country.

I continue to hold as I'm invested for Saudi, TK will happen, but will take longer than Harry wants people to believe. Harry saying definitive agreements signed in June in that Master Investor interview is xollob.

Good luck to all non b1g 0ted holders.

The problem is Mafs, we said the exact same last year and nothing has happened. We need to see some commitment from the EG in the next few weeks.

It was rubbish, especially compared to the presenter before him. Only important takeaway was in the Q&A where he said signing in June.

For anyone wondering the comment by Mike / The Bishop to one of members was “Another Asian see you the day after Monday mouth”!

Fill in the days yourself

speak for yourself, i’ve never and will never speak any of the ****** diatribe mike prior / the-bishop came out with today. inexcusable, disgusting behaviour.

Race then ist

was that before or after your ****** outburst in the telegram group mike prior?

The quote you posted states that the warning was months ago, i.e when the old minister was still in position. If he was sacked a month before the article, months (multiple) is before that.

This minister seems to be more on board than the old one from what I can see so far, this is from a Kefi tweet on Feb 27th: "Minister of Mines His Excellency Habtamu Tegene "The regulatory issues left are small compared to matters already resolved, the workshop shows the upbeat attitude of everyone. Our objective is making a 21st c. project in finance, community, environmental, social & technical""

That doesn't sound like he would be threatening to revoke the licence to me.

Q59: On the Tulu Kapi financing, how long following the financing close will funds be expected to flow?

Please listen to Q11 answer

Herein we seek to explain why things that are already “decided” can take several months to “implement” and funds to flow.

Our project finance advisers report that currently around 10 such mining project financings are completed globally annually. The finance closing steps will vary a little from project to project but the overall pattern from this moment (at TK) on is much the same. (having lifted the project suspension and agreed the plan in 2022 and now that all parties have formed launch teams and agreed a launch action plan), along the following lines:

1. Satisfying security standards and the few remaining Government facing regulatory matters required for signing definitive agreements – in progress.

2. Then give the lenders time for their next-level internal formal approvals

3. Then trigger equity drawdown procedures for regional investors and then the PLC. The multinational corporations involved as regional investors will take a similar amount of time as it takes stock exchange procedures for KEFI or any PLC

4. At KEFI we have to issue notices, conduct formal meetings and then allow warrants exercise procedures to be followed.

At KEFI we coordinate all these steps, firmly , clearly and in great detail. We do not publish the detail vis a vis all parties and processes. But we highlight material factors as best we can.

Q60: In Ethiopia, what communication has occurred between the EG and KEFI in relation to outstanding items precedent to closure. Is the government keen to progress or are they focused elsewhere?

Listen to the answer for Question 9.

KEFI will update the market on the progress of TK funding via RNS when appropriate.

Q61: Why not all questions are answered?

These are some reasons:

• Making a statement rather than asking a question
• Breach of commercial-in-confidence
• Disclosure would be detrimental to the interests of shareholders

END

Q53: I'm looking to visit Tula Kapi later in the year, would it be possible to meet up with some Kefi execs and have a look around the site?

Please inform the info-line service if and when you wish to visit and we will assign someone to advise you on local accommodation and welcome you to the area. Take advice on security please as we cannot assume responsibility unless part of an organized group.

We have information centres in local towns and we are planning observation platforms at site once construction starts, so that people can see for themselves anytime. But site tours will not be available during construction.

The action plan includes that we install observation facilities in October when the earthmoving gear mobilises after the wet and in time for a large community function.

Q54: There are several government regulatory steps you recently released via an RNS that are required before the financing goes to credit. Can you confirm that the government have now approved the final financing and bank account terms and conditions, recognised the Kefi 2021 and 2022 investment as part of the equity and the Ministry of Mines have confirm tenure of production and exploration licences?

This has been answered in several questions.

KEFI will update the market on the progress of TK funding via RNS when appropriate.

Q55: Can you confirm realistically how soon Kefi might be able to dual list on the Saudia Arabia exchange?

It is premature to set timelines publicly. The essential facts at this stage are:
1. Dual listing of companies in various sectors are being planned
2. Saudi Arabia is keen to foster minerals exploration and development
3. Our GMCO JV company is a leader in the sector with perhaps the next two development projects and 15 exploration licences issued in the past year or so
4. The second Saudi IPO of a mining company was in 2022
5. Ours would be the first listing or dual-listing of a pre-production minerals company
6. We are designing a roadmap with advisers and will go through it carefully with the authorities

Q56: Recent RNS referred to the Saudi shareholding of 25-30%. Please explain.

Listen to the answer for Question 11.

The Company prefers 75%+ in Ethiopia and 25%+ in Saudi Arabia for long term strategy reasons and today has higher shareholdings respectively.

Q57: Are there any blockers from the TK funding prospective?

No. but Ethiopia is littered with the remnants of businesses which launched without all i’s dotted and t’s crossed. We will not add ourselves to the list and have taken the extra time to deal with blockers as well as the obvious hold-ups due to security.

Q58: Regarding Tulu Kapi, can you provide the latest correspondence with the new mining minister regarding the governmental items that are outstanding?

No. KEFI will update the market on the progress of TK funding via RNS when appropriate.

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Q45: How many shares will you take in remuneration in 2023/2024?

We assume this question is for the Chairman, who has taken most of his remuneration in shares along some other management.

Beyond that, the matter has not even been considered or discussed within the Company.

Q46: Thank you for your hard work and dedication. Let’s cut to the chase. When do you think definite agreements will be signed for TK?

Listen to the answer for Question 11.

Q47: Do you think the wording on the RNS regarding Tk and finance could be more appropriate. The word imminent has been used suggesting any day, reality we are heading into March still in the same scenario. This only causes frustration amongst shareholders and makes Kefi look like we are not as close as suggested, when different wording could of prevented this such as progress continues to be made

Listen to the answer for Question 11 and read the answer to question 41

Q48: Do you have anything committed in writing from the EG? If so, what?

If we understand the question…we have a mining licence, a joint venture agreement, many policy changes proclaimed for us, road and power construction contracts and many ancillary documents.

Q49: Why are you unable to get finance close completed?

Listen to the answer for Question 11.

Q50: Have you started succession planning for your forthcoming resignation give a lack of market confidence in your ability to deliver?

Your frustration is understandable. The sector has dropped over 50% in the past 12 months and, of course, the Company has had a rough time in recent years.

Succession planning is indeed in place, but not because a resignation is imminent.

Please also note that all directors offer themselves for re-election every two years or so. The voting results are reported on the public record.

Q51: Do you still have EG employees in your Kefi office in Addis as you said you did during the summer?

We do not know what you are referring to.

Q52: Given the EG are so keen, it would be great to hear someone from the EG at the next webinar. Would help reassure shareholders and the market that this is actually going to happen.

Even though we would welcome an Ethiopian Government on our webinar, that should be most unusual for any Government official globally.

7

Q42: Harry, you say we have an estimated share in TKGM of roughly 80%. What concerns me, is that something like this has not been set in stone. Why has this not been established and agreed upon? would something like this still take months to formalise?

If KEFI were prepared to raise and contribute most of the equity capital at the public company level, we could lock down more quickly. However, the Board considers it in KEFI shareholders’ best interests to give maximum opportunity to the Board to negotiate the best deal for KEFI by, in effect, raising the bulk of capital at the project level – whether it be via contractors, lenders or regional investors.

In the meantime, the Board is giving guidance pending closing the final deals. Our key objective We will maintain continuous disclosure as required and seek to optimize the syndicate structure for project strength and for KEFI shareholder returns.

Q43: Harry, towards the end of last year, you expected us to close the financing. What has happened between now and then? is it a simple case that management were not aware of the remining issues?

The Company has reported that, inter alia, the syndicate agreed the plan by the end of last year; the satisfaction of certain key conditions precedent still relied on some Government actions; the lenders insist on those being satisfied before going to next-level credit approval; there was a Ministerial reshuffle in January; the syndicate and Government met in February discussed everything very warmly and constructively; we agreed an action plan; and we all move on.

This is live negotiation in a frontier jurisdiction where progress is rather tiresome at times. That is not an excuse. It is a fact.

Beyond that broad general explanation, KEFI will update the market on the progress of TK funding via RNS when appropriate.

As regards feelings and frustrations: we sincerely apologise at the complexity and frustration. Without deflecting responsibility, the KEFI Board and management and the syndicate of project parties putting up most of the money and people are also all more than weary of the delays of the past several years. All rely on KEFI’s leadership and our strict respect for project implementation standards. Otherwise they would have abandoned ship many years ago.

The syndicate is enthusiastic, supportive, disciplined and strong. We all expect to launch imminently.

Q44: Harry, people have lost faith... you cant blame us. Will you provide updates on meaningful progress now?

We are sorry that you consider the company updates meaningless. We request that you take a few minutes to liaise with our Investor Relations Advisers (details are in each RNS) and advise where they and we can improve.

6

Q39: Harry how does the constant change in time lines and missed deadline impact the company's image to the shareholders and future investors?

The question is one for observers to answer.

We take the liberty to answer a rephrased question as follows:

• Is it correct that Ethiopia’s security turmoil over several years up until 2022 and Saudi Arabia’s regulatory turmoil over a similar period were not anticipated by management and served to undermine progress? Yes

• Did management persist in both jurisdictions despite many other companies, stopping all work, or withdrawing from either country? Yes

• Did the company persist even in Ethiopia despite regular threats to personnel and to the corporate? Yes

• And, in its persistence, did management fail to anticipate all the challenges and delays? yes

• And did management, as represented by its spokesperson give guidance publicly that turned out to be over-optimistic? Yes

• Does management resent the frustration experienced by its stakeholders and our families? No, we feel it 24/7.

• Do the banks and other industry syndicate members consider these historical setbacks to be reason to support and move forward or to criticize and withdraw? The former.

• Would it be understandable to management that some shareholders have had enough and decide to move on? Sure, it is a shareholders prerogative. We would go further and say that no shareholder should be invested in anything misaligned to their risk profile and time horizon. Share turnover is a daily reality amongst our c. 5000 shareholders.

Q40: Any news about finance?

Please listen to or read the other answers.

KEFI will update the market on the progress of TK funding via RNS when appropriate.

Q41: From imminent we have gone to couple of month! Why is that?

We assume you are referring to the use of the word “imminent” in a recent RNS. Without wanting to sidestep the question in any way, the Company and its syndicate “partners” who approved the RNS and the Government policy makers all consider the launch imminent.

It is however understandable that many share market participants have shorter timelines.

5

Q33: When do you expect the TK funding to be closed and funds in the bank?

KEFI will update the market on the progress of TK funding via RNS when appropriate. Listen to the answer for Question 11 for the process.

Q34: What reason(s) could you see in the coming week(s) or month for TK to fail, would it be caused by Sydicate member dropping out?

We just completed a 3-day workshop of the banks, lead investors and Government plus the respective legal advisers. Most flew in from other countries and we went through the outstanding issues and agreed the action plan.

No-one can guarantee that nothing goes wrong. But other than Force Majeure events, there are no realistic reasons to fail. All parties are working diligently to proceed.

Q35: Thanks to the Company for having these Webinars. It was one of the first to have done so and whilst we might at times seems unappreciative, they are useful. Can you please keep doing them?

Yes, we will continue for the foreseeable future.

Q36: Has any progress been made during the last 6 months relating to the connectivity of the TKGM site to the Ethiopian electricity grid? (Since equipment was reported to have arrived in Ethiopian port)

The contractor suspended field work on this around the time TKGM suspended the launch preparations in 2021. The whole project has since been re-launched as one package of works including this sub-project.

The current security upgrading is part of that process for all these sub-projects whether they are conducted by TKGM and its contractors or by Government instrumentalities like the Ethiopian Electricity Corporation and its contractors.

And yes, the kit has been procured and is in storage for deployment.

Q37: Has any progress been made during the last 6 months relating to the building of the new access road required for the TKGM mine site?

Please refer answer to Q36 above.

Q38: Are you expecting any signing in Addis Ababa in a couple of days or London in 2 weeks?

We have been signing off various elements as they get closed out.

But as regards the all-parties signing of final definitive agreements, KEFI will update the market on the progress of TK funding via RNS when appropriate.

4

Q25: Re: Tula Kapi What precise date are we looking at for full signing for full funding and for full project launch.

KEFI will update the market on the progress of TK funding via RNS when appropriate. Listen to the answer for Question 11 for an overview.

Q26: Re: Tula Kapi Is the new Minister of Mines more supportive of Kefi.

Listen to the answer for Question 10.

Q27: Re: Dual listing a) How is the dual listing progressing and when will this be completed. b) Will Kefi stay on the Aim Market.

It is an innovative move for that stock exchange and for the Company and it is unwise to indicate time-lines at this early stage.

Q28: If you received an offer for the Ethiopian assets that recovered all of the legacy spend in Ethiopia would you consider it?

It is not appropriate for the Company to speculate publicly on how receptive it would be to any offers for its assets at any time in the future.

Q29: Can you give a good reason as to why the company is holding another investor Webinar?

Questions along these lines have been merged.

This is the Quarterly Webinar to answer questions arising from the earlier publication of the Quarterly Update and its matching Presentation.

Material developments are reported by RNS and not by such Webinars which are merely for informal quarterly explanation of already published material.

Q30: Are we still in the position that we do not expect to require any further placings before full funding for TK is achieved? What is the current security situation at TK? What ethnicity are the residents at TK requiring resettlement and how are they responding to prospect of being resettled?

Listen to the answer for Question 12.

Read the answer to Question 24.

All people being resettled will remain within their Tulu Kapi district.

Q31: Are you still talking to Tom Winnifrith?

It is standard practice that any company’s designated spokesman will take calls from regulated journalists, analysts or shareholders. That is not to say that insider trading and other investment regulations do not apply. Quite the opposite – they do apply and are indeed policed.

Individual shareholders should please understand that it is not appropriate for any company personnel to take calls from unregulated parties seeking informal updates.

And that goes for the individual who loves to phone and text the chairman at all hours!

Q32: What percentage is the copper at the Saudi Projects?

As detailed in KEFI's RNS released 9 January 2023, Hawiah's Mineral Resource Estimate is now 29.0 Mt at 0.89% copper, 0.94% zinc, 0.67 g/t gold and 10.1 g/t silver. Total contained metal is now 258,000 tonnes of copper; 272,000 tonnes of zinc; 620,000 ounces of gold; and 9.4 million ounces of silver.

In overall copper-equivalent terms it is a little under 2%

3

Q18: What is the situation with the exploration licences around Tulu Kapi?, the previous mining minister was said to have awarded them to a Hong Kong shell company.

Q19: What happens if the warrants at 1.60 are not exercised. How will this affect Tula Kapi?

Q20: Does Kefi intend to mine with all these licences themselves or are they looking to a joint venture?

Q21: Can you summarise what has been done re TK funding this year so far, and what steps are still needed to be achieved?

Listen to the answer for Question 11.

Q22: With finance on the expected TK imminent, and already mid feb and soon into March, when is the realistic date this will finally be sorted?

Listen to the answer for Question 11.

Q23: What actual hard evidence is there that the National and Local governments are fully behind TKGM bringing the mine into production, rather than just waiting for us to fail and allowing a larger company with much deeper pockets to come in and finish off all our hard work?

This question was received in various forms which have been combined into one. Some of the related questions received asked for disclosure of matters which is not appropriate.

Whilst there was historical interference with our activities from a few sources, the Company has nevertheless moved the project forward to the launch stage with the support of the relevant authorities who have ensured that the risks were dealt with, the culprits side-lined and that we can now move on and launch.

For hard evidence we point to the fact that Government is KEFI’s co-shareholder in subsidiary TKGM. And we also point to last week’s joint statement to the Ethiopian media with the new Minister for Mines.

Q24: Re: Tula Kapi a) Are there any outstanding security issues that can impact Tula Kapi not going ahead? b) What security measures have been or are needed to be put in place?

TKGM undertook to all its stakeholders that security will be managed as if the project is always in a “red” or “high-risk” zone, despite it not usually being such high risk. On that basis, the previous suspension of the project was lifted in mid-June 2022.

Whilst we can see a clear path to launch, we do highlight that safety always comes first and we never hesitate to stall if the safety of our personnel and the community is at risk. Having said that the intense security now going into place appears as requested.

As of last month, we are now happy with the response of Government to our needs on this (and other) fronts. As regards security, the Government is right now deploying unprecedented security personnel, apparatus and armed escorts around our area.

We have started the independent monitoring to confirm readiness. At the same time, we finish off the other launch preparations.

Also listen to the answer for Question 11.

2

Save you a job, I posted these on telegram but usually just lurk here:

Questions 1-20 were answered during the webinar and have clipped sound files from them. But here are all Qs for anyone without access to Investor meet company:

Q1: Could you give your general perspective on investment in the junior mining space?

Q2: Do you think that if Kefi had compromised their (correct in my view) ‘high moral’ stance in dealing with the national and regional governments with regard to Tulu Kapi, that the mine would be in construction or even producing by now? Is the current environment now more receptive of Kefi’s ideals?

Q3: Re: Bulletin Boards What action can the company take against anonymous posters who are posting defamatory comments.

Q4: Why is investing in KEFI today a better bet than it was in the past?

Q5: Re: Stock Market: When will the Market finally wake up to Kefi as the share price has been languishing at at these low levels for sometime.

Q6: Do you regret working in Ethiopia or Saudi Arabia?

Q7: How has KEFI fared compared with other companies in those countries?

Q8: How confident is the BOD that financial closing will come in H1 2023?

Q9: In Ethiopia, what communication has occurred between the Government and KEFI in relation to outstanding items precedent to closure. Is the government keen to progress or are they focussed elsewhere?

Q10: In Ethiopia, what impact has a change of Ministers had on the financial closing process. Specifically does this materially change the process and has the new administration communicated any change of timelines or other priorities ahead of TK. Can the old Minister still interfere?

Q11: Please set out the financing steps to Tulu Kapi project finance closing. It seems so complicated.

Q12: What are our cash solutions pre the TK funding as the Saudi Arabia development requires more to keep the momentum going?

Q13: How are the landowners at Tulu Kapi taking the further delay in their resettlement?

Q14: How is the OLA fighting affecting security and Tulu Kapi finance timing?

Q15: With the possible Saudi listing, would it not be better to list the GMCO joint venture separately, rather than listing Kefi on another market? Would Artar likely consider this?

Q16: The reference to "Saudi Shareholders" on the structure slide first appeared in slide 7 of the presentation of 28 November 2022 but the dual listing proposal was mentioned only last month. Is there any significance to be drawn from the sudden appearance of the reference to "Saudi Shareholders"?

Q17: Kefi stated in the 4th bullet point on the 5th page of the progress report of 23rd January 2023 that "TKGM owes Kefi c US$12 million via KME...". Full exercise of the warrants will produce GBP 14.4million. Will the Company now clarify how much further equity will be paid into TKGM and, thus, clarify how much of the GBP will remain to fund operations outside of Ethiopia?

1

My point was you said the same in October and it wasn't imminent lol

sajy

Posted in: PXC
Posts: 174
Price: 27.00
No Opinion
RE: Bond News? 26 Oct 2022 14:27
That's the rumour I am hearing. It is imminent.

2nd time lucky?