Member Info for GoldQueen

Ironically, if Harry announced he was stepping down tomorrow to be replaced by a proven operator like Almonty’s Lewis Black, this stock would likely double or triple overnight. Until that structural shift happens, every single RNS is just another temporary spike for traders to sell the news.

Lewis Black represents the ultimate antithesis of 'stagnant' retail mining executives. While KEFI is often criticised by its investor community for endless delays, dilutive funding cycles, and temporary spikes, Black’s reputation is built on delivering tier-one project financing, institutional transparency, and massive structural value rather than chasing short-term retail hype.

The webinar firewall blocked our voices, but it cannot block our votes. They are asking us on the upcoming proxy ballot to hand over renewed, non-pre-emptive placement powers so they can execute more of these private, discounted raises without retail consent. If we give them this authority, we are signing the warrant for our own further dilution.

We are being treated like an ATM but denied a real voice. If they refuse to let us participate truthfully in a curated webinar, we will make our voices heard where it actually counts.

Rally together for the 30 June AGM. Stop the dilution and vote AGAINST Harry’s power grab.

Cheers!

The Engage Investor host completely sanitised the Q&A floor to protect the board from facing real accountability. Instead of letting raw, pointed questions through about the catastrophic 1.2p placement, they blocked true shareholder participation and turned genuine investor fury into snooty, easily managed talking points. They can laugh because the platform acts as a firewall against the people actually funding their pockets.

We are being treated like an open wallet but denied a real voice. If they refuse to let us participate truthfully in a curated webinar, we will make them listen where it actually counts.

Rally together for the 30 June AGM. Use your voice, expose the deception, and vote AGAINST Resolution 6 to stop this executive gravy train once and for all.

Cheers!

We all witnessed Harry's phoney, lying performance during the latest webinar, spinning numbers whilst our investments evaporate. It is an absolute insult to watch the board sit there making cosy jokes about Harry being a ‘young man’ who wants to see Tulu Kapi through instead of retiring. We are not paying millions in director fees to fund a retirement hobby or chuckle at inside jokes whilst our equity is decimated. If Harry wants to see this project through, he should do it as a regular shareholder, not as an overpaid executive who protects his own skin whilst treating retail investors like an open wallet.

Rally together for the 30 June AGM. Use your voice, demand real accountability, and vote AGAINST Resolution 6 to stop this executive gravy train once and for all.

Cheers!

Do not buy into Harry’s latest boardroom misdirection ahead of the AGM. His favourite defence, claiming that only 10 per cent of the Tulu Kapi funding package comes from equity dilution, is a complete mathematical illusion.

According to the June 2026 KEFI Annual Report, the true project financing architecture breaks down as follows:

Secured Project Debt: 240 million dollars

Contractor & Fleet Commitments: 60 million dollars

Equity Risk Capital: 100+ million dollars

Let us look at the real math that Harry is trying to hide. A 100 million dollar equity requirement on a 400 million dollar total package is 25 per cent, not 10 per cent. To fund the company's portion of this buffer, management dumped a massive 2.96 billion new shares into the market via the £35.6 million placement.

By forcing those new shares into a 9.4 billion baseline, ordinary retail investors were diluted by a staggering 31 per cent to 44 per cent in a single transaction. Harry arrives at his 10 per cent figure by deceptively isolation-counting small micro-tranches whilst ignoring the grand total of the parent company placement. The dilution is immense, it is real, and it has permanently crippled our capital structure. Stop letting management pretend this heavy dilution is tiny just because the infrastructure cost is large.

Rally together for the 30 June AGM. Use your voice, expose the deception, and vote AGAINST Resolution 6 to stop this gravy train once and for all.

After months of promising ‘non-dilutive’ financing, KEFI management completely botched the timing of the final funding package for Tulu Kapi. By chasing phantom streaming deals that were fundamentally toxic to the company's upside, they missed a clear market window to place shares near the 2p mark.

When the senior banks finally issued an ultimatum, Harry capitulated, dumping a massive 2.83 billion shares into the market at a heavily discounted 1.2p. That hesitation cost existing shareholders an extra 1.13 billion shares of permanent, structural dilution.

Now, on the upcoming Annual General Meeting agenda, management is asking for renewed, expansive placement powers. Shareholders are left asking a critical question: why should the board be granted unchecked authority to issue more shares when their failure of execution has severely crippled the stock's upside?

If Tulu Kapi is truly ‘fully funded’, as Harry Adams continuously claims, then it is time to cut the administrative gravy train completely for the next two years until first gold is poured. If project‑level funding is secure, there is absolutely no reason why shareholders should endure a single drop of further equity dilution at the PLC level.

The directors need to align their personal interests with the owners of the company. If they want to keep the corporate lights on in London, they should immediately implement three strict capital measures:

Enforce an immediate boardroom pay cut: Executive salaries, bonuses and perks must be slashed for the next two years. No cash bonuses and no more share printing for fees.

Slash corporate overhead: Eliminate non‑essential PLC administrative expenses and focus every single ounce of corporate energy on construction.

Managing the share structure and enforcing strict capital controls are absolute requirements if shareholders wish to protect the possibility of a future dividend yield. Stop treating Harry's promises as gospel. Vote AGAINST the dilution.

Harry Adams continuously claims Tulu Kapi is 'fully funded', yet the fine print of the newly published annual report quietly begs for massive, open-ended equity placement room. Harry is undermining KEFI's quest to become a serious mining operation by turning it into a corporate lifestyle fund meticulously designed to protect bloated executive salaries, perks, and heavy overhead costs while systematically diluting retail shareholders into the ground. Harry and Jon Leech are simply keeping the administrative gravy train running on our dime.

Comparing KEFI to an established, highly cash-generative producer like Central Asia Metals (CAML) is completely financially illiterate. Funding executive lifestyles via ongoing dilution is actively chipping away at the future potential of dividends before a single ounce of gold is even mined.

Harry Adams dangles a 30% to 50% free cash flow payout to keep shareholders compliant while quietly begging for massive new equity placement room in the annual report. It is an Orwellian distraction from three brutal realities:

No Free Cash Flow: CAML is an active producer; KEFI hasn't poured an ounce of gold at Tulu Kapi and is years away from generating a single penny of free cash.

Lenders Eat First: Heavy project debt means strict covenants will legally lock away cash to repay international financiers long before equity shareholders see a dime.

Microscopic Payouts: Every cheap, dilutive share issued to fund bloated boardroom overhead explodes the share count, ensuring any future dividend per share will be microscopic.

The underlying assets in Ethiopia and Saudi Arabia have considerable upside, but management's total lack of integrity destroys that inherent value. Managing the share structure and enforcing strict capital controls are absolute requirements if shareholders wish to protect the possibility of a future dividend yield.

Don't let management pull the wool over your eyes. Vote AGAINST the dilutive resolutions and read the fine print.

The latest AGM notice is an insult to every retail holder.

Harry has the gall to claim KEFI is ‘fully funded’ and then immediately demand even more placement headroom. It’s proof he has zero respect for shareholders.

The market saw straight through it. The share price tanked on the announcement because nobody trusts his financing circus. Even Tom Winnifrith is calling out the board’s Orwellian spin and undisguised boardroom gluttony, exposing the blatant self‑serving opportunism driving this AGM notice.

Harry wants us to quietly reload his dilution machine yet again. After years of being bled dry, this AGM stunt shows absolute contempt for the people actually funding this company.

He treats KEFI like a personal printing press and retail investors like his ATM. Enough.

If you want to protect your cash:

Vote NO on Resolution 5 – stop the endless allotment authority.

Vote NO on Resolution 6 – defend your pre‑emption rights.

Expose this sleaze across the LSE boards – wake up other holders.

Time to draw a hard line and stop the brazen corporate looting.

The sheer audacity of this latest AGM notice is a kick in the teeth to every retail investor holding this stock. Just the fact that Harry has released such an outrageous news release, demanding even more placement room right after claiming we are fully funded, proves beyond a doubt that he does not care about KEFI shareholders.

Unsurprisingly, Harry's latest stunt has caused the share price to plummet. The market has instantly reacted to the threat of more dilution, wiping out value because nobody trusts his capital management. Even Tom Winnifrith has lambasted HAA in his latest podcast, calling out the ‘Orwellian language’ of the board and exposing the blatant corporate greed behind this AGM notice.

Harry expects us to sit back and quietly hand him the keys to the dilution machine yet again. We have been bled dry by his financing programmes, and this latest stunt shows complete contempt for the people who actually back this company.

He treats the company like a personal printing press, treats retail investors like his personal ATM, and he simply refuses to stop meddling in corporate finances. We need to draw a hard line right now and show management that we are not their personal funding cushion.

If we want to protect our cash, here is how we stop this:

Vote NO on Resolution 5 to block the share allotment authority.

Vote NO on Resolution 6 to stop them stripping our pre-emption rights.

Expose the sleaze and greed across the LSE boards to wake up other holders.

Just to clarify, they are advancing the Tulu Kapi asset; however, the endless overhead and operational burn, seemingly designed to fund management's lifestyle, mean retail shareholders will see far less of that value by the time production finally happens.

Just my opinion, folks. Please conduct your own due diligence.

For further clarification on what is happening at KEFI, you can listen to the recent Tom Winnifrith podcast.

Please note that you will need to click the download button on the page to listen.

https://www.podbean.com/media/share/dir-8skqe-2ea0b55f

Stop making intellectual excuses for standard junior mining red flags. This isn't complex macro-economics; it is a blatant masterclass in management prioritizing their own economic interests over retail shareholder value.

Let's look at the cold, hard facts:

The Piggy Bank Strategy: Management is actively testing the limits of corporate greed, treating retail investors like an endless ATM.

Weaponized Dilution: Recent financing decisions prove they would rather dilute your equity to zero than sacrifice their own perks.Troughing at the Top: Massive operational burn and sky-high administrative costs are funding comfortable executive lifestyles, not progress.

Debt for Equity: Issuing shares just to service debt is a dilution trap that ensures board members get paid while your holding shrinks.

Wake up. They aren't trying to build a mine; they are trying to sustain an administrative gravy train at your expense.

For further details regarding KEFI, listen to the recent Tom Winnifrith podcast, which requires using the download button on the page.

Listen to the episode here: https://www.podbean.com/media/share/dir-8skqe-2ea0b55f

Here is the link to the recent Tom Winnifrith podcast. You'll need to click the download button on the page to listen to it.

https://www.podbean.com/media/share/dir-8skqe-2ea0b55f

tom winnifrith, the founder of *************, released a brand new podcast (‘bearcast’) blasting harry anagnostaras-adams over the 2025 annual report and the agm notice.

winnifrith is famous for his harsh critiques of aim-listed executives, and his commentary on kefi aligns with the frustrations of retail investors:‘orwellian language’: winnifrith attacked the text of the recent corporate update, arguing that management is using deceptive language to mask the ongoing risk of further share placements.

boardroom greed & ‘troughing’: he targeted the executive compensation and actions of both harry anagnostaras-adams and finance director john ‘jon’ leech. he described their financial actions as ‘sleaze’ and ‘greed’, pointing out that they are financially cushioning themselves while retail shareholders watch the stock slide.

the ‘fully funded’ contradiction: winnifrith highlighted the clear operational warning signs in the newly posted annual report, noting that asking for placement room right now exposes shareholders to major capital risks, despite management’s claims that tulu kapi is completely financed.

i highly recommend you take the time to listen to this recent ************* podcast.

https://*************.com/podcasts/bearcasts/key.php?name=5e18fc8daa5ea_bc090626a.mp3

The request for more placement room at the AGM is the ultimate red flag for anyone holding this stock.If we are truly ‘overfunded to production’ like he claims, there is absolutely zero reason to ask for a blank cheque to issue more shares. The truth is, HAA treats retail investors like his personal ATM and will leave us all completely penniless if he has his way. The only reason to refresh the placement capacity right now is because he fully intends to use it, which means even more brutal dilution for shareholders who have already been bled dry by this financing programme.

He treats the company like a personal printing press, and he simply refuses to stop meddling in corporate finances.

We need to draw a hard line at this AGM.

If you want to push back, here is what we can do next:

Vote NO on Resolutions 5 and 6 to block the placement authorities.

Coordinate with other retail holders on the LSE forums to maximise our voting power.

Demand an official explanation from the board of directors regarding why a ‘fully funded’ company needs more share issuance room.

Let’s unite, vote down these ridiculous resolutions, and take back control of our company.

Cheers!

https://www.kefi-goldandcopper.com/files/announcements/kefi_notice_of_agm_5-6-26.pdf

The market appears to have little confidence in Harry’s timeline, which is understandable given how often his targets end up slipping.

Even if Tulu Kapi is fully funded to its 2028 production goal, the primary risk for parent-company shareholders is subsidiary cash-leakage and timeline slippage. If the two-year build experiences cost overruns, or if the Saudi Arabian joint ventures (Hawiah/Jibal Qutman) require aggressive working capital before Tulu Kapi generates its first free cash flow, the executive chairman will probably look to raise funds.

If pointing out basic geographical facts and the realities of junior project finance feels like 'scaremongering' to you, then you are treating your capital like a lottery ticket. This is a financial forum for assessing risk, not a cheerleading squad for management. Accountability keeps them honest.

Furthermore, it is baffling that a shareholder would beg for a 'break' from critical analysis. Investors should be thanking those who look at the numbers instead of giving management a free pass, rather than blindly defending a timeline that defies basic meteorology. If the timeline slips and the cash burns, 'positivity' won't pay the contractor standby fees. Keep in mind that weather isn't the only thing that could cause Tulu Kapi timeline slippage. Local labour bottlenecks on the 350 houses, regional security risks, and slow bureaucratic sign-offs are just as likely to stall progress and shrink our cash runway.

Therefore I propose immediately implementing aggressive capital conservation measures. Starting with a substantial cut to executive remuneration would be a vital first step to shield retail equity.

https://simplywall.st/stocks/gb/materials/aim-kefi/kefi-gold-and-copper-shares/management

KEFI is not sitting on an unallocated mountain of cash. Every penny raised from the recent dilution is already tied up to satisfy its senior lenders. If the rainy season forces a delay, the rigid construction schedule breaks, the cash runway evaporates, and Harry's only option to keep the lights on will be to print more shares at a deep discount.

Instead of waiting for the printing press to spin up yet again, management should immediately implement aggressive capital conservation measures. Starting with a substantial cut to executive remuneration would be a vital first step to shield retail equity from this imminent mud hole.

The contracts are locked-in to prevent capital expenditure inflation on the equipment itself. However, they do not insulate the company from the compounding costs of time. If the June monsoons halt field progress, the fixed contract price remains intact, but the secondary costs of maintaining an idle project will shrink the cash runway, inevitably leading back to equity dilution.

Yes, Lycopodium and the earth-moving contractors have fixed-price contracts for the scope of work. But what they do not have are free standby agreements. If heavy machinery sits idle for three months because the Kiremt monsoon has turned the site into an unnavigable mud bath, KEFI still pays premium standby rates for men and equipment. The contractor's price for moving a tonne of earth stays the same, but the cost of keeping them waiting skyrockets.

Even if the contractors did not charge a single penny for sitting in the mud, KEFI’s corporate burn rate remains fully active. London PLC overheads, directors' salaries, bank monitoring fees, and social commitment costs do not stop for the weather.