Member Info for GoldQueen

In mining, time is literally money. The Kiremt season is Ethiopia's main rainy season, lasting from June to September; a three-month delay caused by these June rains means three months of burning cash with minimal progress, making further share dilution almost inevitable. In pre-production mining, delays do not just postpone the upside, they destroy it through the printing of new shares. Watching the weather window is an essential part of basic equity preservation.

Management is spinning corporate optimism again. We are at mid-2026, and the timeline makes zero sense.The update says bulk earthworks start 'immediately' after Phase 1 resettlement. However, the Ethiopian rainy season (Kiremt) hits in June.The reality:The Labour Bottleneck: Building 350 houses relies on slow, manual local labour prone to constant delays.The Weather: By July, the site will be a total mud bath.The Delay: Heavy earth-moving equipment cannot run in peak tropical rain.They cannot beat the June downpours. Phase 1 is trapped by labour pacing and weather, pushing earthworks into the October dry season. Management is just hiding this to keep lenders happy. Expect the 'unexpected weather delay' PR by Q3.

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

https://www.lse.co.uk/news/kefi-on-track-at-tulu-kapi-updates-main-market-move-plans-2t8z5w9tfo674ze.html

management is spinning corporate optimism again. we are at mid-2026, and the timeline makes zero sense.the update says bulk earthworks start 'immediately' after phase 1 resettlement. however, the ethiopian rainy season (kiremt) hits in june.the reality:the labour bottleneck: building 350 houses relies on slow, manual local labour prone to constant delays.the weather: by july, the site will be a total mud bath.the delay: heavy earth-moving equipment cannot run in peak tropical rain.they cannot beat the june downpours. phase 1 is trapped by labour pacing and weather, pushing earthworks into the october dry season. management is just hiding this to keep lenders happy. expect the 'unexpected weather delay' pr by q3.

just my opinion, folks. please conduct your own due diligence. cheers!

https://www.***************************/kefi-appoints-stifel-and-reports-progress-at-tulu-kapi/4121252387

Food for Thought: From a shareholder's perspective, the 'incompetence' argument centers on timing and communication. Critics point to a few specific failures that led to the heavy dilution at 1.2p:

Missing the Window: In February 2026, the share price was sitting comfortably near 2p. If management had pull the trigger then, they could have raised the same £34 million by issuing roughly 1.1 billion fewer shares than they eventually did.

The 'Slow-Walking' of Deals: By spending weeks trying to 'finesse' the Chancery royalty deal and other complex structures to avoid dilution, they ironically stayed in the market long enough for the junior mining sector to crash 32%. This turned a 'non-dilutive' strategy into the most dilutive event in the company's history.

Communication Vacuum: The share price drifted from 1.87p on March 2nd to 1.39p on March 19th without a clear update. Many investors feel this created a 'leaky boat' environment where institutions knew a raise was coming and sold early, driving the price down and forcing the board to accept

the 1.2p 'fire sale' price.

Lender Deadlines: Critics argue that an experienced board should have anticipated the senior lenders' (TDB/AFC) demand for 'finality' months in advance, rather than being forced into a panicked, over-discounted placement at the eleventh hour just to satisfy bank requirements.

The real reason KEFI cannot deliver shareholder value is its current leadership under Executive Chairman Harry Anagnostaras-Adams. This is not a gold-price story; it is a chronic mismanagement story. KEFI has spent over a decade promising Tulu Kapi production ‘next year’, only to deliver repeated delays, endless equity raises, and massive dilution that has crushed long-term holders. Shares-for-services overhangs persist even post-funding. The Saudi JV sat largely dormant and was allowed to dilute to just 13% while management chased Ethiopia during state-of-emergency delays, and the board remains packed with the same insiders who have overseen this decade of value destruction.

Market participants have been blunt: the company needs a proper CEO who will clear out the deadwood, professionalise capital markets access, stop the dilution treadmill, and actually execute on the now-funded project without further excuses. A new CEO would bring fresh operational credibility, tighter cost discipline, and the ability to attract genuine institutional interest — none of which has materialised under the current regime despite gold’s safe-haven rally and financing closure.

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

While some are content to watch the paint dry on the Lassonde Curve, our investment is being bled dry by a 'business as usual' culture of dilution. As of March 2026, we have 10.75 billion shares in issue. If we don’t demand a pivot now, 2027 will likely bring yet another massive, dilutive placing to fund a lifestyle and a strategy that isn't working for us. Given the history of management, if production at Tulu Kapi doesn't hit its 2026/27 milestones with absolute precision, the 'funding gap' will inevitably reappear.

The Dilution Treadmill: In early 2026, we saw the issue of 1.15 billion new shares to settle liabilities and raise cash.

History Repeats: Just yesterday, 19 March 2026, KEFI launched a £34 million equity raise at a staggering discount price of 1.2p. With over 10.75 billion shares now in issue. The newly announced £34 million equity raise at 1.2p will significantly increase this figure, any potential upside is being structurally capped by a flood of cheap paper.

https://www.tipranks.com/news/company-announcements/kefi-launches-34m-equity-raise-to-complete-tulu-kapi-funding-and-expand-exploration

The Saudi Cash Burn: We are still pouring capital into Saudi operations where our stake has already been diluted to just c. 13%. Why are we funding exploration there when our flagship project is supposedly 'fully funded'?

Executive Bloat: The CEO’s total compensation is £733,000 while the share price struggles to hold 1.7p. This is not 'skin in the game'; it is a safety net provided by our equity.

True investor foresight means seeing the December 2026 cliff (funding gap) before we drive over it; without a radical change in strategy, we are simply waiting for the next massive, dilutive placing in January 2027 to fund bloated executive salaries.

We do not need more technical funding; we need Shareholder Value. If we stay silent, December 2026 will be another cut-price fundraiser while the Board takes their bonuses. Please feel free to share your thoughts on a shareholder value plan.

Is it time to demand a leadership change to mirror the insider ownership and aggressive growth of peers like Almonty and Montage?

Please feel free to share your thoughts on a Shareholder Value Plan. Should we specifically call for a new CEO with a track record of major exchange uplistings?

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

Technical funding alone is not enough; the Board must address the 'investability' of the stock to avoid a permanent trough.

In a 'reverse' Lassonde Curve scenario, the market becomes indifferent to construction news because it is 'boring' and lacks the excitement of a new discovery. To overcome this, the Shareholder Value Plan must focus on more than just building the mine.

Institutional Presence: Moving to a NASDAQ or NYSE listing would expose KEFI to a massive pool of US capital that ignores the AIM market.

Management Conviction: Investors want to see leaders like Almonty's CEO Lewis Black (who owns 10% of his company) rather than a board with only a ~1.2% stake. This is why aggressive insider buying is a required market signal.

Value Proof: Monetising the Saudi operations (potentially worth $43m–$97m) provides 'free' cash that proves the company's holdings are real, effectively 'jump-starting' the share price ahead of production in 2028.

A sale at these levels would provide a massive, non-dilutive cash injection. This could be used to cover the remaining equity requirements for the Tulu Kapi project without issuing more shares or fund a share buyback program, which would directly combat the Lassonde Curve's downward pressure by reducing the total share count and signaling confidence to the market.

Please feel free to share your thoughts on a Shareholder Value Plan. Do you believe the current Board can manage this transition, or is a leadership change required to fix the 'investability' of the stock?

https://smallcapinvestor.ca/the-lassonde-curve-understanding-the-mining-life-cycle/

The final $20M royalty deal is the last piece of the $340M funding puzzle; but it is already 'priced in'. To see a massive rerating, KEFI needs to stop acting like a junior explorer and start acting like an institutional powerhouse.

Uplist to NYSE/NASDAQ: The AIM market is too small for KEFI’s projected annual EBITDA. Moving to a US exchange opens the door to massive institutional liquidity and higher valuation multiples.

Aggressive Investor Relations: Highlighting the extreme gap between current market cap and projected EBITDA at current gold prices is essential to convince the market that the stock is a 'buy' before production starts.

Aggressive Insider Buying: Nothing says 'undervalued' like management putting their own money on the line. Formal insider buying and a share buyback program would signal total confidence to the street.

Management Confidence: Following the example of Almonty CEO Lewis Black, who made multiple open-market purchases to demonstrate conviction, KEFI's leadership should initiate a formal insider buying program.

Performance-Linked Pay: To further enhance shareholder value, the board should transition more of the cash-based executive salaries into long-term performance rights tied strictly to production milestones and a sustained 15p share price target.

In the context of the Shareholder Value Plan, shifting executive pay toward long-term performance rights means the CEO would only receive significant 'new' shares if KEFI successfully achieves its 2028 production goals and a higher share price. This prevents management from being rewarded for 'failure' or stagnation.

Share Buyback Program: KEFI currently trades at a fraction of its Risked Net Asset Value (NAV). Implementing a share buyback program once production starts in 2028 would be the final step in a total valuation rerating. Please feel free to share your thoughts on a shareholder value plan. Do you agree that a uplisting to NYSE/NASDAQ and insider buying are the missing links, or should the Board prioritise a Saudi exit first? We need to hold management to the same standard as peers like Montage and Almonty if we want to see a true rerating. Cheers!

If you’ve been watching the run on Montage Gold (MAU), you know the market is finally waking up to African gold. But if you’re looking for the next multi-bagger, KEFI Gold and Copper is screaming ‘buy’ at these levels.

Here is why KEFI is the better play right now:

Drilling Upside: Montage has a massive footprint, but KEFI’s Tulu Kapi is a high-grade beast that is still largely a mystery. We’ve only drilled 30% or less of the system. The potential to vastly increase the resource estimate as we move towards production is massive. We aren't just buying what’s on the books; we’re buying the 70% yet to be tapped.

The ‘Bonus’ Assets: Unlike pure-play gold explorers, KEFI gives you the KONSO critical metals project for free. With the global scramble for battery metals, KONSO adds a layer of strategic value that Montage simply doesn't offer.

Copper Leverage: Let’s not forget the Jibal Qutman and Hawiah assets in Saudi Arabia. We are positioned in the next mining frontier with a diversified portfolio of gold and copper.

Montage is great, but KEFI is sitting on a coiled spring of untapped geology and diversified metal exposure. Once the final funding triggers for Tulu Kapi are pulled, the valuation gap between us and the mid-tiers will close fast.

https://www.proactiveinvestors.com/companies/news/1062060/kefi-gold-awarded-exploration-licence-in-ethiopia-for-critical-metals-1062060.html

Tulu Kapi is progressing as scheduled, with contractor mobilisation, engineering execution, and financing alignment all moving in lockstep toward first gold in early 2028.

• Lycopodium is now fully engaged under a major engineering, supply, and labour‑hire contract, a milestone that only happens when a project is genuinely moving into execution.

• All physical activities and financing arrangements are ‘flowing in accordance with schedule’, according to KEFI. That is not vague language, that is operational confidence.

• Leadership teams are mobilised on the ground, coordinating the transition from preparation to build‑out.

• First gold pour remains targeted for early 2028, with full production by mid‑2028, unchanged, unshaken, and now reinforced by contractor activity.

When a gold project crosses into real execution, the valuation model shifts from ‘hope’ to near‑term cash flow. And with the gold macro environment only strengthening, KEFI is positioned to benefit from both operational progress and commodity tailwinds.

https://www.miningweekly.com/article/tulu-kapi-project-progressing-as-scheduled-2026-03-09

KEFI now sits at the intersection of:

• A fully engineered, contractor‑mobilized gold project

• A$118M of execution scope awarded

• AISC advantage from hydroelectric power

• A gold bull market

• A tiny market cap relative to NPV

• A clear path to mid‑2028 production

While the world battles rising oil prices, KEFI is building a mine powered by Ethiopia’s expanding hydroelectric grid, including the massive GERD project.

This is the exact moment when institutional money starts paying attention, long before first gold pour.

https://global.morningstar.com/en-gb/news/alliance-news/1773065889740483700/kefi-says-tulu-kapi-preparations-flowing-on-schedule

The Lycopodium announcement confirms what long‑term investors have been waiting for:

• Engineering partner locked

• Scope defined

• Budget aligned

• Work underway

• Final documentation weeks from completion

This is what a project looks like when it is moving into full construction mode.

The narrative has shifted from: ‘Will it happen?’ to ‘It’s happening.’

https://www.kefi-goldandcopper.com/files/announcements/kefi-tulu-kapi-update-9mar26.pdf

This is the same group that has delivered:

• Tier‑1 African gold plants

• Multi‑million‑ounce operations

• Complex, remote, and high‑altitude projects

They completed the original Tulu Kapi Feasibility Study.

They updated it in 2024.

Now they’re building the plant they designed.

When Lycopodium commits, it means:

• Engineering is mature

• Costs are locked

• Execution risk is reduced

• Timelines are credible

This is a vote of confidence from one of the most respected names in the industry.

https://www.lycopodium.com/wp-content/uploads/2026/03/Tulu-Kapi-Gold-Project_-Announcement_FINAL.pdf

The naysayers who keep repeating ‘not a done deal’ are acting as if anyone ever claimed the entire $340M package was already fully executed. What was a done deal, and remains the only part that actually determines whether the project goes ahead, is the $240M senior debt, which is fully signed by all lenders and government partners. That is the backbone of the financing, and it is already locked in.

The remaining $20M equity slice is the smallest and most flexible component and is going through final documentation and board sign‑offs, exactly what Harry described as ‘finessing’. That is not a red flag; it is standard project‑finance sequencing.

Trying to spin routine end‑stage paperwork into ‘struggling to hold 1.6p’ is just noise. The market is not reacting to some imaginary collapse; it is reacting to the usual AIM impatience while the final signatures are completed. The next RNS should close this out, not because anything is wrong, but because the process is in its final administrative phase.

https://www.youtube.com/watch?v=BgPl0D5jqus

KEFI’s March 2026 presentation lays out a company that is no longer defined by its past delays but by the scale of what it is now building. The combination of a fully financed flagship mine, a pipeline of new discoveries, and a maturing multi‑jurisdictional portfolio creates an investment case far larger than the current valuation suggests. The presentation positions KEFI as a developer entering a phase where production, expansion, and strategic optionality all converge.

https://www.kefi-goldandcopper.com/files/presentations/kefi-presentation-3march2026a.pdf

KEFI is now behaving like a mid-tier gold producer in the making, but the market still values it like a stalled microcap. The presentation makes it clear:

• The financing is real.

• The construction is real.

• The political backing is real.

• The cash flow potential is massive.

• The valuation gap is unsustainably wide.

This is the kind of setup long-term investors dream about: a fully financed, high‑grade gold project entering construction at a time when gold is breaking records.

https://www.kefi-goldandcopper.com/files/presentations/kefi-presentation-3march2026a.pdf

In Africa, reputation and relationships are currency. This award boosts KEFI’s standing with ministries, regulators, financiers and regional partners. It reinforces that KEFI is not just another AIM minnow; it is a company trusted by influential African institutions. That reduces friction, accelerates approvals and strengthens KEFI’s hand in every negotiation. For shareholders, this is a direct reduction in perceived execution risk. Leadership credibility is a key factor for lenders, contractors and government stakeholders. Recognition at this level signals competence, stability and reliability, all of which support smoother project rollout and more favourable financing terms.

https://www.africanleadershipmagazine.co.uk/mr-harry-anagnostaras-adams-receives-special-african-business-leadership-excellence-award-at-the-15th-alm-persons-of-the-year-ceremony/

African Leadership Magazine does not hand out awards lightly. Its focus is on leaders who deliver genuine economic development across the continent. Harry receiving this award signals that KEFI is regarded as a serious, long‑term partner in the mining and development landscape of Ethiopia and Saudi Arabia. That level of recognition matters when you are finalising government agreements, unlocking logistics, and coordinating multi‑agency execution.

https://www.africanleadershipmagazine.co.uk/mr-harry-anagnostaras-adams-receives-special-african-business-leadership-excellence-award-at-the-15th-alm-persons-of-the-year-ceremony/

If anything, gold mines become strategic national assets during periods of instability because they generate hard currency, which governments rely on for:

• imports

• debt servicing

• stabilising the currency

• funding essential operations

That’s why Tulu Kapi already has dedicated Ethiopian government security forces assigned to it.

Furthermore, Tulu Kapi is a flagship project.

Flagship mines are:

• hard‑currency generators

• job creators

• tax contributors

• symbols of stability

Governments protect these, especially during instability, because they’re lifelines.

While some investors panic over hypothetical scenarios:

• The financing is effectively done

• Contractors are mobilised

• Resettlement is progressing

• Gold is in a historic cycle

• KEFI is transitioning from developer to producer

• The valuation is still micro‑cap despite institutional backing

This is the exact moment in the mining cycle where:

• weak hands sell

• strong hands accumulate

• the re‑rating begins quietly

• the market wakes up too late

You don’t get multi‑baggers when everything is calm.

You get them when sentiment is wrong and fundamentals are right.

And right now, sentiment is wrong.

Fundamentals are very right.

https://minersdigest.com/news/kefi-looks-forward-to-high-shareholder-returns-as-tulu-kapi-construction-advances/