Member Info for GoldQueen

Montage = one project.

KEFI = a pipeline.

KEFI now has four value‑bearing assets:

Ethiopia

• Tulu Kapi — fully funded, construction‑ready gold mine

• Tantalum licence — critical‑metal upside with strategic value

Saudi Arabia

• Jibal Qutman — near‑term gold producer

• Hawiah — copper‑gold‑zinc VMS with district‑scale potential

This is not a junior with a single shot on goal.

This is a company building a regional mining platform.

https://addisstandard.com/kefi-gold-and-copper-secures-critical-metals-exploration-license-in-konso-ethiopia/

Tulu Kapi is now positioned as one of the very few junior projects globally with:

• full project financing secured

• a construction-ready plan

• a government-backed framework

• a clear path to first gold

In a sector where most juniors are still scrambling for capital, KEFI is stepping into the build phase with the wind at its back.

https://www.youtube.com/watch?v=SF-ehzM5xPY

Below is a fundamentals‑driven scenario set for late 2027 and early 2028, when Tulu Kapi is producing about 140,000 ounces per year.

These ranges assume a strong gold price environment, but not extreme. They also assume KEFI continues to execute without major disruption.

1. Commissioning and ramp‑up (late 2027)

The market begins valuing KEFI as a near‑term producer with visible cash flow.

Scenario range: 8p to 12p

This reflects the typical re‑rating seen when a developer becomes a functioning mine.

2. First full quarter of production (early 2028)

Cash flow is visible, margins are strong and execution risk collapses.

Scenario range: 12p to 18p

At this stage, KEFI is valued on forward earnings and cash flow rather than hope.

3. Steady‑state production with underground potential (mid to late 2028)

The market begins to price in the full ten‑year mine plan and the underground expansion case.

Scenario range: 18p to 25p

This is consistent with how African gold producers with similar output and grade are valued.

Just to be clear, these are only scenarios, not predictions. Please do your own research. Cheers!

KEFI is:

• Fully financed

• Construction active

• Government‑endorsed

• High‑grade

• Entering the value‑creation phase

Yet the share price still reflects the old risk profile, the pre‑financing, pre‑construction era. That disconnect will not last as the build progresses and the market digests the scale of what is now underway.

https://constructionreviewonline.com/kefi-commences-construction-at-tulu-kapi-gold-project-in-ethiopia/

KEFI’s current market capitalisation does not reflect the scale, grade or near‑term production profile of Tulu Kapi. As construction progresses and key milestones are achieved, the valuation gap between KEFI and comparable African gold developers is expected to narrow. For investors, that gap represents the opportunity.

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

• Capital expenditure converts into tangible progress

• Production timelines shorten

• Cash‑flow visibility increases

• Market confidence strengthens

• Re‑rating potential accelerates

Tulu Kapi is no longer an aspirational project. It has moved decisively into the construction stage, with equipment on the ground, contractors mobilised, and development work progressing toward first gold production.

https://www.miningweekly.com/article/kefi-starts-construction-at-tulu-kapi-gold-project-2026-02-18

• Political alignment at the highest level

• Fully structured project financing nearing completion

• Construction officially underway

• Strong local and regional institutional backing

• Clear pathway to first gold production

KEFI is now positioned at the strongest point in its history. With the project breaking ground, financing secured, and government support firmly in place, the company is entering a value‑realisation phase that long‑term investors have anticipated for years.

https://www.investing.com/news/company-news/ethiopias-tulu-kapi-gold-project-breaks-ground-with-prime-minister-present-93CH-4510695

The Prime Minister’s endorsement is not just symbolic; it is a signal to the world that Tulu Kapi is a national priority and a blueprint for Ethiopia’s future resource development.

For KEFI investors, this is the kind of validation that can reshape market perception and unlock the next chapter of growth.

The stars are finally aligning.

https://www.ena.et/web/eng/w/eng_8336178

Even a modest market‑cap‑to‑NPV alignment would put KEFI multiples above where it trades today, and that is before the market prices in the fact that the financing risk, the biggest drag on sentiment, is about to disappear in one clean announcement. Once the RNS lands confirming financing, construction commencement and the ceremony, the market will have no choice but to reprice. The gap between what KEFI is and what it is valued at is far too wide to ignore in a five‑thousand‑dollar gold world.

https://finance.yahoo.com/news/kefi-readies-ground-breaking-tulu-074000083.html

This is one of those rare inflection points where a long‑developing story finally clicks into place.

A Tulu Kapi ground‑breaking ceremony is more than a photo opportunity. It is the formal signal that construction has begun, that the project is moving from paperwork to physical progress, and that KEFI is stepping into the role of a future gold producer. It marks the transition from years of preparation to the first visible steps of building a high‑margin mine.

https://finance.yahoo.com/news/kefi-readies-ground-breaking-tulu-074000083.html

If Harry brought in a consultant from Nevsun Resources, it would be a very sensible idea and it highlights the real gap KEFI needs to close. Nevsun succeeded in a far tougher jurisdiction because they had people who knew how to take a project from ‘promising’ to ‘producing’ while keeping investors informed and confident. Bringing in someone with that kind of track record would send a strong signal that KEFI is serious about execution and credibility.

Nevsun’s team had experience navigating political risk, coordinating multi‑party financing and delivering a mine in a region that many investors initially viewed as uninvestable. KEFI is facing a similar perception problem today. A consultant or adviser who has already proven they can deliver under those conditions would help reassure the market, tighten up communication and bring discipline to timelines and reporting.

It would not fix everything overnight, but it would show shareholders that KEFI understands the credibility gap and is taking concrete steps to close it.

Stringer01, I get the confusion, because in most junior miners the start of construction is exactly when the market begins to re‑rate. But KEFI isn’t behaving like a normal developer because the market still doesn’t trust the story, and that’s almost entirely down to years of poor communication and repeated delays. If you want a real‑world comparison, look at Nevsun Resources. They built the Bisha mine in Eritrea, which at the time was considered far more unstable than Ethiopia, and yet the share price moved steadily upward during development. Why? Because Nevsun communicated clearly, hit milestones, and demonstrated that the project was genuinely de‑risked. Investors could see the path to production.

KEFI, on the other hand, has finally begun construction but hasn’t rebuilt that trust. The market is still pricing in execution risk, not asset quality. The drop below the 1.3p placing price isn’t about fundamentals, it’s about sentiment. When a company has a long history of missed timelines and patchy updates, even good news gets discounted. Until KEFI delivers consistent, transparent communication and shows visible progress on the ground, the share price won’t behave the way a typical junior miner’s would. The assets are strong, but the credibility gap is what’s holding the valuation back.

KEFI urgently needs a proper shareholder value plan because the current situation is letting sentiment drive the share price instead of fundamentals. Most private investors don’t follow every RNS or understand the financing structure, so when the price drifts from 1.8 to 1.5 to 1.3 and then under 1.2, it triggers fear-based selling rather than informed decisions. After years of delays and mixed communication, the market simply doesn’t give KEFI the benefit of the doubt anymore. A clear, consistent plan covering financing, timelines, communication, and management alignment would stabilise confidence, stop the panic selling, and finally allow the company’s actual progress to be reflected in the valuation.

For years, KEFI shareholders have endured delays, political risk, financing cycles, and market apathy.

But now:

• The mine is triggered

• Contractors are on site

• Financing is effectively complete

• Gold is at historic highs

• KEFI’s cost base is slashed

• Free cash flow potential is enormous

• And the market still hasn’t caught up

This is the inflection point — the moment where patience is finally rewarded.

If someone wants to sell here, that’s their choice.

But long‑term investors know that value is created at the point of execution, not speculation.

And KEFI is finally executing. Cheers!

https://www.miningweekly.com/article/kefi-looks-forward-to-high-shareholder-returns-as-tulu-kapi-construction-advances-2026-01-06

Gold is pushing toward $4,500/oz, a level that fundamentally transforms the economics of every producing mine on the planet. For KEFI, it does something even more dramatic:

It supercharges the already‑robust economics of Tulu Kapi at the exact moment the project has finally been triggered.

Today’s update confirms that KEFI has:

• Fully launched the Tulu Kapi development programme

• Secured all major contracting packages, covering capex and over half of seven‑year opex

• Mobilised Lycopodium, one of the world’s top plant constructors, now actively working on design and site infrastructure

• Ramped up on‑site activity, including power and access road works

This is not a plan.

This is execution.

And execution at $4,500 gold shifts the economics into an entirely different tier of value creation.

https://www.proactiveinvestors.co.uk/companies/news/1085170/kefi-says-its-a-great-time-to-have-triggered-gold-mine-development-1085170.html

The repeated slippage of critical milestones suggests that KEFI needs fresh operational leadership with the discipline, urgency, and execution capability required to bring Tulu Kapi into production. Shareholders can no longer accept delays as the norm. It is clear that the company requires leaders with a proven track record of delivering complex mining projects on schedule. Shareholders deserve a management team capable of executing in a high‑stakes environment and converting KEFI’s assets into real value.

1. Revenue

→ $900M annual revenue

2. Operating Profit (using $1000 AISC)

→ $700M annual operating profit

3. Apply a 6× producer multiple

→ $4.2B project valuation

4. KEFI’s 83% ownership

→ $3.49B attributable to KEFI

5. Divide by 11B shares

⭐ SPECULATIVE MARKET CAP: ~$3.49 BILLION

KEFI has spent years grinding through approvals, partnerships, infrastructure, and derisking while the market slept.

Now the macro backdrop has flipped from headwind to jet engine.

At these gold prices, every ounce KEFI produces becomes a margin monster.

At 200k oz/year, the operating torque becomes the kind of thing that turns minnows into mid‑tiers.

LET'S GET THIS SHOW ON THE ROAD!

Gold is pushing toward $4,500, one of the most favourable environments the mining sector has ever seen. Any competent, experienced mine‑builder should be accelerating development and unlocking value at a time like this. Instead, KEFI is still issuing over a billion new shares just to scrape together funding. That isn’t strategy; it’s desperation.

And the financing decisions raise serious questions. Why wasn’t a bridge loan secured? Why wasn’t an offtake agreement pursued? Why were all non‑dilutive options ignored until shareholders were hit with yet another avalanche of confetti? Other companies manage to protect their investors. KEFI didn’t even try. Instead, we get a streaming deal that looks like a giveaway. For years KEFI proudly stated it would never use a stream because it destroys value. Now suddenly it’s acceptable? Only because it was the easiest option for management, not the best one for shareholders.

The board’s silence is just as troubling. Their job is to protect shareholder interests, yet they’ve allowed this cycle of delay, dilution, and underperformance to continue unchecked. If they truly cared about value creation, they would have intervened long ago.

KEFI is standing at a genuine crossroads. With gold at historic highs and the project supposedly ready to advance, this should be the moment shareholders finally see the upside they’ve waited for. Instead, we’re watching value leak out through poor decisions and weak leadership.

It’s time for a CEO with real mine‑development experience, someone who can secure intelligent financing, fast‑track the project, and finally deliver the value buried in the ground. Shareholders deserve better than endless promises and dilution.

At this stage, the only logical conclusion is that KEFI needs a proper shareholder value plan and a new CEO to deliver it. The company has normalised delay, dilution, and disappointment to the point where it’s treated as business as usual. That’s not a strategy; it’s a failure of leadership.

A shareholder value plan isn’t a slogan. It means protecting existing holders instead of diluting them every time the company hits another self‑inflicted hurdle. It means realistic timelines instead of “funding done” claims that evaporate the moment they’re tested. And it means accountability for a decade of missed milestones, not another round of excuses dressed up as progress.

A new CEO isn’t about personalities; it’s about credibility. The market has stopped believing the current leadership because the track record speaks for itself. You don’t rebuild trust with presentations or upbeat language. You rebuild it by delivering something tangible, on time, without moving the goalposts yet again.

If KEFI genuinely wants to turn the page, it starts at the top. Until then, shareholders will keep paying the price for decisions they didn’t make and promises that weren’t kept.

The holiday season is just around the corner, and KEFI’s leadership could be tempted to ease off the pace. That cannot be allowed. Everything hinges on the fixed 60‑day construction cost quote. Harry himself confirmed it expires at the end of the month. If that deadline is missed, we are dragged into a full re‑quote cycle, which means 2026 before anything moves. That is not acceptable.

Frankly, the Board of Directors should have someone like KEFIGOLD in charge of keeping them motivated. Investors have carried the delays long enough. Failure to meet the fixed quote is not an option. It is the gateway to financing, mobilisation, and credibility. Missing it would mean another year lost, another round of excuses, and another blow to sentiment.