Member Info for Hubstar

In my opinion a likely offer would have to be at least 2 times future projected revenue ( if it was tabled pre production ) but more likely more than that in reality.If it were 2 x projected annual revenue and they threw in some shares in the buying company that might sweeten it a little.

Just my thoughts ( based on 30+ years investing in mining )

If you were a big miner looking for entry into Ethiopia and you were aware of Kefi what would you think ??? it is obvious they would see low hanging fruit,they would have to bid at least 3 x future annual revenue at least to get shareholder approvals in my opinion. That is one heck of a premium to todays prices for starters. There is much value here for a bidder,but crucially they get the seat at top table with Kefi,s connection and status in Ethiopia.

Just my thoughts

KG,actually it looks likely there are some big orders being worked again like thursday and friday last week when we saw those two large buys at 1.715p and 1.71p respectively.

As for those rumours that Harry had high level meetings with Newmont Mining last week,all i can say is it would fit the bill nicely if they were going to do some sort of deal in Ethiopia..so maybe things could get a whole lot more interesting in the very near furure.I treat all rumours with caution though but at this time in our cycle i give this abit more credibilty.

I have a feeling this is the week we get that big RNS from Kefi,everything has dropped into place nicely for the company in Ethiopia and the company enjoy preferred status with the government.So this puts the company in an enviable position in terms of doing deals with mining giants which they could well do given the opportunities that are opening up in the country.

Tulu Kapi is forecast to produce over $4Bn in revenue over the 10 year initial mine run in the open pit,at current Gold prices its over $400m per year for Kefi and the real potential to provide sector leading dividends over many years.Currently Kefi is valued at less than half of one years projected revenue,which is incredible and that value gap has to close.

SERENDIPITY in abundance

Looking at live google earth coverage in the last few days there seems to be a massive increase in activity at Tulu Kapi ,and there also seems to be alot more equipment in the storage area and heavy plant moving around.As i said a few days back the main lenders would not have allowed the company to start awarding contracts and engaging in major works if they were not happy with any aspect of the syndicate...effectively we can now see they have signed off the main project finance ( which the company have indicated is more than enough for project development ) so this final $20m of finance must be more to do with either technical advantage to Kefi or they are bringing someone additional into the syndicate that they see as important.This could even be for more than just TK and could be for the assets like KONSO.

Imagine if Kefi do some sort of deal with one of the mining giants who are looking for entry into Ethiopia,after all it would get them a seat at the top table and be able to benefit from Kefi,s long standing preferred status in the country.I honestly think we are going to hear something like this very soon and i think it involves that last $20m additional finance.Exciting week ahead here.

Deedee,yes i am aware of the drill you mentioned and i am sure the main lenders are too who conduct proper due dilligence on these matters...we are in for a very exciting future here.Tulu Kapi is a great asset by any metric and is about to be fully commercialised,at present the market is not putting a correct value on this and also other assets we hold.

Our chairman has just won a prestigious African leadership award,the first ever presented to a foreign business person,we can see where we are heading and it looks very very positive.

What many people miss about Kefi and the TK project is the further potential of the underground workings,the initial 10 year mining production plan is for largely open pit operations that is forecast to produce around $4Bn USD in revenue ( around $400m USD Pa on current Gold Pricing ) ,but there could be a similar sized or larger resource underground and over a larger footprint.And also only a small part of the TK licence area has been explored,the potential of the whole licence area is huge .

All the big global miners are looking for entry into Ethiopia :-)

The £53k buy today is set out below,so thats over £150k bought over 1.71p in just two trades...not beer money but someone knows IMVHO

13-Mar-26 - 11:17:49am - 1.71p - 3,157,400 - 53.99k

The £100k buy was just before yesterday close

March 12th 2026 - 16:16:34pm - 1.715p - 5,856,954 - 100.45k

And today we had a £53k buy at 1.71p too as i posted earlier

Yes the RNS on the 9th of March made it very clear that the FULL PACKAGE OF INTERDEPENDENT AGRREMENTS have been finalised and many have been executed including LOAN FACILITIES ,which means our main lenders have given approval to everything. So this means our next RNS should be the big one and they indicated within 2 weeks...first week is ending now so we should get the update next week IMO

They were very chunky buys and much larger than you can get online,so they are worked buys from order and i suggest the timing looks very interesting as regards the statement on the 9th march as set out below :-)

"We are also pleased that the full package of interdependent Project agreements has been finalised and many of the agreements have been executed, including the loan facilities. The remainder are expected to be executed in the next few weeks as the broader Project syndicate members' respective compliance procedures are completed, including tasks such as notarisation where required in the various international jurisdictions."

Also a 3.15m buy today also at 1.71p

13-Mar-26 - 11:17:49am - 1.71p - 3,157,400 - 53.99k

What about this chunky buy from yesterday - its £100k :-)

16:16:34pm - 1.715p - 5,856,954 - 100.45k

The rumour i heard around 6 weeks ago was that the ETHIOPIAN GOVT were considering starting a Sovereign wealth fund as they are now opening up the country for professional mineral extraction...if this is true it might be the case that this final $20m of finance might involve something like this because of the benefit to the people.

Everything in place now for Kefi to reap big rewards from Ethiopia,and makes us the most attractive potential partner for any current or future Joint Ventures.

KG, these words were in the RNS on 9th March - these are "interdependent" and "notarisation" refers to legal signing.

"We are also pleased that the full package of interdependent Project agreements has been finalised and many of the agreements have been executed, including the loan facilities. The remainder are expected to be executed in the next few weeks as the broader Project syndicate members' respective compliance procedures are completed, including tasks such as notarisation where required in the various international jurisdictions."

Has just been a 5.85m buy @ 1.715p from late yesterday reported - mm,s are playing a blinder here keeping this down ahead of the RNS

More mates rates loading IMO

A reminder what the RNS on the 9th of march said :

"We are also pleased that the full package of interdependent Project agreements has been finalised and many of the agreements have been executed, including the loan facilities. The remainder are expected to be executed in the next few weeks as the broader Project syndicate members' respective compliance procedures are completed, including tasks such as notarisation where required in the various international jurisdictions.

As regards the full Project financing package, it remains the case that the Company has more than enough capital on offer for the Project development for which commitments have been received for US$310 million of the US$330 million approved budget as at 1 January 2026. The Company is making good progress finalising the remaining finance components."

KG,no the company has indicated the full and complete sign off before the end of next week so i would expect a little FOMO start soon as folks see the huge prizes on offer - what are the prizes ?? Kefi have forecast revenues of over $4Bn over a ten year initial mine run and are currently valued at less than half of one years projected revenue and a realistic chance of sector leading dividends over a number of consecutive years.

Must give Kefi and Harry credit for getting this project in motion and retaining over 80% project ownership :-) nice one ARRY

Not long to wait now till the next key update...i wonder if even later today we might get one :-)

Keep in mind we have a project that will produce over $4Bn in revenue to Kefi over a ten year initial production run ( at latest Gold price ) and we are valued at less than half of one years projected revenue.And Kefi will also be seen now as the perfect partner for any big miner wanting entry into Ethiopia due to our "preferred status" and close relationship with the government who we are partners with.

SERENDIPITY indeed right now.

Only a few trading days left before the next update ( as per guidance from last update ) i t should start to get very interesting very soon here IMO