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Guly,the discount on offer here ahead of revenues of over $400m Pa for 10+ years and 4Bn USD over the initial production run is quite simply incredible,and this is just from our Tulu Kapi project,we have additional assets in our portfolio that have potential to match TK over time too.

All the big miners are looking for entry into Ethiopia and Kefi enjoy "preferred status " in the country because of our close and longterm relationship with the goverment who are also a partner on the project.So when it comes to new licence awards and regulatory approvals Kefi will be seen by the big miners as a solid partner for future joint ventures or direct investments.

This is what is meant when our Chairman refers to the term " Serendipity" and why Kefi literally could not be in a better position right now,the value gap will have to start closing soon because our current market cap ( less than one years projected revenue ) is simply far too cheap.

At current market cap Kefi must be the most attractive T/O seen in many decades.

GoldQueen,an excellent overview on what is on offer here and post recommended.

Imagine if Kefi were able to bring in one of the blue chip miners onto our KONSO asset :-) like i said earlier Kefi are now an attractive partner to such companies and they have "preferred status " in Ethiopia...maybe also get them involved in TK in a minor way to sweeten the partnership.

I think this is the type of thing Harry could do and he would do it at the best time for us...serendipity indeed H

This could be a fantastic gainer if they get the licence renewed :-)

It is certainly looking more positive in the order book now,some institutional money is starting to move IN here imvho

O/T - PYX looks like something about to kick off - if they get the licence renewed it will move up bigtime

It seems like the order book has flipped around quite positive today,and looking at DMA data and L2 data it appears this is more institutional money than retail investors that are getting orders filled.

Interesting timing indeed :-)

Actually if you look at the trade stats since the launch ceremony the buy v sell ratio is firmly over 8 during this whole period,so that tells me that someone or maybe even two of the ii,s have steadily been buying all those broker warrants....when they are complete i expect this to start gaining some realistic value given the huge discount to NPV and its forecast revenue stream for at least ten years ( it is over 4Bn USD at current Gold pricing ).

We might even start to see some new overseas retail investors showing an interest as the Kefi story starts to get reported more widely.

Simms, yes it is game on now as Kefi have truly started the major works at TK and according to last RNS all is on schedule :-)

It looks like we have a block buyer back ....and those pesky broker warrants could have finally finished IMO

Alanos...yes the value disconnect here is mahoosive to say the least ....at current Gold prices Kefi will get at least $4Bn revenue from TK alone

KG,yes you are right,( the point i was trying to make was it is part of the same staged process ) the main lenders have approved it and Kefi have begun major works at TK.Or in other words if the main lenders were not happy they would not allow deployment of the equity tranche at this time...one follows the other.

I keep thinking about Harry,s recent use of the word "Serendipity" ,i just have a hunch that this additional $20m is being used as bait to bring someone into the syndicate who the company see will greatly benefit the TK project and future projects.Like i said before imagine if they brought a big blue chip miner in with a token part of TK but will work more intensive on say KONSO.We know this is the type of relationship has done before elsewhere in other companies that went from explorer to major producer.

Food for thought ?

GoldQueen, post recommended @ 01.16am

Yes everything is running on schedule from contractor activity to finance flows,as i said yesterday the main lenders ( who conduct proper and detailed due dilligence ) are allowing Kefi to access the existing $310m finance facility right now,so whatever this final $20m is it is not considered by our main lenders to be of significance or halt any operations. Kefi have clearly stated its all systems go now at Tulu Kapi and have even stated themselves they have "more than enough money" for project development at TK.

We can still buy here now at less than half of one years projected revenue, 10 years initial production run @ $400m+ Pa which totals over $4Bn revenue to Kefi ( based on current Gold Prices ) . This value gap has to close soon,investors that search for that elusive 10+ bagger have it right here laid out in plain sight.

I have been steadily adding on these lows :-)

Interesting last 10 minutes here today,has finished up around 7% with some mainly late AT trades,is possible the climb back will begin tomorrow with some FOMO starting.

Just seen the Chairmans comments on Linkedin - yesterday Kefi said in RNS that everything is on schedule,the finance and work is flowing and contractors engaged.I wonder if Harry is giving us a big clue now the day after that some of those remaining items to conclude are very very close to concluding :-)

Harry,s words "Never let market sentiment drive disciplined assessment of fundamentals" for me this is code for saying " the market is overlooking the large value we are creating here". Exciting times are here IMO

Kefi said yesterday that the finance is already flowing and contractors being engaged and deployed,so their main lenders ( who conduct proper due dilligence ) are happy for Kefi to draw down on that $310m already tells me that that final $20m is not an essential part of the package and is probably something additional involving royalties or a future partner tie up on KONSO or Saudi.

Some chunky buys have appeared suddenly !

S t N, anything is possible here on that front,we know the big miners are looking for entry into Ethiopia for obvious reasons and Kefi are perhaps the premier partner they could wish for.As i said earlier as regards that additional $20m ,it seems clear that there is more going on than would appear because they have had offers already and the company said today that they have "more than enough funding" and are already accessing the finance....so the conclusion i draw is that something other than money is being worked on.

Imagine if Kefi bring in a blue chip miner for a token part of TK but say were also a major partner with our potential huge asset at KONSO ? I think this is the type of thing Harry likes in particular because you can build a relationship quickly and allow a big name into the action ( who then benefit from Kefi preferred status in the country ). As i said before this is just my gut feeling on what could be happening here.

Best thing about the RNS today though was the conformation that the "finance" and "physical activity" are already flowing which translates that Kefi are finally in business at Tulu Kapi,the contractors are engaged and being utilised and are on schedule with the predicted first Gold Pour.

Simms,you made your point alot clearer than me :-) yes i totally agree there has to be more going on with this additional $20m than just money because they have clear offers from existing investors...that is why i think something may be cooking in the terms i outlined.We know some of the worlds biggest miners are looking for entry into Ethiopia and nobody else has the status and prestige that Kefi enjoy and have earnt in the country.

MAYBE just MAYBE there is a deal afoot that would make sense of recent activity here,but could also land us in bed with a mining giant on what could be our next even bigger asset in the country.This is all just my thoughts but i can see much Synergy if this were to happen.

Gold Queen, your 15.50pm post recommended #

I have been thinking about this additional $20m that seems to occupy the minds of many,given that Kefi have already had offers elsewhere for that money it means that there has to be something else going on other than money.For example could Kefi be talking with one of the worlds biggest miners who are looking for entry into Ethiopia about a token $20m into the TK project but then connect it with an additional agreement with the KONSO licence which could be our next biggie in Ethiopia ?? or even with Saudi ?? We have to remember the close connection Kefi has with our govt partner in Ethiopia and our favoured status.

It would kind of make sense of things if this is what is happening right now,imagine the market reaction if Kefi do some sort of deal with one of the worlds biggest miners right now...maybe just maybe we have a nice suprise announcement pending :-)

The key thing to note from todays update is that there are no delays,all the project activities and the finance is flowing according to the schedule for first pour of Gold.The company have even stated they have more funds than are required for the project completion,so all in all it was very good to get confirmation on this.I have said before we must give Harry and the board great credit for getting Kefi to this point and retaining a huge percentage of the project ( over 85% ) .

Projected revenue over the 10 years could be in excess of $4BN,and there is likely to be sector leading dividend payments over many years of the project lifespan,at the moment Kefi are valued at less than half of one years estimated revenue,this value gap has to close soon or the market is literally giving away free money...and that rarely happens.

Exciting times are upon us.

GoldQueen,yes it is great to have these guys onboard and like you say they are the Gold standard in the industry,we can have much faith that everything will be built correctly on time and on budget ( or below ). Everything about the TK is looking top notch and the main reason our Chairman won a very prestigious African Leadership Award last week ( the first ever to a foreign business person) .

The project economics at TK are Tier one and the forecast ROI,s are the highest i have seen in 30+ years of investing in mining companies,we will see a re-run of the type of growth seen at PAF over the last 5 years IMVHO