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The ratification is being "fast tracked" through the parliament because Ethiopia wants to become a significant new Gold producing country,in effect once this happens it is the green light for everything financial connected with the project to commence in full tilt mode.

That announcement can literally land at any moment.

I think the recent very positive developments at Kefi has shown that the company is now very much in business after a long patient wait.Ethiopia is going to be a major new player in Gold Mining and Kefi have a unique position in the country and have a great relationship with the government,president,and ministries,a position that many big miners will envy.

We are very close to transforming from a smallcap explorer to a mid-tier producer :-)

Harry gave some big clues yesterday that the Saudi sale could be quite close,i do not see any other reason why he would mention that talks may continue at the Investor event and also mention that multiple parties are interested and some "in the data room" . He has marked our card

Santa,it is also significant ( which i did say at time ) that Kefi now have a clean balance sheet ahead of what will be some truly momentous transactions.I also said at the time that the two big banks backing us would have wanted to see it before the real final sign-off,that time is now fast approaching.

You have to pinch yourself really that you can buy this currently well under the level that some large investment went in at the placing at 0.55p from some international high worth investors across different continents.The market makers will have to start pricing this with an eye on the the TK sign-off and Saudi sale soon.

Had another listen to interview and first time around i missed it but the Chairman clearly said he has some high net worth individuals wanting to invest long term into Kefi and on multiple projects,you do not often here such words in connection with a smallcap.This is the year Kefi comes of age finally :-)

It looks like the order book just has a mighty shift and at least one of the ii,s is now bidding up,we should not be down here this low so i expect some real momentum to begin as today,s news is digested.TK is happening and Saudi will be sold soon is the message from today both from Rns and the interview.

Just had a careful listen to the latest interview,first impressions are very good and it is clear as day that Kefi are motoring ahead at Tulu Kapi now.The access road started weeks ago and great progress is being made,he also said that the financing really is now in the final stages.Perhaps the most interesting was his mention of multiple interest in the Saudi assets and some even in the data room and he hopes to continue talks next week at the Forum event.It seems to me that he divulged that he has multiple interested parties for a reason and that reason is that the offers are good ones that will lead to the required conclusion.

In summary i think shareholders can start to get a little excited about what 2025 will bring us :-) i am still adding into the SIPP.

Nice Update,a few snippets from chairman sound very promising : "We will shortly launch broader Major Works at our Ethiopian Tulu Kapi project, a high-grade and high-recovery gold project larger than any Saudi gold project today. " and ""At the same time there is significant interest in our 15%-owned GMCO JV in Saudi Arabia, currently under strategic review, and we look forward to further discussions during the Future Minerals Forum in Riyadh next week."

Certain Major Works have now started, including construction of the new main access road from the highway to the Tulu Kapi site. This Government-funded project significantly de-risks the overall development schedule.

· Tulu Kapi Project Finance:

Debt capital: Detailed finalised terms are being inserted into the already-drafted detailed documentation for execution of the debt-facility which has been increased to US$240 million from the previous US$190 million. Equity capital: of the original requirement of US$180 million, the Company is currently arranging the remaining c.US$30 million, explained as follows: § US$100 million has already been invested through historical expenditure (US$50 million since 2014);§ the Ethiopian Government and private sector investors have already committed US$20 million for a 10% stake in Tulu Kapi Gold Mines SC and up to US$30 million in the form of gold-linked preference shares of KEFI Minerals (Ethiopia) Limited expected to be issued as the Ethiopian Stock Exchange is launched (currently scheduled to be by the end of January) ; and § the remaining US$30 million is being finalised with certain Middle Eastern and other sectoral investors, as the Company looks to conclude the optimal financing scenario from interested parties.

Saudi Arabia

Potential valuation estimates have previously been published by the Company for the two advanced projects, Jibal Qutman Gold and Hawiah Copper and Gold, including the 2023 pre-feasibility valuation of the Hawiah copper-gold project at approximately US$301 million NPV (8% discount rate) and a post-tax IRR of 75% (see the Company's announcement 'Positive PFS and Associated Studies for Hawiah Copper-Gold Project' released on 28 June 2023).

Updated KEFI financial models

The estimated potential value of KEFI for its shareholders has been updated to 11.1 pence per share ("pps") assuming an NPV at a 5% discount rate and the Tulu Kapi project at a gold price of US$2,600/oz. This compares with a 10.5 pps potential valuation published in November 2024 despite having accounted for the recent increase in shares in issue and is due to: the currency movement of USD vs GBP; and the inclusion of a preliminary valuation of KEFI's 15% beneficial interest in GMCO by assigning US$80/oz of gold equivalent resources.

Nomadme,i would be very suprised if you dont do some hefty gains here from these lows ,we have just been told in RNS that both banks have now agreed the increased finance and they are stepping up the "major works" at TK.I have a hunch that the xmas and new year period delayed the sign-off by literally a handful of days and we are actually very close now.Looking at some of the press releases and statements coming out of the host govt in Ethiopia they are obviously eager to get what they see as a major new industry launched and thriving.Remember our Tulu Kapi project is said to be Ethiopia,s largest foreign export once we up and running.

We should also standby for the sale of Saudi assets,because if you look at the timing and intent of this change in policy it is obvious they want this timed with the start of major works at TK.So in essence we could have two major re-rate events landing very close together.The recent placing at 0.55p has brought in "notable" and "international" investors and i dare say is what the two funding banks wanted to see.And those shares are in sticky hands, so i do not think there is any real overhang except for the relatiive small chunks of "advisor " and shares.The AT bots will clear out the ASK in a heartbeat when they are ready to play.

Nomadme,your timing this time around could be spot on,kefi are in a prime position in a country that is forecast to become a major destination for leading Gold Miners.In terms of Kefi they are now at the very cusp of starting major works on a project that is likely to bring in over £1.5bn in revenue over the initial 10 year run and provide shareholders here with sector leading dividends over a number of years.

Bonker,i will take a look with ref to Konsa and yes harry did say that about Saudi .

Bonker,he said it in one of the recent pro-active interviews,think it might have been the one before last or one before that.But he dd actually say they have had some interesting offers and proposals,hence why they decided to sell at this time of cycle with TK about to begin.

I think that article in The Africa Report by David Whitehouse has been noticed,for anyone not seen it take a look - it is entitled "Ethiopia’s financial reforms may trigger new era of modern gold mining" . And was published two days ago i think.

Crazytowner,yes that is correct the AFC ratification can be at any moment,kefi obviously know this too that is why they give their guidance and estimates on timelines.Not only that but also they could announce the Saudi sale anytime,harry has given clues before that he has offers on the table for a long time now so watch this space....if they get even modest market value for the sale it will be north of current market cap.

Santa, nice one :-) and there is also one other huge positive here that is often overlooked but crucial,that is our close relationship with our partner the Ethiopian government who want this project up and running ASAP.Most other companies that operate in frontier territory are always fighting against the politics of the host country,with Kefi we have the opposite situation in that our host country wants this project moving as quick as us and are even giving us a "favoured status" as was just seen with the granting of the multi-mineral Konsa licence.

Happy days will be here again as the famous song goes .

UPshunt,i do actually sympathise if you are nursing large losses,however you should try and keep things in context and then factor in the "cycle" from exploration to producer into your thinking.I think if you look at any listed miner you will see the same pattern from its original listing to the point of production / revenues. Fundraising and dilution is what is needed to get from A to B,the key is to have your biggest stake in place near to the SP when "B" is in close proximty.For the benefit of doubt i refer to "A" being IPO onwards ....and "B" being the start of production and revenue generation.

In the case of Kefi it is very much close to "B" now and very handily with the SP at a near all time low and way below the very recent fundraise at 0.55p. I am not one of those that are claiming this will be 10p + soon,but i can see a 300% uplift in market cap and SP fairly soon as major works commence and the Saudi assets are sold,as we get closer to actual £101m+ forecast revenues and sector leading dividends i would expect a P/E of at least 6 ( £500m + Market Cap) which is quite a change from todays £30m.

Good luck and happy new year to you and all genuine shareholders.

Upshunt,you are very strange individual if you enjoy and wish yourself to lose money and then like to tell the world lol ,some wonderful human beings on here.

Yes Rob folks will soon cotton on to what is about to happen here at Kefi and indeed in the sector in Ethiopia,the re-rate will not be massive initially but will likely be 300%,a little later down the line when tasty steady dividends draw nearer it will likely trade on P/E of at least six times £100m + revenue.In other words an investment that can transform portfolio,s and lives.

Nice to see a more accurate look at the situation here,yes kefi are about to enter the bigtime in relative terms and i suspect will become a stock market darling soon enough with possible market leading dividends for potentially ten years +.

The whole market is quiet and flat today because most folks are still on new years holiday,this RNS will get noticed and absorbed when the market returns in full next week. Much to like in this RNS but the main thing is both banks now agreed the increased funding package and full AFC ratification will take place.All points to the full launch of major works shortly.

Bonker,you was asked earlier if you were a kefi shareholder but no answer ? also major works is a series of steps not just one,at moment the local community near TK have very little,but will soon have proper facilities and infrastructure that they would never get otherwise,that is why they are all onside and keen to get things moving.