Member Info for MF2017

The financing is complete. The project is funded. The market is waiting.

I understand the frustration with the share price, but I think it is too simplistic to blame everything on the placing. We are not yet a producing miner, and a large part of the recent strength came from a very strong gold price. Gold has since pulled back sharply and the wider sector has suffered with it. The placing was unpopular, but financing development-stage mining companies is never easy, and the important point is that funding is now secured.

What I would like to see now is more clarity on Saudi. That remains the biggest unknown, and in my view, the market is currently assigning very little value to it. Beyond that, we are in the boring phase. The project moves forward, the market waits for news, and long-term investors decide whether their original investment case still holds.

The share price moves daily. The investment case should not.

@Xhita

I think that's a bit harsh on the Saudi assets.

KEFI itself recently referenced an initial preliminary valuation of around US$148m for its 13% GMCO stake, based on the existing 3.8Moz AuEq resource base at Hawiah and Jibal Qutman.

So this isn't just “a seat at the table” anymore. The real debate is whether more value comes from monetising the stake now or holding through development and production.

@Target6p

I asked Harry about the rainy season at the London investor webinar last year and he basically laughed it off like, “you don’t understand the project if you think that’s the issue.”

People are over-analysing noise during the quiet period now. This is the vanilla phase Harry himself talked about. Finance is done. Construction starts. Money comes in, money goes out. It takes 18 months. That’s mining development.

The more interesting questions over the next 12–18 months are:

1. What exactly are the Saudi assets and how material could they become?

2. Does one of them come online before first gold pour at Tulu Kapi?

3. Does the main market move open the door to a different class of institutional investor?

Apart from that, expect the usual drifting share price, periodic spikes when it hits people’s sweet spot, and endless bulletin board anxiety.

Personally, I don’t see this going below 1p. Take your positions and sit on your hands.

Had a read of the academic article that KPAW posted. Very interesting and worth a read if you want a better understanding of the geology behind Tulu Kapi.

A lot of it is broadly consistent with what KEFI has already discussed over the years, but it’s good to see the deposit analysed independently in an academic journal rather than through company presentations or investor material.

What stood out to me was the repeated emphasis on the regional shear zones and the suggestion that systems like this are rarely isolated. The paper also classifies Tulu Kapi as an orogenic gold deposit, which puts it in the same broad family as a number of well-known gold systems globally.

Not really “new news” as such, but definitely useful background reading for anyone interested in the longer-term geological picture rather than just day-to-day market updates.

Fellow shareholders,

Did anyone read this RNS and think: have I actually learned anything new here?

It took me two reads to be sure.

On reflection, I think there is something new—just not in the obvious way. The main takeaway for me is that Saudi now seems to be framed as non-capital-intensive upside, i.e. something that can be progressed without drawing on current funds or taking focus away from Tulu Kapi.

My initial reaction was a bit “meh”, but thinking about it more, this is probably along the lines of what many of us have been hoping for—progressing assets from a position of strength rather than stretching capital.

So credit to Harry and the team on that front.

Fellow KEFI holders — quick reality check on the numbers.

At ~1.33p today:

If we only reach 2p → that’s ~50% gain

🤑 £1,000 becomes £1,504 (+£504)

If we reach 3p → that’s ~125% gain

🤑 £1,000 becomes £2,256 (+£1,256)

These aren’t blue-sky numbers — if anything, they reflect the kind of conservative outcomes the more cautious voices keep pointing to.

Now ask yourself this:

Do we seriously believe that once the mine is in production (2028), KEFI is still only a 2–3p company?

And even if — even if — it is…

🍆Where else are you getting 50%–125% upside in ~1–2 years?

Not advice. Just numbers.

Fair enough @Openpit .

Mr.BallsdeepinKEFI 🤩

@Openpit

You may be new yo board. Been round a while and have a significant holding. Not nitpicking. Like to be as informed as possible.

You could call me MF2017 AKA Mr balksdeepinkefi

@ericnat17

Naughty, naughty — that’s gone a bit beyond what I said.

I’m simply asking what the definition of financial close is for Tulu Kapi. If you can help clarify that, I’d appreciate it.

No need to stretch it into something else 👍

I’ve seen a couple of posters saying financing is now closed or finished.

Maybe I’ve misunderstood those posts, or maybe I’ve misunderstood the two RNS today, but my reading is we’re not quite there yet.

What we’ve had today is a big step. GM approval and the shares now moving to admission means the equity side is effectively being completed. That’s clearly positive and removes a major hurdle.

But I still think we’re waiting for a few key things before this can be called full financial close for Tulu Kapi:

Funds actually received and settled

Debt facilities fully drawn and active

Final conditions across the full funding package satisfied

An RNS confirming financial close achieved

From what I understand, financial close in a project sense isn’t just approvals. It’s when the full funding stack is legally in place, unconditional, and ready to deploy.

And just on the calls for Harry to step aside — or people saying they’re waiting for an RNS announcing he’s moving on — I think that misses the reality of where we are.

This only gets to this point because of Harry. He’s been central to getting this financed, full stop. Yes, dilution has been painful — no one’s denying that — but we’re now materially closer to an actual producing mine.

What also gets underestimated is his relationships on the ground. The trust and connections with Ethiopian partners don’t just transfer overnight. At this stage, removing him would introduce another layer of uncertainty that the project simply doesn’t need.

We should be in a de-risking phase now, not adding new variables.

Personally, I’d be very concerned if we saw an RNS about him stepping aside just to satisfy a few impatient or weak-handed holders. That would feel like the wrong move at the wrong time.

I’ve been reading a few posts having a go at people who said you wouldn’t be able to buy sub 2p once financing is closed.

Just to say — we’re not actually there yet.

Today was an important step, no doubt. Shareholder approval, equity effectively unlocked, all good progress. But it’s not the same as full financial close. We’re still waiting on funds settling, debt drawdown, and the formal “financial close achieved” moment.

So I don’t think it’s fair to start dismissing those earlier views. The call was about what happens after financial close, and that milestone hasn’t happened yet.

For me, the more important takeaway from today — and from Harry’s recent messaging — is the shift in focus. There’s clearly less emphasis on exploration now and a much tighter focus on getting Tulu Kapi built.

That’s exactly what I’ve been wanting to see for a long time.

We’ve moved a big step forward, no question. Financing risk feels a lot lower now. But the job’s not finished — full financial close is still the key moment we’re all waiting for.

Until then, I think a bit of perspective is needed.

Interesting take, and I can see the FTSE 250 pathway if KEFI executes.

But for me the key constraint is the share count.

At ~14bn shares, even a £1bn+ valuation doesn’t translate into the per-share upside some might expect unless that number is controlled.

On funding ...if they’re genuinely fully funded to first gold, fair enough. But at this stage, the market will still price in some risk of further dilution if anything slips.

What I’d be more interested in is post-production:

Would KEFI consider buybacks to address dilution over time, like Sylvania Platinum Limited did once cash generative?

Perhaps it is what ultimately determines shareholder return, not just index inclusion. What do others think about buybacks post production?

@RomanGreat

Thanks for meeting notes. Really helpful.

If you attended the meeting today, please share any highlights or new info.

Sadly missed.

@Magic-orb KEFI is ~90% of my portfolio, so yeah—I’m pretty much all in here. Only holding two stocks.

So only post on one stock 🤷

@Aldebaran

I understand the sentiment—whether we like it or not, the market has given its verdict, and that verdict is about risk: too many unknowns, shifting timelines, and the possibility of further dilution. That’s what’s weighing on the share price. That said, I wouldn’t dismiss Harry outright—the reality is we’ve got this far largely because of him. The question now isn’t potential or narrative, it’s delivery. What the market needs to see is disciplined execution: build Tulu Kapi, get to production, generate cash flow. No more finessing, no more layering in additional upside before that’s achieved. Prove the engine works first—everything else can follow from there.

It's a forecast so...

But some light commentary on why

https://www.thestreet.com/investing/wells-fargo-resets-gold-price-target-for-the-rest-of-2026

@Newt79 and @L1b3rtarian

Also worth noting—using the LSE board analytics, you can see posting history over the last 30 days. There’s been a noticeable number of newer accounts with very low post counts that have been almost entirely focused on KEFI in that period.

That doesn’t automatically mean anything, but when the pattern is consistently one-directional, it’s fair to question the value or intent behind it.

For me, it just reinforces the same point—I’m not filtering out disagreement, I’m filtering out noise. I’d rather engage with people who explain their thinking, whether I agree with them or not.