Member Info for MF2017

Can someone manipulate the sp lower, please. I wanted more at 1p. can't buy until tomorrow. Come on de-rampers and the mr. million dumper.

@deedee1

I always make sense. Perhaps you seemed surprised as sense is often uncommon these days on this board.

I bought in very and low balls deep.

What is all this noise about “more dilution”?

The latest RNS trail points the other way.

The March fundraise was not random survival dilution. KEFI said it was to complete and optimise Tulu Kapi funding, fund exploration, provide a cost-overrun reserve and support working capital. In the AGM statement, KEFI then said $426m has been raised/committed across 2025–26, with only $85m from KEFI shareholders and $341m from the project finance syndicate.

That is the key shift: KEFI is moving from shareholder-funded explorer to project-financed developer.

Resolution 9 was also passed to increase borrowing capacity — explicitly a condition precedent to drawdown and to help minimise future equity dilution.

As for Saudi, GMCO “does not rely on KEFI or KEFI’s financiers”. ARTAR owns 87%, and GMCO is intended to maximise self-funding.

So yes, never say never in mining. But the “another placing is coming” line now looks more like deramp noise than an evidence-based reading of the RNSs.

Why would KEFI deliberately dilute again now, just as it is targeting first drawdown, Main Market transition, and institutional re-rating?

After watching the gold video @deedee1 posted, I’ve changed my view on KEFI’s current price action.

I no longer think this is just a placing overhang clearing. The repeated million to 1.5m share trades, combined with the project value and recent de-risking, make the price action look increasingly unnatural.

Some will call that conspiracy thinking. Fine. But who benefits from KEFI staying below 1p–1.5p?

Many institutions cannot invest until KEFI moves to the main market. If serious money is waiting, of course they’d rather buy below 1.5p than above 2p. At scale, those margins matter.

So yes, I’m now open to the idea that the price is being deliberately subdued. Not because KEFI lacks value: Because the value is becoming obvious.

@deedee1 really interesting video. Let's see what Fed does with interest rates and if they execute the gokd backed bond this year or next for that matter.

Wealth goes to the brave and the patient.

Hold for Gold.

@Robjm66

A large seller and a large buyer appear to be doing battle at roughly the same price level. 👊👊🥊

Volume precedes price. 👍👍👍🥳

Great share price to be accumulating at.

Thanks Mr.Market ❤️🍆

@Xhita

Your post is entirely logical. The point many seem to overlook is that takeovers are rarely as simple as buying an asset and carrying on as normal.

Tulu Kapi involves multiple stakeholders, financing arrangements, government interests and project agreements. A takeover at this stage could easily slow progress rather than accelerate it.

Also, despite the strong gold price, miners aren't sitting on unlimited cash and looking for things to buy. Capital allocation is still disciplined and long term.

For me, the biggest point is that KEFI appears to be approaching the point where construction and execution matter most. That's why I'm confident a takeover is highly unlikely at this stage.

Take over NOT going to happen.

Hold for Gold

LMAO... Love the wishful thinking that sp could dip to .8 or even .7

Why on earth would it? Because you want it to

🤣🤣🤣🤣🤣

@Stebo

Thanks for the summary. Really helpful. Good luck with ongoing accumulating!

@Stebo

Hey Stebo,

It's an imposition and I have no right to ask, but would you mind sharing a quick summary of your main takeaways from today's meeting?

I haven't been able to get away and watch it myself. We've followed each other for years, so I already have a pretty good idea where you're coming from, which is exactly why I'd be interested in hearing what stood out to you and what you think the key highlights were.

Sorry for giving you homework. 😄

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.