Member Info for MF2017

Yes, Ethiopia is a frontier market — and that’s precisely where outsized opportunities lie. Frontier investing isn’t about following the crowd, it’s about spotting value where others see only risk. KEFI’s Tulu Kapi is backed by government, development banks, and tier-one partners — a structure built for stability. For the wise, the brave, and the well-informed, this is new-market potential on AIM at a fraction of NAV.

Some posters are still valuing KEFI as if it’s the same cash-strapped explorer of the past — but once finance is signed and the project de-risked, it becomes a different investment entirely. Current market cap is ~£60m, while project NPV at today’s $3,600 gold is in the region of ~$600m (≈£480m). That’s why talk of “1p after signing” is lowballing — the realistic range is more like 3–5p just on de-risking, with construction and first gold pouring opening a whole new ballpark. At that point KEFI is no longer speculation but a decade-plus cash-generating mine, with long-term income and real potential for generational wealth.

The Prophets Are Marching In

Oh, when the prophets march within,

With gold so high, the gains begin.

From sixty mil cap to NPV’s spin,

Profits for holders — KEFI’s set to win.

KEFI’s financing isn’t a last-minute scramble with predatory lenders — it’s a tier-one, multi-party syndicate including African government agencies, development banks, and regional institutions. Terms have been negotiated over years, not days, and the package is designed to reduce risk through shared backing. With signing imminent, this is the opposite of the “desperate borrower” scenario being suggested.

KEFI 5-Point Thesis

1. Market cap ~£60m versus project NAV of 7–9p/share at today’s $3,600 gold.

2. Finance signing imminent — expected within two weeks with a tier-one syndicate.

3. Multi-asset pipeline with TKGM in Ethiopia plus copper-gold projects in Saudi.

4. Gold price tailwinds significantly increase project economics.

5. Management has delivered progress despite COVID, conflict, and past bear markets.

Am back from lunch...

KEFI in Four

Gold at record highs, the numbers are clear,

Tier-one finance backing takes away fear.

From Ethiopia to Saudi, the pipeline is wide,

At today’s cap, real value’s inside.

Brilliant gents. A joy to read!!!

To the Green-Boxed Few

I’ve boxed you in green, so your words fade away,

No clue what you write, not a line, not a say.

Yet I smile at the effort, the passion, the spree,

Trying to rival the buzz that’s alive here in me.

Good luck on your travels, may fortune be kind,

While I chase KEFI’s upside with a bright, steady mind.

Ode to Harry

Through COVID’s grip and gold’s long bear,

Civil war storms, yet still he’s there.

In Ethiopia’s rising financial scene,

Harry’s drive turned “impossible” to keen.

To the supposed Ethiopian Investor:

They say late stage is risk, but here’s the truth to know,

Finance’s ink is drying, tier-one names on show.

Nine years of hurdles — war, bear gold, and more,

Yet KEFI stands funded, with partners that shore.

Concessions? Normal, in any big deal,

But multi-party backing makes closure real.

Cash-vulnerable once, but structure’s the key,

Now project finance locks — not fantasy.

KEFI in Rhyme

Sixty mil cap, yet projects worth more,

Six hundred mil NPV at today’s gold score.

Tier-one finance, the first of its kind,

Government partners, strong ties aligned.

Saudi pipeline, with upside to chase,

On AIM few can match this value case.

An MF of an opportunity: KEFI Investment Case (5 Key Points)

Valuation Gap: Current market cap ~£60m.

TKGM project NPV estimated ~$300m at $1,800 gold — with today’s ~$3,600 gold, sensitivity doubles to ~$600m.: That implies ~5p/share fundamentals versus sub-penny trading.

Innovative Finance Structure: First of its kind on AIM for a junior miner.

Multi-party syndicate including African government partners, regional banks, and international institutions.

Financing secured without excessive further dilution.

Tier-One Partnerships

Government of Ethiopia is a direct stakeholder.

Established regional financial institutions provide credibility and stability.

Risk shared across multiple high-grade partners.

Pipeline Beyond TKGM

Hawiah and Jibal Qutman add copper-gold upside.

Saudi projects provide geopolitical diversification and long-term optionality.

Gold Price Tailwinds:Spot gold above $3,600 supports robust economics.

Margin expansion likely, given historic project modelling was based on much lower gold prices.

Key Takeaway: KEFI is uniquely positioned on AIM with secured tier-one finance, a multi-asset pipeline, and a market cap that does not yet reflect the NPV uplift at current gold prices.

Why would you not invest?

Trolls push fear, but facts are clear — KEFI’s £60m cap sits against ~$600m NPV with tier-one finance locked; that disconnect won’t last forever.”

KEFI’s tier-one, multi-party finance package — unprecedented on London’s AIM for a junior miner — de-risks development and sets up a cash-generating machine at today’s gold price.”

KEFI trades at ~£60m market cap versus a project NPV of ~$600m at today’s $3,600 gold — that equates to ~5p/share on fundamentals.

Why KEFI Stands Out on AIM

Entry low, yet projects prime,

Tier-one finance, perfect time.

NAV suggests far more to see,

Newsflow pipeline, set to be.

Gold price strong, the stars align,

Cash machine in steady line.

On AIM today, it’s plain to see,

Few can match this opportunity.

Re Ethiopia Investor’s scaremongering:

Gold at record highs. KEFI fully funded.

Production = cash machine.

Noise about “civil war” is tired FUD — operations are structured to run with stability on the ground and tier-one backing behind them.

KEFI’s Story

Projects aligned, the finance in place,

Tier-one backers, momentum to chase.

Gold price record, conditions are right,

Delivery ahead—facts, not hype.

Alanos. There is no worry. Put on big girl pants please and put the pearls away and have a good clutch of your balz instead.

🪖🤦🤦

ADW189,

Nothing new here. KEFI still owns 95% of TKGM today. At finance close it steps down to ~80–85% — that’s been disclosed for years.

The last two placings (Dec-24, May-25) were flagged and expected. Whether another is needed depends only on the timing of close.

Project timelines did slip a year, but again this was openly reported. And conflict risk is regional news, not a change to TKGM itself.

Long-term holders already factor this in, and new investors see finance sign-off due this month. TKGM is set to be a cash machine for the next decade+. Start small pre-finance if cautious, then build after — but really, why wouldn’t you invest at this stage?