Member Info for MF2017

Yes to slow steady permanent steady rises.

Jscsc can you give more info that vendetta TW said about KEFI please.

Worth remembering how AIM mechanics work. Market Makers don’t need big volume to move a stock like KEFI – they’ll happily nudge the bid down, trigger stop-losses, and scoop up cheap shares to balance their books. Looks like panic selling, but often it’s just the MMs shaking out weak hands.

The takeaway? Don’t let yourself get flushed by a 10–15% dip on good news. Stick to your plan and know your own sell levels. On AIM, patience and discipline beat chasing the games the MMs play.

Are KEFI shares being cheaply hovered up at PIs expense?

How can Hot Stock Rockets tell us here to “average down” on KEFI, while on BearCast Tom Winnifrith is telling people to expect a surprise $10m placing in the 50s or 60s? You can’t have it both ways.

The RNS is clear: KEFI’s ~$10m contribution is post-closing for fees and costs after finance is signed. It is not an immediate hole and not a condition to September signing. That money can be covered by project flows or structured at the subsidiary level — it does not mean an AIM placing right now.

Tom pumped KEFI for years, now flips bearish with scare stories while still calling it an “average down buy” here. That’s scumbag behaviour. The reality is simple: with debt formally offered, equity oversubscribed, and construction ready to go, KEFI is on the cusp of transformation. A decade of gold production at $3,400/oz and $1,000 AISC makes KEFI a cash machine in the making — that’s the fact the noise is trying to drown out.

Hold onto your shares - they are wanted by the MMs to fill orders.

Some are trying to stir panic with “Ethiopia and Eritrea at war” headlines. Let’s stick to reality.

Yes, both countries have had tensions for years, but the situation is not open conflict. In fact, in June 2025 the border was reopened, allowing people and trade to move across after years of closure. That hardly looks like two countries plunging into war.

I subscribe to Hot Stock Rockets and even in today’s note they’re still calling KEFI a massive average down opportunity and saying they expect good news. That’s the context worth remembering.

The RNS itself is pretty solid — debt formally offered, equity oversubscribed in principle, and development due to start in October. The bit about ~$10m is post-closing for KEFI’s share of fees/costs after finance is signed. It’s not an immediate hole, not a blocker to September, and doesn’t mean a surprise AIM placing right now. That contribution can be handled at the project level once funds flow.

So when Tom Winnifrith tells subs here to average down, but then goes on BearCast talking about a placing in the 50s/60s, it’s playing both sides. He pumped KEFI for years and now flips negative with scare stories. The real story hasn’t changed: Tulu Kapi is set up as a cash machine KEFI — a decade of gold production at $3,400/oz with costs around $1,000/oz.

Good luck all — eyes on the RNS, not the noise.

On the $10m chatter

Just to clear this up – the RNS says KEFI will contribute about $10m post-closing towards fees and costs. The key word is post-closing. That means after the finance package is signed, not before.

It’s not an immediate hole in the balance sheet and it’s not part of the $60m equity-risk capital being raised in Ethiopia. It also doesn’t mean an AIM placing right now. At worst, it’s a deferred contribution that can be covered once the project finance is flowing.

So, no hidden surprise placing in the background here – just KEFI’s already-declared participation cost once the deal is closed.

Good luck all.

Manu

decade’s worth of gold ahead, and the inevitable cash machine.

Somebody’s been hoovering up all these cheap shares… looks wonderful. 🚀 A decade’s worth of gold ahead, and the inevitable cash machine. 💰

Decade of Gold, Cash Machine in the Making

We’re at the moment long-time holders have been waiting for. Many of us are already in the green. I’ve set my exit point, but I’m also keeping a solid moon bag — this is at least a decade of production, with more projects beyond. Surprised by today’s price action? Sure. But the story hasn’t changed: a straightforward mine that will throw off cash once finance is locked.

Sit back, relax, and enjoy the adventure upwards.

Morning all,

Key highlight for me in today’s RNS is the $60m equity-risk capital. From my understanding, this is not AIM dilution – it’s being raised at the Ethiopian subsidiary level through prefs, streaming, and possibly ordinary shares in TKGM. That means no new KEFI plc shares are being issued on AIM. Worst case, KEFI’s % ownership of the mine edges down a little, but we aren’t being diluted at the plc level.

Why release this now, early September? Likely because once the debt was formally offered, AIM disclosure rules required them to update the market. In other words, silence was riskier than informing. This also keeps confidence alive while the last legal boxes get ticked.

Other positives:

Debt package now formally offered and in circulation for signing.

Equity oversubscribed in principle – just needs finalisation.

Construction timetable confirmed for October.

Not signed yet, but this is the closest KEFI has ever been. If September delivers what’s promised, then we’re finally at lift-off.

Good luck all.

See how may sell options get triggered today.

Curious to me that we have major volume today compared to the last year that i have seen and we are sticking at around .8 any reasons why? surely this should have popped today? FYI - my lens is pro KEFI FYI.

Why would there be a fund raise when sign off will give KEFI draw downs and financing? makes no sense.

What makes you offer such a claim?

Lot of volume in last hour

Wow!

GLA

Wow — a lot of the chatter on here is just noise. Things are heating up, signing looks imminent. To everyone who’s taken a position, enjoy the ride. As for the swamp rats circling around, try your best — but you have zero impact on how serious investors here make their decisions. Honestly, it’s pathetic.

Hey Stebo, good to exchange again. I’m a KEFI bull — 22M shares, balls deep — so the higher the price, the better. I think you’re right to challenge this 2p “status quo” and the self-fulfilling prophecy effect. Last time it was 1.5p, which I reckon came from Harry being able to sell at that level if it held for several days, plus TW’s “sell at 1.5p” drumbeat. Now it’s moved to 2p — I suspect similar psychology is in play.

I’ve run some models on the AIM fear-of-missing-out/liquidity effect, and spikes of +50% to +1,000% above fair value happen fast — so nobody can really call it. My 2p feeling is sentiment-driven, not math-driven. On sober calculations, we should be nearer 3–4p right now pre-signing and 6–7p post-signing, but KEFI’s history keeps the market cautious. The quick-spike crowd often chase Bitcoin-treasury or digital-sector stories; as a conventional miner, we’re more likely a slow-burner.

That’s really why I think this lowball post-signing figure seems so stubborn — KEFI’s long history is baked into market psychology, and the market remembers it.

I get your point, Bonkers — and I’m sure Stebbo would agree that valuations should be grounded. I think some of the more bullish comments are just people reflecting how close we are now compared to the last 10 years, rather than saying KEFI is suddenly worth multiple pounds.

We’ve run numbers using reserves (not resources), $3,000 gold, a 12% discount rate to reflect Ethiopia’s higher sovereign/execution risk (vs. 5–10% in low-risk jurisdictions), and stage-risk factors for pre- and post-finance. On fundamentals, that puts pre-finance around 4.2p, post-finance ~6.2p, fully de-risked ~10.4p. The market’s at 0.5p because it’s still pricing KEFI’s long history, delays, and bad press — another miner at the same stage could be closer to those calculated values.

My crystal ball? Signing jumps us to somewhere between 1–2p, then a pause/sell-off. Construction progress plus solid RNS’s next year could push 6–9p. Into production with $3,000+ gold, a re-rate into the 10–20p range is realistic. That’s before factoring in Saudi, which could be a game-changer on its own.

Fellow KEFians,

As usual, whenever Stebo turns up, a little wisdom shines through — like a few others on here, rare but valuable.

He made a great point: yesterday’s RNS wasn’t really for the institutions — they’ve probably got stronger nerves than us anyway. It was for us PIs. And I don’t think the recent moaning was unwarranted — we’ve been given timelines before, and they’ve slipped. That’s been KEFI’s reputation for a decade.

But this time, I think we saw a genuine shift: from entrepreneurial pizzazz to proper project management and stakeholder communication. That’s what many of us have been asking for. And that’s what we got.

So — great job, Harry.

Thank you for listening, and congrats to the team.

Keep going. And don’t forget your vitamin C.

My Take on the RNS – Not What We Hoped, But Not a Disaster

I've read the RNS, and here’s my take:

Yes — it’s essentially another delay, and I am disappointed. Many posters did suggest August was too optimistic, and it turns out they were right. That said, it’s not the disaster some were doom-mongering about either.

The financing process is clearly still alive and progressing, and the new language about signings in August and close in September feels like final sequencing rather than fresh hurdles. So, not ideal — but not catastrophic.

As for the share price drift — I don’t think this was fully “priced in.” I see it more as a case of investor attention drifting elsewhere during the quiet spell.

So, are we now looking at end of September for financial close? That’s how I read it. Curious what others think — have I missed anything?

I’ll be honest, when I saw the RNS this morning, I was ready to take off like a rocket… instead I’m back to Friday-night Chinese takeaways and cold showers with crap water pressure. Looking ahead to September now. Again.