Member Info for MF2017

Uff. I bought in on the recent hot Rockets share tip last week. Ouch. They've been making really bad calls recently.

Such a sage response Shaz. Must be nice to be you.

At least my posts generate decent exchanges ..what the board should be about.

Thanks Rob. Yes, quite right, some questions likely lead to Harry's waffle response.

People read. Perhaps some people like defined detail rather than vagaries.

If your comment is a dig at my questions.

Below are questions I submitted on investor presentation dashboard.

Quick question - have people submitted multiple questions in one go or submitted each question individually.

I'd hate for my questions to be missed because they say one question max per shareholder.

×××××××× my questions

1. Major Works Timeline The RNS dated 6 June 2025 states KEFI was “targeting to commence Major Works in October 2024”, but we are now in June 2025 and no update or confirmation has been given.

Could you clarify why this has not been acknowledged, and what the revised expected start date is?

2. Impact on Production Schedule Assuming Major Works have not yet begun, how does this affect the overall timeline toward full production at Tulu Kapi?

Is KEFI still targeting mid-to-late 2027 for first gold?

If so, what mitigation measures are being used to stay on track?

3. Project Financing Status The $320 million project financing is described as “very close to completion.”

Could you please outline the final steps that remain before financial close, and whether a target drawdown window has been set with syndicate partners?

4. Dividend Policy Outlook Edison research has referenced potential dividends of ~0.56p from FY28.

Can you clarify whether KEFI plans to introduce a formal dividend policy post-production, and when such guidance might be issued?

5. Seasonal Risks and Construction Delays How is the Ethiopian rainy season factored into construction scheduling?

What is the expected impact on works if weather conditions are unfavourable, and what is the longest delay currently built into the plan?

6. Construction Milestones

Has EPC contractor mobilisation begun? If not, when is it expected?

Could you also outline the intended construction sequence (e.g. processing plant, tailings, infrastructure) and whether a revised Gantt chart will be released in 2025?

7. Funding Plan for Saudi Projects With continued development needed at Hawiah and Jibal Qutman,

how does KEFI intend to fund future work in Saudi Arabia?

Will this require additional equity or can it be managed through internal cash flow or JV contributions?

Came across below on share-talk website about KEFI.

Comment: For some strange reason, just as KEFI is approaching the big win / transformational change, that is when the moaning minnies seem to be getting all het up. However, that is the nature of the stock market. The forthcoming AGM is primed to be an unmissable affair.

Looking forward to the transformation. GLA

Just watched the latest Vox interview with Harry Anagnostaras-Adams, CEO of KEFI Gold & Copper. Key takeaways:

The TK gold project in Ethiopia is “very vanilla”—a straightforward, conventional gold mining operation.

Gold is back in favour. After a decade of tight financing, tier-one capital is now flowing into the sector.

For KEFI, the stars have aligned: the project is ready to go just as gold prices hit record highs.

June is for confirming numbers, July is for sign-off—and Harry expects approvals within weeks.

He hinted at new strategic options emerging, though next steps weren’t detailed.

Like many here, I’ve read the latest RNS and also seen the Hot Rockets newsletter. One line sticks with me: “Where has all the money gone?” Part of the answer, unfortunately, is dilution—directors rewarding themselves through placings. Yes, that’s disappointing. But let’s not kid ourselves: doing business in Ethiopia (or Africa more broadly) often involves greasing wheels. That’s the reality, and it’s a key reason we suffer from the so-called “Africa discount.”

The bigger frustration now is this: Why hasn’t the market reacted? Because we’ve all been here for 10 years waiting for “imminent” financing. The wet season? Sure—it’s a given. Work won’t start until October. But what’s holding up the actual financing? That’s the real question.

Some say the latest report answered all our concerns. I disagree. It’s full of future-facing language, not concrete explanations. No clear updates on timeline slippage. Major works were supposedly to begin in October 2024. If any work has started, it’s not clearly evidenced or described.

Look—I get it. You need a bit of salesmanship and optimism to keep these complex projects alive. But we’re now well past that point. We need clarity.

– What exactly is holding up the financing?

– What are the final blockers?

– Why hasn't the timeline been revised to reflect reality?

Above all, we need one promise from Harry:

No more dilution. No more fundraising from shareholders.

The time for kicking the can is over. Lock in the financing and get this moving.

Hi all,

As many of you know, I’m heavily invested here and I’m doing my own research to stay across developments. After reading the 6 June 2025 RNS, a few key questions remain for me — and I’d really appreciate the thoughts of those who’ve contributed positively to this board over time:

1. The RNS states KEFI was “targeting to commence Major Works in October 2024”, but we’re now in June 2025 and there’s no confirmation that this has happened. Why hasn’t KEFI updated this key milestone or acknowledged the delay? It feels like a significant omission.

2. Assuming Major Works haven’t started, how does that affect the broader project timeline — especially the target for full production at Tulu Kapi, which I believe is still being stated as mid-to-late 2027?

3. The $320 million project financing is described as “very close to completion.” Are there any specific steps still outstanding, or a revised date by which it’s expected to close?

Also, a quick side note:

In January 2025, the English High Court dismissed all claims against KEFI and awarded all counterclaims in KEFI’s favour. That seemed like a major legal hurdle cleared — but it wasn’t mentioned in this RNS. Should it have been?

Would really welcome the views of others who’ve been following this closely.

Thanks in advance.

Bukowski.

Are you OK?

Post all you want. I am concerned about you. It's not healthy. It takes time and effort to do so many.

Stebo, glad to see you posting today.

Something informative to read.

GLA.

2 bed single story house. Electric car charging ports to offset carbon footprint

Thanks for sharing your holdings and averages, gents. It’s clear that many of the long-term posters here—those with genuine skin in the game—stand to make substantial gains even from modest share price movements. Everyone’s definition of “life-changing” varies, but turning a well-judged position into £100,000+ is no small feat.

Personally, I’m inclined (perhaps naively) to hold through to dividend stage. For me, recovering my initial investment through the first payout and continuing to receive annual dividends—on top of capital growth—would be transformational. That said, given the long and rocky road many of us have travelled with KEFI, I think sustaining a truly long-term horizon now requires either greater certainty from the company or a good dose of courage.

Hi all,

A quick thought, especially in light of recent posts.

Mithral has mentioned his shareholding several times. Fair enough — sharing your holding size can add weight to your views, especially around conviction and risk appetite.

But that’s only part of the picture.

If someone’s using the number of shares they hold to strengthen their opinion, I think it’s equally important to share their average share price. That extra detail gives crucial context. Saying you’re “not selling in the foreseeable” means something very different at 0.7p than at 2.5p. Are they averaging down, holding long-term value, or already sitting on profit? It helps us understand their position and evaluate their stance.

No one has to disclose this info. But if holding size is shared to support a view, sharing the average price adds the context needed for others to interpret it meaningfully.

11 mil at average of .59.

Mitheral,

What's your compounded sp average on your 220 million shares?

TIA

Each is entitled to share an opinion.

The RNS has given me confidence to purchase more at this depressed sp level. Over 1.5 mill shares today.

I was disappointed with the placing but understood it was likely institutions getting in before a re rate.

The institutions listed are welcomed, but their investment given their size and tge placing made is likely a calculated punt.

Still, it adds to a stronger investment case.

Also liked it was an RNS before trading and not intra day update.

Hope for more continued good news.

Hi all,

Like many, I found the fundraising a disappointing surprise. One question I keep coming back to: does anyone seriously think the share price is being manipulated? I know it sounds conspiratorial—and AIM isn’t known for shorting—but the erratic price action feels off. Is this just short-term traders exploiting volatility, or something more deliberate?

Spot on Stebo.

Brilliant reply Stebo. Really appreciate your feedback. You make a very compelling case. I have been far too conservative.

I am avoiding loosing my mind in anticipation. The figures are truly life changing for me. I've taken a big risk. I've tried to take a calculated approach.

I am patient and courageous and trying where possible to be evidence-based in my investment.