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Just for balance after the base valuation below, here's a potential 12 month outlook based on RUA delivering on the increased revenues they anticipate and Structural Health moving towards clinical trials for the novel heart valve:-

A realistic 12-month valuation becomes more interesting because Structural Heart could be ready for human clinical trials. Also CDMO could well be on the way towards the £10m revenues flagged up in the trading update. I've tried to keep the figures grounded rather than blue-sky:

Structural Heart: circa £80m–£120m valuation

That’s based on success with:- durability testing, fatigue testing and animal studies. With the spin-off ready for first-in-human clinical trials I think that sort of valuation range becomes realistic.

RUA probably would not still own 100% by then, but will own something like 50% to 62% after funding for clinical trials so the value attributable to RUA might be roughly £45m–£70m.

CDMO / RUA Medical Devices: approx £25m–£40m

RUA have already guided that current development contracts could potentially add another circa £5m revenues if converted as expected.

If revenues moved toward £8m–£10m, with improving profitability and recurring manufacturing visibility, then the market multiple likely expands materially from today’s depressed level.

Using roughly 3x to4x revenues for a profitable growing medtech CDMO

gives: circa £25m–£40m. That is still way below the 7x “Aran” type strategic sale multiple.

RUA Biomaterials: approx £10m–£20m

This is the hardest division to value because current revenues almost certainly understate future platform potential. Current royalties already appear extremely high margin. Add: the new contract, royalty audit uplift, additional licensing progression and increasing visibility around Elast-Eon applications and I think annual revenues potentially moving towards £1.5m–£2m+ within a reasonable timeframe isn't unrealistic.

At very high margins, platform royalty businesses often command strong multiples. So £10m–£20m does not look unreasonable to me for a growing strategic biomaterials royalty platform.

Add current cash of say £3m to £4m.

That gives a low realistic 12-month valuation range of approximately £83m and an upper realistic valuation of £134m

On approx. 62m shares that’s roughly 134p–216p per share and importantly, that still does not really assume major transcatheter breakthroughs, potential takeover prospects for one or more of the divisions or late clinical success.

It mainly assumes: Structural Heart reaches clinical-trial readiness successfully, CDMO growth converts materially into manufacturing revenues, Biomaterials growth flagged by the company actually begins appearing, and the market starts valuing the three divisions more appropriately/separately.

I think for any take-out you can pretty much double the above figures (the revenue multiples would be at least doubled for a takeover). Just my rough estimates .

Yes some good posts from bones and others on there adding to some extra insights from IntraVnus and others on here. I've tried to add a small bit to the discussion.

I think the broad sum-of-the-parts argument is at the very early base of the climb to be factored in. Just to add a couple more points to the indicative valuations by bones for each RUA division:-

RUA MEDICAL PRODUCTS (CDMO): Hybridan previously referenced take out sector valuations around 7x revenues. RUA has already stated that if around 60% of current development contracts convert, this would add circa £5m annual revenues on top of the existing base, taking annual revenues to £10m+ p.a. That alone could justify something in the region of a £70m valuation for CDMO.

That's based on the modest 7+ revenues assigned by Hybridan and other comparative companies have gone for higher multiples. A higher multiple than 7x should apply to RUA given they are a highly specialist Med product producer with skilled staff, they have their own manufacturing facilities and, last but not least, an abundance of valuable IP.

Importantly, the 60% conversion to long-term commercial contract estimate (an extra £5m recurring revenues per annum) was described using fairly conservative assumptions and relates to products already already with regulatory approval or at late-stage as at the March trading update.

RUA STRUCTURAL HEART: previous incarnations of the division (AorTech days) reached valuations around £120m when the market was looking ahead to clinical progression of a novel heart valve. Against that backdrop, assigning even £70m+ to a funded partner-led valve programme using AurTex does not seem fanciful at all.

RUA BIOMATERIALS: Hybridan also stated current royalty revenues “barely scratch the surface” of licensing opportunities already in progress. There is now also a new Elast-Eon contract plus the ongoing royalty audit which management itself says is expected to contribute to further growth.

CASH: Nearly forgot, add in £3.25m of cash , no debt, owning their own manufacturing facilities and RUA being on the cusp of profitability means they are in a strong position to rebuff any low-ball acquisition bid for the entire four fivision business.

On conservative assumptions as they start to fulfil flagged up anticipated progress, you can reasonably build toward a combined valuation of £100m + if execution continues. Clearly there is still work to do, but the disconnect between current valuation and the potential of the individual divisions remains striking in my view.

The Hybridan research note from 16th April is now available on RUA's website :-

https://rualifesciences.com/investor-relations/research/

Almost too many positives to cover for the four divisions:

RUA Biomaterials - set for growth from an audit and also a new contract. Revenues from licensing the IP are barely scratching the surface and a 90% margin.

The exact quote is "The licencing fees of £0.9m have hardly scratched the surface of the opportunity of the Biomaterial development opportunities in progress." Cash of £3.2m a multiple of 7 or 8 applied to revenues goes a fair way to covering the current market cap, It's an under the radar division and holds most of the IP for Elast-Eon which looks set to get further growth given Hybridan state current licensing revenues "barely scratch the surface"

RUA Medical Devices - approaching £5m revenues and close to making RUA as a whole profitable. An additional £5m revenues anticipated if just 60% of the if £500k contract development product work transitions into commercial product. This is reasonably near-term given that the development products have either past regulatory approval or are close to achieving that status. The £500k for development contract work falls in H2 of the financial year (March to September this year).

Hybridan suggest applying an exit value of 5.4 to RUA's existing revenues giving value of £24.1m or 35.8p a share. But they also acknowledge this is just based on existing revenues and as revenues increase the take out applicable multiple increease. I think they reference 7x plus for revenues above £10m. However, since RUA have projected a potential increase in revenues by £5m for CDMO multi-year contracts this would give an exit multiple of 7 applied to £10m revenues gives a fully diluted valuation of £70m or a share price of 105p just for CDMO alone. Even a multiple of 7 applied to a specialist medtech product manufacturer with extensive IP is low compared to other comparable company deals that have gone through.

Last but not least RUA Structural Heart - Hybridan says it is "in for free" yet it's the blue sky element and RUA flagged up that this division is "close" to being fully funded after signing a Heads of Terms to fund pre-clinical work. That would take about a year of animal studies and be the pre-cursor to entering clinica trials. It's absurd that no value is assigned for this but this will surely change if the HoT progresses to a fully funded deal. Edwards (if them) would be massive. The note says:

"These Structural Heart values could transform the global treatment of heart disease by delivering a durable synthetic heart valve, so reducing the need for future replacement, and should not require lifelong drug treatment. RUA owns the exclusive licence. The manufacturing costs of a synthetic valve are expected to be considerably less than those of current valve technology, making this a potentially disruptive advancement in heart valve surge

I've added this 'over the road' but it might be of interest to those that don't tune in there.

One part of the Hybridan note that stood out to me was the RUA Biomaterials section. I had previously considered it a steady £600k to £700k net profit royalty business that would broadly stay around that level for years to come. It appears not and far from it. Quite a bonus from my perspective looking at what may come and how little is factored in.

They mention discussions are progressing (for this Division) and that current licensing fees of around £0.9m (that's over 18 months) have “hardly scratched the surface” of the opportunities in progress.

It’s the Division which holds the IP for Elast-Eon, which is described as “enabling the next generation of cardiovascular medical devices.” The note goes into detail on the extensive IP and CE marks for polymers used in cardiology and urological applications. Devices manufactured from RUA Biomaterials have numerous US FDA PMA approvals.

The drive towards commercialisation in the last couple of years has “brought a number of early stage contract development opportunities and has set the foundations for future manufacturing revenues.”

There does appear to be a crossover between the three divisions: Biomaterials holding the core IP, the CDMO division using Elast-Eon and its related IP for products and of course Structural Heart with the anticipated fully funded pre-clinical development deal, which will use AurTex incorporating Elast-Eon IP. The partner would need exclusive rights to the IP specifically for a heart valve application.

These won't be one-off deals; they tend to be multi-year, tied to product lifecycles and can scale as volumes increase. With margins around 90%, even relatively modest growth in royalties can become quite meaningful in profit terms.

Hybridan also reference the possibility of partners acquiring IP at the right price. That may relate more broadly to Biomaterials opportunities, but it does show how valuable these materials platforms can become once embedded in commercial devices.

The note summarises the potential for this division by stating that “the license fees of £0.9m have hardly scratched the surface of the Biomaterial development opportunities in progress. These projects take time to reach revenue, but once concluded can lead to multi-year, multi-£million contracts. There is also a case for the partner company to acquire RUA’s IP for the ‘right’ price."

Taken together, it's beginning to look like Biomaterials is not just a supporting division but could be a key driver of value alongside CDMO and Structural Heart.

Cont...

If we are looking blue sky (time and hurdles accepted) then there are circa 700,000 TAVI heart valve procedures per annum. If RUA supplied material for 200,000 valves at £400 per valve (about 2–3% of the device price) that would be £80m revenues and, applying an EBIT of 50%, that’s £40m profit. That could be a conservative or over-optimistic estimate as it's hard to say at this stage other than it would be transformationally material. Almost inevitably the division would be snapped up. All a long way off, but it does show why a meaningful number could be added to the m/cap straught away for confirmation of a fully funded heart valve deal.

Obviously there have been hopes before of a re-rating that haven’t materialised, but it does feel a bit different this time. The combination of a core manufacturing business with high growth on the cusp of profitability, alongside the prospect of an externally funded upside for a heart valve with supply rights for AurTex, looks quite unusual at this level. Hopefully it finally re-rates and holders - espeically those long-termers who have shown more patience than me - are rewarded.

Back in after getting bored about 18 months ago when it seemed the MTA wasn't leading to an anticipated deal for AurTex and . The AGM statement has encouraged me to buy back. Just did a post that summarises my reasons on 'the other side' and copying over here. In short it's two main reasons stemming from the AGM statement/trading update - the potential £5m recurring revenues form development CDMO work and the flagging up of an anticipated "soon" fully funded pre-clinical heart valve deal.

Current m/cap is only around £9m with roughly £3m cash, a high margin royalty division, high growth RUA Medical (CDMO) division with further growth to profitability flagged up recently, no debt with its own manufacturing facilities and Structural Heart with a "soon" potential game changing fully funded heart valve deal, so EV at abut £6.5m is seemingly very modest for what is effectively a small medtech business with three parts to it.

RUA mentioned additional potential manufacturing revenues from RUA Medical's current projects could exceed £5m annually if they convert. I took that figure to be based on around 60% of the current £500k development work transitioning into commercial production, which is something they seem to expect. I don't know to what extent RUA will be profitable with an extra £5m revenues but the step change from loss-making to profitability will bring in a new set of investors.

The Biomaterials division is generating high-margin circa 90% royalties from Elast-Eon, which is already used in long-term implantable devices. I think it's about 800k or say 700k profit but the update seemed to suggest an increase is on the cards. It’s not massively material on its own but still goes a long way to underpinning the m/cap. Bill Brown has previously said these types of royalty businesses can be valued at around 10x revenues, which would be £7m – perhaps a bit optimistic, but even 7x would justify around £5m of the current valuation.

The AGM update wording on Structural Heart (AurTex/ heart valve)was interesting:

"close to achieving this objective through the recent signing of a Heads of Terms to secure funding for pre-clinical development..."

Not the usual AIM “may or may not lead to” type language, which suggests this is reasonably advanced rather than early-stage discussions. Potentially I'd expect soon to mean May or June.

I think AorTech was valued at about £30m for the potential heart valve plus vascular applications whilst haemorrhaging cash. What would a fully funded heart valve pre-clinical development deal with sole rights for the supply of AurTex built in be worth? It’s hard to estimate as it depends on the partner name and obviously the specific terms, but surely an addition of £15m to £20m to the m/cap is a reasonable (perhaps cautious) estimate.

Cont.

Crazytowner, couldn’t agree more.

There are a few interesting signals coming off the TW site as well:- the suggestion of a full listing much earlier than HAA had previously indicated, talk of a heavyweight broker, that sort of thing. That points to a shift in ambition and positioning.

Beyond the obvious catalysts of full funding confirmation and further Saudi progress, the real catch-up trigger in my view would be GDXJ inclusion. Based on the eligibility criteria, KEFI appears to qualify once funding is formally signed off and liquidity/market cap thresholds are met. If that happens, passive buying alone changes the dynamic.

More broadly, a number of respected commentators are flagging the potential start of a junior mining bull market. That wouldn’t be surprising given where we are in the gold cycle, and if that capital rotation begins just as KEFI moves from “will it happen?” to “it’s happening”, the timing could be powerful.

I also agree that shortly after funding sign-off the company should issue a clear strategy RNS setting out the roadmap:-funding structure, construction milestones, Saudi pipeline, listing intentions, index eligibility etc. It’s the sensible thing to do.

Getting the share price to a fair level helps provide predator protection. If someone comes knocking, they should have to pay a proper proportion of NPV, not pick it up at a construction-risk discount. The larger players are awash with cash and in theory should be prepared to oay an optimum price. The only thing that may deter is that Kefi just as the single mine but we also know that the Company are positioned and intend to pick up additional prospects. A few have said that no acquirer would want a mere 13% in a Saudi prospect but it's a country which is hard to get into a Kefi's foothold could be sought after.

Personally I hope there isn't a takeover but the mining and metals newsletter excerpt copied below is interesting. TW covered this scenario and hoped it wouldn't happen but pontificated about a cheeky 2.5p bid. That's never going to happen and would almost certainly be dismissed as absurdly undervaluing the Company by the board. Pretty certain any offer around those levels wouldn't even be put to shareholders. I guess it's easy to pluck figures out of the air but I can see the share price moving to 3p and then who knows whether a 100% premium 6p offer would succeed. That would be about 50% of NPV.

Mining and Metals excerpt:- "You need to get prepared and positioned for the coming M&A tsunami. This situation simply cannot last. The senior producers, who are now generating cash faster than they know what to do with it, have a critical problem: their reserves are depleting. To survive, they must acquire new deposits. And where will they find them? In the deeply undervalued junior sector. Think about it! The seniors have the fast growing cash pile. The juniors have the cheap ounces. It is a perfect match. Why when this M&A cycle kicks into high gear, it will be like throwing gasoline on a fire!"

Thanks and no problem sharezy. I also hold the view Harry is an asset with his tenacity, stubborness and forging of key relationships in Ethiopia that has put the Company in the strong position it is now. He would be the first to add (as he often does) that 'serendipity' can be thrown into the mix as well. ATB

Sharezy, talk about trying to pick a fight in an empty room by taking four words "Harry has his faults" out of context from my post and continuing with weird comments such as "grow up" when the entire thrust of my post was praising Harry. Very odd.

For the record, the entire sentence was "Harry has his faults as we all do but he's played a blinder in becoming a well-loved and respected figure with the powerful figures that matter in Ethiopia."

I am not even going to start engaging with you on the obvious HAA weakness (timeframe projections) as I think he has done brilliantly overall. He will step down at some stage but needs to remain (non-exec Chairman) to continue to fulfil the role of ensuring very positive relations with the Ethiopian Govt. Honestly, I don't wish to play your game of engaging in futile and tedious discussion on irrelevant negatives. I'll leave for you to do with the trolls and I'll just skip reading.

I was simply making two main points. Firstly, Kefi helping Ethiopia with some relatively small social programmes is not only the right thing to do but it also helps Kefi for the reasons I detailed and, sencondly that relatively powerful and influential nations (Turkey, UK and China) are actively engaged in practical steps and diplomacy that will help create the foundations for peace and economic prosperity for the region.

Specifically, one of the contentious issues of the need for land locked Ethiopia to have access to a major port without crippling costs is now being rapidly resolved. Additionally, Ethiopia, with plenty of input from Kefi and HAA, has taken major steps iteself to create a framework to attract overseas investment and create the foundations for high economic growth.

All pave the way to enable Kefi and its shareholders benefit as the markets catch up with a substantive NPV for the project whether it be gold at $3,000 , $5,000 or, as many commentators project, a fair bit higher.

Completely agree Hubstar. Harry has his faults as we all do but he's played a blinder in becoming a well-loved and respected figure with the powerful figures that matter in Ethiopia. He loves the country so his desire to assist with any social programmes isn't a cynical strategic manouvre, but the end result is the same as it's great insurance (as is the Govt stake) that protects the project from the unwelcome things that overseas miners have experienced in various countried.

Tom Winnifrith mocks HAA for any expenditure that might be used for social programmes but Harry has it spot on. Firstly, it will be a relatively small proportion of the funds raised via the Ethiobonds and, secondly, aside from being morally right, it's also a very astute move that helps Kefi stay at the heart of mining developments in Ethiopia . More than likely, Kefi will be able to cherry pick up some of the best available future licences that become available. That arises from HAA's approach and I hate to think where we would be if Kefi had adopted Tom's 'I don't give a damn about the locals' mentality.

That's a great link Mibb and freshing to read something enlightening and key to Kefi rather than the irrelevant to and fro on an filtered bore. https://www.bii.co.uk/en/story/port-of-berbera/ Great to see the British Govt's investment arm investing in what is hugely bemeficial for Ethiopia and of course Kefi.

The key point is the port isn’t some future idea, it already exists and is operating, and the transport corridor into Ethiopia is being built and used in stages. In other words trade is starting to happen first and the politics is catching up afterwards. It means land locked Ethiopia doesn't need any port access in Eritrea and takes away a key economic reason for any conflict.

Initially it looked like using a Somalialand port would inflame relations with Somalia. but Somalia’s only issue was the potential recognition of Somalialand angle, not the ships docking. That’s why Turkey stepped in to mediate and the direction now seems to be a commercial access arrangement while Somalia keeps its sovereignty position. Everyone gets what they need without anyone having to publicly concede defeat, which is usually how these things get resolved in that part of the world.

Economically it makes sense for all sides. Ethiopia currently relies overwhelmingly on Djibouti for trade and that’s horrendously expensive and strategically uncomfortable. A second corridor reduces pressure and removes a lot of the incentive for confrontation. Once a trade route starts benefiting multiple countries, nobody really wants instability around it because they all lose money.

The development projections around Berbera are pretty significant as well as it’s expected to handle a meaningful share of Ethiopia’s trade over time, improve supply access and support jobs across the region. So the logic shifts from politics / conflict to economics.

For KEFI this matters because it shows the country moving toward integration with global trade rather than isolation. Governments tend to protect projects that bring export revenue and foreign currency, especially when infrastructure is being built around that same goal.

The main thing that calms border tensions etc is economic success. That looks like the primary focus of Ethiopia and Kefi . Ethiopia's natural resourcess are going to be a factor that transforms the country economically.

Those worrying about conflict need to look at the bigger picture and much larger powers (Turkey.the UK and even China) are taking diplomatic and investment measures to insure the region is peaceful and successful. Ethiopia's focus has been on changing ;egislation to make a foreign investor friendly climate. They won't want any conflict to jeopardise that and given the large population compared to tiny Eritrea they have the cards to dictate how things evolve. Kefi is definitely in the right place at the right time and it's such an exciting time for investors.

I was sorry to see Rob exit but fair play to him for being transparent. Everyone has to do what is best for themselves. I exchanged a few messages with him during far more risky times that were always insightful and measured on his part. I know he, mistakenly in my view, felt a responsibility to research extensively and share it. It was no doubt time consuming and wearing for him.

I also think the last couple of posts had a fair amount of confirmation bias in them which is normal for nearly all investors.

The irony is that he has done extensive research and he must know there are few if any better fully funded potential ten baggers in a lower risk African jurisdiction than most. If there are better lower risk alternatives I’d love to hear about them. It's over (for an investor) a relatively short time as well.

In short TK has lender approval, government ownership, insured financing after extensive due diligence, remote location, construction underway and equates to a risk profile closer to a managed infrastructure project than a speculative frontier mine.

I am not sure all of Rob’s links were read by everyone :-) but to help fill the void and in tribute to his efforts I’ve attached a few more. Just a bit of fun and not meant as a dig:-

https://fishbase.se/identification/RegionSpeciesList.php?c_code=230 (list of fish in Ethiopia)

https://addisfortune.news/toothpaste-factory-perches-in-dukem (new Ethiopian toothpaste factory)

https://asiafoundation.org/wp-content/uploads/2017/10/Mongolia-StateofConflictandViolence.pdf (conflict in Mongolia - the U.S. must surely step in to prevent any repercussions for Ethiopia)

"Harry looked like a rockstar in th photos!"

Meatloaf?

"if EX CEO can lie about royalty chances are he has lied about other things too and unless them figures are verified it is really hard to value this company."

Ashman is denying any links to Prince Andrew now?

Chancery Gold finish close their (over-subscribed) funding today 2.

The steaming was always a given because over-subscription was inevitable hence HAA could say funding is completed. However, I am sure for the two banks to formally sign off they will have wanted to see the Chancery over-subscription and finalisation of their funding as a confirmed fact. So I see today as significant. Obviously associated paperwork and documentation will have to be passed around but I suspect this has been the delay in signing and then official confirmation. If correct then the wet ink signing is (that much ridiculed word) imminent.

The signing will be welcome but the bigger picture is that Tulu Kapi's valuation at current gold prices is $2.7b with Kefi's share worth £2.1bn On a highly conservative P/E of 6 Kefi it would be 19p per share. This still allows for Ethiopia risk discount, no Saudi value and no multiple expansion. The market will catch up at some stage - not to the 19p prior to production but suffice to say a lot higher than we are now,

Copper and especially silver have also moved sharply higher, and neither is factored into current valuations. There will always be volatility in the metals, but at some point junior developers surely have to go into a bull run, and when that happens the most under-valued names usually lead. Given where KEFI is priced relative to its assets and stage, it’s hard not to see it being right at the front of that pack. It’s going to be fun watching KEFI (and HAA) go from being so unloved to potentially becoming one of the stars on AIM.

I completely agree Stebo, and the more you look at it the more it feels deliberate rather than conservative by accident. KEFI only ever needed a 1Moz reserve / 1.7Moz resource to make Tulu Kapi financeable and attractive to banks. That box was ticked years ago, so there was no incentive to inflate numbers early or give away upside.

By keeping the resource tight and conservative, Harry has effectively ring-fenced a lot of the long-term value. The streaming deal is now clearly limited to the current surface mining licence, which means any upside from lower cut-off grades, underground development, satellite deposits or recovered surrounding licences sits largely outside the stream. That’s a big win for shareholders.

Your point on cut-off grades is spot on. When gold prices move from $1,250 to $4,000-4,600, it's not just adding marginal ounces, it's fundamentally changing the economic reality of the orebody. As you say, even modest extensions in strike or depth can translate into very large increases in volume. That’s basic geometry, and it’s why resource growth at this stage can be dramatic.

Add in the potential processing of historic spoil heaps, which were previously uneconomic, and suddenly there are multiple layers of upside that weren’t counted in the original model. Even at lower recoveries, that material can add meaningful value in today’s price environment.

I also think the 12-year job ads are telling. Companies don’t plan staffing like that unless they see a long mine life ahead of them. Inevitably, TK is ultimately going to be well north of the published 1.7Moz. Whether it ends up 3Moz or more will depend on drilling, but it should be a lot of upside without even factoring in taking on the over-pegged areas with Askari which will be resolved in the background.

Seen in that light, the way the financing has been structured looks very smart. Get the mine built on conservative numbers, protect the upside, and let the geology and gold price do the rest.

Very useful and revealing Q&A especially on the stream and additions to the resource from the cut off grades.

On the stream, it’s now clear that it only applies to the existing surface mining licence at Tulu Kapi. Any underground expansion or any adjacent/satellite deposits are not part of the streaming deal. That’s important because it preserves a lot of long-term upside. As the mine life extends or additional feed is brought in, the effective impact of the stream reduces rather than increases.

Silver is another underappreciated factor. Tulu Kapi will produce silver as a by-product (roughly one ounce of silver for every two ounces of gold), which adds incremental revenue at minimal cost. In Saudi, silver is even more significant, particularly at Hawiah, where silver resources are already substantial. With silver at strong levels, this helps margins in both jurisdictions. Copper prices have been strong too. Konso also looks more advanced than many assume. So using HAA’s analogy we have a four legged stool.

The current 1.7Moz Tulu Kapi resource was built using a very conservative $1,250 gold price and before infill and grade-control drilling. As gold price assumptions rise, cut-off grades typically fall and pit shells expand, which often adds material.

Very conservatively, optimisation alone could reasonably add 20-40% over time, implying roughly 2.1-2.4Moz. There is also an upper-end outcome where stronger continuity at depth and early underground contribution could take the total to potentially around 3Moz, but that would need drilling to confirm and shouldn’t be assumed yet. As Stebo says this is like a new resource and isn't factored in at all even at cautious levels.

Another positive is that no equity is now being issued to BCM and improves the overall economics and avoids further dilution. I don’t mind the delays given HAA has quietly in the background been focused on minimising dilution with both the stream and BCM and the equity component exceeds $100m. I like the fact that the two year wait to production really won’t need any call or dilution on the PLC.

Xhita, I think you might agree on reflection that absolute market cap is completelythe wrong comparison. What matters is % of NPV. At ~$4,500 gold, KEFI is still trading at roughly 15% of ex-Saudi NPV, which is materially lower than AAU or Emed were at similar stages. If Kefi were to remain anywhere near 15% of npv (excluding Saudi) post funding then it will be snapped up at a substantive premium. I hope that doesn't happen as I'd like to see the share price reflect full npv at the start of production. I think post overhang , which either goes some time before or on the day of funding confirmation, will start the catch up process with some momentum.