Member Info for NigelHaemoglobin

Semantically interesting paragraph El-ion, strongly implying that your knowledge is mighty and that mine is not: therefore I have to attempt to 'enlighten' you. I shall try though.

This is a 'Fair Division' problem with an added term for in-group and out-group status. Incoming Europeans V indigenous people. Complexity is augmented by the apparent number of Ethiopian nationals willing to offer money for a share of the project. I do not, as others appear to, assume that the equity raise is 'three times' oversubscribed.

In addition the language used about resettlement in the latest presentation was alarming but on reflection could be read in a more positive way. A generous settlement sets the mood music for future projects. Really difficult process, many animist faiths connect peoples to their geography very strongly.

I think it is perhaps over complex (certainly for me) and unnecessary to attempt a mathematical model for a multi-party transaction. Let us hope that an equitable settlement is reached and that no bitterness develops.

Bunch of Europeans pitch up to extract minerals? I would require royalties/taxes and 25% of the business. All taxation is flexible as we are about to discover from customer care Racheal!

You can do the maths, the last course I did was in navigation over thirty years ago and I never had to use it! All the best.

There are no absolutes in business.

I think you are ahead of yourself. The next and imminent event is equity financing. The presentations are clear, 'expected' share 70-85% so we may not necessarily achieve 70%.

This scenario is of course NOT directly analogous to dilution via placings but a healthy mcap helps...

I'm going to speculate that the kefi subsidiary will run with 75% of the project. Reasoning? Game Theory studies.

More than happy for counter argument! Not a dweeb or snowflake.

Never heard of the Lassonde curve until someone in a tent mentioned it. Piece of luck.

I would like to see more funds involved but so far my TR-1 speculation has not materialised, nevertheless I think we are safe and hope that we can hold. There probably are a few interesting outfits on the register now but lurking under 3%.

I think he has very possibly had a bit of training, nothing wrong with that! Did it myself 30 years ago to improve interview technique.

Either way it was a great job this morning, back on the radar again now.

Pjh unfortunately I agree, outstanding acquisition target. If an offer of 7-8p comes in it will very possibly be accepted.

Let's put it this way, I will be astonished if bids fail to arrive during construction: I don't see (for the moment) much in the way of defence against such an eventuality.

Any GP over $2500 dollars/Oz is an absolutely stellar result.

'At US$3,600/oz gold, Tulu Kapi

boasts an estimated levered NPV5 at construction start of US$1.5bn and an IRR of 109%

(based on the open pit and initial underground development)'.

Going for a snooze.

Two problems.

1/ The new Irish president: Wackjob

2/ Company cash poor, free carry re EG residual holding???

As a boy in the 1970's we used to call dried Bovine dung 'cack'. Throwing it was the norm.

Nominee share accounts described as institutional investors are indeed, a form of cack...

Agree C7, looking at it again it is of course event and not time based. Good strategy re PRD, over here and whilst HAA has his detractors (somewhat unfairly) he has developed wisdom over decades. Not sure re PG. Had no idea that futile bitterness existed re Sound.

PRD was for me just a study into the basics of costs, cash positions and the imminence of placings. The groupthink was of course 'interesting' but not unusual for tribes of higher primates. Well, mostly higher.

Expecting a good run Northwards here over the next couple of months or so. Then perhaps boredom as activities ramp up with several completely solvable logistics/engineering problems followed by first pour.

Yours in jest sorry.

Switched on Caterham, as usual but, given your knowledge of the Lassonde Curve do you regret investing relatively early? Good job btw creating a low average: absolutely imperative.

Did you drop PRD or consider running the somewhat chaotic outfit?

Your in jest.

Ok cheers, will have another look this evening with the right glasses on.

Still have a turnip for a brain re the graph on p4! Typo re numbers or just me being as thick as a cheese sandwich???

Never lose sight of uncertainty in commodity prices though!

Thanks, Sharezy.

Agree with everything you wrote, it is comprehensive, I do understand the majority of it.

I just see some scope for creativity now, let's see how things pan out over Nov/Dec

For any GM's in London the sooner they get the dates out the better, may stay over in one of the few places in London which feels British.

More dynamic and less risk averse funds piling in? Total speculation from a VERY amateur perspective...

The only risky statement (from a TK finance perspective only) is this...

1/ a subordinated equity risk note structured as a "Gold Prepayment" or "Stream" from a mining specialist fund, and

§m2/ The issue of ordinary shares in either of the Ethiopian subsidiaries, priced on the basis of a TKGM valuation reflecting its advanced status as a funded project in construction'.

Clearly 2/ could be solved by converging towards a more rational market cap, a low dilution placing or perhaps an RI to shareholders? Generous ratio OO?

Point 1 could be solved by replacement ideas i.e a royalty company investment, contractual involvement from other partners already involved in SA.

I think some flexibility in the RNS provisional plan and remain firm that even if not over 3% that some interesting new investors are on the scene.

UPshunt, agree. The world of mining has some form of culture in terms of mathematical representation. An explanatory note would be helpful.

I don't think the graph is particularly relevant though, if anyone is that interested KEFI might answer on there somewhat tetchy Q&A page.

Sounds rather infantile trying to blame the 'positive spinners'.