Member Info for optrade

The shareholders' value is in today's SP; the future is bright, the future is Kefi.

There will be another rally here, it's not if but when, the next round of signing next month.

There are no valid reasons to be below 1.5 P and could easily be higher. The overall upward trend will continue imo.

It only needs that big 1m seller to stop and we will be back to 1.5P

The Bank deals are done, they have oversubscribed offers for the equity placing, which won't be undervalued.

No share dilution planned, so shareholders should be fine.

Once the big mystery 1000000 seller has had his lot, the SP will recover.

Bargain of century, Harry has done and will continue to do a great job.

When the CEO Pieter Krügel, stated that he has "de-risked the first wave of projects," he is referring to the process of significantly reducing the major technical, regulatory, and commercial uncertainties that are typically associated with early-stage infrastructure projects.

"De-risked" means the projects have moved past the stages where they could most easily fail due to external factors (like being unable to connect to the grid or failing to get necessary permissions) and are now focused on the execution and construction phase. This progress is what they believe demonstrates their capability to advance multiple projects, making the projects more attractive to potential investors.

There has been a seller since the RNS, with no clue about Kefi's plans for production. The SP is inexpensive and will reach 3-4P; however, it requires patience while production gets underway in 2026. The major project finance is now secured, so for those who buy and hold, they should be well rewarded.

This is not a stock for day traders or impatient AIM traders.

Kefi's Tulu Kapi Gold Project is one of the best-planned, government-backed projects being implanted anywhere.

Unlike many other gold stocks, full production will go ahead. It's not small, so it will take most of 2026 to fully implement.

The SP may be double by then, even at a modest 50% a year and could be much more maling Kefi is a good investment.

1. This total funding package is composed of:US$240 million in senior secured Bank debt (which has recently been formally signed by co-lenders).

2.US$100 million in equity-risk capital.

3. The last US$60 million you are asking about is the remaining balance of the US$100 million equity-risk capital, after accounting for amounts already secured:

4. Ethiopian Government Contribution $20 million secured.

5. KEFI's Investment is $10 million. Invested.

KEFI has stated that it has received conditional proposals that exceed the remaining $60 million from local and specialist African investors. This remaining amount is expected to be finalised through a combination of non-convertible preference shares for Ethiopian investors ("KEFI Ethio Prefs"), issued by a newly incorporated Ethiopian holding company.

An equity-risk note structured as a "Gold Prepayment" or "Stream" from a mining specialist fund.

The issue of ordinary shares in one of the project subsidiaries. To be discussed and will need shareholders' approval in November.

No worries...

2p in 2 years = ~33% a year. Easily achievable if gold goes up anymore, at least double that.

He's not done yet, no idea how much he has left. we are also seeing some more chunky buys today so far to counteract him

All I know is that it should stop soon unless it is a major shareholder (who normally have more sense to sell on good news)

What Harry is saying is that they are now on their way to production with a fully costed signed finance agreement, the major part funded by Banks and an over-subscribed $60 million non-convertible placing to come, to be independently valued at a price to be determined, bearing in mind that the majority of the finance needed is already secured.

Starting next month, all aboard the Tulu Kapi gold production train!

If you invest today, these projections suggest no major startup snags:

Project NPV (KEFI's 80% share)c. US$552 million ($\approx$ £411 million)At construction start (based on US$2,400/oz gold price)

Analyst 12-Month Price Target 3.90p per share Short-term forecast

Analyst Valuation (FY2029) 7.33p per share Post-production (FY2029)

Analyst Valuation (Current Gold Price) 7.21p to 8.22p per share (based on higher gold prices)

All forecasts mean a minimum 100% gain in a year and possibly much more after 2 years or more.

If you would be happy with that buy today and hold, it's not easy for many Aim investors I know.

2 x Bank Loans already signed for $240 million

Structure of the Remaining $60 Million

KEFI has stated it has received conditional proposals that exceed this remaining $60 million, which will be raised through a combination of instruments:

Non-convertible preference shares for Ethiopian investors, known as "KEFI Ethio Prefs," issued by a KEFI subsidiary. The price and specific terms of these preference shares are not yet public, only that they are for local investors and are non-convertible.

A subordinated equity risk note structured as a "Gold Prepayment" or "Stream" from a mining specialist fund. This is a contractual financing arrangement and does not have a "share price" in the traditional sense, but the terms of the gold stream (e.g., amount of gold delivered, price paid for the gold) will determine its value.

The issue of ordinary shares in one of the Ethiopian subsidiaries, which will be "priced on the basis of a TKGM valuation reflecting its advanced status as a funded project in construction."

While the total amount is clear and the debt portion has been signed, the final issue price(s) for the new equity instruments (like the KEFI Ethio Prefs and the subsidiary ordinary shares) are part of the detailed arrangements the company is currently finalizing with investors.

These figures are projections and forecasts only:

Projected Life Cycle

Initial Mine Life: The initial mine plan focuses on the open-pit reserves and is projected to have an operating life of about 7 to 8 years.

Expansion Potential: There are plans to develop the underground resource which would potentially extend the mine's life and could increase annual production.

Targeted Production Start: Gold production is targeted to start in early to mid-2027.

Construction Timeline: Major construction work on the mine and processing plant is expected to commence in late 2025 and continue through mid-2026.

Projected Revenues and Production

Initial Annual Production: The project is designed to produce about 140,000 to 160,000 ounces of gold per year from the open pit in its first full year of operation.

Expanded Annual Production Goal: Following the introduction of the underground mine, the production target is to increase to about 200,000 ounces per year.

All-in Sustaining Costs (AISC): Projected AISC (after deducting royalties, taxes, and sustaining capital) are estimated to be in the range of $1,000 to $1,200 per ounce.

Net Cash Flow Projection (7 years): Based on gold prices ranging from $3,000/oz to $5,000/oz (at the time of the company's announcements), the Net Cash Flow available for servicing debt and equity capital is projected to be around $1.9 billion to $3.5 billion over the initial seven years of production.

Initial Year Net Operating Cash Flow: For the first full year of open-pit production:

At a $2,500/oz gold price: Net operating cash flow is projected at approximately $200 million.

At a $3,500/oz gold price: Net operating cash flow is projected at approximately $300 million.

Gold stocks moving on up, SP1.5 today 1.95 this week, seems more in line with the contract signing.

Third day from RNS Lucky G/L all

Its a bad day for Aim many gold stocks, kefi was 0.8P not so long you don't need to be a scientist to see it's gained 50%.

Harry was bewildered by the seller into the good RNS, a giant step forward for Kefi. Hopefully, he has now cleared off with his liquidity.

Expect a strong close today.