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The key points seem to be:

"after adjusting for the estimated increased ownership in Tulu Kapi from 83% to 86% and increased KEFI fully-diluted shares in issue, the Net Asset Value per KEFI share is now estimated at 6-14 pence per share (from 7-17 pence per share)"

"KEFI’s metrics, structure and growth prospects have now successfully provided a solid platform to prepare for LSE Main Market Listing in due course."

Bulk earthworks should commence this month.

Hold for gold.

The key points seem to be:

"after adjusting for the estimated increased ownership in Tulu Kapi from 83% to 86% and increased KEFI fully-diluted shares in issue, the Net Asset

Value per KEFI share is now estimated at 6-14 pence per share (from 7-17 pence per share)"

"KEFI’s metrics, structure and growth prospects have now successfully provided a solid platform to prepare for LSE Main Market Listing in due course."

Bulk earthworks should commence this month.

Hold for gold.

Thanks Robjm66, always appreciated.

I'm still here!

Nothing new to report at the moment re. Kefi but basically have little choice but to hold now and wait for TK to come to fruition.

Focusing on what we do know - GM to approve additional shares required to complete the Placing, Retail Offer and Subscription will no doubt happen, this will result in total funding completion (with contingency) and Lycopodium will proceed with mine construction, if they haven't already started.

The gold is in the ground and first production could be as early as late 2027 but more likely early 2028.

We can't be sure of the gold price at that time but can be sure it will be profitable, regardless.

The project fundamentals haven't changed and the mine will be built and produce gold; the recent dilution is disappointing but not insurmountable given the potential resource available.

Hold for gold.

Also, any speculation about whether the placing shares are or will be traded doesn't make much sense.

Any II that just paid 1.2p wouldn't be selling immediately at a loss (although may have pre-sold?) and neither would any PI that bought them on the retail offer as they haven't received their shares yet.

Surely any II looking for a decent ROI will hold onto these, at least in the short to medium term.

I don't think we should fear the near-3 billion shares that should all be issued by 16th April (30th at the latest) as most will be held imo, not traded.

I hope.

Hold for gold.

The total shares in issue following the placing, (under-subscribed) retail offer and necessary subscriptions - once approved at the GM - will be 13,715,174,216.

I don't know where you are getting 15 billion from, that's incorrect.

Already reacting to rumours?

13,810,329 @ 1.245p from 08:03:34 this morning, surely a 'buy' at that price.

Bold move. Brave or stupid? Only time will tell.

And 9,365,102 @1.145p from 13:35:22 this afternoon, looks like a 'sell'.

I'll still be here dvh, let's all hope it gets that far!

No obvious reason why it shouldn't, certainly appears to be 'game on' now.

@Sharezy - ah, again, still not stressing, it is what it is and I accept my mistakes/mis-fortune. I'll get there eventually.

I do agree though, now the dust has settled and we've all had time to disgest the placing etc. I think it probably was the least worst option to get this fully funded, subject to the GM approval which I think is a mere formality.

As for my investment strategy, well.... not great tbh. I was too impatient and easily spooked in the early years and simply made some terrible investments. I have learned a lot since hence reluctant to sell my holding here or even try trading it as that would likely backfire knowing my luck. We are so close to production at TK (relatively speaking) that I'm happy to hold until then as 5p here recovers all my pf losses.

Hold for gold.

If it's such a disaster and so painful that you have sold, why on earth would you even consider buying back in at any price? Surely it's so bad that you will likely lose that investment as well?

Today's Q&A post on Kefi site definitely worth a read, I think it explains what has happened a bit better and more concisely than Harry's VOX interview, IMO.

Specifically the banks and contractors were keen to see the funding complete. Reading between the lines I can't help thinking that further royalty deal delays risked scuppering the whole bloody thing like a house of cards in the wind!

Maybe Harry actually deserves some credit for getting this turned around as quick as he has, raising £35m in today's climate is no mean feat.

Ooh.... controversial opinion.... wait for the backlash 🙄

Anyway, off to do some gardening now before it rains!

For sure Lycopodium bring a degree of certainty to this, TK is in safe hands with them and the funding will be complete plus a decent contingency so we can rest assured this will be built, and possibly ahead of schedule.

Ahead of schedule - not something ever associated with Kefi!!

The latest Retail Offer has conditionally raised £941k (@1.2p) so at least did better than the one in December, that only managed £774k (@1.3p). Under-subscribed but not by as much.

It suggests more PI's bought in at 1.2p or at least applied for more shares than before, and must therefore believe this is a good investment at that price.

I hope and believe they are right as the mine will be built and gold will be produced however we don't know how long this will take - maybe late '27, probably '28 - or what the price of gold will be when they start producing; all the experts in the world can say what they want but ultimately they are simply guessing like the rest of us.

LTH's that have come this far probably inclined to dig in now and hold until production as between now & then this has to re-rate, it's inevitable.

Fully funded (will be after April GM approves the Placing etc.)

Mine being built this year and next.

Gold in the ground.

Hold for gold.

@Nutty1013 - HE1 has very low sp but staggering 9 billion shares in issue, that's how.

Apologies for butting in everyone, as you were 😉

Market volatility!

Thanks for posting link Sharezy.

Harry definitely more disgruntled than recently and understandable. Clearly the events in the ME prompted him to secure all the funding needed as quickly as possible and suggest the 'finessing' was taking far too long; he (and all of us) had no way of knowing how serious the US/Iran war could be and was concerned it could collapse the whole deal. He chose to raise instead and protect the company, that doesn't seem unreasonable in the circumstances.

Whether we fully believe that or not makes no difference, we are where we are.

PI's have had little trust in Harry for years and even less now.

Did we all sell and move on? No. We all believed the financing was almost complete without the massive dilution on the way.

Should we have known better? Probably.

Why didn't we sell with decent profits anywhere above 1.6p? Greed. I for one was hoping to 'fix' my disastrous pf above 4p, preferably 5p, then I would have been out or at least massively de-risked along the way.

Have the fundamentals for TK changed? No. The gold is still there and if Lycopodium build the mine and the plant is ready on time we will be producing gold 2 years from now.

Does the price of gold today really matter? Not to Kefi, no. The POG will likely be very different in 2 years time, that's when it will matter.

Assuming all the placings etc. go ahead, will TK be fully funded? Yes, totally, and seemingly with cash to spare.

Will the Retail Offer be fully or over-subscribed? I think it unlikely as now cheaper to buy on the open market.

Does completing the Retail Offer matter to Kefi/TK? Not in the slightest, they will have more than enough without it.

What should we do now?

HOLD FOR GOLD.

*will be.

The last Retail Offer in December, to raise up to £1M @ 1.3p, was under-subscribed and only raised £774,245.63.

The sp subsequently dropped to around 1.31/1.32p and then fell further in January to around 1.18/1.19p.

With this latest kick in the nuts do we expect the Retail Offer to be under-subscribed again, or will the fact that funding is now complete prove the catalyst for an over-subscribed offer and a re-rate of the sp? Hmm....

Watch and wait I guess. I won't be participating in the Retail Offer as refusing to put any more into my pf, past mistakes and bad choices have left it in ruins.

I will however continue to hold here and hope the value is realised in due course. I am sure it will.

Hold for gold.