Member Info for pjh1

Cjm - he’s going to dilute again, he’s proven time and time again that the company has not got the competence nor the governance structures in place to deliver efficiently. The question for me is simply by how much. Up to $10m across all projects and this probably still makes sense, more than that evidences once again what a cluster this company and its management truly are.

I’m glad you think it’s so clear Xhita because that’s not clear at all to me! Is that a possibility - sure. Perhaps if they could just get someone competent to write the RNS releases and articulate matters clearly …. I can dream.

Xhita - did it? This is the problem with Kefi’s incompetent management and awful IR - the RNS releases are a amateur-hour mangled double-speak and it’s very difficult to completely understand what they are trying to convey on all levels. When will we get a new team that is capable - hopefully this year.

I did try to warn you hope2gain. Hope you didn’t lose too much with your BZT investment.

Hope2gain - you have got to be kidding, right? If you thought Harry and his flagship company are not the most savory of choices on AIM, Colin Bird’s collection of companies are 10x worse. You might be able to trade £500 of stock for a quick profit but there really is no serious asset to back there.

Crisu - as to additional gold in the area, check out the information published by Askari re the overpegged licenses surrounding TK and historic trenching (performed by KEFI and its predecessors). There are some very strong grades in there suggesting much more gold sits nearby.

Krok - this makes sense when you realise some participants in the raise have forward sold their position at higher levels, pre raise, so are happy to sell a proportion of their holding at say 1.10 because their blended average sale price will be say 1.30, netting a tidy profit on a purchase at 1.20. It’s totally immoral and illegal but there are insufficient protections and enforcement on AIM to protect against this.

Aldebaran, I mentioned Shanta for very valid reasons - it was a producer from one mine but had just commissioned a second mine and was therefore about to materially increase output. It was located on the east coast of Africa in a jurisdiction with some key similarities in terms of risks to Ethiopia. It had tired Western management with incentive structures not optimally aligned with long-term PIs for various personal reasons (e.g. in that case, the CEO was Canadian with a family that didn’t want to be geographically split and for whom an all-cash offer provided a generational nest egg). With the greatest amount of respect to you, I’ve got well north of £1M invested in KEFI at an average of around GBX 0.53 - I’m not a complete newbie to this, nor a complete thicko (I even know the difference between ‘poor’ and ‘pour’ 😉). Whilst your definitive statement of fact and mocking tone suggest you think you know best, I’m talking from the position of incurring brain damage from decades of investing in small cap gold explorers, developers and miners on AIM. If you think that buyouts are not based on the share price, I’d suggest you have never invested in any significant size in these type of plays because that statement is simply not true. I am, of course, very hopeful that HAA sticks it out another few years, rebuffs any inbound interest, and sees it through to production at TK, the awaited Saudi IPO, and exploration of other license areas throughout Ethiopia.

I thought the same about Mariana Resources and Shanta but it turned out in both scenarios that management had different ideas and were incentivised to sell. In the case of Shanta, Odey (who were a significant holder) had their own problems and were happy to cash out as well. PIs had insufficient votes to sway the deals.

At the end of the day, Harry is no spring chicken and he may conclude (with some familial pressure) that an eight-figure all-cash payout would be the right thing for him to do personally and for his family. I hope not, but it would not surprise me to see an all-cash offer below 3p in the near term, and for there to be sufficient votes to carry such a deal over the line.

Ziq - phew, I’ll cancel my sell order. That post had me panicking. /s

Bonkers - that article is republished from another site, and the original dates to last week. This is nothing new. Maybe investing in Africa isn’t for you, given your nervous disposition and propensity to flap around at every opportunity. You’ve claimed repeatedly you’ve sold, maybe focus your energies elsewhere?

Bonkers - Askari are awaiting sign off “imminently” for a planned drilling campaign adjacent to TK. If the Oromo regional authorities grant permits to drill, then it points to KEFI not being able to recover those licenses any time soon. However, if the permits are not granted then perhaps not everything is as black and white as you claim. Let’s see…..

Ash - take a look at the article I've linked below from MARCH 2025 (a full year ago). Very similar language, very similar reports of troop build ups along the Eritrean border, yet no conflict. This is certainly not a done deal in any sense.

Fast forward 12 months from the article below and its rinse and repeat by the journalists. Nothing has changed - language from the report below is almost identical to the reports we're seeing today.

Ethiopia is much better armed since the 2022 Tigray war with advanced drone tech, including very capable Turkish systems. Erdoğan is still very much on board and visited Addis earlier this week.

It's understandable that Ethiopia is posturing to try and secure port access to facilitate growth in its economy.

No one wants another war, Eritrea would come off very badly (think 2023 Nagorno-Karabakh conflict - Ethiopia has the tech Azerbaijan fielded, Eritrean forces would be vulnerable like the Armenians were in 23).

Year-old article here:

https://www.aljazeera.com/news/2025/3/25/are-ethiopia-and-eritrea-on-the-brink-of-war

No it does not ash666. This is a volatile AIM share with limited liquidity. +/- 10% in a day is nothing to get alarmed about. KEFI is still UP +35% in the last 1 month alone. This is simply churn as we establish a new base and then we will be off to the races again.

Regarding IHT, until the mine is producing, there’s always been a question mark around whether explorers / developers are in fact a form of land holding company and this outside the scope of the IHT exemption. Definitely seek professional advice on this before assuming one way or another.

100% Catbert. Trump has very recently made numerous statements that US interests financed billions towards the GERD dam (the media reports that the US did not finance the dam but Trump believes otherwise and has publicly stated this) and Trump has personally stepped in to protect these interests when Ethiopia was threatening repercussions against Ethiopia. Given that the US is backing Ethiopia on this one and appears willing to get actively involved, the risks here appear extremely low indeed.

Says our clueless new resident troll…. dear me

Ferry - maybe, maybe not. Lots of news on the horizon, final funding sign off, Saudi news/development, new Ethiopian licenses and new exploration, GDXJ buying. If you believe in the Lasonde Curve this is primed to march strongly higher.

Burt, plenty of liquidity to buy and sell on IG. Probably just be a blip at T212.

Better than that Magic - he's bailed with a rather lukewarm attempt to de-ramp the shares. It's funny, I vividly remember the same thing happened to GGP at the 2-4p mark, on the march to 36p. I guess there is something about some people's human nature, wanting to justify their actions by trying to manufacture a drop, to justify to themselves that they've done the right thing by selling.

Rob's probably done okay financially but I wonder whether he'll be thinking the same by the end of March, after the signing ceremony has been announced and GDXJ has commenced buying at the bi-annual rebalancing? My guess is that he'll convince himself he's done the right thing for himself, but be wondering why he didn't hold for just another month or two.

Hopefully if there's anything that comes out of this, Rob has the common decency no to start posting more decamping attempts on this board.

Some of us have much much larger holdings, sitting on very significant gains, and understand the opportunity here, near-term catalysts, and won't be selling any time soon.