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From the RNS 30th June 2022

Financial Review and Financing

"At the end of the period under review, the accounts show that Wishbone held cash balances totalling £3,002,547"

Good timing

Been a nice move up over the past week.

Our SA licence which adjoins Total Energy's significant discovery covers 9,369km²

The five primary shallower-water Algoa-Gamtoos leads add a further mean unrisked potential Oil in Place of 1.5 Billion bbls (STOIPP) with a mean unrisked prospective recoverable resource potential in excess of 0.5 Billion bbls.

An active farm-out process has already commenced to seek a partner for a material share of the licence working interest in return for funding the 3D seismic survey planned for the most prospective parts of the licence.

News is due on multiple fronts now.

Looks like the market is starting to take early positions here now with such incredible risk vs reward value on offer imo as we know (at least) one deal is nearing completion over the coming weeks.

Expect the SP to re rate accordingly.

GLA

JA clearly extremely confident with taking up shares in the recent Placing for £250,000

Not punt money or the usual token £10-£20K you often see in the small cap space.

That's genuine skin in the game and suggests he is extremely confident with how things are progressing behind the scenes with completing the loan financing documents within the next few weeks as set out in communications.

"The Company and BGFI Bank Group ("BGFI") are continuing to work on the documentation and final approvals for the loan to Tower Resources Cameroon SA ("TRCSA") towards the financing of the NJOM-3 well, as set out in the Company's announcement of 29 June 2022. This process is currently expected to be complete by the end of September 2022"

Witnessed VAST move from 0.2p range to over 2p+ on positive financing news. Providing a 10 x bagger for those in early.

TRP has the potential to see a similar move imo

GLA

Feels like the right time to get back in here now.

Additional £1.5 million in the bank for the preparation of the drilling of the NJOM-3 well, including payments on account of services associated with the well.

A small portion of the funds raised will also be used to advance the Company’s other 2022 work programs in Namibia and South Africa, including the basin modelling work currently underway on the Company’s Namibian license PEL 96.

Financing news landing should see this move back towards 1p levels imo to begin to correctly price in the asset.

Expect to see a steady appreciation in the SP over the coming weeks as we close in on the completion of the financing.

Looks an excellent risk vs reward from here.

GLA

· Frontier 1: 704,728,000 Bbls.

· Frontier 2: 217,365,000 Bbls.

· Dakota: 71,379,000 Bbls.

· Total OOIP: 993,472,000 Bbls.

"The significance of today's announcement cannot be downplayed. We are going to be delivering the world's first commercial scale tidal array and we now have a clear runaway, with future CfD rounds, to deliver the full c400MW of tidal power generation at MeyGen. I can't thank enough all those who have championed, supported, and invested in our business to achieve this milestone. Our absolute focus will be on the delivery of this project."

"ITM has a backlog of work, which stood at 755 mw as at the start of June, a 53% increase since the start of the year. Year-on-year, the backlog is 160% higher. Of that, 75 mw is contracted, 342 is in negotiation and 338 mw is preferred supplier."



SAE's is still very early stage, but will continue to grow as will their battery energy storage solutions.

SAE at 18m Market cap

Vs

ITM 1.15 billion.

If you see Tidal as a ever growing contributor to the global clean energy supply 18m market cap must be viewed as a sensationally cheap opportunity right vs more established green alternatives.

ITM saw their 3000% rise in SP over a steady 4 year period.

SAE must surely have some major headroom to play catch up after today's announcement.

I suspect that at some stage there is a very good chance that SAE will get taken out for eye watering multiples of the present valuation by one of the global energy giants.

GLA

Mopping up all the sells... lol

At least its an upgrade from 0.99p man who was here all last week.

If 5p man start buying tomorrow maybe that will be joeys target hit :-))))

@Troajan

Similar to you, and I noticed you getting in around the 0.45 area as I did, and I reckon you also banked a tidy profit well above the 2p+ range when the Davy Jones locker RNS landed :-)))

I did the same.

Also grabbed a few in the 0.65 range recently and then sold at 0.95 as I stated that i didn't want be battling against the sellers.

Both proved to be decent strategies.

As yet, not seen enough evidence to support the notion that VAST will prove profitable as a long term hold.

Usually a profitable mining operation would have no issue securing all their working capital requirements from their off take partner.

I can post an example if folk are interested for a working mine valued at 175m Market cap so folk can see what would actually be required by way of production level and ouputs to see this 10 x bag or more I.e. Joeys predictions.

@Firwood

Good to hear that you are in profit here.

Hope your strategy works out if deciding to hold your full position in VAST long term.

GLA

I have been wondering about the potential for a refinance here.

So with 3 mortgages over the mine the lender demanded additional security by way of the Romanian real estate we are told was valued around $9.9m (from memory)

The debt has a present interest roll up of 20% added to the loan which is required to be repaid in a single bullet repayment of $8.25m ahead of the maturity date next year. Or they default and its all called in and game over etc.

Seen some folk suggesting that the lender may just roll the loan over for another year?

I really don't think so, as the loan to value is already over 80% of this Romanian property value which is incredibly generous for bridging finance so the chances of them saying "sure just add another 20% interest onto the loan for another year" taking the total debt in excess of the value of the security for the loan is fanciful in the extreme.

If VAST can't repay, they will take it away and take a look at the additional condition of the loan agreement as to who ends up with the ownership of the mine in the event the Romanian property getting called in.

Let me know your thoughts on that?

Here's hoping that isn't a nod to a vision of the future SP here with weekly selling still dominating ahead of the Q2 figures announcements.

Could the market really drop that much on bad news?

Well this was trading at circa 1m market cap only a few months back, so a retracement to those levels would see a -90% SP fall.

Surely Q2 figures can't be that bad?????

Unless of course it becomes clear that there is literally no chance of VAST generating the $8.25m they need in cash (not revenue) to be able to repay their debts as they fall due in 10 months time.

They are already well behind the required run rate based on Q1 figures.

That run rate is going to keep climbing higher and higher so the required sales needed is moving up as each day passes now.

Can just keep rising whilst there is such a huge valuation gap to close.

Our reported Mineral Resources provide a solid starting position for our imminent growth.

Since mid-2021, total Mineral Resources have increased from 3.9 million to 4.7 million gold-equivalent ounces.

KEFI's beneficial interest in the in-situ metal content of our three projects now totals 2.1 million gold-equivalent ounces.

Nice tick up in SP

Just warming up by the looks of things.

The Saudi assets are genuinely world class and KEFI must now surely be eyeing up what our near smaller neighbours have just done with a billion dollar IPO.

AMAK recent IPO at a $billion in Saudi Arabia which is a smaller version of our Hawaih gold deposit.

"The book-building process for the initial public offering of Al Masane Al Kobra Mining Co. (AMAK) was completed successfully for participating categories, announced Al Rajhi Capital, the financial advisor, lead manager, underwriter and institutional book runner.

It also announced that the IPO's final price was set at SAR 63/share.

Al Rajhi Capital added that the offering was 73.6x oversubscribed, with total applications reaching nearly SAR 91.8 billion."

Without stating the blindingly obvious.

We are clearly sat on rapidly growing billion dollar gold assets in Saudi Arabia

Now the financing for TK is across the line.

It's just the start here.

Huge value about to be unlocked across several fronts now.

GLA

KEFI presently right at the bottom of the "orphan period" on the 'Lasonde Curve' chart.

This is where huge gains are made in this sector as we rotate into tbe 'development' phase.

Not just that, it has three projects all ready to provide individual major catalysts back to back with one another.

Orior Capital 4.8p/shr valuation rising to 12.9p once all 3 projects in production

04 Apr 2022

KEFI (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to advise that an updated presentation and a just-published research report by mining specialist Orior Capital are being made available on the Company's website at https://www.kefi-minerals.com.

The Orior Capital report suggests a current value of 4.8p/share based on peer comparison of similar development stage companies, noting also KEFI's estimated NPV of 12.9p/share based on the attributable values of its three key projects.

Plenty of room for SP appreciation from this level

Upsetting to see that we are already Minus- 25% down for those jumping in on the Monday morning RNS.

Crazy how rapidly this continously moves down with little to no respite.

Sadly can post this header on 49 out of the past 52 weeks on here.

Hopefully we aren't being softened up for another "letter to shareholders" RNS

Just look at those large sells

Closing on / near the day high = extremely bullish for tomorrow

GLA

Ah....Back in 1873...

The ramp crew were all over The East India Company (EIC) back in those heady days..

And look what happened to them the following year !!!

:-)))