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"The improved gold price outlook and our negotiations over the past few months have switched KEFI's focus from owning 45% of a 140,000 oz p.a. operation to owning 65% of 190,000 oz p.a. operation, essentially doubling KEFI's beneficial interest in terms of net production per annum. The Ministry has reserved for KEFI its exploration rights to over 1,000 square kilometres of the surrounding land for exploration and we are confident that in due course we will significantly boost reserves from satellite deposits and further expand the mine life beyond the term of the current economic model. We see Tulu Kapi as a mining district and not just one or two mines.

In-house estimates indicate an anticipated Project NPV for KEFI of 11p/share (assuming 65% interest and US$1,700/oz gold price). This excludes any other KEFI assets, notably the Hawiah copper-gold-zinc-silver and Jibal Qutman gold deposits discovered in Saudi Arabia.

"A mining District"

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Share Price Information for Kefi Gold (KEFI)
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Share Price:
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Spread: 0.04 (1.81%)Open: 2.36High: 2.36Low: 2.17Yest. Close: 2.25
KEFI Live PriceLast checked at 07:37:46

Conditional Consortium Completion for Tulu Kapi
Thu, 22nd Oct 2020 07:00

RNS Number : 8451C
Kefi Gold and Copper PLC
22 October 2020

22 October 2020



KEFI Gold and Copper plc



("KEFI" or the "Company")



Conditional Completion of Consortium to fund the Tulu Kapi Gold Project



KEFI expected to increase Project ownership from 45% to c.65%





KEFI Gold and Copper plc (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce that it has now assembled the full consortium and set the conditional terms for the independently reviewed development funding package of c.US$221 million for the Company's flagship Tulu Kapi Gold Project (the "Project" or "Tulu Kapi").



Highlights



·

Non-binding term sheets signed to complete the US$221 million consortium for Project development funding



·

Experienced African investors conditionally agree to contribute a minimum of US$40 million to the Project



·

KEFI beneficial Project ownership expected to increase to c.65% from previously envisaged 45%, increasing NPV attributable to KEFI by c.33%



·

First production remains on track for Q4 2022, targeting to lift average gold production from original 140,000oz p.a. to 190,000oz p.a. within 3 years of start-up



·

In-house estimates indicate an anticipated Project NPV for KEFI of 11p/share (assuming 65% interest and US$1,700/oz gold price). This excludes any other KEFI assets, notably the Hawiah copper-gold-zinc-silver and Jibal Qutman gold deposits discovered in Saudi Arabia.

Don't tell me this isnt a great RNS, money in the bank very shortly, only the impatient would shout about it. Term sheet signed - great news for all KEFI holders

Non-binding term sheets signed to complete the US$221 million consortium for Project development funding



·

Experienced African investors conditionally agree to contribute a minimum of US$40 million to the Project



·

KEFI beneficial Project ownership expected to increase to c.65% from previously envisaged 45%, increasing NPV attributable to KEFI by c.33%



·

First production remains on track for Q4 2022, targeting to lift average gold production from original 140,000oz p.a. to 190,000oz p.a. within 3 years of start-up



·

In-house estimates indicate an anticipated Project NPV for KEFI of 11p/share (assuming 65% interest and US$1,700/oz gold price). This excludes any other KEFI assets, notably the Hawiah copper-gold-zinc-silver and Jibal Qutman gold deposits discovered in Saudi Arabia.

Chooooooooo

Discussions are ongoing with state electricity company, private power generators and industrial users within the domestic Moroccan gas market and through the Mahgreb-Europe pipeline to potential off-takers in the European gas markets.



In the post period discussions have progressed with a range of interest parties to provide development debt finance. These discussions take into account the estimated capex required to bring the development online, anticipated to be in the region of US$300-500 million, but they also identify Lixus as being an important strategic asset, with strong ESG credentials, that has the potential to help Morocco transition to a low carbon economy, as it seeks to satisfy an anticipated doubling in domestic demand for energy over the next 20 years.

The work the team has undertaken to advance the Anchois project during the period, in what is shaping up to be a multi-Tcf prospective licence area, has served to enhance its commerciality and bring a highly scalable, fundable development opportunity onto the radar of institutional financing. We look forward to further project endorsements and hope to announce more progress in the coming months as the gap narrows between the market's perception of the Company and what management feel is currently a vastly undervalued clean energy investment proposition."

Agreed shc

"On behalf of everyone at Chariot, I am very pleased to welcome Pierre Raillard as Morocco Country Director. His considerable experience in driving forward, and helping to create value from natural gas projects across the African continent makes him extremely well qualified to help us advance the Lixus licence in Morocco. We are pleased to further strengthen the leadership team and look forward to his contribution at this exciting time for Chariot and all of our stakeholders."

CHAR could already be double digits - seems they are moving in the right direction appointing the Moroccan county director - I'm sure soon he'll be kept busy at this "exciting time for chariot and all our stakeholders." 17mil mcap is great value for a company poised to have a 60milmcap in flash and the potiencial for a 200mil mcap before Christmas next year. Derisked with cash until we find out more news

https://goldprice.org/live-gold-price.html

LC confirming everything is on track with gold 36 mil gold funding + nickle drilling campaign. 3p+ shorty

(ii) the Company's 50%-owned remittance company, OneTransfer Remittance Sdn Bhd ("OTR"), signed an international money transfer agreement with MoneyGram Payment Systems, Inc. ("MoneyGram") in July 2020 to act as one of MoneyGram's correspondence remittance companies in Malaysia for an initial term of 5 years (the "MoneyGram Agreement"). MoneyGram provides money transfer and payment services worldwide. MoneyGram is a global leader in money transfers headquartered in Dallas, USA. The MoneyGram Agreement enables the customers of OTR to send and receive money via MoneyGram's global platform which connects to more than 200 countries worldwide. Previously OTR's customers were restricted in being able to send money to less than 10 countries across Asia. Under the MoneyGram Agreement, OTR will be entitled to a share of the fees generated by MoneyGram on money transfer transactions as well as a share of MoneyGram's foreign exchange profits realised on transactions via OTR. OTR launched the services with MoneyGram on 25 September 2020; and

Only kicked in a month ago. A spike to 58 and a fall back to here. News to come

(i) the Company has incorporated a wholly-owned subsidiary, namely M-One Tech Limited, in the United Kingdom to explore business opportunities such as payment aggregation, electronic payments and e-remittance services in the United Kingdom, areas in which the Group already has the operational experience in Malaysia. The Group is in the midst of preparing the necessary application to the Financial Conduct Authority to seek its approval for the Group to commence the above businesses in the United Kingdom;



(ii) the Company's 50%-owned remittance company, OneTransfer Remittance Sdn Bhd ("OTR"), signed an international money transfer agreement with MoneyGram Payment Systems, Inc. ("MoneyGram") in July 2020 to act as one of MoneyGram's correspondence remittance companies in Malaysia for an initial term of 5 years (the "MoneyGram Agreement"). MoneyGram provides money transfer and payment services worldwide. MoneyGram is a global leader in money transfers headquartered in Dallas, USA. The MoneyGram Agreement enables the customers of OTR to send and receive money via MoneyGram's global platform which connects to more than 200 countries worldwide. Previously OTR's customers were restricted in being able to send money to less than 10 countries across Asia. Under the MoneyGram Agreement, OTR will be entitled to a share of the fees generated by MoneyGram on money transfer transactions as well as a share of MoneyGram's foreign exchange profits realised on transactions via OTR. OTR launched the services with MoneyGram on 25 September 2020; and



(iii) the Company's wholly-owned subsidiary, MobilityOne Sdn Bhd, entered into an Alipay service contract with Alipay.com Co., Ltd ("Alipay") in August 2020 to offer Alipay's payment acceptance service to the Group's merchants in Malaysia (the "Alipay Agreement"). Alipay is one of the largest mobile and online payment platforms globally and is part of the Alibaba Group Holding Limited, a Chinese multinational technology company specialising in e-commerce, retail, internet and technology. The Alipay Agreement will enhance the Group's e-payment capabilities whereby the Group's merchants can accept Alipay transactions via online and offline channels from digital wallets which have stored value operated by Alipay. The Group intends to, via an e-platform, provide payment processing, authorisation and settlement services to its merchants who provide goods and services directly to Alipay users to enable such merchants to accept payments from Alipay users. The Group intends to deploy this service to the market by the end of this year.

The Group's revenue was up 35.0% to £169.4 million (2018: revenue of £125.5 million) for the 12 months ended 31 December 2019. This increase in revenue was mainly contributed by the strong growth of the Group's e-payment business in Malaysia. The mobile phone prepaid airtime reload and bill payment business activities in Malaysia experienced strong growth through the Group's banking channels (i.e. mobile banking and internet banking) with 10 banks and third parties' e-wallet applications and also through more customers using mobile and internet channels. As a result of the substantial increase in revenue, the Group recorded a profit after tax of £1.87 million in 2019 (2018: loss after tax of £1.36 million), this includes a one-off gain of approximately £1.11 million in connection with the Group's disposal of its wholly-owned subsidiary, MobilityOne South Asia Sdn Bhd (together with its 55%-owned loss-making subsidiary in Bangladesh, Mobility I Tap Pay (Bangladesh) Limited) in July 2019. In the Company's trading update announcement of 15 June 2020 the Company announced that this one-off gain was expected to be £0.36 million. However this figure has been subject to an audit adjustment at the time of finalisation of the accounts which has resulted in the one-off gain increasing to £1.11 million. This has resulted in the profit after tax in the financial year increasing from an expected £1.18 million, as announced on 15 June 2020, to £1.87 million.

The work the team has undertaken to advance the Anchois project during the period, in what is shaping up to be a multi-Tcf prospective licence area, has served to enhance its commerciality and bring a highly scalable, fundable development opportunity onto the radar of institutional financing. We look forward to further project endorsements and hope to announce more progress in the coming months as the gap narrows between the market's perception of the Company and what management feel is currently a vastly undervalued clean energy investment proposition."

17mil mcap is fundermentally undervalued based on assets, cash and strategic positioning. Seems all of chars past has led up to now, and will shortly come into fruition. Holding and loading.

https://www.chariotoilandgas.com/

Look what happens when you leave the KEFI bashers too it.

Iv watched ever KEFI interview over the past 5 years and I sincerely feel so confident the deal already done. The were speaking to the specialist mining financiers before Ans were booted, already the plans to finish here and then move over to Saudi, all of the recent boosted gold production news from Ethiopia. Happily holding for the company changing news due any day now. Calm your nerve but doing your own research, we're have the worst BB in the world, just use your calculator, on fully funding 120milmcap will be cheap for 224m full funding + the 2 Saudi assets.

POG looking strong this morning too and I believe will be back about 2000 at Christmas

"The recent work on the Lixus Licence confirms the materiality of the Anchois Gas Field Development project.

We continue to hold the view that this asset has the capacity to be a value accretive and long-term project of national significance to Morocco. The Anchois development has the potential to supply material gas volumes into existing markets in the near-term, and the exploration prospectivity of the Lixus licence is of a scale sufficient to provide the Moroccan power sector with a clean, reliable, low cost and sustainable supply of gas for decades to come. We continue to make progress in unlocking the Anchois development and generating near term cash flows and we look forward to keeping our shareholders updated on developments on Lixus and, as previously announced, the other opportunities being reviewed over the coming months."

10p would around 35mil Mcap. With the recent resource upgrade, current assets and strategic position, CHAR should have a 35milmcap now as we wait for news. Undervalued stock

Just an asset sizes alone this is currently great value. Calling a safe double digit SP here before Christmas

https://twitter.com/KatoroGoldplc/status/1318504005157388288?s=19