Member Info for Qnard

Reported

You'd need about £4.4m at today’s price to trigger the first 3% TR-1 disclosure.🤣

Back to the real ramping again.

Try Brave as a browser, stops all the crud. Only use it for this site mind

Reported, like your other spam

Hi Fantasy, was there any update on the new institutional investors?

Cheers.

Q

Perhaps someone can ask at the AGM who they are, as my question to KEFI was never answered. Would be grateful if someone would post as I am unable to attend.

VERY old fashioned, only ever heard my grandmother use it and she died aged 94, 25 years ago

Xhita, I found the use of “queer” as a general insult offensive and unacceptable. Whatever disagreement you may have with another poster, using a word associated with someone’s sexual orientation as a term of abuse is unnecessary and demeaning. Please choose your words more carefully. Maybe the British are a bit more enlightened than the Spanish?

Hubstar, I have stated before, I don't mind dilution providing it will give me a greater return, however I am not going to vote blind. Give me a valid reason, fine

5. What performance conditions apply to option awards, and how are they tied to value creation for ordinary shareholders?

6. Have any directors or senior management made meaningful open-market purchases with their own cash in the last 12 months, and if not, how does the Board justify further option-based incentives while long-standing shareholders continue to bear the dilution risk?

7. Will the Board commit to no further director or senior management option awards unless measurable shareholder value has first been delivered?

8. Why is an indefinite increase in borrowing capacity required if the project funding package is in place?

9. Will the Board commit to respecting pre-emption rights and avoiding discounted placings that exclude existing private shareholders except where genuinely unavoidable?

The Board needs to recognise that shareholder confidence depends on transparency, funding discipline and visible alignment between management and ordinary investors. If the Company is now funded through to production, shareholders should expect delivery, cost control and protection from avoidable dilution.

Unless these matters are satisfactorily explained, I am minded to vote against the relevant resolutions and would encourage other shareholders to scrutinise them carefully.

I would be grateful for a written response before the AGM.

At the tennis today but am grumpy with the weather and resolutions so went through several iterations on AI to get this. Will check and send later. Please feel free to use it (check for errors and omissions) Dear Directors,

I am writing as a long-standing private shareholder in KEFI Gold and Copper, having supported the Company since 2013. I am concerned about Resolutions 8, 9 and 10 being put to shareholders at the 2026 AGM.

As I understand them, Resolutions 8 and 10 relate to additional authority to allot shares or grant rights under the employee share option plan, and related permission to disapply statutory pre-emption rights. Resolution 9 relates to an increase in the Company’s borrowing limits. I appreciate that these may be presented as specific or routine corporate approvals. However, they still matter to existing shareholders because they could permit further dilution or increased financial leverage.

The central issue is straightforward. If Tulu Kapi has been presented as fully funded through to production, shareholders deserve a clear explanation of why the Board is seeking additional shareholder mandates that could still dilute existing shareholders or increase financial leverage. The distinction between general fundraising and option-related dilution does not remove the need for a proper explanation.

For private shareholders who have supported the Company for many years, this is a material concern. I have seen repeated dilution since becoming a shareholder in 2013, while the expected value from Tulu Kapi has still not been delivered. Ordinary shareholders have funded the Company with cash and borne the dilution, while management benefits from share-based incentives that do not appear to carry the same economic risk. Given the Company’s repeated reliance on equity funding, shareholders are also entitled to ask whether directors and senior management are demonstrating alignment through meaningful open-market purchases with their own cash, rather than relying principally on option-based upside.

I would therefore like the Board to answer the following questions before the AGM:

1. If Tulu Kapi has been presented as fully funded through to production, why are further shareholder mandates required?

2. What specific funding, contingency, working capital, incentive or balance sheet requirement is being addressed?

3. What would the fully diluted share capital be if all options, warrants and other rights were exercised?

4. What proportion of existing and proposed option headroom benefits directors, senior management, employees, consultants or advisers?

I am now really interested in the Saudi update having read this in the RNS: Looking ahead however, I believe that GMCO has the potential to generate significant, long-term value and we will continue to examine how best to deliver that value to our shareholders. We are still able to participate in future GMCO funding rounds should we so choose. No decisions have yet been made but shareholders can be assured that we are determined to deliver substantial value whilst optimising the cost of capital, as we focus on building a portfolio of producing, cash-generative assets over the medium term.

Xhita, I have no issue with people being either positive or negative on KEFI. Everyone should form their own view. Opposing views do not change my own analysis or the reason I continue to hold for the long term. They are useful (as a professional analyst), to potentially highlight something I have missed and requires further investigation.

What I do object to is repeated framing of negativity or scepticism as some sort of British trait. I find it unnecessary and, frankly, insulting. There is a perfectly reasonable debate to be had around KEFI, the build, funding, timescales and execution risk without reducing it to lazy national stereotypes. I think it is reasonable to question an individuals motivation when they posts so frequently and so forcefully on one share. That applies to both positive and negative posters. Most ordinary investors state their case, challenge points where they disagree, and let the facts play out. When someone appears almost permanently invested in shaping sentiment on a single bulletin board, in my mind, it is fair to ask why.

For my part, I invested long ago, have a low average, and am already sitting on a good return. The day-to-day share price does not drive my position, and (apologise to other LTH) don't believe it bothers LTHs either. My view is based on the investment case, the long-term opportunity, and the evidence as I see it following the type of analysis I do in my day job.

So by all means challenge the scepticism, challenge the analysis, or challenge the assumptions. But please leave the “British mentality” line out of it. It adds nothing to the debate.

I am successful, clearly not as successful as you by all your posts and self-aggrandisement though...

As you are so successful, I don't understand why you don't understand why I find what you say insulting and negative.

Sorry, for someone so successful and busy, I fail to understand how you have the time to post so much on the board.

Having been here since 2013, there have been multiple posters who have topped the leaderboard for posts, both positive and negative, all of whom have eventually 'suddenly' disappeared. No one constantly posts without an ulterior motive.

🤔🤔🤔

Xhita, can you please stop with the constant unnecessary 'negative' British stereotype please, I find it insulting.

Tulu Kapi is on schedule: “, Yes, it's all on schedule, it's all happening.”

Visible construction isn't the main early activity: “I'm sure everyone wants to see bulldozers and engineers fabricating plant, but the first 6 months out there is mainly moving people.”

Recent ground-breaking: “I can't proudly show you half built plant, but we only had ground breaking in the middle of February, but this all happening.”

Commissioning targeted for late 2027, full production for mid-2028: “The contractual schedule is commissioning start at the end of 27 and full production in the middle of 28, that's the schedule, so it's a ramp up process.”

The 27-month schedule reflects the local development: “That's why it's 27 months''

Diesel is a recognised operational issue: “And the diesel is a bit of a worry right around the world, not just here for obvious reasons.”, “But fortunately, you know, we've not run out and we're promised supply, and so that's all okay, but it's a daily management job.”

The mine and plant are technically conventional: “This is a vanilla Plant and pit.”, “Designed by people who've built and operated many sites of this character”

Ethiopia-specific logistics are where the complexity sits: “in Ethiopia we are building a culture and building an organisation.”

Government support is central:

“Effectively, the head of the country. gave hisapproval. You know, he gave his blessing and said, we all have to push forward and get behind those people and make it happen.”

TK is intended as a wider platform

“We're building for the long-term. A platform which will extend way beyond.”

“Kefi is taking advantage of its leadership position.”

“we're going to actually put our foot on some things that can creative as much upside and value to chase as TK

One quote when talking about Jeff: '... It's time for kefi to start taking advantage of its leadership position, and the platform it has created, we're not going to run amok, we' re going to put our foot on some things that will create as much upside and value to chase as we already have in TK... '

Hi Bonks, for me, this goes back to what I said a while ago about SA and other licenses, he's up to something, once an accountant, always an accountant, there is a reason we aren't aware of at the moment. feeling a bit excited now.

Well bugger me! Mithril did it. I eat my words. Well done to him.