Member Info for Qnard

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.

Xhita, I understand the caution, but I don’t see either diesel or Ebola as a project-stopping issue at this stage. On diesel, I would challenge with the question: is there evidence of actual disruption to TK operations? (not simply whether global supply chains are under pressure). If TK has priority, and roads, ports and freight are still operating, then diesel availability is a risk to monitor, but not necessarily a reason to assume construction of the mine is materially impaired. Yes, Ethiopia has had fuel disruption, but that is very different from the country grinding to a halt.

Also Trump wants to win. There is a strong political incentive for him to de-escalate the war. Sustained high fuel prices into the midterms would be politically damaging, I would go as far as to say suicidal, so I expect considerable pressure for a deal or workaround to bring prices down.

On Ebola, the risk is government response measures rather than the disease itself affecting contractors or mine construction. Historically, outbreaks have been contained over a matter of months, provided contact tracing, isolation and public health controls are implemented effectively. The outbreak that drag on tend to be those complicated by conflict, weak local trust, delayed detection or resistance to health measures. Importantly, Ethiopia is not the epicentre, and, as far as I am aware, has never had a recorded Ebola outbreak. WHO previously assessed Ethiopia as the best prepared of the 14 high-risk African countries it reviewed.

So yes, both are worth watching, but I do not see either as a current reason to question whether TK is/will be built. For me, the more relevant question remains: are contractors mobilised, is funding in place, and is construction progressing on the ground? A: Yes, Yes, Yes.

Dogs tar, go back in my posts a few days, you will see the answer to the question: Can heavy plant equipement get to Tulu even if ground conditions allowed site works? Brief answer is yes.

Most comes from older KEFI presentation materials.

KEFI NewGenGold Conference Presentation, 14 Nov 2017, slide 31 covers the 300–500Koz at 1.5g/t Au, +9km Komto-Guji Belt, potential 50Koz p.a. heap-leach/open-pit production, and low capex/opex due to TK infrastructure. Slide 32 covers the “eight gold targets proximal to Tulu Kapi, from 2km to 15km” with trench and drill intersections.

KEFI Tulu Kapi Site Visit Presentation, 25 April 2017, slide 49 covers the underground potential: thick high-grade zones below the pit, c.$23M NPV8% at $1,200/oz, AISC c.$845/oz, 1.3Mt @ 5.2g/t Au containing 220Koz, +800m further north, and possible 1Moz below the open pit.

KEFI AGM Presentation, 29 June 2017, slide 12 repeats the underground case, but uses c.$44M NPV at $1,250/oz.

KEFI Corporate / PDAC Presentation, 10 March 2021, slide 15 restates the district exploration upside, including 300–500Koz at 1.5g/t as potential additional feed within trucking distance of TK.

KEFI Tulu Kapi Project Overview, March 2025. More current project context. It supports continued upside from underground and proximal exploration.

Lol, you are a glutton for punishment!

I agree Bonks, funny how most have gone, at least I didn't attract the bile and vitriol the way you did. I sold a few and bought back yesterday, didn't chance the bulk of it as I have been here too long and I don't trade.

My first trade yesterday: @14.50 1,731, 975 price 0.11512 Sedol: BD8GP61

Hey Bonks! I am very good thanks mate and you? Currently in Montenegro, went to Tivat yesterday. I need Harry to sort out the share price, the cheapest shops there were Rolex and Balenciaga lol €2600 for sunglasses! I settled for a coffee.

I agree, won't hit him quite so hard. Just a waiting game for news now for any significant uplift. No doubt we will have multiple prophets along the way leading the board..

Aldebaran, you seem to forget that HAA has a considerable shareholding himself, dilution also hits his pocket and that of the other directors. He must have had a good reason. Lots of

supposition on here with no concrete evidence.

That's fair enough, I took the opportunity to top up and have picked up just short of +2M today.