Member Info for Qnard

CMJ, are you saying that such a large fund would be panic selling a month after buying on no news?

They did the road studies back in around 2016 & '19, the '19 survey looked at heavy transport and bridge conditions with weight restrictions. It was around 50t. Most will be going by traditional containers, OT's,soft tops, or flat racks. There was a document I read a while back outlining all of this, but cant seem to find it. This is taking me back a few years, I was last in Djibouti discharging containers in my 20's!

I don't share your same qualms Xhita, if needed the government will provide as much security as is needed, this is a strategic project. Additionally, Ethiopia has been diversifying its port access through Kenya, the Port of Lamu and Mombasa (the primary international gateway around there), so as to reduce its reliance on Djibouti. Kenya and Ethiopia have excellent relations - there is the Ethiopia-Kenya Electric highway allowing the import of cheap electricity...

The issue is this wasn't just an explorer, it was a frontier explorer - I invested 1k 14 yrs ago based on that fact. In the last few years I have heavily invested (approx 22m shares) and have (approx. doubled my investment so far (it's up and down but thereabouts). Is the company to blame (HAA has repeatedly stated frontier explorer), or the investor who has not proceeded with caution?

Yes, KEFI has an obligation to give us shareholders material information, esp. if something is genuinely price-sensitive, but that doesn't automatically translate into us being given regular photographs. Understandably, everyone wants visible proof that things are moving forward, but the company has been consistent in it's messaging: they will remain cautious about photos where security, privacy or community sensitivities are concerned. What falls under that is up to them...

The exec' have been quite clear (over the 14 years I have been around) why they don't provide any photographs, or, if they do, why they are limited. For those who are new, one example was the kidnapping in September 2021, where the project was paused when four staff were abducted.

Magic, if HAA moves from AIM, I would expect a hefty consolidation occurring. Still wondering if the latest RNS has anything to do with his thoughts on a dual listing IN SA...

I am good thanks Bonks. Omg, that wine seems a long time ago! Good news is another bottle is heading my way in a week, am popping off to Montenegro this time, although more driving, so only the odd glass.

Yes, definitely agree with 'odds on', have been topping up, now just over the 22m mark. A lot of interesting news to come, bit frustrating they haven't replied to my email re the institutional investors (more curiosity than anything). He's straight up so no bucket shops as some have suggested. Not worried mind, we will find out when we find out. I am more interested atm to see what tricks he has up his sleeve for SA, my gut says he's not giving up, been there too long and he's damned tenacious However, there are these other 3 licences he's mentioned and £6m is not much to go a digging.

Still remains a long term play, have no doubt this will produce some nice returns (just as I retire!).

Take care! Q

Hey Bonks! You have raised the ire of the tribe again, you naughty troll lol. Hope are well?

Like I aways say, don't agree with everything you say, but I do enjoy our constructive chats and you do call out the truth.

I also agree with you in this case.

Hey Hubstar, fair enough! Well, time will tell, will just have to wait for the RNS to land 😀

Hubstar, HAA has mooted the idea of a listing in Saudi, why could it not be this? You seem very sure it will be a sale?

Maybe a few more of you can request the same?

I don't believe HAA has ever promised them, only that the issue went to institutional investors. I submitted a question a week ago asking when there would be an update. No response as of yet.

Well if this is all really disappointing and he's deceitful, the door is over there. Apologies, but anyone who thought/thinks there is no more fund raises is a fool. Said it before, have just said it again. I am a committed LTH, not selling and am using the lows to buy more. Current average about 0.7.

I'll leave that there 😂

I think the devil is probably in the detail here, because we may be talking about two slightly different things.The £75k figure I quoted was not meant to be a claim about Harry’s current total remuneration package. It related to the historic average cash component previously referred to by the company. That is not quite the same as a current-year total remuneration figure, (particularly if the larger number includes salary, bonus, pension, benefits etc).

So yes, if the £733k figure is total remuneration for a particular year, then it is perfectly fair to raise and discuss it. I am not saying we should ignore remuneration — far from it. My point is simply that the comparison needs to be precise. Salary, cash remuneration, total remuneration, bonus, accrued amounts, share-based payments and actual cash received are not always the same thing. I take the challenge on board, but I do not think it is quite an apples-with-apples comparison to say “he earns ten times the £75k figure” unless we are clear exactly what is included in each number.

I completely understand the frustration with the time it has taken and the dilution along the way. Long-term holders have every right to be impatient. But calling Harry an under-achieving, mediocre CEO feels far too harsh and overlooks what has actually been achieved. Under his leadership, Kefi has taken TK from a difficult frontier-market development story to a project with a full development funding structure assembled, including development-bank support, government participation, contractors and equity-risk capital. The company has reported a US$340m TK financing package, Inc. US$240m of long-term debt and US$100m of equity-risk capital. TK is not just a “pipedream”. It is a JORC-backed project with planned average production of around 140,000 oz gold per year over the first seven years of the open pit, and estimated AISC of roughly US$900–1,100/oz, according to the project material. Along, don't forget that Kefi also has more than one string to its bow. In Saudi Arabia, the GMCO joint venture has advanced Jibal Qutman and Hawiah, giving shareholders exposure to a broader Arabian-Nubian Shield portfolio rather than just one Ethiopian asset.

On remuneration, you can debate whether it is appropriate, as with any listed company. But the company has previously stated that all remuneration is reported and that Harry’s average cash component since 2006 was £75,000 per year, which does not really support the idea that this has all been about lining his own pocket.OK, fair criticism that timelines have slipped and shareholders have been diluted. I do not think anyone can seriously deny that. But the fair counter is that kefi has survived years of political, security, funding and jurisdictional complexity, and is now much closer to turning TK into a producing mine than it has ever been.

So yes, judge him on execution from here. But to say nothing has been achieved is not balanced.

I’m not convinced today’s RNS means KEFI is simply lining up the Saudi assets for sale. My reading is that HAA is trying to evidence the fair value of its 13% stake. At the moment, that sits at nil book value because of accounting treatment, not because it has no economic value. So getting an independent valuation could be about making the underlying value more visible, rather than necessarily preparing for a disposal. OK, a sale is clearly possible, and HAA has previously acknowledged interest in the Saudi assets, but I don’t think that automatically means a sale is the intended outcome. HAA said the Saudi review was not meant to be a fire sale, and that previous interest did not outshine the alternatives. To me, that suggests they are not looking to sell at any price.

If I recall correctly, HAA talked about a range of options for GMCO, not just a sale. Those options included retaining the stake, bringing in partners, project-level funding, dilution, a Saudi structure, or potentially other value-crystallisation routes. So I see this more as optionality than a binary “sell or keep” situation.

To me the m RNS reads more like a value-recognition and development update than a disposal announcement. It talks about the Jibal Qutman development path, Hawiah, the wider GMCO resource base, standalone management, new partnerships and independent funding. Those points are consistent with building value in GMCO, not necessarily exiting it.

So I wouldn’t rule out a sale if the right price came along, but I don’t think today’s RNS proves that is the plan. To me, it looks more like KEFI is preparing GMCO for value crystallisation/realisation. A sale is one possible route, but so are funding, partnering, IPO, or simply getting the market to recognise value that is not currently reflected on the balance sheet.

Hi Dsymons, I have to disagree, HAA is up to something in SA, but we don't have any spare cash for over there, this is a watch this space for me, I will wait with intereto see how all that will be funded without a raise. That dual listing is looking more interesting in my eyes, hence getting a proper valuation (my thoughts only). Otherwise where will we get the money to fund it?

Same for new licenses in Ethiopia, that's going to cost.

I think that further raises are a genuine possibility. Would be damn exciting if Harry pulled off a dual listing, my gut says that would put something of a rocket under the share price.

i did some back of the *** packet calcs on the train to work. if the market added the us$50m–us$80m gmco value fully and to kefi’s current value, the theoretical uplift would be about 0.27p–0.43p per share, that's roughly 21%–34% of current market capitalisation at a price of 1.28p.

feel free to shoot my *** packet maths down!

Nothing too exciting...

KEFI is currently taking independent advice on the 'fair market value' of its 13% holding and is also in consultation with its Auditors as to the appropriate carrying value on the Company's balance sheet.