Member Info for Qnard

I think a takeover is still unlikely. A move to the Main Market, (which is coming soon), alongside a sensible share consolidation, would likely reduce the chance of a cheap takeover. The Main Market brings tighter rules, better governance and wider institutional visibility, which tends to attract longer-term funds rather than short-term traders. A consolidation (for example moving the price from around 2p into the teens or 20p range) improves optics and makes the stock look more investable, helping bring in “sticky” institutional holders who are less likely to sell into an opportunistic bid.

If stronger hands own a meaningful portion of the register, it becomes much harder for a bidder to quietly accumulate control or push through a lowball offer. Institutions don’t block good deals, but they do resist undervalued ones. So a Main Market listing plus a cleaner capital structure would likely raise the valuation floor and make any takeover bid more expensive — and therefore less likely unless it truly reflects the project’s full value.

For context, the previous 17:1 consolidation took the share price into a more credible trading range and reduced the headline share count significantly. If something similar were repeated from around 2p, it would imply a price in the mid-30p range and a much tighter capital structure — which would look far more institutional and make a low-premium takeover attempt considerably harder to execute.

My thoughts only. Q

The website may not be the best, but there is a wealth of information on there. Take a look at the October investor presentation.

I am all for, and will welcome, more photos, videos, and whatever good publicity we can milk out of this to raise awareness and investor confidence.

It's been a very long 14 year's, I know others have been around for longer and congratulate them even more, I am finally letting the analyst in me get a bit excited lol

Apologies, I don't have time to trawl the website so used AI:

Yes — on KEFI’s Investors Q&A page, the photo-related questions/answers sit under these “Posted” dates:

Posted 22 September 2025 — includes: “Major Works Timeline… no updates, photos or confirmation…” → KEFI reply includes “We do not post many photos for security reasons. Safety first.” �

kefi-goldandcopper.com

Posted 14 January 2021 — “Why do you not post photos of ministerial and financiers visits…?” → security reasons / after the event. �

kefi-goldandcopper.com

Posted 30 September 2020 — “Why don’t you publish photos of everything happening on the ground…?” → “company policy not to publish current photos for security reasons… safety first.” �

Am not saying they won't, am addressing a specific question posted here earlier.

Sharezy, it is true, how many pictures have been released over the last 14 years? If I get chance, I will find the specific Q&A or quote from Harry.

I said previous instability and kidnap, I believe the actual company line was around security.

Yes, things have been tightened up, the location is known, I don't disagree, however, those who have been through the security scares and kidnap years will know what I am talking about.

Kind regards Q

Because of previous instability and kidnap, the issue of photographs around the site has been very controlled. Hopefully this will ease in the future.

Nine recommendations Bonks, you playing to the crowd? That's a record 😉.

Good luck to you too, hope all goes well and possibly see you back here at some point!

Q

Mibb, you have the perfect right to do your maths as you see fit, however I don't agree, and cannot base my calculations on 'I expect they will happen, strange as it seems.'

This is my professional stance only, based on what I do as a day job. My concern is those who are new or not more sophisticated investors can get caught up in the hype, there was a guy a few weeks ago, who sounded like he'd bet the house on a massive rerates. I just advocate careful analysis.

My opinion...

Mibb, I have been invested here for 14 years and have seen multiple cycles of optimism, speculation and shifting narratives. Over that time, I’ve observed how easily short-term price movements are framed as validation of a particular thesis, or how declines are rationalised after the fact. That pattern tends to repeat itself.

I don’t provide specific share price forecasts, and I have previously explained why. In my professional capacity, any valuation case must be grounded in defensible assumptions, transparent modelling, and clearly articulated risks. A projection of £1.20 per share requires rigorous justification — without that, it remains speculative.

If I were presenting an investment committee using unsubstantiated price targets, it would not withstand scrutiny. Credibility in this space comes from discipline, not enthusiasm.

My own approach has been consistent: conduct detailed research and build a position over time — in my case averaging down to just over £0.50. There is no “get rich quick” mechanism here; long-term value, if it materialises, will be the result of patient and successful execution.

I have always viewed this as a long-duration holding, believing it to be something to tuck away and reassess as milestones are delivered. If the company ultimately achieves even the lower end of its stated production and valuation aspirations, that would represent an excellent outcome for me given the holdings I now have. However, there is a meaningful distinction between scenario-based upside modelling and optimistic extrapolation. I wish you all good luck, be patient, do proper research, don't listen to an echo chamber, and, take investing seriously, would you bet your savings on the 3.30 at Aintree?

Hi Bonks, hope you and the family are well. Are you not going to keep some form of holdings? Yes, pint is still on me! 😊

Mibb, you are making predictions that even the company themselves aren't making. I feel the wrath of Bonkers about to descend.

As an analyst in the financial sector, I do find these unsubstantiated claims amusing.

Just go directly to the stock exchange: https://www.londonstockexchange.com/stock/KEFI/kefi-gold-and-copper-plc/analysis

Also, not enough shares are being bought, we have so many the volume would start to become very noticeable

You really are crazy.... I ask an honest question of you: With so many shares, would you battle for 14 odd years and sell out for tuppence having finally delivered and proved everyone wrong, or, as you have stated, turn the company into a mid-tier miner and move to the main market?

Sorry SB, I find that laughable. You really think he has the time to do that?

I have always said that there will be a consolation, if we move markets the I would bet a grand that's when it will happen. I welcome it tbh

What is it with you lot and takeovers?

Don't you realise that we would be taken out at a fraction of the multiples we would get as a standalone?

Anyone who thinks otherwise, please give me examples, because I have seen it before where you will get screwed...

I find it interesting that people are quoting 10x + current share price but would be willing to sell out for half the amount. Doesn't make sense to me.

Don't hope too much, you will make a profit, but loose out in the long run...

Apologies, Burt. Autocorrect got me.

Burton, due to previous security issues they don't tend to issue many photos or videos

As someone who has seen this so many times over the last 14 years, and loads of people have posted complete twaddle and been proven wrong, I would hold. My opinion...