Member Info for Rasoolb

Converting the 2027 “mid‑hundred‑thousand‑ounce” guidance into money terms at current planning assumptions yields c. US$231–304m in first‑full‑year net operating cash flow at US$2,400–3,000/oz gold, with additional upside or downside driven primarily by realised gold price, throughput delivery, and timing of underground integration

Hi MF, Here is the rationale and assumptions behind the figures I shared.

1. Risk-Adjusted Valuation (1.41p/share)

The 1.41p/share reflects a risk-adjusted version of the base valuation (4.40p).

That discount (~68%) accounts for:

- Country risk (mainly Ethiopia, some Saudi exposure)

- Funding execution risk

- Timeline slippage or delays to first production

- Sovereign/governance uncertainty

I applied a weighted probability across Tulu Kapi, Hawiah, and Jibal Qutman — using both geopolitical factors and development stage to build in the discount.

2. Saudi JV Contribution (0.49p uplift from 4.40p to 4.89p)

The uplift includes KEFI’s stake in Hawiah and Jibal Qutman (via Gold & Minerals Ltd, their Saudi JV).

That 0.49p contribution is based on:

- Conservative NPVs for both projects (at long-term average metal prices)

- Adjusted for KEFI’s indirect equity stake (approx. 30%)

- Risk-discounted separately from Tulu Kapi given Saudi Arabia’s lower jurisdictional risk

3. DCF / Dividend-Discount Valuation (1.65p/share)

This is based on expected free cash flows to equity from Tulu Kapi only.

Key assumptions:

- WACC of ~15%, reflecting sovereign risk premium and KEFI’s cost of capital

- Forecast window out to 2035 (10-year mine life plus ramp-up/closure)

- Gold price used: $1,950/oz

- Assumes project financing closes in H2 2024 and first gold production in 2026

4. Upside Scenarios (5.46p – 7.33p)

This range captures two things:

- Upside in gold/copper prices (stress-tested at $2,200 gold, $10k copper)

- De-risking milestones:

- Signed financing agreements

- Site access and construction milestones

- Updated DFS and reserve/resource upgrades

If all three projects are fully de-risked and financed, the higher end of the range becomes more viable.

5. Share Count (≈9.3bn)

Yes - I’m using 9.3 billion shares, which reflects:

- Shares currently in issue

- Assumed dilution from future financing (especially equity-linked bridge funding)

- Includes options/warrants where conversion is likely

This allows for a more realistic per-share output post-funding.

I hope this helps

🟠 Valuation & Potential

NPV-Based Valuation:

- Tulu Kapi NPV (80% share): US$552m / £412m = 4.40p/share (unrisked).

- Combined with Saudi JV projects: 4.89p/share vs current price 0.54p (≈90% discount).

- Risk-adjusted valuation: 1.41p/share.

Dividend-Discount Valuation:

- Projected average £99.4m FCF to KEFI from FY29–34.

- Discounted valuation: 1.65p/share (vs prior 2.03p due to equity dilution and timing shift).

- Upside at current metals prices: 5.46p now, 7.33p by FY29 = 66.7% IRR.

The Net Present Value (NPV) of Kefi Gold & Copper, based on current gold prices, is approximately $3.67 billion.

To all the long-term holders of Kefi Gold & Copper, I know we’ve all been through quite a journey, but I truly believe our patience will eventually pay off. As investors, we’ve seen ups and downs, but the potential of the Tulu Kapi Gold Project remains strong, and it's what keeps me holding for the long term.

While there’s always speculation and external pressure, what matters most is the growth and development of Tulu Kapi. I’m holding because I believe in the future of this project – not just for the potential upside, but because I want to see it developed to its full potential, not sold off cheaply.

Let's stay the course. We’ve been here through thick and thin, and I’m confident that the continued development of Tulu Kapi will unlock its true value.

I wish all Enteq Technologies (NTQ) shareholders the very best. When I raised a question about funding, Laura unfortunately took it personally and gave me a hard time. Please be cautious of individuals who may be engaging in ramp and dump tactics.

Https://lnkd.in/eZnWC_3W

It seems like there might be some tension, and I’m not sure if I said something that upset you. Let’s focus on seeing how KEFI, TYM, and NTQ perform moving forward.

Just because I don’t post multiple times a day doesn’t mean what I’ve shared isn’t valid. I’ve been a previous investor and currently have Enteq on my watchlist. I’m an investor, not a trader, and I focus on the long-term. I’m not sure if there's anything I've said that you disagree with about the company needing to raise funds. Enteq is clearly facing a critical cash position, and the need for additional funding has been openly acknowledged. This is a serious concern for anyone holding shares right now, especially with the risk of dilution or restructuring on the table.

Enteq Technologies (AIM: NTQ) currently faces a critical financial situation. As of April 25, 2025, the company reported a cash balance of $602,000, providing an estimated runway until mid-May . While the SABER technology shows promise, the imminent need for additional funding raises concerns. The board is actively seeking financing options, but without a clear path forward, the risk of value erosion for shareholders is significant.

Given these circumstances, I am hesitant to invest at this time. The company's immediate financial needs and the uncertainty surrounding future funding make it a high-risk proposition. Investors should approach with caution and consider the potential for further dilution or financial restructuring.​

Cashed up? The Company has a cash balance of $0.602m as at 25th April 2025 which gives an expected cash runway until mid-May. They will have to secure additional funding.

Looks like Harry’s been keeping busy, huh? If he’s managed to pull your pants down a few times, that’s a real talent. On a more serious note, I don’t have the time to keep going in circles on this. Man U? You sold your Kefi shares a long time ago. Maybe it’s time to move on. You win some, you lose some.

I honestly don’t understand why certain individuals, who are clearly not invested, keep commenting. They really need to focus on something else.

1. Company Overview:

• Tertiary Minerals PLC (AIM: TYM) is a small exploration company with a focus on minerals like copper, gold, silver, and zinc.

• They have mining projects in Zambia and Nevada and also hold a fluorspar project in Sweden.

• They are actively exploring the Central African Copperbelt and northwestern Zambia through a Zambian subsidiary and a 90%-owned company, Copernicus Minerals Ltd.

2. Key Projects:

• Mushima North, Mukai, and Konkola West are the flagship projects in Zambia, which are in strategic locations near major copper mines. They are partnered with large companies such as KoBold Metals and First Quantum Minerals (FQM).

• The Brunton Pass project in Nevada focuses on copper and gold exploration, targeting epithermal and porphyry systems.

3. Recent Developments and Discoveries:

• At Mushima North, drilling has found copper-zinc mineralization, with promising results like 33m at 0.21% copper.

• At Konkola West, drilling by KoBold Metals targets extensions of one of the world’s richest ore bodies, and the company benefits from the backing of high-profile investors like Bill Gates and Jeff Bezos.

• At Mukai, adjacent to First Quantum Minerals’ Sentinel Mine, a significant exploration program is underway with FQM aiming to earn up to 80% of the project by proving a resource of at least 80,000 tonnes of copper.

• Mupala and Jacks projects in Zambia show promise, with copper anomalies and confirmed drilling for 2025.

4. Key Partnerships:

• Tertiary has valuable partnerships that help mitigate risk, including collaboration with giants like KoBold Metals, which uses AI in exploration, and First Quantum Minerals (FQM), a major copper producer.

5. Funding and Financials:

• The company raised £1.405 million in 2024 to fund expanded drilling programs.

• As a junior explorer, Tertiary’s future growth will depend heavily on additional funding, along with results from exploration and joint venture (JV) decisions.

6. Challenges and Risks:

• As a smaller exploration company, Tertiary faces operational risks, geopolitical challenges, and the volatility of commodity prices.

• Despite these risks, Tertiary’s diversified and scalable exploration pipeline in copper projects positions it for potential growth and development.

7. Outlook:

• Tertiary Minerals is entering an important phase with multiple drill-ready targets, strong JV partnerships, and operational momentum.

• The company is expected to benefit from increasing investment in copper, especially in Zambia, which has strong foreign direct investment and a supportive government.

• The company’s current valuation is below £2 million, but the catalysts from its projects could potentially lead to significant growth in the near future.

In short, Tertiary Minerals is positioning itself for growth with a solid portfolio of copper-focused exploration projects in Zambia and Nevada, benefiting f

Just took a look at Tertiary Minerals’ current share price and the latest analyst forecast—wow! The shares are trading at just 0.045p, but the only available 12-month analyst target is a whopping 9.00p. That’s nearly 200x the current price!

Of course, it’s important to note this target comes from a single analyst, so take it with a pinch of salt. Still, it’s an interesting data point for anyone following AIM-listed resource stocks.

Europa Oil & Gas (#EOG AIM) has a 12-month analyst price target of 7.40p–7.55p, which is over 1,000% above the current share price of 0.63p. 🚀

High risk, high reward—do your own research!

KEFI shares could theoretically reach 20p+ if all projects succeed, gold prices stay high, and risks are eliminated. However, the consensus analyst view is that a 3.90p target is more realistic in the next year, given current risks and sector practice. The current market price reflects skepticism about near-term delivery.

I’ve been invested for around 7 or 8 years, with well over £100,000 committed—probably more than I’d care to admit—but I still believe this will come good.

Hi All, What is fair value today? I have read different opinions from 7.7p to anything up to 26p

Filter these idiots

Yep just done the same thing.