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Part two

(slide8) TK first cab of the rank in the finance closing procedures as we speak (11.10) and the two in KSA are a behind but we have lined up the capital for Saudi as well (we have lined up the capital for Saudi well worth saying twice) in that our partner puts up there share of the capital and the sovereign fund the Sidf the Sidf is engaging already (https://www.sidf.gov.sa/en/ServicesforInvestors/Sectors/Pages/Mining.aspx)

We have no doubt that when the board recommends development on the two projects there finance will follow. WE have a pipeline of exploration projects would venture to say second to none now in the Arabia Nubia region other than Maaden (https://www.maaden.com.sa/) unless you see Maaden as not being in the private sector. There is a pipeline we have assembled in Ethiopia which will emerge publicly as tenure is sorted.

(Slide9) Market cap to NPV as the projects de risk..

(Slide10) Comparison of Kefi value to other miners

(Slide11) The essence of this chart is we have joint venture equity…if you add up all the numbers on the Ethiopian side (14.35) that we have lined up preliminary approvals and already final approvals if you add up all the numbers they come upto a bit over 390milion dollars (well suggests to me that some of the syndicate are more advanced in their approvals than others).

On the left (Saudi) awaiting feasibility studies but they are heading in the right direction it is just a question of the resources that are still open,which will grow significantly it not a question of whether we will develop but when. A lot of upside in both countries.

TK is a great start project good grade and no legacy issues robust economics. We have been at the forefront of reforms.

(slide12) We are in the thick of closing..there were three critical hurdles before we could go into detailed documentation with the banks country membership (Ethiopia joining one of the African banks involved in the deal) we assisted in that process, Security needed to be treated as a red zone even though its a green zone the third thing is foreign exchange controls we need relaxation exemption (18.39) (relaxation exemption) and now we were granted this previously but now we are getting down to tin tacks we needed fine detail the fine print had to be agreed between the banks and the central bank of the country. Has been very challenging for us but we have succeeded there have been a series of meeting this week in Addiss (19.16) and the very detailed summary report I received in the last half hour was a string of thumbs up.

Shareholder webinar Part one

Ok a bit fuller transcript though cut some of the chaff my comments in brackets, where I put the time its to highlight some interesting bits (Imho) if you wanted to cheat you could skip through using the time marks then pick out the Questions you are interested in at the end.

This webinar was after the presentation at the conference.

htTps://www.investormeetcompany.com/investor/meeting/investor-presentation-418

htTps://www.kefi-goldandcopper.com/files/presentations/kefi-africa-down-under-conf-pres-sep23.pdf

I will walkthrough the presentation then take questions.

On the Screen is TK (slide 1) in a quite district of Ethiopia and the most important milestone is the closing of the finance and the launching of the project. Where we are in the thick of closing procedures (1.52). It is a 390 million dollar package, the financing has been arranged at the project level and subsidiary level we have avoided use of the stockmaket for the development capital.

(Slide 3) Half of the time we were in Saudi it was a bit of a waste of time.. (History lesson on Saudi)… regulations now overhauled now Saudi on everyone's lips..we have the largest exploration team in the country in our JV (3.45) we have made two discoveries because we have been there 15 years not to mention the team is a very good team. (4.11) we have been granted 14 licenses (exploration) in the last 18 months or so. We have a very strong partner in fortune 100..(htTps://www.artar.com.sa/)

Ethiopia today is even more important and even more of a turnaround frankly..(history lesson Ethiopia)..Two years ago it turned and is even more striking (to Saudi) to those involved. (6.08) Yesterday in Perth we I am at the moment the minster for mines made a speech his statement acknowledged that Kefi was at the heart of the reform process and we will be the first mining development in thirty years. So we happen to be for the first time in 15 years

we are charging forward on both fronts.

(slide 4) The numbers are strikingly obvious to the upside as we derisk. TK as you will see over the next few months as we tick boxes and launch according to our schedule, the multiple of values will start to reflect themselves in share prices. We will be able to move forward and make progress there are a lot of measures you can use her but they all show a lot of upside.

(slide5) Companies in the region we have the projects that are first in the queue for development

(slide6). The changes in Ethiopia were down to introduction of democracy (another history lesson).

(slide7) Saudi (in the past) the regulations did not let us do our work really but now they do.

Harry is not someone that does presentations with brevity he simply is not a natural presenter has the tendency to vear off at tangents you have to kind of dredge for the nuggets and read between the lines. Saying that the company has made major efforts to improve the answering of questions over the last few years with half the Quarterly presentation used for this and a Q and A section on the website.

Sure they can do better but compare it to other companies where you can get zero questions answered. While I have to subdue my desire to scream when harry say first cab off the rank for about the thousandth time the webinars are actually useful, especially when you have so much going on its hard for shareholders especially new ones to absorb it all and get a full picture just from the RNSs. You can see it in the SP action this with the webinars having a bigger impact than the RNSs as you needed the Webinars to complement them.

Part two

(Slide six) no way the country is gong back to the authoritarian rule (of the previous government tplf). Its been a struggle for the mines ministry to get its head around our business but there is a sincere desire to make it happen its going to happen.

Saudi is a bit similar, but the flip (not the bird) for mining has happened by royal decree so some of the problems we had there for years have flipped to the better by royal decree. We are rock stars in Saudi with the next two development projects we are the technical guys in the JV with Artar. This region is going to come alive.

Project over view (slide 8) we have a string of three projects..TK gold where we have literally have lawyers for African banks and lawyers for central banks beating each up as we speak (now I would pay to watch that) sorting out the final detail on exchange controls (joking apart a thumbs up report came in after this presentation). Its the last big hurdle…we have been given a clean bill of health on the technical side by the due diligence people, by the banks that are putting up two thirds of the money and the security people.

We have two projects behind that in Saudi one will be triggered next year one twice the size of TK.

(Slide 9) Todays market cap vs NPV opportunity to create wealth from derisking the projects (slide 10) comparison to other mining companies a lot of upside.(slide 11) you do not need to bring capital to the country (probably mean mainly Saudi) and in Ethiopia are partners are government related and development banks, leading contractors to the country both of whom are in the audience PW mining and lycopodium mining ad we have brought the capital to the country from regional people.

(slide 12 milestones) the key milestones are really for the company is to close the financing documentation for TK. We signed our umbrella agreements in June we have lawyers crossing swords on the fine detail now we hope that final approvals will be issuing within weeks (this was before report from banks so that timescale may have just shrunk) then final documentation executed shortly there after and we will be launching within months.

slide 14) Strong board.

TK good first project to start with ore body not far below surface (whizzes trough the slides) market cap of Amak that is in production is 1.4 billon I think, the Saudi market has gone cracker its hot. Our first project (in Saudi) is a string of pits (JQ string of pearls) the second one is a VMS (Hawiah)just exposed a new VMs deposit (Chefs kiss)

I am pleased we kept this number of people back at the conference to listen to the story.

Https://www.youtube.com/watch?v=jHQ8rYTDnmM

Rough paydirt transcript (Australia) my comments in brackets the presentation was before the shareholder webinar have cut some of bits were harry goes off track.

Harry I like to think they gave us the last speaking spot to keep the crowds at the conference (or could be they thought people might need a drink afterwards joking apart it’s a longish slot and the conference organizers have been generous to Ethiopian mining generally).

We are at a very critical moment for mining in the Arabian Nubian shield and I think the two countries we are involved with Ethiopia and Saudi but particularly Ethiopia (Critical moment for those countries).

htTps://www.kefi-goldandcopper.com/files/presentations/kefi-africa-down-under-conf-pres-sep23.pdf

The Arabian Nubian shield has been talked about by geologists for a very long time and some of the geological similarity's with Australia have been striking and the opportunities have been striking.It is geopolitical reasons that have create barriers to entry… (Harry goes of a bit in a tangent talking about Centamin how long things take the history maybe kefi involved to early problems the company hit and so on).

All history now today its quite remarkable it’s the first time in year I am able to look forward and look at longer term issues. Present minster is150 percent mining that’s all he does he is on a mission the countries on a mission Ethiopia in the top ten countries in the world in terms of annual growth. Introduction of democracy caused unrest and delays to the project..

Kefi stood its ground (dealing with the difficulty's). We have a deep and trusting relationship with government and we are ready to start. TK is that hill (slide 1) TK is peaceful unlike some areas of Ethiopia but most of Ethiopia is peaceful. Ethiopia is a country that is remarkable and has remarkable potential. It a timing thing and I believe the time is now.

TK.. we have kept our syndicate together…2023 the aim market has raised less money than in any year since it was created so company has had to raise money for projects at the subsidiary level and from the region where the projects are based..regional banks regional investors and we have covered the funding requirement for the project if everyone closes the way they say (TK is the project and we is the consortium) some have already approved it and some have yet to approve it formally.

I will not talk about Saudi today as technically not Africa but..(Slide 3) same geology, multiple discoveries..the lessons we learned in Saudi, is what led us to Ethiopia we we invited in to a company that had fallen onto it knees we did not do anything radical we were ready to rock and roll then the county got hit by changes..

Corporate overview…we have a very low market cap as people need to see thing get going..numbers scream out investment opportunity…inflection point is now. Other mining companies in Area (slide 5)

Https://www.youtube.com/watch?v=7b_cHqJgzQI The investor meet webinar.

No problem was a bit late finding them.

Caterham he was actually nonchalant relaxed and actually enjoying himself completely different style from when he talks to shareholders.

One factor was he was talking to mainly industry professionals hence him just flicking through all kefi prospects at warp speed the main one though is he knows he has a winning hand now.

Apologies all crashed out woke up with a headache either it was the shear excitement of listening to Harry or the heat. Will work my way through the webinar and post it up tomorrow sometime along with the other webinar after all you cannot have to much Harry 😉

htTps://www.youtube.com/watch?v=9zJoWqU-4kw

Kefi get mentioned at end “A company that is here has actively contributed to these changes is kefi gold and copper and they are preparing now there project now that is similar to many gold mines in western Australia”

htTps://www.youtube.com/watch?v=1A7YnNVqTdM Any lithuim experts here?

htTps://www.capitalethiopia.com/2023/08/14/game-changing-lithium-production-to-commence-at-kenticha/ Any lithuim experts here?

htTps://www.youtube.com/watch?v=jHQ8rYTDnmM Kefi and Harry the Actual presentation at the conference. Will write up tomorrow some time.

Up.

Its different Fantasy because kefi never been closer in Ethiopia and Saudi than they are now and never had this level of support in Ethiopia than they do now and never been closer to a first project in Saudi with JQ.

Another difference is Harry has not left himself or the company with a huge amount of wiggle room a JQ resource upgrade has been promised soon then it’s a question of when not if JQ is developed. As for TK now saying with the thumbs up report from the bank just received that they are happy and they are getting ready on the ground for the go signal from the credit and board approvals that are being ironed out.

Harry did look smart but he is mixing with the great and the good at the conference and effectively representing a country probably was in a donkey jacket and wellies when he was demonstrating the mining equipment.

Ok Fantasy sorry for laughing at you.

I have been a here long time as well I know all the history since Saudi I know about all the mistakes that have been made and was probably the first person to moan about harry when he became CEO. However I do see progress being made especially where its in the companies hands especially the excellent work done by the geos, they have been really world class with their hit rate in Saudi that’s just a fact hence Harry talking about the company being a leader in Saudi Arabia. Overall not relying on Harry more the interests and support of all the interested parties.

“I don't give a damn about those sessions”sorry have to laugh to at someone that one second is not interested at all in the webinar then watches anyway then posts loads of comments about a webinar some of them when the webinar is ongoing about a webinar they do not care about. The contest of harry being proud was proud of his team and the obstacles they have surmounted.

https://www.investormeetcompany.com/investor/meeting/investor-presentation-418

I think you might need to listen again but I am forgetting you have no interest in the webinar only commentating on it.

At the stage where cross fingers the next bits of news are first board and credit sign offs in Ethiopia and the resource upgrade for JQ in Saudi.

Have to laugh at some of the comments here and wonder if they saw the same webinar. First Harry is proud of the company and his team. Would not say Harry gave a lawyers answer he straight batted everything and gave as much detail as he could. As for TK closure he said that they had just got the thumbs up from the banks a half an hour ago over what was being discussed and should be able to crack on more with the final credit and board approvals which were being worked on from which everything would flow.

His not stuck between a rock and a hard place just the company is being meticulous in clearing up anything that could cause a problem down the track.He was actually doing the webinar from Australia where he was flying the flag for Ethiopia a with a mining minster from Ethiopia.

Thanks for your comment Catbert you seem to have some idea how these things work.

Questions

Q Funding situation for TK final action points?

A Fine print of central bank issues being put in place progress this week so approvals should start to flow.

Q Resettlement?

A Chopped up into stages not all settled at one step plenty of equipment ready to be mobilized in the country lot of building in Ethiopia.

Q Another press opportunity like umbrella agreement?

A we will take every opportunity we can that’s reasonable to do so.

Q JQ in production will be first what percentage kefi have

A It might be and percentage (long answer probably depend on a couple of things whether it closer to 25 or 27 percent ROBJM66)

Q Wet season?

A all flows from credit approval.

Q Saudi listing?

A Kefi like rock stars kefi have spent time on this fair to say the JV will look at possibility we will build a mining house with Artar.

Q If any of the banks refuse credit approvals?

A banks have invested three years they are in Ethiopia toady..they are serious about the project they are development banks that have Ethiopia as a member if it did happen there would be no shortage of people to step in.

Q gut feel for bank sign off.

A Not respectful to a banks to give time but banks were happy to fly to the country to sort things off.We all want to launch.

Q board approvals?

A Main thing shareholder when will we finish, company will not budge till every thing is perfect but moving into documentation stage now. Government determined to get this done, we are in the first for the queue for mining.

Q sell any of the projects?

A you know everybody in the mining world but everybody is looking for the best deal the best way to optimize is to deliver would not get a good price for projects at this time.

Q furthur funding in the short term.

A have facilities to see us past closing of TK.

Q Business plan.

A yes we have business plans for projects.

Closing comments

Harry, people to new to company..we lost time to regulatory issues but carried on and no we can make it happen now everyone climbing on band wagon there will be a remarkable change in perception of the company.

Thanks to the people that have hanged in here with us and welcome to new shareholders.

…

Well only a rough and ready transcript come summary but think I got the gist of most things. What was new is the company has just received a good report from the banks harry said in the last half hour. The pace does seem to be picking up meeting going on with all parties even when harry is not there.

Everyone is serious about this and wants to get it done.

Webinar

Will be the usual quick and dirty write up then a better version later

Start

Harry will walk-through the presentation then take questions

htTps://www.kefi-goldandcopper.com/files/presentations/kefi-africa-down-under-conf-pres-sep23.pdf

In the thick of closing finance at project level.

Started in Saudi Arabia red tap held us up but that's history now it a hot sector..largest exploration two discoveries..good team..14 licenses granted last year..strong partner.

Ethiopia even more of a turn around. Delay due to turmoil in country we are there in the forefront, minister said the kefi was at the forefront of the mining industry in Ethiopia. Arabian Nubian shield world class and kefi charging forward on both fronts.

Big upside to kefi as it derisks it projects (corporate overview slide).

Other mining companies arriving we have the projects that are first in the queue for development.

The introduction of democracy in Ethiopia triggered changes in Ethiopia..

Why Saudi now slide? Really stable the past regulations slowed things down.

TK in closing procedures as we speak and lining up finance in Saudi as well.

Pipeline of projects second to none in the private sector in the region.

Market cap to Npv slide gap will narrow. Peer group comparison slide..derisk.

Syndicate structure slide. Not whether will develop but when we will stop expanding JQ to develop.

Project status slide in the thick of closing procedures three critical hurdles for banks now cleared country membership, the security and the foreign exchange controls, granted now getting down to tin ticks intense process kefi go between been challenging but we succeeded, after meeting this week and company just received a summary report from the banks all thumbs up.

Made good progress this week that will contribute to board and credit sign off everything flows from that and preparing the community already.

A lot of detail company most tick all boxes before release of capital company was in Australia showing the mining minster around. Expanding team ready for launch of TK.

TK great starting project great economics.Things being signed off independently. A big amount to raise for TK compared to the amount raised for mining on Aim.

Drilling for ore body believe there could be a million ounces additional down there (TK).

Hawiah going to keep growing Saudi stock market taking Amak billion dollar company..JQ string of pits..just exposed another VMS system at Abu Salal.

😂

Https://twitter.com/InvestorMeetCo/status/1700071555265388664

Https://www.mining.com/web/saudi-arabias-crown-prince-looks-to-metals-as-new-source-of-wealth/ (Saudi mining)

https://www.miningreview.com/gold/tulu-kapi-gold-project-nears-construction-startup/ (kefi)

https://eightify.app/summary/international-politics/full-interview-with-saudi-arabia-s-economy-minister-faisal-alibrahim (Saudi mining)

Wow money is raised to pay bills who would think it. We have been through this some argument several times with TCM on several boards and he always loses. He knows he is talking rubbish his aim though is derail any real discussion about the company as then its good points and potential would get discussed.

Reposting the below in case it gets missed dealing with the his spam.

htTps://www.facebook.com/photo?fbid=662977562592809&set=pcb.662977599259472 That's Harry on one side

htTps://www.africadownunderconference.com/programme/ Also Session 4 a mining minster from Ethiopia 17.30 plus Harry panel and Kenticha mining