Member Info for Robjm66

Well I work on the theory that the more miserable Harry looks the better things are going. If you are not a Harry fan you might be reassured that its in the hands of the syndicate and financiers who are happy and Harry is delegating more though maybe he should delegate some of the proactive pieces as well.

Interview Summary.

Harry. “We have effectively put everything in the lap of the syndicate.”” now all the boards and committees need to make their decisions.”Its all good stuff really.”

"Moving in to launch mode" harry delegating to the team and the banks to drive TK forward harry confident enough now to look post TK launch.

The Tulu Kapi open pit is already bankable with a 1 million ounce Ore Reserve. Combined with the first preliminary planned 200,000 ounce contribution from the underground mine, Tulu Kapi is planned to produce c.144,000 ounces per annum, at an All-In-Sustaining Costs of c.US$950 per ounce, at gold prices of US$1,600-2,000 per ounce. At those same prices, this provides Net Operating Cash Flow of US$110-167 million per annum (100% basis) for the first seven full years of production (2026-2032).

The Jibal Qutman Definitive Feasibility Study (“DFS”) is evaluating the economic and technical feasibility for building a set of adjacent open-pit mines and a centrally sited Carbon-in-Leach (“CIL”) processing plant, to recover more than 500,000 ounces of gold, rather than the 169,000 ounces of gold originally envisaged in the 2015 Preliminary Economic Assessment (“PEA”). The 2015 PEA focused on a small heap-leach approach as a starter-project when, at that time, planning was based on a gold price of c.US$1,200/oz.

The current Mineral Resources of 733,000 ounces gold is now being updated.

Hawiah Copper-Gold Project

Drilling since the discovery of Hawiah in 2019 has established a Mineral Resource Estimate (“MRE”) of 29.0 million tonnes (“Mt”) at 0.89% copper, 0.94% zinc, 0.67g/t gold and 10.1g/t silver (see the Company’s announcement on 9 January 2023). This MRE contains a total of 258,000 tonnes (569 million lbs) of copper, 272,000 tonnes (600 million lbs) of zinc, 620,000 ounces of gold and 9.4 million ounces of silver. Hawiah is a part of a larger mineralised system

Just the first couple of future mines so maybe they are over doing it ;-)

Https://www.koreatimes.co.kr/www/nation/2023/08/113_356742.html (Ethiopia general)

https://uk.sports.yahoo.com/news/ethiopia-troops-push-back-amhara-121950948.html

(Ethiopia general)

https://www.arabnews.com/node/2352491/saudi-arabia (Ethiopia Saudi general)

https://www.arabnews.com/node/2352341/business-economy (Saudi mining)

https://www.zawya.com/en/economy/gcc/saudi-maaden-gets-top-moodys-fitch-credit-ratings-u1y8t8pm (Saudi mining)

Https://www.kefi-goldandcopper.com/files/announcements/kefi-quarterly-operational-update-q2-23-9aug23.pdf

KEFI has now assembled with regional financiers both debt and equity development capital of US$320 million, in addition to which the mining contractor is supplying the required US$70 million

with funding assembled and ready for final credit committee and board approvals of our banks and project investors, who have already drafted proposed final funding package documentation

All information requests so far received from the finance syndicate have been satisfied.

The overall project launch sequence remains as follows and has been approved by the boards of KEFI and TKGM:

• final lender credit approvals and investor board approvals

mobilisation of social performance teams to implement the first phase of the resettlement action

• finalisation and execution of already-drafted detailed definitive documentation;

• final independent reviews by SLR as regards community readiness and by Constellis as regards security readiness;

• lock-in final pricing and then place lump sum plant procurement orders;

• final equity capital allocations, drawdowns and issuance of notices to proceed to contractors; and

• placement of insurances. opening project bank accounts in London, registration of security and satisfaction of the usual set of conditions subsequent during the months leading to debt drawdown.

That's what we have been told.

'yarn' a story, usually a long one with a lot of excitement or interest

'yawn' involuntarily open one's mouth wide and inhale deeply, typically on account of tiredness or boredom usually happens after one of AJ posts

Https://humnews.pk/business/7447/ (saudi and mining)

Old news ( reuters below) would say western news sources are half to to a whole day behind events.

https://www.reuters.com/world/africa/ethiopian-military-forces-back-militiamen-major-amhara-city-locals-say-2023-08-09/

Ethiopian Airlines (ETHA.UL), meanwhile, announced that flights to Gondar and Amhara's capital, Bahir Dar - where fighting has also occurred - would resume on Thursday.

https://news.cision.com/akobo-minerals-ab/r/akobo-minerals-signs-refinery-agreement-with-swiss-based-mks-pamp,c3815197

MKS PAMP will provide turnkey refining solutions to Akobo Minerals, from collection of the doré - the semi-pure alloy of gold, produced at Akobo’s Minerals’ mine in southwest Ethiopia - managing the transportation of the gold through Addis Ababa and all the way to MKS PAMP’s refinery in Switzerland for further purification. Other MKS PAMP services include assaying, hedging and delivery of metal bars to customers around the world.

https://www.voanews.com/a/wfp-begins-test-distribution-of-food-aid-to-ethiopia-s-tigray/7216867.html good news.

My answer from the other side you sorry anyone that has now heard it twice. TCM yawn.

"Put it in contest looks ok probably more due to the usual waffle and community arrangements than anything else.

"All information requests so far received from the finance syndicate have been satisfied.

We consider TKGM to now be essentially fully permitted, with funding assembled and ready for final credit committee and board approvals of our banks and project investors.

Upon receiving these approvals, we will then mobilise our social performance teams into the community to prepare the project affected persons for resettlement, who we have engaged with for some time and are looking forward to this step. Whilst these community arrangements are being agreed at the household level, we still plan to execute the already-drafted project finance detailed definitive documentation and satisfy standard procedural conditions precedent to funds drawdown."

Last line the important one really."

“will be complemented with a separate presentation and webinar directed at industry specialist analysts” Plus

https://www.goldforumamericas.com/participating-companies/

The invitation-only 35th Annual Gold Forum is attended by the world’s leading specialist precious metal investors as well as generalist institutional investors, private equity, and hedge funds. Buy- and sell-side analysts from around the world make up the balance of the participants.

Looks to me that Kefi will be pitching more to the wider mining community and mining specialists so they must expect progress.

Hawiah is a part of a larger mineralised system and the deposit already ranks amongst the top three base metal projects in Saudi Arabia and in the largest 15% of VMS ("Volcanogenic Massive Sulphide") systems globally.

Based on mining current Indicated and Inferred Resources, key outcomes of these studies were:

-- Project NPV(8) of US$301 million and post-tax IRR of 75%;

-- Life-of-Mine ("LOM") revenue of US$2.7 billion;

-- Operating cashflow of US$1.1 billion; and

-- Pre-production capital expenditure of US$295 million.

Its lucky that Kefi only have to find a small fraction of the money and its post TK and JQ launch.

The Jibal Qutman Gold Project

The Jibal Qutman Definitive Feasibility Study ("DFS") is evaluating the economic and technical feasibility for building a set of adjacent open-pit mines and a centrally sited Carbon-in-Leach ("CIL") processing plant, to recover more than 500,000 ounces of gold, rather than the 169,000 ounces of gold originally envisaged in the 2015 Preliminary Economic Assessment ("PEA").

Current activities at Jibal Qutman are focused on the work required to complete the DFS and its approval by GMCO and our project finance lenders in Saudi Arabia. This work includes:

-- metallurgical and geotechnical drilling, completed during the quarter;

-- infill drilling to upgrade the resource classification, also completed;

-- metallurgical tests, now indicating recovery of c.90% and 69-74 for oxidised and fresh ore respectively;

The current Mineral Resources of 733,000 ounces gold is now being updated.

Looks to me we should get a news drop on JQ soon.

Https://www.kefi-goldandcopper.com/files/announcements/kefi-quarterly-operational-update-q2-23-9aug23.pdf

Https://www.proactiveinvestors.co.uk/companies/news/1023011/kefi-says-tulu-kapi-effectively-fully-permitted-1023011.html

“The quarterly open-forum webinar for all investors will be complemented with a separate presentation and webinar directed at industry specialist analysts.”Separate presentation..directed at industry specialist analysts if the are going to the trouble of to put it forward to industry analysts they expect substantial progress between then and now.

“In light of a surge in local and regional support for the mining sector and for KEFI's particular projects in both Ethiopia and Saudi Arabia, we have commenced establishing separate corporate structures for the Company's individual projects and transferring the respective licences within the group as appropriate.”

Looks like some internal reorganisations to me that would make it easier to list the Saudi side of Kefi “regional support” and maybe having the licences held at subsidiary level would make it easier to list in the middle east with just the Saudi side of kefi and maybe get some future investment for the Ethiopian side “ Both Saudi Arabia and Ethiopia are now actively promoting their stock exchanges, with an exchange in Addis Ababa planned for mid-2024, for their growing mining sectors and domestic investor markets.”

What are peoples thoughts?

Already in the plan so not an increase according to the company FU2. What kefi said yesterday is inline with what it has said before so doubt there will be any substantial increase in in costs.

“SOE close by” “is more than 700km from Tulu Kapi” “This can impact on the security at the mining area with greater costs.” “TKGM’s commitment to its syndicate and all stakeholders was to manage security in accordance with “red zone” (higher risk category) protocols despite the project area typically rating as “green” (low risk).”

Https://www.youtube.com/watch?v=lDFnD1cWLm4

Fano kicked out of another city still waiting for Bloombergs report on the battle of Adwa https://en.wikipedia.org/wiki/Battle_of_Adwa

Have to laugh he cannot even spell Bloomberg and like all the western media the information is well out of date the exclusives in the article are something happened in April and Abiy got a noble peace prize.

But will do TCM a favour notice he was worried about flights to Ethiopia

https://www.businesstravelnewseurope.com/Air-Travel/Ethiopian-Airlines-to-add-flights-from-Gatwick

Hmm a commenter on Horn of Africa affairs especially Ethiopian ones respected by all sides with the best sources on information that covered the whole Tigray conflict with the news as its happening vs some dodgy Islamist paper reporting out of date news copy and pasted by you.

https://www.youtube.com/watch?v=LjrRv0UqFOg

Tough choice I really do not know who to believe.