Member Info for Robjm66

Https://www.africaintelligence.com/eastern-africa-and-the-horn/2023/06/02/mamo-mihretu-embarks-on-central-bank-reforms,109979729-ar2

https://techcabal.com/2022/09/09/ethiopia-is-opening/

https://addisstandard.com/op-ed-change-is-coming-to-ethiopian-banking/

https://ethiopianmonitor.com/2023/04/11/nbe-to-grant-safaricom-ethiopia-a-license-for-mobile-money-service-within-weeks/

“The negotiations comes after Ethiopian lawmakers enacted a revised National Payment System Proclamation last December, allowing foreign companies to engage in payment system operations.”

Lots of stuff online about the reforms of the banking sector to open it up and make it easier for foreign companies to invest. A big clue with kefi is Ethiopia joining recently one of the African banks that will lend the consortium the money and the clearing up of the the banks involved having equal protection and treatment that was mentioned by kefi in a RNS.

https://www.africafc.org/news-and-insights/news/ethiopia-becomes-africa-finance-corporations-40th-member-state

Part two questions

Interviewer getting a sense that you are feeling robust not quite invincible. Kefi first mover advantage in Ethiopia delays but kefi ready to hit the reset button? (interviewer made a hash of question but think she is asking is kefi ready to go now.)

Harry reply (mostly waffles on about how mines cost money and take long time but company in position now)

Interviewer in terms of the finance you talk about Artar and regional banks but then you talk about ten percent does that have to come from shareholders? (I crunched the number once and it only a came to a couple of million easy achievable by getting a bank loan but lets see how Harry answers).

“Unless someone delivers me a counterfeit machine” (goes all around the houses but then does say kefi is putting up just a small fraction of the capital needed to go forward which is all he really had to say in the first place.)

Interviewer you did say the crowd has turned up you mentioned Newmont and so on would it make sense to have a joint venture with the big companies?

Harry yes and that will be done at the right time (reality is kefi will have to joint venture expand and do deal just because of the shear size of exploration portfolio) ..huge drilling programs funded by our joint venture partner.. “choices of success”.

Interviewer you also said there is a plethora of reporting milestones as you derisk the projects but will one of them be a listing of the business in the United Arab emirates (?!?!)

Harry perhaps we are looking to dual list kefi, there is a bit of an analysis going on, there is a bit of a boom going on in the middle east and we are looking in Saudi Arabia in particular also Dubai, in Saudi there is quite an air of excitement there are only two listed companies in this sector (in Saudi) the right answer to your question is yes we will dual list just timing.

Interviewer you are not here you are not going to be speaking to important people in Ethiopia can you give us a taste of what yo will be discussing?

Not really… barrelling down the pathway of clearing the last hurdles of the documentation as set out I the presentation and I was invited in to see some very senior government people.

--

Typical harry interview if you can get past his waffle and droning voice there are some nuggets there.

Part one. One to one presentation my comments in brackets tried to cut most of the waffle.

https://www.youtube.com/watch?v=Atm8oTbbOao

Firstly TK deposit in the middle of the screen on that hill. A million ounce reserve and more underneath that. Corporate overview slide. Arabian shield area similar to parts of Australian geology. The company has reached three projects in a queue for development. TK JQ and Hawiah which already is bigger than the other two combined. Also a very strong pipeline behind these three projects (Saudi licence areas for exploration in double figures now).

TK alone net cash flows double the market cap of the company. Project overview slide. TK high recoverees on gold, open pit with underground to follow. Jibal Qutman very similar, Hawiah a open pit and underground proposition. Kefi a pioneer in Saudi and Ethiopia.

Current project status and milestones slide. In the first quarter we prepared TK for launch . A few things left to achieve that mostly have been achieved in second quarter and I am in Ethiopia try to finish off. We are on the cusp of launching this project we have a general meeting at the end of June to get authorities so we can finish off the last pieces of the capital the kefi component that will be tabled at the general meeting at the end of June (Harry means the AGM on the 30th of June the money raised is seen as part of the financing package to launch TK).

Mine development..stress tested slide (shareholder not the only ones who have been stress tested) How does kefi raise large amount of money..looked at by independent experts. Project status and Saudi 2023 plans slide. In both JQ and Hawiah going to be lots of progress updates as the get closer to financing.. last week we were I Saudi Arabia now in Ethiopia.

Current NPV slide (Harry makes hash of explaining this suggest people just study it themselves) upside ten fold as the company derisks.

Syndicate slide for both TK and Saudi. Kefi has an ambition to become a large mining company. Saudi bulk of money from Artar a large fortune 100 family office (very big company) and local sovereign fund bank (talking about SIDF loan the can lend upto 70 percent roughly of money needed) kefi only need to put up much less than ten percent of development capital.

Ethiopia side kefi, contractors, government, regional investors African banks trying to achieve the same kind of outcome. The structure is in place and parties are doing their job.

Companies in Arabian Nubian shield area slide. Newmont Barrick…things are taking of in both countries both deregulated and both pushing mining sector.

Slide on others in company (no PR or marketing expert).

Valuation slide comparison to other companies. (basically how Kefi is undervalued to what it should be)

To sum up we are in the front row in both countries with the financing assembled and now we just have to get on and do it.

The reality is a lot of people will not vote at all and certainly not enough make any significant difference in any direction so any invective whatever position you support is wasted.

HtTps://kinesis.money/live-from-the-vault/chinas-gold-rush/ (Gold and China)

Https://www.youtube.com/watch?v=Atm8oTbbOao kefi presentation proactive

Https://www.proactiveinvestors.co.uk/companies/news/1016502/kefi-gold-and-copper-raises-6-4mln-as-construction-nears-1016502.html (gold and copper)

https://www.swissinfo.ch/eng/business/glencore-plans-to-invest--1.5-billion-in-peru-copper-mine/48554178 (copper)

https://www.mining.com/web/indonesian-copper-miner-amman-aims-to-raise-880-million-in-ipo/

(Copper)

htTps://www.zerohedge.com/markets/central-banks-are-buying-gold-record-pace-what-does-mean-inflation (gold)

htTps://www.shearman.com/en/news-and-events/news/2023/05/neom-world-scale-green-hydrogen-and-green-ammonia-production-facility (Saudi)

a $8.4 billion world-scale green hydrogen and green ammonia production facility. The project is a joint venture between NEOM Company, Air Products and ACWA Power.

"Funding for the Company's share of costs for a GBP10 million exploration and study programme in Saudi Arabia. This programme includes the completion of a Definitive Feasibility Study ("DFS") at Jibal Qutman ("Jibal Qutman") and a Pre-Feasibility Study ("PFS") at Hawiah Gold and Copper ("Hawiah"), as well as additional exploration drilling and studies across the project portfolio, which includes 15 exploration licences. The potential combined identified gold-equivalent resources at Jibal Qutman and Hawiah already exceed those at Tulu Kapi;"

Getting missed how the company has great prospects in Saudi, Saudi which is maybe the only bright spot in the world economy and where the money is.

Its been in Ethiopia for a while and is its biggest investor Distantcousin. Got the usual super power rivalry in Ethiopia complicated by its location near the route for most of the worlds oil the fun a games about the countries debt with the to and fro between China Ethiopia and the world bank and the potential of the mining and oil and gas sector in the country with big recent discoveries of gas that the US and China have been tussling over.

"Whether 'tis nobler in the mind to suffer

The slings and arrows of outrageous fortune,

Or to take arms against a sea of troubles

And by opposing end them."

I am more the take arms against a sea of troubles and end them kind of guy Indi123. We can all whine moan about the hand fate has dealt or try to nudge things in the right direction.

All previous attempts Fantasy have not got anywhere near getting rid of Harry in fact they have missed by so much they have actually looked like a vote of confidence. Think Harry will want to eventually step back anyway he probably just wants a legacy of pointing two mines and opening up two mining jurisdictions. He does not really get the market he wants to contribute by building something solid I can understand that philosophy and even partly agree with it but that is more likely to happen and happen quickly if Harry volunteers to share some of what must be crushing load. Its in his hands really.

If Man u can recover from losing seven nil Liverpool to get a Champion league place anything is possible ;-)

Just in case the suggestions seem too negative I still feel optimistic over all and think things can be turned around here and kefi should be able to hit mid cap status just on Saudi but maybe the men in white coats will recapture me soon.

Just for a change would like to see a post that has some constructive suggestions for the company so I might as well do one (post that is). Feel free though anyone who wants to be constructive and add your own suggestions though I can understand if people are too punch drunk I feel a bit the same way.

1.Harry needs to take a step back. Harry should just deal with the Ethiopian side and look at eventually maybe becoming a Non exec. Its maybe unfair Harry doing most of the work and someone else getting all the glory but the market is just totally out of love with Harry and there is the perception that the company is a one man band with Harry front and centre all the time.

2.No more promises over the timeline in Ethiopia that might not be kept. The reality is progress is often out of the companies hands in Ethiopia dependent on local officials and the situation on the ground just need to see continual progress so we know we will eventually get there. At the moment would any promised timelines be believed anyway without concrete demonstrations of progress.

3.Now JQ looks to be the mine that will be in operation first the company has to get JQ and Saudi front and centre. Have about ninety percent of the energy and attention around Ethiopia when post Saudi listing probably ninety percent of the value of Kefi will likely be connected to Saudi. Company kind of lost the plot in their eagerness to demonstrate to all probably including the Ethiopians that it is serous about Ethiopia.

4.Saudi listing not good enough that we have not heard more about these think the last we heard was advisors were in and that was February.

5.Need total overhaul of PR and marketing and not relying on TW. Need to see other people from the company do webinars and maybe restrict Harry to major news or just the quarterly updates. It was a new low when in a recent webinar the interviewer was taking the Micky out of the company.

Can probably think of a lot more but that will do for now.

Sorry not signed up to share prophets say something about daft comments on the intro.

TW another comment on a bearcast about kefi.

Well think the company will bounce back though not necessarily today.

Might sound a bit crazy but…

All the bad news in the price and people will not be waiting for the next placing as kefi generally has enough funds for a year plus after one.

Now can stand its corner over the Saudi side.

If the company faces any more significant delays with TK it will flip emphasis to the Saudi side which it probably should have done so already. At the moment JQ could well be in production before TK.

If TK does not face substantial delays will still get the uplift on the Ethiopian side.

Gold price holding up only a couple of percent under 2000.

All kefis prospects have not gone away.

Not enough time for people to take up the offer but nothing to stop them doing it again when the dust settles a bit.

If TK takes any more time JQ will overtake it if it has not already. Harry backed the wrong horse in putting so much time effort and money into Ethiopia when the main prospects are in Saudi.

Annual General Meeting of the Company, to be held on 30 June 2023 could pass something connected to TK at AGM instead though my guess is it will be after June for everything to be sorted or the company would not have done the cash raise.