Member Info for Robjm66

Stringer the bottom chunk was useful in walking people through the numbers and putting the link shows it was not just AI slop but from the company itself.

Kefi-tulu-kapi-project-finance-and-launch-update-8dec25.pdf https://share.google/1Imn37sBK22fBjMoV

Economic Metrics and the Impact of the Equity-Ranking Notes:

• Net cash flow over the first 7 years, before and after servicing equity-ranking notes in the form

of US$40 million of Equity-Ranking Gold Streams and US$43 million of Preference Shares: • IRR% and NPV of Tulu Kapi to KEFI shareholders, from net cash flow over the first 7 years

available after servicing US$240 million of debt, US$40 million of Gold Streams and US$43

million of Preference Shares:

o IRR% 107% to 195 % at US$3,000-5,000/oz gold price

o NPV US$605 million to US$1,682 million (5% discount rate, at estimated 75% KEFI

beneficial interest) at US$3,000-5,000/oz gold price

o NPV per KEFI share in issue 5-14 pence (5% discount rate, at an assumed 75% KEFI

beneficial interest) at US$3,000-5,000/oz gold price obviously even higher at higher than 5000 gold price.

Deal not quite done yet and what details we have are being mulled over.

Ma’aden and AMAK sign exploration license exchange agreement to advance Kingdom’s mining sector growth under Vision 2030 https://share.google/QiSamTpuwk9tHK7Iz Artar kefi future licence exchange?

Indian PM Modi to visit Ethiopia next week; focus on development partnership, stronger Africa ties https://share.google/qt7L05n4nlRqE1Nsw

Think one thing the providing of details does mid deal is say to other parties the company is haggling with "well of course we have the money lined up but if you can beat the terms we will do a deal with you instead".

Buck does not give a f....

Joking apart hopefully the possible gold streaming deal is there just as a negotiating tactics with the other parties. One the plus side kefi could avoid drawing down the full amount maybe just take a quarter on the other "life of mine" TK life likely to be extended maybe doubled plus the gold price likely to be raising for years. So deal does suck longterm. Short term helps get TK over the line and kefi will have other prospects in Ethiopia and will still be highly profitable with a market cap that at the moment does not reflect that before you even factor in Saudi. Its a short term fix really to get TK over the line and to production. It though should be dumped if kefi can get a better deal.

Called first mover advantage if you want to invest in a miner in Ethiopia to hedge your Birr who are you going to pick. Hence i would not be surprised if kefi go for a listing in Ethiopia.

Https://africancapitalmarketsnews.com/ethiopia-roundup-4-listings-in-coming-weeks-market-index-coming/

Https://www.zerohedge.com/precious-metals/rickards-8-events-driving-gold-frenzy

"Yes think it'll trade in a narrow margin 1.5p - 1.7p throughout construction" going to have Saudi sorted soon plus a gold price maybe doubling in the construction phase. Kefi or some of its prospects might even be bought out before TK starts producing.

Https://www.youtube.com/watch?v=THNPmhBl-8I

Https://www.miningweekly.com/article/kefi-progresses-funding-for-ethiopian-project-2025-12-08

https://www.***************************/kefi-gold-and-copper-advances-financing-for-tulu-kapi-as-full-funding-package-nears-completion/4121229581

Think half the market missed it and half of those that saw it do not understand it Juxtaposition. What usually happens that kefi eventually gets round to explaining it then you get the reaction.

"The non-convertible preference shares feature an 8-year term with a 15% yield accruing for the first four years,"

Doze will cover Ethiopian side where most money will be needed JQ will be easy to launch.

Https://uk.investing.com/news/company-news/kefi-gold-and-copper-secures-40-million-for-tulu-kapi-project-93CH-4405927 if the goal posts had not been moved deal would have been done by now but would have had people jumping ship due to a fear of placement or questioning how kefi was going to fund future expansion till TK hit production. Now will have gold streaming agreement in place plus "A US$50 million in-country-level investment by a specialist African fund remains in advanced discussions, together with consideration of other proposals to optimise the equity-risk component of the Project financing should they be preferred" plus can raise more money than needed even before the gold streaming and pick the best deal which would have meant a lot of back and forth haggling between the different parties in a way an auction to get the best price rather than a hurried fire sale. The usual suspects are going to moan but i know which option i prefer.

Goal posts moved by raising more money than needed and option to access even more money through gold streaming. Both are massive votes of confidence on top of the TK finance and we will not have to put up with any scaremongering over a big placement.

US$60 million needed getting US$43 million by preference shares 23 million nearly sorted through that route.

US$40 million in the form of Equity-Ranking Gold Streams which give KEFI the right to draw up to an aggregate of US$20 million, plus another 20 million after due diligence if needed.

Also US$50 million in-country-level investment by a specialist African fund remains in advanced discussions, together with consideration of other proposals

Breaking it down going to raise more money than strictly needed and there will be no need for any placement also "finalise the entire Project finance package this month"

Only kefi can drop great news like this when people are finishing up their elevenses!

Israeli investors dive into Ethiopian markets, focusing on mining, agriculture | Capital Newspaper https://share.google/sKNKjf0AqcKnIqFOn