Member Info for Robjm66

Kind of what we worked out but nice to see the view confirmed.

Bonkers my guess is all or most of Saudi will get sold just it takes the pressure off kefi to sell so should get a higher price. Artar are still going to want things sorted and bidders will still want to buy before more gold price climbs while kefi can now say TK is covered so not going to take any lowball offers .

Https://www.bbc.co.uk/news/articles/cpvr0x3mkl1o bonkers my guess is Kefi are simply getting a better deal from BCM who will likely shift a lot of equipment from Ghana as the upheaval with its new mining laws will mean less mining and less demand for their equipment in that country.

Probably a few years down the track it will be business as usual in Ghana but meanwhile makes sense for them to shift the supply of their equipment to somewhere else in Africa rather than for it to just sit there gathering rust.

Of course there is a chance that they may shift their investment to more east Africa if mining in west Africa gets too problematic

https://www.bcm-group.com/about-us/bcm-investments/

"BCM's inclusion in the Project funding syndicate means KEFI is no longer motivated to dispose of its interests in Saudi Arabia, although the Company will continue with ongoing discussions and choose the most beneficial outcome.

The intended support from BCM in subscribing for an ERN makes it clear that the Company is under no pressure to dispose of its 15% shareholding in its Saudi Arabian joint-venture, Gold and Minerals Company Limited ("GMCO"). As previously reported, the Company has received significant interest in its Saudi portfolio and will now continue these discussions with the benefit of time prior to finalising with its Saudi majority partner, ARTAR, the course of action deemed to provide the greatest value to the Company."

So will be able to get more money for Saudi prospects and will not have to divert money for TK.

"These arrangements would fulfil all the development funding requirements of the Project against the longstanding budget of US$320 million, which the Company is currently reconfirming with all relevant suppliers and service providers, particularly the fixed price lump sum elements. Following this intended arrangement with BCM, the Company now has sufficient demand within the Project financing syndicate, which duly reinforces KEFI's confidence about closing the full financing. Once costings and final participations are finalised, KEFI will likewise finalise the scheduling of drawdown and disbursement by respective currency and party.

Cost updates and certifications are currently being finalised ahead of the signing of detailed definitive agreements this quarter. Once these costs are certified, the Company will be able to sign and launch Major Works within the following month or so and lock-in the fixed price lump sum components.

The various Government and other formal processes (including AFC country membership) are on track and working towards the same timetable."

The new member of the consortium are obviously confident and ready to wait for the ERN's.

Https://www.zawya.com/en/press-release/africa-press-releases/african-mining-week-amw-to-spotlight-investor-strategies-driving-africas-mineral-industrialization-yrk7n4gx

Meanwhile, the Africa Finance Corporation (AFC) is backing several critical mineral projects, including Nyanza Light Metals’ $780 million PGMs facility in South Africa, Gecamines’ expansion in the DRC, Giyani Metals’ manganese development in Botswana and FG Gold’s project in Sierra Leone. Between 2014 and 2024, AFC invested over $1 billion into Africa’s mining sector.

In early 2025, UAE-based Ambrosia Investment Holding acquired a 50% stake in Allied Gold’s projects in Ethiopia and Mali, investing $375 million to scale up gold production.

https://publicsectormag.net/2025/04/24/ethiopia-achieves-significant-inflation-drop-to-13-6/ (Ethiopia general)

https://www.zawya.com/en/economy/gcc/saudi-arabia-doubles-down-on-mining-says-report-s5jj06a7

https://www.mining-technology.com/news/vedanta-resources-konkola-copper-mines/ (Copper)

https://www.msn.com/en-gb/money/topstories/saudi-push-into-south-africa-yields-billions-of-dollars-in-deals/ar-AA1DA6OB (Saudi/Africa)

Bonkers we already know AFC ratification has passed all hurdles apart from the last one including ministerial approval so that research was bit superfluous a bit like most of your comments. Usually when stuff gets to the parliamentary vote stage its waved through with a large majority in Ethiopia.

"what if Kefi can't find a buyer for their Saudi share" Tempted to save some of these posts for a good laugh at a later date, clear from Harry in a recent interview he has sellers remorse and every day the Saudi side has been increasing in value along with the gold price. Its not just Hawiah and JQ its all those exploration areas that are much more likely to be viable for gold discoveries at a higher gold price.

Nice bit of research and i could be wrong but does not look like ratification of AFC to me, more a general update and maybe more to do with opening up their banking sector.

https://birrmetrics.com/what-does-ethiopias-decision-to-open-its-banking-sector-mean-for-global-investors/

https://ebc.et/english/newsdetails.aspx?newsid=10761

Could be ratification is dragging as it has been caught in a log jam of other parliamentary business.

Q. Is triggering Tulu Kapi's development now dependent on selling GMCO?

A.No.

Company has kind of given that impression recently by saying that things are being done simultaneously in Saudi and Ethiopia. However I would think Saudi will be sold well before full TK launch. The good bit is it looks like they expect enough money to come in from various sources not to suck up a substantial part of the Saudi sale money though they cannot say so as things are still in play.

Thanks Bear.

Biggest cost of an exploration company is drilling kefi probably have not done any drilling since last year and before that there has been a period when they have been more selective some drilling but added computer modelling as it been more about proving up what they already have in advance of Saudi sale.

Ok lets look at the parties involved Artar will not want it to drag on as they will want a new mining partner kefi will not want it to drag on as they want crack on in Ethiopia and the parties biding will not want it to drag on as an ever increasing gold price means they will have to pay more for the prospects.

"The sale of a 15% shareholding in the Gold and Minerals Company (GMCO) joint venture in Saudi Arabia held by the Company. Short-listed parties are now due to review the Jibal Qutman Stage 1 development Definitive Feasibility Study ("DFS") with a view to finalising their investment and financing proposals."

Strange just highlighting JQ and not Hawiah or just the Saudi side in total especially with the recent licence. Suggests to me that Hawiah and JQ will go to different buyers.

Probably a chunk of the Saudi money will go for TK finance as it will take to long to sort out the gold bonds then after the finance is sorted the gold bonds will be sorted out.

The one thing out of kefis control the AFC ratification looks like it has slowed progress to a crawl with no real explanation over why its taking so long.

Its something really that should have been waved through the Ethiopian parliament last year if not before and TK already fully launched a long time ago.

Trouble is kefi cannot really push for it as it would be seen as a foreign company interfering in Ethiopia's internal affairs.

As it everyone is stuck waiting for the Ethiopians to get their act together.

Https://www.theassay.com/articles/in-discussion/the-future-of-mining-in-saudi-arabia-and-ethiopia/

"Combined, these projects are the gold-equivalent of 3.8Moz"

"Plus, of course, it means that our 15% shareholding is worth multiples of our investment."

Yes the licence expiration times have been pushed back a year probably recently as i looked at them a couple of weeks ago and it was supposed to lapse in March. You can find TK by searching TKGM and Konso and the new application by searching Kefi.

Bonkers https://www.zawya.com/en/business/commodities/trade-war-woes-propel-gold-to-record-highs-niq78cpj

If gold stays above 3000 at the end of the month has several implications. The suppression of the gold price has failed and you are going to see even higher prices in the future, people bidding for kefi Saudi will want to do a deal before it goes up even higher and investment will start flowing more into miners in general. All that I addition to TK being an even bigger cash cow and the gold linked bonds looking even more attractive when listed in Ethiopia.

If you do not understand all that you should not be investing in miners and have to wonder why you are here at all.

Plump not usual practice for banks to have someone on the boards of every company they lend to, but other entities can earn the right by having a certain percentage of the companies' shares.

Company already said the money will be used in tranches as needed as that is cheaper than borrowing the full amount on day one and have a higher level of debt to the project even though debts will be cleared by the first year of production maybe less by the way the gold price is going up.

Paul slightly out of date with recent Saudi news but https://www.kefi-goldandcopper.com/files/announcements/kefi-company-update-7jan25.pdf

the inclusion of a preliminary valuation of KEFI’s 15% beneficial interest in

GMCO by assigning US$80/oz of gold equivalent resources.

https://www.kefi-goldandcopper.com/files/announcements/kefi-award-of-umm-al-hijlan-el-9jan25.pdf

2.5 million gold-equivalent ounces. In copper equivalent terms, it represents approximately 30Mt at 1.7% copper-equivalent or 510Kt of copper (based on prices of US$9,500/t copper, US$2,600/t zinc, US$1,965/oz gold and US$24/oz silver).