Member Info for Robjm66

Makes sense to get TK progress report out first otherwise you get the usual that nice buts what happening with TK. As for TK they are still saying "at project level" Equity-capital preparations at subsidiary-company levels are advancing in parallel with the timetable".

Highlights

Credit committee approval now granted by both banks

Ethiopian Country Membership approved for second bank and now being Ratified

Definitive Agreements being assembled by 31 March 2025

Remaining administrative and site procedures progressing well as regards certifications required for all parties Boards to approve signing

Equity capital preparations on track at subsidiary company levels

The key activity streams have been proceeding as anticipated (see announcement 4 February 2025) and are now considered to comprise procedural formalities given the decisions which have already been taken.

Ethiopian Country Membership for the second co-lending bank has been approved at the Ministerial level and is going through Parliamentary Ratification after top-level meetings in Addis Ababa in late February. This is the preferred procedure between countries and their most aligned multilateral development financial institutions. This form of protection places both co-lenders onto the same in-country footing.

Government field support and the administrative confirmations required were recently presented by the Company to the highest levels of Federal and Regional Government with the follow-through in process;

Sophisticated African investors are assembling for the product offering of the KEFI Minerals Preference Share denominated as a local-currency investment offering USD-linked protection for both principal and yield along with a gold-upside kicker attaching to gold prices realised by TKGM above the gold-spot price prevailing at the time of issuance.

Boils down to its painful but TK gradually getting there the main bit for me is the meetings late February and that the Ethiopians are happy at ministerial level and the ratification process is going through.

Https://www.zawya.com/en/projects/industry/saudi-maaden-set-capex-guidance-at-up-to-3bln-in-2025-fhuxur04

https://www.mining.com/web/maadens-full-year-net-profit-jumps-82/

Just chucking it out there as kefi now has the Konso area and is applying for an area near kenticha but when Saudi sells they would have to drop the copper bit out of kefi copper and gold?

Https://theafricandreams.com/ethiopias-emerging-lithium-mining-industry/

https://www.steelradar.com/en/saudi-arabia-and-the-united-kingdom-strengthen-cooperation-on-critical-minerals/

https://en.sharikatmubasher.com/news/article/21472224/pif-goldman-sachs-join-forces-to-boost-saudi-investments?companyNews=0

You might wonder, “How does a country like Ethiopia fit into this?” There’s a place called Kenticha deep in the southern part of the country. For years, tantalum, a valuable metal used in electronics, was mined from this area. However, recent discoveries have shown that Ethiopia has high-quality lithium deposits that could change the country’s future.

Ethiopia has a potential for lithium deposits that are yet to be discovered and exploited in the country. If managed well this could very much be a turning point for the country’s economy and for the green energy sector in the world. The question that arises in this context is whether Ethiopia is capable of rising to the challenge.

Https://www.youtube.com/watch?v=eC46bk6NCpI (Ethiopian mining minister)

https://www.arabnews.com/node/2570661/business-economy (Saudi mining)

https://www.zawya.com/en/projects/mining/is-saudi-arabia-richer-in-minerals-than-oil-ychn9aki

Artar not a miner so going to need a miner in, one that can handle Hawiah and its adjacent prospects and it looks like Hawiah will be one of the biggest copper mine projects in the world.

JQ a lot more manageable but the JV have licence area in double figures including a couple given recently. They will not be able to sit on them all for long especially as they qualified for money from the government to develop some areas.

So you are looking at Major or several mining companies in my view. It can work either way a major could buy kefi share or Artar could buy kefi share to have more cards in a negotiation with a major. Theoretically a major could step in and buy both kefi and Artar out but I do not think that will happen as Artar will know they can get more money by developing the prospects longterm.

Depends a bit on how fast Artar want to go and how deep their pockets are they could involve several mid caps but I think it more likely they go with a bigger operation like Ivanhoe.

Now on AFC (Africa Finance Corporation) linkedin the forum finished on the 17th of Feb.

At the Eighth Africa Business Forum (ABF), co-convened by UNECA and AFC in Addis Ababa, discussions focused on activating Africa’s regional value chains and mobilizing capital for infrastructure development. AFC President & CEO Samaila Zubairu delivered a keynote on the role of infrastructure and financing in unlocking economic potential, while Mohammed Usman Abdul-Razaq, SVP & Head of Capital Mobilization & Partnerships, joined a panel on bridging Africa’s financing gap through private investment, multilateral funding, and de-risking strategies.

During the mission, AFC leadership met with H.E. Mamo Mihretu, Governor of the National Bank of Ethiopia, to discuss strengthening Ethiopia’s financial sector through trade finance, SME credit insurance, and infrastructure investment. They also engaged with Dr. Brook Taye., CEO of Ethiopian Investment Holdings (EIH), on unlocking investment in infrastructure, mining, and industrial parks. Additionally, AFC held meetings with Ethiopia’s top commercial banks to explore co-financing and treasury solutions.

Further high-level engagements included discussions with UNECA Executive Secretary Claver Gatete on strengthening regional value chains and with Deputy Prime Minister of Gabon, H.E. Alexandre Barro Chambrier, on advancing infrastructure development and regional economic collaboration.

Through these engagements, AFC continues to mobilize capital, foster strategic partnerships, and accelerate Africa’s economic transformation.

Fantasy if I was going to bet I would expect someone to pick up on any AFC ratification or a vote or meeting before any RNS came out.

Its not that complicated really you just have to decide if the likely amount of money kefi get for the Saudi prospects is reflected in the current shareprice.

Maybe 10 to 15 million dollars reflected in the current shareprice (Guesstimate). If you think that's right why are you even here really? Any amount over that 20 30 50 70 or more the market got it wrong.

As asking kefi to spoon feed you the precise amount they think its worth obviously they are not going to do that just before they kick of haggling with any potential purchasers that would be like playing poker and showing all your cards.

"Any sale of KEFI’s remaining GMCO shareholding will be based on open market valuations which, the KEFI Director’s believe is expected to be, following consultations with market analysts, at a significant premium to the read-through valuation of this transaction with ARTAR which was based on historical cost only."

For instance money going into critical minerals.

https://www.business-standard.com/economy/news/india-to-sign-mou-with-israel-and-saudi-arabia-for-critical-minerals-125022700727_1.html

Also middle eastern money enabling Ethiopian mining

https://african-miningweek.com/news/allied-gold-ambrosia-strike-500m-deal-african-mining-expansion

Canadian mining company Allied Gold has announced the sale of a 50% stake to UAE-based investment fund Ambrosia Investment Holding in a $500 million deal. This transaction, which includes $250 million in upfront cash, will provide Allied with funding to accelerate operations at the Sadiola Mine in Mali and the Kurmuk Mine in Ethiopia.

If you look at the Ethiopian mining portal you can see that it takes time for licence areas to be awarded and kefi are still waiting for another area it applied for.

Kefi Geos have a great track record of finding prospective areas they do not just pick areas at random and that the government awarded the area to kefi is a vote of confidence in kefi. TK itself had a previous mining company and its only really since kefi got involved in Ethiopia that the international mining sector has shown signs of taking of. Then add in the debate about critical minerals and the over reliance on china and middle eastern investment into African resources it a completely different ball game.

Https://www.zawya.com/en/projects/mining/saudi-arabia-unveils-100bln-in-mining-investment-opportunities-lb96c14e

Al-Mudaifer pointed out that the value of Saudi Arabia’s mineral wealth has skyrocketed in recent years, from SR5 trillion to an estimated SR9.3 trillion. This increase reflects both the growing value of the resources and the progress the Kingdom has made in unlocking the full potential of its mining sector.

Perhaps the most impressive development has been the surge in exploration activities. The number of exploration companies operating in Saudi Arabia has increased dramatically, from just six in 2020 to 133 in 2023. This 22-fold increase in just three years demonstrates the growing interest in the country’s mining potential.

https://ethiopia-exports.com/nbe-conducts-forex-auction-as-gold-exports-surge/

Gold Exports Drive Forex Reserves

Ethiopia’s gold exports have played a key role in enabling the NBE to conduct this auction. The country earned $1.5 billion from gold exports in the first half of the 2024/25 fiscal year, marking a significant increase compared to previous periods. The surge is attributed to:

Economic Reforms: Government measures to formalize gold trading have reduced smuggling and increased official sales.

Enhanced Production: Growth in both artisanal and large-scale mining has contributed to higher export volumes.

Global Market Trends: Rising gold prices have made Ethiopian gold more attractive in the international market.

The forex inflows from gold exports have strengthened the country’s foreign currency reserves, allowing the NBE to stabilize the market and support economic activities.

Marrone hits me as a man in a hurry Doze I remember seeing him in a interview explaining he would rather be in a frontier market where he does not have to wait for years for the regularity authorities to give permission for mines to go ahead.

Hilarious now bonkers will say if kefi get 70 75$ million it would be a bad result. This at the same time running the company and its £43 million Market Cap.

HtTps://amwaj.media/article/saudi-arabia-uk-gird-to-forge-strategic-minerals-alliance

htTps://www.proactiveinvestors.com/companies/news/1066933/kefi-gold-and-copper-upgrade-for-low-cost-and-very-attractive-saudi-gold-project-1066933.html

https://www.mining.com/allied-gold-partners-with-uae-investment-fund-secures-us500m-for-growth-plans/

Allied Gold (TSX: AAUC) announced on Tuesday it has entered a strategic partnership with a United Arab Emirates-based investment group to help advance its mining operations based in Africa.

The transaction, says Allied, is expected to provide “key regional expertise and broader market support” through the partnership with Ambrosia Investment Holding, a newly formed investment fund at the forefront of the UAE renewable energy sector.

The company also notes that the UAE has emerged as Africa’s most prominent backer of new business, surpassing China. Between 2019 and 2023, it is estimated that Emirati companies have committed more than $110 billion to African projects.

Growth plans

Allied said this transaction, with a total value of $500 million, will further improve the company’s financial flexibility as it pursues its growth plans, including the expansion of Sadiola and the development of its Kurmuk project in Ethiopia.

In Ethiopia, the Kurmuk project is expected to enter production in mid-2026 with a target production level of approximately 290,000 oz. per annum over the first four years and 240,000 oz. per annum over the life of mine. With mineral reserves of 2.7 million oz. and further exploration upside, the company is targeting a mine life greater than 15 years at Kurmuk.

To support the project’s development, in late 2024, Allied signed a C$175 million gold streaming deal with Wheaton Precious Metals.

New York listing

Meanwhile, Allied is looking to join the long list of major gold miners to trade in both the US and Canada, and is said to have started its application process with the New York Stock Exchange.

https://www.miningmagazine.com/africa/news-analysis/4410077/whats-holding-exploration-ethiopia

Https://www.kefi-goldandcopper.com/files/announcements/kefi-updated-jibal-qutman-project-mre-26feb25.pdf With pictures.

Jibal Qutman Mineral Resources increased to 902,000 oz gold

Indicated Resources are up 69% and now represent 83% of upgraded Resources allowing for Ore Reserve development

Mine Development will now target a multi-stage open-pit operation.

With the gold price approaching US$3,000/ounce and with low-cost local development capital, fast tracking an (initially) oxides-focused open-pit, CIL operation at Jibal Qutman is becoming very attractive.

This and other current developments in Saudi Arabia well serve KEFI's strategic review of its GMCO shareholding. We are also very pleased with the ongoing progress in Ethiopia."

Oxide gold mineralisation has increased from 287,000 ounces to 318,000 ounces

Indicated Resources have increased from 18.0Mt to 30.5Mt (representing 83% of the total MRE)

Total tonnage has increased by 8.6Mt to 37.0Mt (+30%)

Total ounces have increased by 169,000 ounces to 902,000 ounces (+23%)

All of these Jibal Qutman resources are targeted for mining via open-pit methods

The MRE was recently signed off by MSA and then reviewed by GMCO and KEFI.

Expected the upgrade this week and a very nice one it is as well with the cut off for bids a couple of days away.

Https://addisinsight.net/2025/02/24/ethiopia-nears-final-negotiations-for-wto-membership/ (Ethiopia general)

https://www.zawya.com/en/special-coverage/corporate-earnings/amaks-net-profits-surge-226-in-2024-dividends-for-h2-24-proposed-crm4c68z (Saudi mining)

https://www.zawya.com/en/press-release/africa-press-releases/mergers-and-acquisitions-mas-reflect-growing-global-interest-in-african-mining-cxa3u51g (M&A)

https://www.argaam.com/en/reports/company-dividend/47313?preview=true (Saudi mining)

https://minexforum.com/2025/02/24/zelenskiy-freezes-us-mineral-deal-seeks-middle-eastern-investors/ (General)