Member Info for Robjm66

Well will continue to post the Saudi stuff till a sale goes through from what the report says kefi are aiming to increase the sale value from current estimates.

Deedee1 post 14.04

Well to get a seat back the table in Saudi kefi could buy up some of the small or micro caps that have been awarded licence areas there with it money from the sale. For instance…

“Probably the only ASX small cap to ply its trade in the Kingdom, AKN shares have shot up after it announced it had secured the Shaib Marqan exploration license in a government bid process.”

https://www.youtube.com/watch?v=gJ_pCA4CXYM

https://www.arabnews.com/node/2578113/business-economy

Auking mining Market Cap half a million rest of their projects for free.

Then could spin a new company off from kefi with a new CEO that would concentrate on Saudi.

They should make a decision as soon as possible though otherwise other mining companies will start poaching their Saudi Geo staff.

“Final approvals from the second bank are subject to remaining conditions including Ethiopia formally ratifying its already approved Country Membership. KEFI is targeting finalisation of these formal approvals and of definitive documentation this quarter. This is expected to be a significant positive catalyst for the shares”

“Harry Anagnostaras-Adams with Federal State Minister of Finance Dr Eyob Tekalgn Tolina and

President African Finance Corporation Samaila Zubairu, Addis Ababa last week”

“Based on this Business Plan, Tulu Kapi is expected to boast a levered, post-tax NPV5 of US$688m at a gold price of US$2,100/oz, at the start of construction. Taking KEFI’s expected 80% stake in the project, and assuming an exchange rate of GBP:USD1.275, this amounts to an NPV5 of 7.1p/share. At US$2,600/oz gold, the NPV5 is US$1,046m, representing an NPV5 of 10.8p/share. These figures are 11-17x the current share price. As Tulu Kapi is developed over the next two years and risks are mitigated, the share price would be expected to increase towards the NPV.”

Am now almost cheerful.

“Broadly, benchmarking the Saudi Arabian assets against recent African gold M&A deals suggests a valuation of KEFI’s 15% stake of US$50-78m. This represents 1.0-1.6x KEFI’s current market capitalisation. This could provide significant funding flexibility for Tulu Kapi or other projects.”

“Upside scenarios based on a 15% increase in resources at each project could underpin a valuation range of US$67-89m.”

An updated Mineral Resource Estimate is expected in the next three months. Hawiah A new Mineral Resource is expected in the next three months Jibal Qutman.

“Recent M&A transactions The estimated valuation range for Gold and Minerals is based on the current resources of Jibal Qutman and Hawiah, and the estimated valuations of recent M&A transactions in the region”

Ok I feel a bit less of a misery guts now.

HtTps://www.kefi-goldandcopper.com/files/files/KEFI-Orior-Bank-Approvals-13Nov24.pdf

Before I come across as too negative..

Maybe a big issue not been talked about is its more in the companies hands in Ethiopia rather than Saudi where where it was a junior partner.

Another factor is though the Saudi government has been supportive kefis success is more critical to the Ethiopian government than it is to the Saudi one hence Harry being made an ambassador, the listing, the law changes, the wide consortium..

Numbers are going to skewed due to..

1.All the work done on TK before kefi effectively got it for a knockdown price in a fire sale.

2.TK being further along than the Saudi projects.

3.The high percentage share kefi has for TK.

4.Probably value given to licence areas does not reflect future Saudi potential .

Its possible that kefi will not have such a high percentage of further projects in Ethiopia especially if most of the money comes from Ethiopia at project level from the listing. Though obviously you can argue that means faster progress making it more a Ethiopian success story and kefi not having to raise money at parent company level.

The Saudi projects value would have inevitably gone up as they got further along and Hit full DFS status. Will interesting to see if kefi doing further work in Saudi to increase the price it will get for the areas or just sells them as quickly as possible.

My guess is Artar has already decided who it wants to work with probably Ivanhoe as they have been looking at kefi areas in Saudi already as they are near theirs so most likely bidders are Artar or Ivanhoe.

Simply not good enough. Big mistake $10 million in the scheme of things is peanuts that things have got to this stage suggests a neglect of the Saudi side at management level and lack of ability to focus on Saudi and Ethiopia at the same time at that level. They with the quality of the projects in Saudi should be able to borrow that money especially with full TK launch around the corner.

I would suggest that management has lost objectivity over a period of years and favoured Ethiopia over Saudi when the best future prospects were always in Saudi. Management should have been looking at JV and partnerships in Saudi to make it more manageable all along and if the management was not capable of doing that it should have stepped down and made room for some new blood that was.

I can see now why Kefi was disingenuous over not flagging up its new licence area when other companies were as it would highlight the great potential of the prospects there when the company was effectively selling the family silver.

Main strength of the company has been it Geo team making discovery after discovery in Saudi just a bit clueless to not realize that years ago and capitalize on it.

It should not be rocket science to make things work in Saudi and its just bizarre trying to get out of Saudi when everyone else is desperate to get in.

Https://addisfortune.news/tulu-kapi-gold-project-opens-investment-to-ethiopian-nationals/

https://*************.net/kefi-offers-30m-investment-in-ethiopian-mining-project

"in line with local capital market regulations, kefi has invited qualified ethiopian investors to participate in the remaining $30 million required. according to anagnostaras-adams, the company has received preliminary expressions of interest from local investors and will proceed in accordance with ethiopian financial regulations. this gold-linked investment structure is tailored to offer ethiopian investors returns either in gold or u.s. dollars, aiming to protect against currency fluctuations and inflation.

while initially targeted at qualified investors, kefi plans to open the investment opportunity to the broader public once ethiopia’s securities exchange is operational, aligning with the company’s larger objectives to support ethiopia’s gold mining sector and its developing capital market."

Thanks buts it obvious stuff kefi have been looking at listing for months and would have been talking to the government all that time.

Kefi should be able to get an exemption like it has in the past especially if the local and national governments are going to be shareholders.

Alternatively gets a chunk of the finance and register it as chunk of profit before they need to spend it..

some kind of tax or historical spend rebate ditto

Investment into or JV into Ethiopian subsidiary ditto

I can think of various way round that profit provision Harry qualified as a Chartered Accountant so he should be able to think of about a half a dozen ways round the profitably provision.

The rest of the provisions look doable.

Likely as well that the Ethiopian government exempts the mining sector at some time as otherwise it would penalize start up Ethiopian junior exploration companies and informal miners that they want to bring into the fold for the tax revenue and leave the field largely to international miners.

FC Well some silver plays could do well when the Trump rally fizzles out as silver looked like it was on the verge of a breakout (looking at the chart) before the election. However Kefis (G @M) new area is prospective for Silver “Wadi Ad Dawsh: Gold and Minerals Ltd Company. The site holds prospects for gold, silver and copper ore”.

Https://www.proactiveinvestors.co.uk/companies/news/1060206/kefi-gold-chairman-talks-proactive-through-another-financing-milestone-at-tulu-kapi-icymi-1060206.html

Maybe a gold bar door stop Upshunt (by the way I have a very big door).

Upshunt they added a couple of bits to the website recently including the link to mining forum America and the Mining expo presentation but agree it does need updating.

Then you have add in developments and what looks like a decision to go for the double pit option at TK and the higher gold price meaning more gold generally will be able to be mined.

So overall you are better off looking at the latest webinars RNS presentations and so on to be more up to date.

The company expects progress this quarter which means this and next month.

RNS

https://www.kefi-goldandcopper.com/files/announcements/kefi-increased-loan-facility-and-bank-approval-6nov24.pdf

Overall direction of Tulu Kapi production planning and Project economics

The ‘Banked Plan’ is based on a 1 million ounce JORC-compliant Ore Reserve of free-milling gold ore at a head grade of 2.1g/t, with mining plans designed around a pit shell derived at US$1,250/oz

gold.

Cut off grade is 0.5g/t, with all ore below 0.9g/t stockpiled for processing at end of open pit mining. This plan assumes we mine at 2.5Mtpa and process at warranted minimum or “nameplate” 2Mtpa, to produce 135 Kozpa average over 7-8 years.

The ‘Business Plan’ is to introduce initial underground mining from within the existing Resources, to increase plant throughput by 20% so as to process at c. 2.4Mtpa and to lift gold production to 179,000 oz pa average over 7-8 years and, ultimately, potentially beyond 200,000 oz pa. Progress with such plans will be reported in due course. It will include a Definitive Feasibility Study (“DFS”) on the underground start-up, to be completed during construction of the open pit and infrastructure along with extensional drilling below the underground mine resource.

https://www.kefi-goldandcopper.com/files/presentations/kefi-investor-update-presentation-5nov24_0.pdf slide 15 what left to do and slide 34 the difference between just one pit and two though it looks pretty likely it will be the two pit option considering the economics.

Looking at how much Allied is paying for the lecy maybe they can start supplying the UK Jeez https://x.com/SBarrettBar/status/1854571785926086716/photo/1

Https://www.argaam.com/en/article/articledetail/id/1767557 (Saudi mining)

https://www.zawya.com/en/capital-markets/equities/saudi-maadens-net-profits-leap-3335-in-9m-24-d0dj5el1 (Saudi mining)

https://www.youtube.com/watch?v=gJ_pCA4CXYM (Saudi mining)

https://www.zawya.com/en/projects/mining/saudi-arabia-awards-exploration-licenses-for-6-mining-sites-p1m19f0u

https://www.zawya.com/en/press-release/companies-news/saudi-exim-and-glencore-sign-300mln-credit-facility-agreement-clv8lppb (Saudi mining)

Https://www.connectingafrica.com/investment/ethiopia-starts-process-to-sell-40-of-ethio-telecom (Ethiopia general)

https://www.morningstar.com/news/pr-newswire/20241107to51005/allied-gold-announces-management-and-board-appointments-and-mining-contract-awards-for-the-kurmuk-project-and-its-west-africa-operations (Ethiopian mining)

https://www.newswire.ca/news-releases/allied-gold-announces-third-quarter-2024-results-implementing-operational-improvements-securing-key-regulatory-approvals-advancing-development-at-kurmuk-and-sadiola-and-strengthening-financial-flexibility-through-strategic-initiatives-822286462.html (Ethiopian mining)

Kurmuk Progress: During the quarter, Allied continued the advancement of the Kurmuk Gold Project, progressing earthworks, camp construction, and supply chain activities according to schedule, including key agreements aimed at securing cost-effective operations. A signed 20-year Power Purchase Agreement with Ethiopian Electric Power ensures sustainable energy for Kurmuk at a fixed rate of US$0.04 per kWh…