Member Info for Robjm66

Https://news.cision.com/akobo-minerals-ab/r/akobo-minerals-reports-successful-commissioning-of-segele-gold-processing-plant,c4017561 (Ethiopia mining)

https://africanminingmarket.com/zambias-copper-output-to-grow-to-1-million-tons-by-2027/19123/ (African mining/copper)

https://www.intellinews.com/could-ethiopia-s-mining-sector-transform-the-economy-within-five-years-334574/

The good news for investors is that significant gold mineralisation has been found in three other regions: the Western, Northern and Southern greenstone belts. In the Western belts, the most promising gold occurrences are located in the Tulu-Kapi and Ankore areas.

Several other gold projects have reached advanced stages of exploration and are heading towards development, including Tulu Kapi, Dish and Jilaye (in western Ethiopia) and Meli (in northern Ethiopia).

In May 2024, KEFI, a London-listed gold and copper exploration company, said it would launch Tulu Kapi gold project….

https://billionaires.africa/2024/07/23/billionaire-mohammed-al-amoudis-midroc-retains-name-in-ethiopia-amid-global-rebranding/ (Ethiopia mining)

Good post going to be a more multi polar world some historical shifts are simply too big too fight you either ride the wave or get crushed by it.

Https://news.cision.com/akobo-minerals-ab/r/akobo-minerals-reports-successful-commissioning-of-segele-gold-processing-plant,c4017561 (Ethiopia mining)

https://africanminingmarket.com/zambias-copper-output-to-grow-to-1-million-tons-by-2027/19123/ (African mining/copper)

Https://www.investormeetcompany.com/investor/meeting/post-agm-2/presentation

Company might not list at parent company level magnum.

The listing slide 6 Country Holding Companies and Project-Operating Subsidiaries which could List in Due Course as a alternative to funding at parent level in other words a Ethiopian holding company means money could be put in at project level and Ethiopian company holding company level. That way would use the international companies that have their money “trapped” in Ethiopia and local investors.

Do not necessarily need Ethiopian money to cover Saudi side as many choices of funding over there and kefi already talking to Sidf.

https://www.youtube.com/watch?v=1nw0mxAPRQ0

Ethiopian listing 11.55 to 14.18 Saudi listing 52.54 53.35 many choices of funding over there.

Would not need a large discount either as ordinary retail investors there would be interested in investing in a mining company there on the new stock exchange in the same way but to a bit of a lesser extent to what happened in Saudi with Amak plus would have the international companies on board as well.

You might even get the national government adding extra investment straight into a local holding company to accelerate progress in developing the other proximal prospects near TK.

That would kill several birds with one stone faster development of prospects more international revenue and a boost to both the mining sector and their Stock exchange.

Https://www.kefi-goldandcopper.com/files/presentations/kefi-agm-webinar-presentation-22july24.pdf

Q.Site visit what's the mood locally?

A. Excited to see leaders turn up and locals just want to see it happen as soon as possible but company being careful.

Q.Mood of government?

A. why have you not started what do you need to get started go go go could not ask for more support sense of urgency everyone jostling each other to get it going all positive pressure.

Q.Security?

A.Government proving with everything kefi ask for best ever in six and a half years.

Q.Other exploration targets Ethiopia?

A.Proximal areas over pegged areas pushing to get back and satellite deposits and new exploration area (lithium) another TK.

Q.Saudi development scenarios when?

A.Over the course of this year

Q.Drilling results and changes?

A.Just getting bigger enough meat to bite into to develop projects some of which have the potential double and triple in size.

Q.Saudi money compared to results?

A.Dollars per ounce in that respect a big value adding enterprise just need further development, stock market does not reflect it yet.

Q.Exploration success?

A.Keif had time to put things together cherry pick and have exploration big team.

Q.New mining companies more competition?

A.Not effecting kefi.

Q.Saudi listing Artar relationship?

A.Artar good partner..listing depends on Artar when thy are comfortable but plenty of funding choices in Saudi.

Q.How many new mines in Ethiopia and Saudi within five years?

A. Five within five years in Ethiopia Saudi a couple..

Q.Greater potential for discovery Saudi or Ethiopia?

A.Same geology.But no soil trees or people Saudi however Ethiopia has benefits as well.

Q.Corporate focus why stock market so weak?

A. Patience has run out (indistinct) flip side now the perfect moment metal prices now breaking out.

Q.Saudi and gulf investors?

A.They are now interested middle east needs to replace oil revenue.

Q.TK finance announcement?

A(Indistinct) milestones Early works.. main works…

Do you see yourself running kefi in five years time?

No and over the next twelve months a lot will be a happening (indistinct).

Closing comments

Looks like groundhog day I am mindful of that but things are happening and everyone is committed, should be worthwhile as we are building a big mining company hope everyone will be rewarded.

Start Part one

Presenting live from Ethiopia so connection not that good some bits were lost with lost connection.

Harry and team have full agenda for these few days banks might listening at door meetings on going over a couple of days.

Slide three AGM meeting Mark tyler leaving..

Corporate reorganization.. meeting banks this week

Export of metals Saudi and Ethiopia want to get on board. Kefi pegging for a mining boom in Ethiopia. Kefi cleared the path so allowing other miners to make progress. Dozen bankers upstairs kefi has been meeting with mining and finance minsters.

Slide 5 Kefi Early move and other companies. Mining is starting to happen in Ethiopia. Harry met financial community in Saudi, official guidance to move into mining scramble for minerals for green transition. New board member will help banks nearly done so new board member will help with spreading our wings in the Ethiopia.

--

Slide 6

Three project pipeline funding flexibility, stock exchange listings, Ethiopian government targeting mining industry list in Ethiopia first.

Slide 7

Capital structure, NPV

Slide 8

Priorities second bank approval. Community jobs jobs and jobs they just want this to start. Bank in town formalities for AFC membership. Things going on to how we set them out. Equity ranking looking at involving more locals and for longer local holding company being incorporated. Waterfall of commitment government already spending. First big inspection last week.

Saudi project been big drilling program moving into development finance mode. Should be easy to find money there. Good project pipeline.

Comparative valuation slide. Market cap comparison.

TK mine slide

Economics of TK all numbers well under present gold price.

As soon as TK in production will be re financed at lower cost also will be underground mining.

Slide 12 Consortium chugging through it meetings going on now banks know they can rely on us.

Slide 13 slide 14 slide 15 engaging with contractors working our way through as we get to project launch

Slide 16 everything we do we get independent sign off on.

No one as advanced as us in Saudi.. JQ only tested a quarter of it. Ivanhoe exploring around kefi hot area Hawiah could double but TK will likely exspand as well. Saudi 1.6 billion Amak market cap if it was the same with kefi our market Cap would be worth even more.

Questions

Q.Inspections?

A.Happened last week final visit in first week of September. Will get reports meanwhile on logistics.

Q.Both banks approve?

A.Planning Session happening now and we have come up a preliminary date of first week of September after visit.

Q.Main local Equity approval?

A.They already did they are just refreshing it.

Q.Equity risk investors?

A.Cascade of investment they will wait for banks and lead equity kefi have back ups plans including middle east investors.

Main thing is everyone is meeting and pushing to get this done.

About 15 mins to the webinar on investor meet.

Got a breakdown of the early works and what they include in the Annual report.

Not going to go through the whole report (well post it up here) but thought a summary of the chairman's report would be useful. The drift is kefi is going to have three projects up and running and going to be expanding those resources and looking for more.

Summary and Conclusion

Since mid-2020, KEFI’s beneficial interest in the in-situ metal content of our three projects has grown from 1.2 million gold-equivalent ounces to approximately 2.1 million gold-equivalent ounces. KEFI’s current market capitalisation of c.£40 ($50) million equates to only $24 per gold

equivalent ounce and a fraction of the equity valuation applied in the past year at the operating-company levels in our local partnerships’ transactions. The shareholders’ agreements for both TKGM and GMCO apply equity earn-in and dilution formulas that imply c.$200 million for KEFI’s beneficial interest therein.

KEFI’s targeted beneficial interest in Tulu Kapi has an NPV of £449 million (US$571 million) (NPV and the other preliminary value indicators defined in footnote on page 8).

This valuation indicator is approximately 11 times KEFI’s current share

market capitalisation of c. £40 million (US$50 million). The Directors consider this a conventional industry measure of potential value once the projects have been successively de-risked.

By emphasizing joint ventures and project-level development financing, we have reduced the pressure on KEFI shareholders to provide funding. In fact, at Tulu Kapi, the development capital is planned at the project or subsidiary level

Hawiah… We consider it likely that a cluster of VMS deposits will be identified as we progress. The district has also recently attracted extensive pegging by the exploration joint venture of Government-controlled Ma’aden and Ivanhoe Electric. GMCO drilling confirmed the Hawiah deposit in 2019 and it now ranks in the:

• top three base metal projects in Saudi Arabia; and

• top 15% VMS projects worldwide.

As a scale-comparison with Tulu Kapi, Hawiah’s in-situ metal content is now

estimated to be in the order of 2.48 million gold-equivalent ounces versus Tulu Kapi’s current 1.72 million ounces of gold.

Recent exploration has discovered two potential satellite orebodies near the proposed Hawiah processing plant. The nearby Al Godeyer deposit was discovered in 2022 and an initial MRE was estimated in 2023. Drilling at Abu Salal, approximately 50km south of Hawiah, intercepted sulphide mineralisation containing copper, gold, zinc and silver in

multiple horizons in early 2024. Over the coming year, Hawiah development studies will be progressed in conjunction with drilling programmes to upgrade

and expand the GMCO’s copper-gold Mineral Resources in this major VMS district.

Jibal Qutman

The field work since has increased our assessment of potential scale. And the metallurgical and other studies carried out in the past two years have spawned a number of scenarios for staged development,..

and identify further resource potential. Previous exploration primarily focused on an 8km long section of the original Jibal Qutman EL. The full 35km mineralised strike length is now being tested.

Regional Prospecting

By applying a simple industry rule of thumb of US$80 per ounce

resource, our exploration work to date has generated intrinsic value of approximately US$250 million. The Group has 15 Exploration Licences in Saudi Arabia plus a number of applications in both Saudi Arabia and Ethiopia.

Simultaneous with the triggering of full development at Tulu Kapi, we intend to re-commence exploration programmes in Ethiopia and intensify our exploration program in Saudi Arabia. In Ethiopia, the initial focus will be below the planned open

KEFI Gold and Copper PLC

pit where we already have established an initial resource for underground mining at an average grade of 5.7g/t gold. We also intend to follow-up drilling which indicated good potential for nearby satellite gold deposits in the Tulu Kapi District.

In Saudi Arabia, further drilling is being undertaken during 2024, in particular for satellite deposits near Hawiah and Jibal Qutman.

Https://www.kefi-goldandcopper.com/files/reports/kefi-annual-report-2023.pdf

A structural aspect being addressed is to consider the costs and benefits of seeking a dual-listing of the parent or appropriate other group company in a larger international stock market for mining or in one of the new and more buoyant stock markets in our region.

With a forecast All-in Sustaining Cost (“AISC”) of approximately $900/ounce at that same gold price), Tulu Kapi’s projected net cash flow to KEFI’s planned 80% beneficial interest is estimated at approximately £80 million per annum. At current spot of $2,346/ounce, KEFI’s planned beneficial interest in the cash flow is estimated to be approximately £100 million.

Jibal Qutman and Hawiah are enjoying very positive regulatory support as we assess the choices of development plans.

Substantial drilling programmes at both projects over the past year have better defined the known Mineral Resources as well as discovering nearby deposits. Given the expected expansion in resources, the ongoing development feasibility studies are focused on establishing the optimal start-up strategies and ultimate potential scale. We look forward to reporting our assessments and decisions.

Tulu Kapi will be the country’s first large-scale mining project for some 30 years and is designed to the highest international standards. Tulu Kapi is likely to become Ethiopia’s largest single export generator and a significant economic engine for local and regional benefits. Another similar project has also recently been launched in Ethiopia by Canadian company Allied Gold and local conglomerate MIDRC has two less advanced similar-scale projects. The sector is coming alive.

There is significant potential to increase Tulu Kapi’s current Ore Reserves of 1.05 million ounces of gold and Mineral

Resources of 1.7 million ounces.

Https://www.proactiveinvestors.co.uk/companies/news/1052352/kefi-taking-advantage-of-current-gold-tailwind-says-chairman-1052352.html

htTps://www.mining.com/web/saudi-arabia-to-visit-brazil-and-chile-as-seeks-to-diversify-mining/

htTps://saudigazette.com.sa/article/644366/SAUDI-ARABIA/Saudi-Arabia-launches-extensive-mineralized-belts-inviting-global-mining-companies-to-explore

HtTps://www.proactiveinvestors.co.uk/companies/news/1052322/kefi-gold-copper-chairman-on-progress-in-ethiopia-icymi-1052322.html

htTps://oilprice.com/Metals/Commodities/Copper-Demand-Surge-Drives-Consolidation-Wave-in-Mining-Sector.html

Think its gone over Magnums head that TK is backed by a consortium that includes regional and national government two African banks and international companies in Ethiopia and structured at project level. Any theoretical farm in would have had to wait till the present consortium worked out who was putting what in and what percentage everybody was getting back.

Going forward kefi will expect to get more funds from a listing in Ethiopia to fund projects there at project level.

Now Harry is a honorary consul to Cyprus maybe he can upgrade that to the democratic candidate for the presidential election I heard they were looking for someone younger.

Joking apart the mining industry generally has older people employed as its not a fashionable industry for the young.

https://www.mining.com/web/mining-industry-dogged-by-retirements-and-lack-of-new-recruits/

Https://www.sharestock.co.uk/

https://www.thetrainline.com/

At the end of previous webinars they have asked what would are your preferences re AGM and the majority have professed to following them online. Having attended AGMS in the past you could fit who actually turned up in a small cupboard. This time you even have the option of attending TWs shindig to ask Harry questions face to face.

Plus “The timing of the AGM coincides with meetings of Tulu Kapi project partners and financiers in Addis Ababa, including also the general meetings for KEFI subsidiaries being organised to facilitate development financing plans.” Maybe you missed that?

Its funny that so many knockers ask questions here but when it comes to submitting questions to a webinar they almost all evaporate. Its almost as if they are not really interested in the answers or do not like them when they get them. As per normal i will write up the webinar here and on ADVFN. They will not like that either.