Member Info for Robjm66

A: Our negotiations with regional investors addresses both Ethiopia and Saudi Arabia.

Q: Are you contemplating listing GMCO on the Saudi stock exchange?

A: Yes.

...

Think that's the way to go discuss money with people that are awash with it rather than western banks. Considering how successful IPOs have been in Saudi makes with the likes of Amak multibagging.

Another factor is over the last months of 2023 and during 2024 Saudi money has been flowing into mining investments worldwide as well as their own mining sector. So some Saudi funds could go towards a faster exploration of Ethiopian prospects as well as Saudi ones.

HtTps://www.intellinews.com/ethiopia-prepares-to-launch-securities-exchange-with-ethio-telecom-rumoured-as-first-offering-316546/ (General)

htTps://addisstandard.com/news-federal-govt-tplf-reaffirm-commitment-to-pretoria-peace-accord-during-au-led-meeting/ (General)

htTps://www.share-talk.com/power-metal-is-progressing-in-saudi-arabia-and-is-poised-to-initiate-pre-ipo-financing-for-its-subsidiary-power-arabia/ (Saudi mining)

htTps://www.extractiveindustries.co.uk/power-metal-new-spin-out-targets-arabian-gulf/

(Saudi mining)

If Artar wanted to play hardball they would have already done so instead they cut kefi some slack to get TK over the line.

Last year been more about other consortium members getting their ducks in line kefi could not change the law on its own for instance to enable exemption from capital controls.

The key stage is board approvals from all members of the consortium including second bank after that focus likely to switch more to the Saudi side and Jibal Qutman. However as Brad/Rain only interested in full official launch of TK we of course will not see him till then.

Q: How do you feel coming to the webinars, basically saying for the last two years (at least) that the financing is definitely happening and imminent, yet here we are, still waiting for it and no fixed timetable set?

A: That is not accurate. The Ethiopian national state of emergency ended in February 2022, the syndicate met and signed their Initial Umbrella Agreement in June 2022 to re-prepare for project launch. We consistently set out key conditions precedent as being security upgrade, country membership for AFC for Ethiopia to treat that bank the same as TDB, and exemption from capital controls. We signed the Final Umbrella Agreement in mid-2023 and we reported as follows:

“Along with the rest of the Project finance syndicate, the co-lenders have issued conditional approvals subject to the Ethiopian Government’s formal confirmation of the few remaining outstanding items, notably clarification of the details of capital controls for internationally syndicated project financings. Whilst the principles have already been approved for TKGM, specific working rules are being considered to ensure the Project can operate smoothly.”

Upon finally receiving public declaration in October 2023 of the requested details of exemption from capital controls, the syndicate met in Addis Ababa in November 2023, the lead-lender issued final credit committee approval in December 2023, that was reported in January 2024 and the progress since then will be updated when so approved by the syndicate.

This has obviously and regretfully all taken longer than we expected or wished. If KEFI itself were funding everything we may have been quicker, but that is not really the issue at hand because the conditions of the host country and its regulatory reforms needed to be addressed satisfactorily for anyone to deploy money and people. Shareholders’ best interests required us to await the lifting of the state of emergency and to await the requested fine print of, inter alia, the exemption from capital controls.

No-one in the syndicate is doing anything to waste their time and money. They are just being careful. And it is KEFI’s overriding responsibility to protect all parties’ human and financial capital in a country that became very challenging after our arrival and is now settling down again.

It is encouraging that Ethiopia is once again reportedly back into the top 10 rank for growth countries.

Q: Did it surprise you that the two main Tulu Kapi financing banks did not carry out their due diligence concurrently rather than consecutively?

A: That is not correct. Due diligence was concurrent. Formal approvals sequencing is a chain of dominos.

Posted 12 March 2024 kefi website

Q: What is the timetable for Tulu Kapi development?

A: It is expected to be a 24-month development program from mid-2024.

Q. How confident are you that the exploration areas around TK will be returned to Kefi?

A. No update to the statement in the Q4 Operational Update released on 24 January 2024:

“We have commenced administrative proceedings in respect of our long-standing proximal Exploration Licenses (“ELs”) surrounding the Tulu Kapi Project Mining Licence area, in order to continue exploration programmes and community development which have always complemented the Tulu Kapi project. During an overhaul of the title-regulatory system in 2022, these ELs were over-pegged by a Hong Kong shell company owned by a British Virgin Islands shell company. We are confident that this situation can be resolved satisfactorily."

Q: What changed to make you change your previously stated position that KEFI would not raise at the PLC level before financing had completed?

A: The intention has always been to minimise dilution to KEFI shareholders and TK is being project financed at the subsidiary level for that reason. Our project financing of $320M needs certain things done now by KEFI in order that we can launch the project, hence the requirement for the PLC raise.

The estimated fully-diluted intrinsic value of Tulu Kapi is multiples of today’s share price and further enhanced by the Saudi assets and exploration assets. But we need to pay for certain project launch costs so that the large financing can close.

Q: How will KEFI fund themselves for the two years whilst TKGM build the mine in Ethiopia?

A: The project finance plans in both Ethiopia and Saudi Arabia take those costs into account. But no one in a pre-production company can warrant that shareholder capital will never be required. That would not be reasonable. We can only transparently explain our intentions and plans.

Already been mentioned that the last meeting went well as did a meet up of consortium members on the sideliners of a mining conference. Now its gone to board approvals of consortium members.

Https://www.fanabc.com/english/uk-keen-to-elevate-bilateral-ties-with-ethiopia-to-new-heights-says-ambassador/

https://twitter.com/fitsumaregaa/status/1765104031419019693

https://www.youtube.com/watch?v=9DEN5_3t1Wk (gold price)

https://www.zerohedge.com/news/2024-03-10/gold-weekly-one-bank-notes-central-banks-buying-strength-now

/73416/tom-winnifrith-bearcast-running-through-my-mining-juniors

Thanks Crazytowner will pass on your post to the person who asked it.

Kind of shows the pointlessness of any kind of protest vote when if lucky it would reach five percent.

From a poster ADVFN kefi thread

"Can someone please tell me what TW apologised to Kefi shareholders for, if that is what he did? Is he no longer an uber bull on the stock?"

TIA."

Brad Pretty up to date think it was late October it was done but will be some minor “tweaks” as Harry described it “Detailed definitive agreements for the project financing are in near-final form with contractors”

“As previously reported (see Q3 2023 Operational Update announced on 31 October 2023), to facilitate equity investor analyses (as compared with the lender-dominated analyses regularly reported in respect of the open-pit), the financial projections were updated to reflect the Company’s business plan:

• Development of the underground deposit so that it begins to contribute to production as from Production Year 3;

• Processing of the low-grade stockpiles at end of mine life;

• Equity analysts’ consensus long-term gold prices (as per Standard and Poor’s) now at US$1,862/oz;

• Lifting the process rate by 20% to c, 2.4Mtpa; and

• The intention to refinance the debt package with conventional corporate finance during the third year of production, at which point the more expensive components of start-up finance would be repaid.

Biggest change will be those triggered by higher gold price than anticipated so earlier pay back of money more of the deposit be economically viable, maybe earlier exploitation of the second underground mine at TK

Even Breakeven cost at $1,282 was worked on a $2020 gold price best case.

“The contractors in the syndicate have all reaffirmed their intention and readiness to enter into the already drafted definitive documentation to enable full Project launch in H1 2024 as previously outlined.”

Https://goldprice.org/

When something is covered at the project level it is not directly covered by the parent company, the gold price is the gold price which is usually quoted in dollars which is the American currency sorry your sozzed.

Also $1,260.39 average gold price 2017.

Break it down and its all covered at the project level apart from a part that can be paid back years down the line at the companies discretion in cash you seem to have missed that Brad.

Supporting what the share can do now TCM rather than moan and whine about what the situation was years ago.

TCM would ask why you are here but you have no other reason but to trash the share and run away when you lose the argument or when the odds are against you.

Should get bank and credit approvals before anything else TK based plump that's the crucial stage. Given up on your .4 target yet?