Member Info for Simms45

Useful to learn all land was registered under company name in the last 4 weeks that would be a requirement of any acquirer. While share price ebbs and flows on almost no volume the company value is really disconnected. We have 10 ndas, we have 5 non binding offers. Quite why a binding offer has not materialised is likely a combination of price but also small details like land ownership, i suspect this process has flushed out all the details and i hope have all been resolved but we will wake up one morning with $100m+ offer and we should get back to 40p and i hope another bidder will enter at this time. It has not been great that we have waited 10 months to get to this place but MC is confident a sale will be crystalised so you just need to wait for that to happen. He would only say that if a non binding agreement was at the right level or why would he be confident. I suspect acquirer is being very picky on the legals so hopefully we secure a deal in next 4 weeks.

Key thing today is we are 10 days from end of Q3 and Harry in presentation says bank credit approvals and definitive agreements to be signed so that in Q4 we can draw down equity and get cracking. Harry could have slipped some of this into Q4 but he has not. Therefore we have assume signing has all been agreed for end of month which is largely what we have been led to believe. Key is this is happening and the biggest value creating event in Kefi history will happen on credit approvals and definitive signings, easily $100m for starters. Hopefully we are now in the final stretch although share price seems to think otherwise.

I think most regret investing in CNEL after what has happened, not just from the perspective of the share price, but also that we have money tied up with a board who, as you say takes part in culturally dubious activities. The jump to .16 was out of the blue and we still to this day have no idea why. Shares normally need to explain why the shares double in a day but not in Hong Kong. We are valued less than £9m so for me that seems low and i hope better times are ahead as we were led to believe that from start of year things have started to improve and company has plenty of patents and some decent R&D projects. i think i will hold as i cant believe the next results will not show some positive momentum and there is talk that there is a big project with Sunbird that might come to fruition. however the suffering of no news every 6 month and then reading a report that has almost no news in is depressing.

On the positive side Logik might need to pay us £4m based on this legal claim by Eqtec. Eqtec have good form in courts when they were last protecting their IP in the US and resoundingly won. Obviously delayed payments from projects in France and elsewhere is not great as that impacts cashflow so i hope the board focus on the refinance in Italy to deliver cashflow and also deliver NorthFork as that was supposed to be announced this month and then equally refinance that project as we have a lot of cash tied up in NorthFork that we could do with. Certainly not the best day in the life of Eqtec shareholders but better to bury all bad news before the interims and then come out with all the good news. i really hope there is a lot as we have long way back to climb!

Market value is now only £16m and i wonder if they finalised closing Billingham as they need to start building positive momentum so i am hopeful Eqtec have jettisoned all bad news and going forward they turn things around. I think todays decision was the correct one and focus resources on deliverable projects that look plentiful and untapped so time to push on and deliver North Fork as that is the next big achievment that should open the huge US market just as we are doing in France. Will the last company who leaves the UK please switch out the lights as government since 2016 has done everything in their power to make the UK unattractive for investment.

In reality it seemed it was mothballed sometime ago so at least we will not be investing further in this project and save time and energy in other countries that appear to have more pro active support. Not what you want to hear but we need to focus on the low hanging fruit, get North Fork live and work on projects close to financial close.

There is probably only so much communication that can be released but MC and JM are financiers so if there is one thing they should get right it is the exit. Gold miners are changing hands for good money so it is natural we should get a fair price in this sales process as i think everyone invested can agree it is a great asset with 12 month payback on debt from first pour that is amazing really. I certainly hope er get something this month or next as it will not look good on the management to have taken 10+ months to deliver a binding offer. I only wish we had spend the last 10 months developing the mine as we would have higher bids coming in now as the greatest value creation for gold mining investors is between raising the finance and first pour.I will take 40p-50p and i think JM and MC should take that view as well as finalise the sale.

If you look back at almost every placing you will see stubborn resistance at the placing price. In many cases months and then pop we jump 30-50% very quickly once cleared. harry was past master paying all manner of people in shares including suppliers and 3rd parties who simply sell for working capital. Not sure its case this time but suspicion is someone bought who now is selling to not lose money. I do not have all answers just historic memory of placings and this looks identical and hope we jump to .8 quickly as we should be around 1.5p by now if we get news at end of month from credit and then towards 2.4p as we push towards equity financial close and then who knows as Hawiah and JQ and many other things are looming larger and Saudi listing will put Kefi into a different orbit.

I notice another £51k of shares sold today alongside £100k yesterday at placing price of .7. I think it is a sell because it looks a blended average although it looks above todays price but a purchase of this size would have moved the price higher i suspect. Hopefully we finish off these leftovers from the placing but once they have gone we will get quickly start to move as this is artificially holding back the share price. The same has happened before after placings where it seems forever you are stuck at a level and then pop once they are all sold. hopefully something big will drop before the end of month

Such a massive, almost unbelievable disconnect in value between Allied Gold and Kefi but presume the premium is the fact they sold their previous business for $4bn+ so comes with added credibility. However $1.3bn Canadian valuation on TSX is a good benchmark. Now with Silvercorp buying at $43 an ounce and everyone else piling in it looks like a wild west in Ethiopian mining has started. While improbable, as no one would sell their shares at the current valuation, but is the valuation of Kefi with all the licenses and goodwill built with the Ethiopian government. Kefi could become a Titan of Ethiopian mining over coming 5 years as once TK is financed they will be able to take their pick of the countries license opportunities and will have already built considerable networks across the whole of Ethiopia along with development banks and investors. exciting times given we are £30m market cap :)

100% that was what held up the march past .7. If that is it and not another block coming we will pop higher on monday as hopefully we have cleared out the deadwood.

Remember that Saudi investors and even Ethiopian investors {not least the corporate investors on this project) might also see the strategic move to invest post funding and prior to a possible Saudi listing so professional investors will be piling in from the financial close as that is when the greatest and most guaranteed value creation is made up to first pour. i am sure Harry will be discussing this type of thing post financial close as the reality is the dividend in 5 years could be equal to the current share price comfortably. When do you get the opportunity to invest today in a £30m company that conceivably, even for the bombed out UK market, should be valued £150m+ post financial close and potentially £300m by the middle of next year with things falling our way with Hawiah and JQ that now seems odds on. Once financial closure finishes my understanding Kefi gets some cash back of around $10m and will be billing for our services going forward so with the warrants triggered we will be generating cashflow into Kefi. That cover Kefi to keep our percentalge in the biggest Copper project in Saudi and our gold in JQ. need to check all of that but have come across it more than once.

.7 Does feel like the last bootfilling chance before Kefi pops higher and could be scooping up left over placing shares or someone who bought in placing recouping the outlay. Whatever it is cant imagine it will last long as some news coyld start to drop next week and Towards the end of the month.

Based on all interviews and Harry tenacity to deliver proper in Q4 with financial close from equity investors and project start I am expecting bank credit signoff to be end of this month or very close to it as he stands by Q3 timeline. Once that happens Harry said rest is procedural. I am banking half the $90m of sweat equity we have in project on credit signoff and the other $45m on equity close so all those expensive pina coladas in Cyprus over last 12 years will all be converted into out 70% ownership of $390m project. Mad really as we stand around £30m. Just that should take us towards £130m in equity and nearly half way to Harry valuation without even a sweat. £300m seems very achievable as he said smaller junior explorers in Saudi valued at over $1bn so while we are on the bombed out AIM market that is part of the sinking LSE ship if we could pivot to Saudi we would be quids in. Would love to top up again but up to my ears in Kefi and more than i should but these companies only come along once every few years where the chance to 10x is almost expected over next 12 months if we get TK away and some focus on JQ and Hawiah. Kefi has been an unmitigating disaster for long termers but lessons learnt i am sure but for me seeing the MOM head praise Kefi and banks doing somersaults to sort issues over last weekend we have the ears to the top so its getting to the point almost hard to imagine this not happening as MOM would not have stuck his head out praising Kefi. couple of weeks and we could be 1-2 p+ for starters.

You could have said that about any junior gold explorer/miner on Aim and probably any stock in the whole of AIM over last few years that has seen a big slide regardless of underlying value. The whole tide went out 2 years ago and we are waiting for the tide to come back in. . Anyway assets are still their and Condor retired a non exec who is no longer needed. The sale is coming shortly and when it comes Condor will probably out perform the average of AIM when it sold. Most companie trade below their Net Asset and Condor is no different. Hopefully the two Canadian conferences will finalise the deal and we will know in early October.

With national bank of Ethiopia doing fast changes to its regulation and ministrt of mines opening praising Kefi its all looks set for something substantial to happen at the end of month. I am sure the mom guy mentioned 2 weeks from his talk also so long long long way to go and really 1-2p should be holding position we should be moving to in the next few weeks.

Lets hope news filters out from the webinar to wider investor base but 40p seems pretty much nailed on and probably we have non binding offers already in excess. The webinar really hammered home that the discussion is what is discount on the $400m NPV when payback is 12 months from production. If they could get $150m cash today they should accept and you never know but Calibre or Equinox might take a poke at all paper share deal for more and i suspect most would be happy with that. Maybe an all paper deal at 30-50% of NPV might be the way to reach the 60p range. I sense all cash offers will be less but paper from a decent gold miner is a good way forward as the deal leaves a big bonus for the buyer once they go into production.

I heard enough to top up as i think we will get a good steady set of RNS updates over next few weeks. If one of those is credit signoff then the whole train goes into motion and Kefi is immediately worth £120m (2.4p) just in net assets when we bank the $90m sweat equity. However i get every investor is jaded with Harry rose tinted glasses, i am myself, but ministry of mine touring Australia and dozens of investors in Addis bank meetings means they are all hitched now to Harrys wagon and heading off down the hill. We have financial closure momentum and now we just need to wait for that momentum to reach the share price but it might sound silly given how ridiculously undervalued we are but £150m+ is bare minimum for TK after financial closure of $370m project we will own 70% of and then you turn your attention to Hawiah, JQ and the massive number of other licenses Kefi have been awarded. Obviously all hinges on tk finance but, touch wood, everything is in place and once the bank finance RNs drops we will climb over the coming months and while some investors bail this is a company that can easily go to 5p by next year on the back of Hawiah news and maybe a lot more if we move to Saudi listing where similar mineral companies have been valued around $1bn. Given today we are worth £30m something tells me that there is a reasonable value gap. It it was not for Harry bluster and we had a CEO who delivered what he said we would be £120m today but risk and rewards and strange bedfellows.

Well from the video site visits are happening as we speak and 10 NDAs and 2 Denver conferences next week with a busy schedule of meetings. If we have many more suitors coming in at this late stage lets see what transpires but what they should do is take the highest offer today and make binding and this will then create urgency for any other suitor to put down their cards as today everyone is holding their cards and waiting. Maybe Jim is being the roadblock here holding out for high price and while he might wield 23% of Condor if we already have a number between 40-60p they should progress it to binding and who knows some listed TSX company might make a straight takeover or propose another deal structure but really September is the month this should happen.

The credit signoff really must happen this month to even come close to deliver the timeline but even in worse case scenario a large part of the recent placing was to pay off our loans so it means we free up the option to acces short term instruments as we have done for last 3 years. Lets just focus on getting the finance sorted and everything else will be history. Gla