Member Info for Simms45

The capex of $100m is so low i do wonder whether if MC can secure 65% loan with development and other banks and the other $35m as gold/silver loans together with some JV or sale of some land package to secure a no dilution deal. Fees on gold loans are good for for bankers and we only need a few years to return the gold equivalent. Sure JM will love to take as much equity as he can at these low prices but he would be pushing the limit where he needs to make a takeover offer and any sale will require his agreement. i am surprised the market has not factored in how this reduces equity as well also have a valuable SAG mill that could be used as collateral and a lot of land etc. We also have some parcels of land we will not be looking at for a long time so maybe sell those to Rio.

And remind me what the market cap of Kefi is today for the $100m net income we will receive? Its just £24m today? Just our sweat equity as part of financing is already down as $80m, which will rise as 2021 is added. Kefi will barely have to raise any money for financial closure and we get $80m direct to our balance sheet once completed so our net assets will sky rocket. Sure we might not get financing (market has made that assumption based on price today) but so far everything in last 6 months have gone to plan and Tigray in final stages of a peace in Ethiopia. We just largely got the JQ green light and once we get final permit that has a real value closer to $50m+ to flip to anyone else if Kefi put it up for sale immediately (which obviously they will not). Then Hawiah is enormous global copper find. Its value already in the many 100s of millions based on IPOs of similar entities in Saudi. We just need the touchlight for TK and very quickly without any effort we fundamentally have a £150m business and we will see if the market catches up but again if Kefi decided to theoretically sell up a queue of suitors would snap Kefi up for £100-£150m no questions asked on TK financial close and probably a lot more because of the unlocked value in Saudi to come. Personally if we are not at £100m post TK i would promote the board to break up the assets. Certainly Saudi assets split from Kefi and listed in Saudi is a no brainer as it would unlock huge value and they have mentioned that so it seems to me next year could be a year of value extraction for Kefi.

I am sure MC caught up with Calibre and Mako at Beavercreek but there is a lot of comfidence in MCs voice about funding so i am really expecting that should come very soon and while he says 18 months build it was also discussed its possible in 12 months so with the Sagmill in situ, land already cleared and training happening i tend to think he is being conservative with time frames. If we can get funding secured on the next few months there is no reason to think production cannot comfortably be Q1 2024. of course we really could do with that JV or other news to further minimise any dilution but with such a low capex and quick pay back bankers will eye tasty fees for 12 months lending so its more now to minimise the equity component and i think with gold and silver loans it might be possible with almost no equity and a JV would almost secure that outcome. All looking very positive and can see Condor climbing on the back of all this good news and plenty more expected.

So far this year, to Harrys credit, his time table is coming together. JQ is for many gold explorers a big gold project and we have 3. With TK now in the final stretch will investors start to spot the massive gap between market valuation of Kefi and the expected profitability in under 2 years/3 years. This has immediate value on its own in excess of our market cap so we will see where this goes over coming weeks as ultimately we will all look back on a 6 month period where we could have all bought in at .6p. Gla but those ducks are aligning nicely. If all else fails sell JQ to highest bidder to unlock value.

With MC speaking soon at Beaver creek hopefully we can continue the climb back to the 40s this week as more investors move to capitalise and as more news updates are released. Also about time gold rallied a little to help along the way.

I wonder if our SAG mill, that we have already purchased, would come out of this Capex or is a excluded already? The BFS has been around in the dataroom for sometime so i am confident there will be some additional news coming quite soon. Just seems that either a JV or financing would have been advanced subject to the final BFS. Surely Rio Tinto have not gone to Nicaragua for the sun and sea as they appear to not made any deal in the last 2 years so seems odd frankly.

A very long way to go but all encouraging but its a fantastic place to be and a lot closer to financing now we know the low Capex details and the big returns when you factor in Mestiza and Americasz Plenty more investors will now move in as we are 18 months from first pour and barely worth anything based on gold on thr ground. Looking forward to further updates and even a deal on the copper or a cheeky takeover offer.

We should see new investors joining as its a strategically important point for investors and as we close the NPV gap towards first pour. The gap is massive today so bargain hunters will start to hoover up the available stock, not that there is much at these very low levels. With more news incoming we should see 40 and 50s.

The starting gun is off. The BFS is exactly what is needed and is very positive as it barely scratches the surface as Mestiza and Americas are the main event in the first year and provides the very high grade to maximise the payback. This BFS should attract serious attention and the financing should be almost sorted. Could be further updates this week or next imho. Gla

Condor is not as comparable in my view as we are planning a far lower Capex with full payback in 12 months. That is a huge difference. Obviously not until we have precise numbers on the table from the BFS together with financing and timetable can we really see what we have but surely being conservative, and because on these very low capex numbers, we should be throwing off $70m of free cashflow on 100k ounzes after year 1 production. Work out the discounted cashflow of that sort of minimum return over 10 years but i would start thinking that $100m market cap is not unreasonable. The failure of so many mines is massive Capex and massive payments to cover the borrowing so if we can keep that to a minimum it massively increases the payback early. Certainly i just sense MC will be looking to extract dividends asap.

Amazing news going into the last few weeks of September where peace and stability is key to the long-term for Kefi in Ethiopia. Could be the tonic we need to fill the sails and get this ship out the harbour.

This could go into orbit if all the numbers tally up on the release of the BFS and not least if financing is at a later stage or deals are being put together with 3rd parties to bring forward construction as so much prep has already been done and mill is onsite. Realistically without all of this we should be in the 50s at this stage but the market is the market and the investor base needs a injection of institutions who will be more interested post the BFS. Hopefully next few weeks will set the trajectory.

IF only the government had the nouse and acumen 5-10 years ago to invest the £100bn+ we are now about to spray across the profiteering energy companies and instead invested that £100bn in solar, nuclear, wind and gassification,.... The UK would be almost self sufficient and not now staring down the barrel of energy companies making vast profits and giving Russia the biggest profit windfall in history to fund whatever it needs to. Madness really that governments say they have no money but when push comes to shove they just magic £450bn for covid and £100bn+ for energy subsidy. you cant really make this up for future generations to pay for the rest of their lives and their children. I really hope once and for politicians are kept 100 miles from any actual long-term business strategy and let them just talk about social issues. it is all about how can we keep our cosy jobs and bribe voters every 5 years and not take difficult decisions that are unpopular. rant over but my goodness it does not you angry when governments cannot do anything and then all of sudden magic £100bn out of thin air that will have no long-term benefit whatsoever as it will just give energy more lobbying power to pump more oil and gas.

We have ticked all hkex technical boxes as far as i understand. We must hear soon on progress but second half of year i am sure will be a good one as all the pipeline of projects were only delayed. One small silver lining is HKD is 15% up on sterling so if we get some decent news to confirm second half of year is robust it would change things.

What is also positive is the world policy movement to green tech on a big scale. It will take time to come through but Eqtec are doing everything right to be the global leader with a global franchise model and while painful and expensive upfront and not without hurdles we have seen that once Northfork MDC is otl we have 10-15 more thar will come from this. Same for this France project. Taking time and money but we are getting close to the inflexion point. Plenty of news expected next 6 weeks.

Looks for once we have bagged a great deal and importantly the groundwork on funding and partners looks fleshed out and we get a 35m gasification fscility with grid power that never got commissioned for almost free so more a case of swapping out the tech for Eqtec so far less work needed.

“Expressions of interest for the full funding required, including Letters of Intent (the "LoIs"), from institutional infrastructure investors have been received for the project. Construction is expected to commence in Q1 2023.

· The Plant, once operational, is expected to generate in excess of €10 million in annual revenues, with further potential to improve the economics of the Plant.

· The Company has received expressions of interest from two French energy companies to potentially become owner-operators, once the plant is successfully commissioned.”

i agree. its painfully slow and a learning exercise but ultimately i was invested here to get the gold out and that is where i stay as i have total confidence we are going to get to the destination and the gold revenues will reward investor, if we are not bought sooner at a sizeable premium of at least £1.20 to get Jim and MC around the table. long way to go but we should get back to the 50s in due course where you will at least break even. sadly time is the killer of any company that does not generate revenue as you have painful dilution and in the case of MC that is over 12 years of no revenue.

amazing what a few thousand can do to the share price. Imagine what a few £100k will do. we are well overdue getting back to half credible numbers and we have a long way to go. There has been so much silence for so long that i hope the FS will start the countdown proper to first pour. Best time to join the shareholder register is between now and first pour, by which time we will be long sold imo as Rio Tinto are hungry for assets and drowning in cash.

Positive to see off-take agreements in final stages and at much higher energy prices from Toyota and Total. The energy price rises are a game changer for Eqtec as surely 600% rises in energy makes Eqtec economics off the scale. Small delay in sale agreement to end of September. Not unexpected but personally i feel very positive this will end well as key part of energy deals look almost certain. Given current prices Toyota must be chasing Eqtec. Onwards we go and if all comes together less than a month to kickstart some level of self sufficiency.

I think you will find Harry is a key speaker. This whole conference is about SA/Ethiopia and Australia doing mining business together. Kefi is a major probable success story for SA and Ethiopia and leading the way for co-operation. Would be more shocked if he was not speaking. Also key people on SA will be here so could also be finalising matters and nothing wrong with finding new partners if we need them. Now so close to signing if any investor bails Harry needs backup options who want a legit way to get money out of ethiopia where it is largely stuck. I suspect a lot of companies are interested.