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In his last webinar Harry confirmed all the money is committed subject to some dance with security reports etc now. Everyone is frustrated but if i understand correctly 20 people were killed in West wollega and presumably Kefi experts on the ground have came across some issues because government moved their soldiers somewhere else. Given another miner has followed suit Harry appears to be playing a straight bat. At the same time i am sure certain powers might not want Ethiopia to secure a big inward investment and further create stability for the country. As the article mentions Harry might as well bite the bullet and include some local security into his plan and follow the Congo mining best practises and get the box ticked and get the show on the road. Harry needs to grab this and own his destiny as much as he can and once cashflow starts all local community will be lifted up as 1000s of jobs will be created and many more 1000s supporting those.

I think this front page article is very helpful. The main headline is that the government are not happy at possible loss of investment in country. While nobody likes this weekly unpredictability it is largely expected but again should help galvanise focus to sort this out. Today it seems investors, locals in Ethiopia or MMs are all happy to pickup at a penny this morning. Sometimes you wonder if their is a background buyer at 1p who knows more and will reap the rewards in a few weeks after security issue docs get fixed and government get involved and add some policing in the area.

Well if TW is right, presumably he got wind of some information after friday close, then if we get a positive monday RNS with extension sorted will turn out to be a good day tomorrow. It sounds that we are really close by all accounts to closing TK finance. we are valued on basis TK is toast at sub £20m and Hawiah alone is worth a lot more.

Also need to bear in mind this was a report published in Jan 2019 using data from previous years and gassification had not exactly proven itself. It has taken Eqtec 10 years of hard graft to perfect all the technicalities and refine the business model. With COP26 and climate emergency taking centre stage if Eqtec csn prove the Northfork project its a game changer.

Based on this being delivered before the investor webinar its odd something was not mentioned but we can only assume it is a non event in the companies mind or perhaps resolved. In the webinar Harry mentioned he has no issues with the current end of month deadline and as he said this after receiving the letter we can only assume it means very little. Given the government are a stake holder i simply see this as the mining ministry stopping Kefi moving the date and to some extent plenty of investors would agree that its time Kefi brought everything together as its all there and just needs some final box ticking for security reports.

What we know is we now have clearance for takeoff in America with North Fork on the right track and Aries patent firmly beaten. This should prove to be a highly lucrative market and one where Eqtec can use its end-to-end solution management to take full advantage of and leave its competitors in the dust. One thing i like is Eqtec is controlling to some extent its own destiny. Increasingly confident Eqtec will have a great final quarter.

Another great RNS and many more due that significantly enhances our position and the guarantee that we can crack on at speed. We need to bear in mind we are investing money here to take most of it straight back out again and once built can be flipped to a infrastructure investor who by this time will be queuing up to invest in these type of green energy projects. I really think investors might underestimate the multiples of our investment we will get back once this project is operational and sold on. If we keep hold we get a healthy IRR but i suspect in many cases Eqtec will sell our investment or the whole project once it is proven. There are estimates that 100s more of these could be build just in California so this is an important project to get right and with Eqtec in for 49% we should surely achieve that. I like Eqtec approach to put their money where their mouth is. Could be a re-run of last year where we pushed up to 3p on limited news and this is the real deal. GLA

Good purchase in the medium term i am sure. We just seem to be wandering at the moment but i am still amazed that gold has not started to motor much further north. If China sabre rattling towards Taiwan worsens and the likely excessive inflation fears feeds into rising interest rates that will make servicing government borrowing more unsustainable and further reduce the confidence in the financial system. Certainly feels that gold at $1800 an ounce is a bargain. MC for me still needs to double down on the toll agreement as with that in place we could forward sell that gold and have no placing at all and we might be at a multiple of todays market cap. Never too late to secure and as we have so much gold in the ground even 100k ounzes on a toll would gross $180m and that is not even touching the sides and our share would easily cover the $20m or so we probably need to raise.

Still amazed with all the news that gold has not started to motor north. If China sabre rattling towards Taiwan worsens and the likely excessive inflation fears feeds into rising interest rates that will make servicing government borrowing unsustainble and low confidence in the financial system then it certainly feels gold at $1800 is a bargain. Just the small detail of Harry pulling this financial close all together while the sun is still shinying.

As i understand President Abiy made a unilateral decision to move all his troops out of the Tigray area to give the TPLF a chance to work towards a peaceful outcome. Since then it looks that the TPLF have blocked aid trucks leaving the Tigray region and creating a lot of unnecessary problems for their own people. I think this time around the government have more support globally as TPLF will have lost any goodwill. While this is 1000 km from Kefi mine and Ethiopia is a considerably more peaceful nation than many in Africa with significant mining operations but it probably also cannot help. Lets hope they can resolve this and hear later on updates as we are nearing the middle of October.

Well WB has never and will never invest in gold but often contrarian approaches amid the smoke and mirrors can bear fruit. what i am looking at is a £20m minnow with development potential for access to around £5bn in gold and copper and at an advanced state. Yes plenty of warts and all but fundamentally the risk reward is certainly to my liking but appreciate not to everyones taste and i have only been invested for a few years so i am only at the start of the journeyx Inflation is about to rampage and gold prices are poised for a re-rate so plenty of positives. Gla, we will need a little of it, it but i sense financial close is more likely that others would let you believe. We can either believe what is reported in the RNSs or we are all in big trouble.

As Warren B would say buy when others are fearful. Sure there is some fear and risk and plenty of disappointment but from yesterdays update Harry confirms plenty of things that have been causing a headwind from confirming no placement for now, almost 100% funded up from 63%, repeated confidence of local issue being sorted asap and so on. While i appreciate there is cause to take with a pinch of salt as Harry has done himself no favours at 1p or £20m market cap this could turn out to be one of the best timings to get into Kefi if any of the news above happens and certainly the chance of a 20 bagger over next 24 months with financial closure. With 3 projects all coming together and a massive tax loss its hard to imagine we can be worth less. Could also be the worst timing as some might say but i will keep buying as at a £20m valuation that is too low and underpinned by the upcoming PEA due for Hawiah and probable update on security. Hawiah alone is worth far more. Gla but next week could be very different week and any shorters might take this chance to get back onboard.

This was sub £20m earlier today. That is crazy on almost any level for these assets and where we are. Just the accumulated losses over the last 10 years is almost worth that incorporate tax savings. Big movements coming as it appears Harry is reasonably relaxed that this will get resolved. Certainly giving investors a good return on the highs and lows. If we get the “everything sorted” RNS this could really move as so little stock around without moving price significantly. I suspect MMs hoovered up the lot on the way down and now holding onto it. Not the first time i might add.

Some fantastic questions and great answers. I would hesitate today with confirmation of almost full finance i would suggest the will of the majority and government will now resolve lastminute issues and i would expect promptly. Unpleasant how this played out but confident we are making steps towards financial close. This could move very quickly with a little more traction. I am certainly happy to keep on buying sub 1p today on this news update :)

“Q: Based on the recent dive in the share price, obviously the company doing a (discounted?) share placement based financing round would be hugely dilutive and incredibly unpopular with the existing shareholder base. Please can you confirm that the current loan as well as any associated credit facilities can be extended in terms of repayment until sometime during Q1/Q2 of next year?

A: We always have and continue to use these bridging facilities to optimise the timing/pricing of capital-raisings from the viewpoint of minimising dilution. We have lined up almost all Tulu Kapi +$350M project finance at the project level, which is because Directors are determined to minimise public shareholder dilution.

we need to remind ourselves we have the bank finance that has been set aside after a 12 months long and arduous due diligence on the whole project, by far the hardest and most important part of this whole project and we have the EG and the cornerstone investor for at last RNS 63% of the money committed. We have the runway to proceed. Yes, as is often the case when parties start to smell cash, everyone tries at the very point money is about to change hands and knows the stakes are highest to try and extract more whether officials or locals etc. That is totally normal in these parts of the world. Harry has not benefited from these ongoing delays. His own shareholding was decimated years ago, he faces the loss of his own bonus , takes a grueling quarterly shareholder webinar but also need to bear in mind that the delay helped Kefi go from 45% to 70% of the benefiicial interest. He does not enjoy these things and the last minute RNS was more about him trying his best to fix that issue before he legally had to tell the market of the issue, whatever that turns out to be. High risk is true and high loss/reward is also true. I congratulate those investors who saw it coming and sold and maybe even shorted the stock and perhaps might with new information coming to light use those proceeds to re-board the train. I have always had a long-term view of the project as the EG involved was 100% my reason for investing as they strategically need this to happen. The license being revoked is tantalising to some but that is highly unlikely given that we are at the finishing line. Once you step back and see the risk/reward profile seeing this stock fall 50-80% is not unlikely just as see this stock rise 50-80%. That is the nature of the beast and no one should be invested here unless they are able to see all their investment lost. Of course nobody wants that but this is the mentality you need or have otherwise you put your money into premium bonds. This is Ethiopia and Saudi Arabia, both have never had a serious mining industry.Understand the risks but carefully re-read all of the legal RNSs and plot exactly what has happened step by step and know that we are a long way further than we were 12 months. As long as we see progress on the ground we get closer to our objective. I hope the "security" issue will be resolved and there is a chance this month of a reversal of news and an acceleration of progress. Harry did say that we should be in a better position once this is resolved to get everyone onto the same page. The other risk discussed is a placing. This is a risk and we cant discount that but we should have the funds to see us through to the end of the year with Harry and board pushing back emoluments and the same elsewhere. RAB capital are organising loans and they are just as motivated as Harry to minimise dilution and have a place on the board to steer matters. I hope to first see the security issue settled and then an orderly execution of the financing.

I would point to the following in a recent update RNS :

“Contracts were issued and work started last year with the Ethiopian Electric Power Corporation and Ethiopian Roads Authority for Project offsite works.”

I am only basing my input based on what we have been told and provided with in legally signed off update RNSs.

You can call Harry names but please first have the decency to check recent update RNSs and support your statements.

As we know the EG have spent $20m on the TK project with power and roads. Furthermore the EG government and ministry have been working on this project for years as it will be the single biggest dollar export project in the whole of Ethiopia bringing billions of dollars over the lifetime of the TK mine into the country. The TK mine is designed to be a hub and spoke operation ultimately allowing 1000s of locals well paid jobs. The EG have a massive wish for the project to proceed and Harry expects his approach will get their attention and i cant really see why now the EG will not commit and settle any last minute haggling. There is nothing naive in thinking the EG will not get this resolved as they gain the most from this in the long-term and continues to fulfill their transformational mandate of the country. The Abiy government have the biggest democratic mandate of almost any government in this world and fully backed so their is no chance a small previous TPLF militant organisation going to derail democracy. the specific TPLF have few friends and sadly as in most conflicts innocent people suffer. Lets see how this pans out this month as things could change very rapidly.

Today saw Abiy Ahmed sworn in as Prime Minister and while a stretch it might well be start of getting the ball rolling with Tulu Kapi as he has another 5 years in power. Contrary to what is written in the press he received around a 90% backing in the polls, arguably not including the TPLF area of Tigray who refuse to accept democratic voting but he has arguably a landslide of popularity. It can only be positive for Tulu Kapi and if we need some local nudging to the locals demands then hopefully now President Abiy has his feet under the desk he might assist. Gla

We could be playing high stakes poker here. We do not know exactly what has been happening behind closed doors but this could be a way of flushing any shenanigans out so i am partly confident this could all get resolved quickly but would like to see greater proof this “security” issue is serious enough to drop a spanner the way he did. The window is closing and everyone would be a loser so thats the EG, locals and Kefi direct and indirect investors. Its a lot of money and a massive project for Ethiopia and in many respects we have done the hard work of securing the bank finance and cornerstone investor so it will not make any sense for one party, in this case a band of local, taking on the EG and all other locals who would get decent employment opportunities. They must be very ballsy or pretty high level. this week might bring some updates as the 7th October proactive talk with Harry will give more time to speak about what is going on. Harry must be working night and day to clear this.

Well the webinar on the 13th October will allow shareholders to ask these questions and allow Harry to talk more in depth. It will only take an RNS to state the locals are back on board and it would be good to know if all investors will meet this month or what is happening. I agree he now cant forever spin this out so he needs to be clear and would like him to state early that the board are preserving cash and not taking salaries until they fix this.