Member Info for Simms45

Obviously all agreements are with company. Harry is important in that he has first name terms but he is as much an asset as a liability. Just noticed we are £160m?? Totally laughable as comparables in production are $2bn.+. Disconnect will join up in the end.

I still find it astonishing we are not 2p today but i guess some overhang needs to clear but we are literally at a valuation of £200m that in less than 6 months of production could pay off in cash and have 12 years of £500m cash a year a todays gold price. Its bonkers but understand Harry is not likely to sell up but 2p offer and he would be in trouble and that only takes 9 months of production to pay off. Bit like buying a house for £1m when rent in 2028 is £2m a year. Crazy situation but thats where Kefi is today at .5 FCF forecast for 2028 :(

Has Mithrel said he is dumping his stock? Seems odd anyone sells for such a loss or fractional profit if he has averaged above the placing price.

Everything was covered today and we are ahead of schedule on the mine build. As Kefi plc is a debt free company we have we not only have access to the $15m short-term funding if needed but we have balance sheet that is enviable. for the next few months i suspect we will witness a gentle upward rise to 2p+ and as soon as Trump gets his finger out probabably a .3p rise on the back of a gold bounce back to $5k. gla

I guess there are doubters that mine will be built etc but as soon as that becomes baked in there is only one longterm trajection bookended by 1.5p dividend in 2028. Downsides are Lycopodium cant build a mine and forgot how to and all out civol war in Ethiopia. Frankly both are far fetched using commonsense and trajectory of Ethiopia is one of growing stability overall. $340m in my view has a good deal of contingency in it and $34m cash in bank gives us plenty of money.

This was DBs assessment and it is probably correct. The accounts are always cautiousn for obvious reasons. We are probably ahead of 50% but from the update we know tailings are nearly done and that is huge, substation is being built and we are well ahead of schedule on key concerns. Also 50% is not also 50% time. The last 50% can take considerably less time as it is installation of mine equipment so can be faster if all goes to plan. we have high grade ore ready to go so we are stockpiling. Certainly feels things are getting stronger and stronger into the final months before commissioning and we have plenty of cash to hand, almost over $40m and the $30m unused drawdown and does not appear it will be needed, unless it is as i suspect for an acquisition. on the acquisition front we have $40m treasury shares so we have huge opportunity if that does not happen our plant could be sold for probably $70m and we are already filling in the mine so ahead of schedule on that front as well. today is a gold opportunity to top up for those selling on good news but tomorrow will be back up again

Drill results are going to blow the doors off and should be due very soon given they sent to Canada sometime ago! gla

Also incredible news that the substation is underway so that is looking very nice as that was a key possible bottleneck but now looks it will be open on time or long before as the power was already next to the site so the substation should only take a month or so this is a big positive for all investors. A big concern for all was delays to this key part but everything seems more than ahead of schedule. Is anyone thinking first pour November?

Very strong set of results as we head into the boom time of La India in less than 6 months driving over $400m FCF and confirmation we are evaluating projects for Runruno (understated on purpose!). Looking exactly what the doctor ordered!

Record revenue: US$208.4m, up 9.1%.

Operating profit up: US$61.6m, up 15.1%. and

Adjusted EBITDA up strongly: US$125.9m, up 27.6%.

Free cash generation up: US$115.3m, up 19.2%.

Debt free: net debt reduced from US$6.8m to nil AND $41m cash in the bank.

Runruno still producing: 65,287 oz gold in FY2025, despite the BIOX issue and typhoon disruption.

La India OVER50% complete post-period, ahead of schedule.

16,000 metres of drilling to date at La India, with two rigs operating and results due soon

La India funded from cash flow: development funded by Runruno free cash flow so far, plus an undrawn US$30m facility as backup.

Major growth target: La India expected to produce minimum 100,000 oz in first year.

Exploration upside: over 16,000m drilling, plus 64,400 hectares of new concessions in Nicaragua

With the clouds clearing and what appears to be the end of the overhang with 43m dumped yesterday things can start to get back to where we were heading before heading towards 2p. The amount of selling from the placing has been sadly very large but that might be about to change. Edison, Kefis research writer, has a pessimistic target of 10p on around $4500 gold and 1.5p dividend in 2028. These are both easily attainable on the bare minimum. Today should mark the start of the upswing and update should be in the next week or so. gla

Going to be one hell of a rise as the countdown gets shorter to La India commissioning. Can people time it or is it wise to get in before the crowds 😉

Harry has $340m+ so money is certainly not an issue and if anything were to come up he is obliged to report but he has only just got the show on the road so while updates are nice i would prefer he cracks on. Lycopodium and readying to start as soon as earthworks near completion. $340m goes a long way in Ethiopia.

This info from last April update says it all really and does anyone think gold will not be $5k an ounze in 2027? Just one year Ebitda is 3x our market cap today? This is not even FCF that is much higher. This is using pessimistic forecasts given i suspect gold will be $6k+. Everything points to 10-20x over 2 year horizon.

“Average EBITDA, production years 1-3, now estimated at $355M-$697M (from last-published estimate $341M-$679M)

• NPV (5%) at construction start at $3,000/oz and at production start at $5,000/oz now estimated at $1,286M-$2,840M (from $830M-$2,260M)

• And, after adjusting for the estimated increased ownership in Tulu Kapi from 83% to 86% and increased KEFI fully-diluted shares in issue, the Net Asset

Value per KEFI share is now estimated at 6-14 pence per share (from 7-17 pence per share)

That was when over months someone was buying close to 1m shares a day in a very specific way. Sadly that stopped a long time ago. This has none of the hallmarks so maybe the start of a correction to an incredibly undervalued stock.

Apart from being grotesquely undervalued if and when we sort the Runruno deal we will head back to 20p. I dont think todays move is anything but recovery as we are so far down over last 3 months.

Our end of year is due early June so not long and should he a decent change in direction. Anyone selling now from placing are doing so at a loss, although they have single handedly pulled shareprice down artificially from 1.6 only a month ago. In that time gold price has come off boil but a lot f gold producers going sideways so Kefi has massively underperformed market and gold price is irrelevant to us for 18 months until we produce. So if we get a nice update between now and results would br handy but things will bounce quickly as project progresses. Gla and stay long for the big prize when dividends start raining down!

Difference is $110m of that cumulative placings ultimately formed our 85% of TK. Great deal alround. Incredible bargain here that wont be around for long!

Good news that the volume has been decent and whatever bucket shop who came in the at the placing are exiting at a loss giving someone else the potentially 13 bagger by basic credible numbers if Edison are correct about the 1.5p dividend in 2029 as this would be a 10% yield. at a 5% yield and quite likely in the case of Kefi this would be a 26 bagger from todays values. Edison say dividends will peak at 5p in the 2030s. All of this signed off by Kefi so gives investors a reasonable idea what Harry is thinking. Ethiopia calm, $340m being deployed, Lycopodium readying for moving on site in October while earth works are completed. Substation and road all in hand and progressing. Bring it on!

We are now moving into the Goldilockd zone for investing as Nic gets ever closer. Oncs substation is operating in October we have 1-2 months to switch on all the kit, train and do test runs. All focus will be going in one direction unless DB can also announce his Runruno plans. He has been stone silent since January and i sense a deal is close. I am still expecting 30p+ by first pour later this year on lowest possible valuation and then a dividend full year of 2027. Gla

Im topping up whenever i can. End of month should have a decent extra amount. Rude not to fill up at these levels. All is on track and next update should be good, and while i want to sell Saudi as it gives us 2-3 mines in next 3-5 years i would take $100m and pay out around .5p special dividend.