Member Info for Simms45

This is a very straight forward stock to value and we already know what we will be worth in 3 years. Whether the market decides to agree is whether we get a bid or whether we get our dividends. Kefi already has said around $300m FCF for kefi holding company. so just TK to a pension fund will be $2bn. Somewhere between todays valuation £135m today and £1.7bn is the landing zone just for TK over next 2-3 years. You can look at it from every angle but i am assuming gold is $4000 and many will disagree and think it will be much higher. If you hold for 2-3 years you will achieve 10x on your ibvestment today. No two ways about it. We should get something back from the financing up to $10m that will fund Saudi. Furthermore Kefi costs are 75% less as all costs transfer to the subsidiary. I think final signoff will be the starting gun on the rise. News of Saudi JQ and Hawiah will start to get things interesting. It is momentum and the joining of institutions will be bridge the gap and private investors in the end might own 10% of the Kefi. Most will have long gone before the big money starts trucking and by then the price will be 20p a share. Key for me is Harry saying he wants to start kicking off dividends asap and that is very encouraging as that will go a long way to speeding up the gap in valuation. gla

Looks very promising on the drilling and if correct could quickly add serious value to Metals. In my view Mark was right to not continue drilling as it did not add value to Condor over the cost of doing it as we did not have a mine. Metals is in a completely different ballpark as we will be digging it up in 9 months time and at $4300 an ounze we are talking big numbers once we add into the gold pot. eveet 100k ounzes will add $430m of revenue! If we get that in one drill hole we will be flying if we go 40k metres. I am increasingly confident we will see some great results for Dupax and reading up on it any local resistance is largely not representative of the area where 1000s of families rely on Runruno. A few Artisinal miners dressed up as tree huggers to protect their own cyanide operations is not going to wash with the wider population who want jobs and better protection of the Dupax area. Metals have secured the highest level of awards for environmental protections. i suspect it is more to do with brown paper bags of cash and jobs for artisinal miners that will get sorted. Darren was incredibly impressive in La India as it appeared he arrived and any artisinal miners melted away.

But he did not mention all being signed by friday? As we understand documentation is probably now with all lucky investors who are signing. I suspect once all have signed (presumably short deadline) we should get RNS as soon as all that is complete. Incredible future for Kefi and still at an absolute bargain entry. As soon as its signed Institutions and smart money will pile in to capitalise on the 2 years to first pour and 10-20x current price.

The pit extension might find another 300-500k ounzes and we might only need to do 2000-5000m of drilling. that would go along way to clearing the first 800k of ounzes before the CVR kicks in. If things go to plan maybe 20k of drilling can cover the 800k and the extra minimum 20k of drilling can find another 800k to trigger the CVR component. Of course in reality if Metals smell gold they will drill the hell of it as while LOM has risen to 12 years it could rise a lot more and given Metals is a cash machine these ouzes will actually count for something. Something tells me that over next 2-3 years we can add 1.5m ounzes to La India. Might even all come from pit extension work as that is low hanging fruit, I think La India and related licenses will be spitting out gold for the next 200 years. Shame Runruno does not have pit extension possibilities as usually it continues down.

Crazy thing is with Kefi in Saudi and Ethiopia we have dozens of licenses. When the $300m cash starts flowing into Kefi how big can we get? We have so many other licenses and JQ and Hawiah that in 5-10 years we could have at least half a dozen mines all funded from cashflow. Its an exponential money multiplier, most majors dont have the decent licenses but as Kefi was first into Saudi and Ethiopia we were given all the plum licenses. With TK about to execute Kefi will be first in queue with Ethiopia being a 20% stakeholder will no doubt help. Kefi is lock up your shares and live off the dividends territory. Its already a 20x opportunity for Kefi cashflow in 2-3 years but once Kefi is fubded it basically gives us all cashflow we could ever need to build anything and become a much bigger top tier miner. Gla

This is absolutely the case. The artisinal miners are up in arms. Govt knows the tricks so they will be cleared out in due course and Darren has always offered hub and spoke options to artisinals. Govt have got to secures 1000s of jobs and maybe 3000 + dependents so government wil work hard to break up the artisinals trying to keep their little cyanide operations in tact

Well Metals has moved on and bigger investors move the shareprice. The 100s of pi trades pale compared to institutions and those looking to acquire or, as we have seen recently, sell £ms of stock. We have had a bad period of big seller. Today i suspect investors presentation excited some institutions and they are tucking in. Lets see if next week continues and if Dupax provides some updates. Reality is Artisinal miners are trying to slow down Metals. Govt will intervene and overall improve comditions for everyone. Going to way better than current sitution of artisinal miners poisoning everywhere.

Looks like investor presentation went down well. Maybe slipped something in about Dupax. Lets hope we smash 15p and move on. Gla

Dupax update would be good. Its a massively prospective area that has already generated 20m gold ounzes from historic artisinal mining so Metals are building on that and bringing some much needed oversight as for too long artisinal miners have polluted the land with chemicals. As metals has Runruno operating we only need to extract and take away. We will massively reduce damage caused by artisinal miners and bring jobs and security so we can stop artisinal miners from polluting the landscape. Hopefully some decent drill updates soon and some movement towards next steps

La India is simply massive. Board of Condor constantly said it was at 10m ounze district but did not have the money to drill it. Great Metals can make good on that and reap the rewards. I suspect another 1m ounzes easily from extension and low hanging fruit. With prowess of Darren i am sure we can improve on our target gold. Hopefully newsflow will push us back over 15p as we are massively undervalued.

Its all about protection. if someone wanted to buy £250k of stock today and announced it the price would go up as other MMs would look to take advantage. instead the MM slowly picks up stock all day and they only need to actually tell the market once the trade is complete. this is why sometimes a trade can be days old by the time we see it. The MM does what they can to hide the buying and mop up sellers without them knowing. it is not unknown that MMs will try and drop the price with some selling to try and trick others to sell. Also LSE does not show the OTC trades as these are only reported on the actual london stock exchange website. you will see these as OTC and not reported on this platform.

Those big trades were buys based on timing. Lets hope they continue tomorrow as we have a lot of ground to make up. Stock market might get a boost from Reeves with savers only able to put £12k in cash and the £8k in stock. What we need is a reawakening of the LSE as its been on a permanent downward trajectory as everyone was moving away from UK and investing abroad. Gold is pushing on nicely and following trend upwards.

How do you buy 20m shares and most are buys today abs shareprice goes down? When we had RNS of bank finance 20m shares tanked share 35%. Go figure 🤷‍♂️

Only thing bonkers is the share price. We are about to land $340m to build a cash printing machine to tune of $300m a year for at least 10 years and we are 90% undervalued. Now that is bonkers but for some an opportunity to live comfortably. £10k today should be worth £100k in 2-3 years and average £10k dividend from 3 years time. If gold rises a bit more even more cash for shareholders. Possibly any day! Gla

So the gold price rises to over $4100 and Metals goes into reverse. Very odd stock market behaviour currently that appears disproportionatelty impacting gold miners in general and specifically Metals sadly. Did not expect such a pullback.

It simply suplly and demand. For a long-time we had a bsckground buyer. That stopped and we have had a background seller. Its as simple as that. Certainly will help to get an update on Dupax and La India but every month that passes is a month less to first pour so i suspect next update will be tue inflexion point. Does feel very oversold however at around 2.5x our FCF but the market is more valuing us as a cash shell with La India prospect. We barely have any value for Runruno anymore and until Dupax updates valued at 0. That can all change. La India is they key one to try and get operational as quickly as possible.

We should have FCF of over £100m for 2025 so we our market cap is just over 3x our FCF today which is pretty good place to work from. We are miles cheaper than any other gold miner on this basis. I think generally we are caught in the middle and until there is more traction on La India and Dupax where investors can see Metals as a growth company. I think the re-rate will come sooner as Dupax we know should be workable and La India is now into the sprint to put up the mine. If investors get comfortable we can deliver on the growth in our FCF especially as we head into 2027-2028 we will be very happy to push through 20p by Christmas 2025. However we do need Dupax being viable this side of Christmas to give Metals back its mojo and some kit being installed in La India will not harm. gla

If we assume Harry has secured the mix of the $60m today, as he said he was doing, we might get an update monday morning to confirm where things are. I am hoping we go all in on gold loans and maximise our stake although we might have to wait for definitive docs to get signed next week. Personally given the state of affairs i think Kefi will update us on all points in the leadup to the biggest coup probably for any mining company i have ever invested in the UK. To imagine that most of the $110m invested to date (not far from our current market cap) will get converted into equity directly dropping into our asset base will be a very sweet day and the Phoenix rise of Kefi over the next 2 years will be nothing but astonishing, probably putting Kefi in the top 10 movers over the next 2 years of all stocks. I say this as i am sure there are some tech wonders out there that might 20 or 50x but conservatively Kefi can 10x on basic metrics provided by the board and trhen some. Once trigger is pulled we have $340m, effectively in cash, we just need to build the mine and switch it on. Its a standard design that will minimise delays and the gold we produce has a global market desperate for more. Where's the catch? I do not think execution risk is worth the 90% discount today but i will take what i can while the sun shines!

The emperors new clothes and crypto comes to mind, i guess gold linked crypto is fine as long as they do hold the gold to peg against. Bitcoin still up 100% from just 2 years ago so potentially might halve again before some base is found. Still to this day have not found the utility and 99.999% of people do not use it in their daily life. If US dollar falls gold will be haven to turn to. This could all help rally gold to $5k and beyond over coming months as people pile outof crypto and into safer assets like gold and companies soon to be digging it up :)

Well said Kefigold. In retrospect all the anger vented by investors, including myself, can probably see now he was doing the best he could in the circumstances that were presented. Potentially today the gold loans and other final components should be tied up (as per recent release) and who knows next week we might see the whole deal in place. If we also learn if and when we are dual listing on Ethiopian exchange this will cause a massive push forwards as local investors will have read about TK in the news and since EG are a shareholder and all going to be very keen to get involved, local companies included that might not have been able to invest. We might see our market cap reach our NPV a lot sooner as clearly a lot of clued up local investors who have not been able to invest in stocks and shares for decades are going to be very keen. You only need to see valuations in Saudi to know what this might mean. Personally the Ethiopian listing is key as it just feels the UK investor base is very transient wheras i suspect Ethiopians will be long-term holders. gla as today we stand at a bargain entry before the tide rises.