Member Info for Simms45

I have to agree that seller who was selling large amounts of 250k a go has stopped from yesterday. Juet go through historic trades just looking for large blocks and you will see what he means. Hopefully our buyer comes back.

The amazing thing is we are now only looking at possibly delaying 5k ounzes of gold until next year. In the meantime we have seen gold prices rise 10% so we will be pretty much on the money revenue wise. I think we have been caught up in the malaise and we need some news on Dupax or La India or Abra to start momentum again. Would be also handy if the background buyer returns as we appear to have a background seller at the moment but hopefully only momentary. As gold stays consistently above $4k i am sure $5k will be tested in the not too distant future. i am quietly confident things will improve significantly before christmas.

Pretty sure before the month is out we will have a few RNS that will provide some warmth. The upside is massive and almost guaranteed subject to executing the mine build and first pour. Fortunately we have had a long time to think about all the details and Harry seems very confident in the mine build and says it is one of the most simple to build so that should also be a bonus. I also expect a Saudi update and JQ kickstart is not far off. I suspect this will tie in with the possibility of getting back $10m or so from the financing but we never know. Key is project has never been closer to converting our $100m+ sweat equity into real capital. That is a massive win for shareholders as the last 12 years of pain and placings will be finally recovered and added to our asset base. Quite simply one of the best opportunities today and i am always looking for the next Kefi.

Our big buyer stopped last month and noticed yesterday and today some decent sized sales. Really Metals need to rebuild the momentum as i agree last few RNS have not helped. Once we get some more positive updates i hope we can rebuild as it seems very oversold today given how close La India is to getting operational in around 9 months you would think for many that is pretty short timeframe.

Problem is as we currently are not generating cash we are in the lap of the sentiments. We will be worth £1bn-£3bn in 2 years once producing and between now and that point we will blow with the winds. Just has we moved higher last few months we will pull back and then push on when real execution is delivered. We are close and we will certainly double once the dust settles and we stand at the jaws of generating $340m FCF but today while 95% likely there is still always a risk. The sooner Harry gets the wet signatures the sooner we can push on. There is at least potentially $10m of cash to flow back to Kefi once signed so hopefully plenty of reasons to finalise and close the deal. Without doubt one of the most undervalued stocks on the exchange that will ultimately be rewarded but you have to look back on the 12 years of pain for long-term investors who might well have retired and their risk profile changes taking what they can today rather than hold for a year. This is why i hope Harry will convince some of the disappointed equity investors to buy in the open market while Kefi trades at a 90% discount to its NPV. Makes a lot of sense for everyone. gla

With our background buyer currently on ice every new investor can make a difference. we are not seeing the large late trades at the moment but price has not been lower than this for sometime. we are barely multiples of a FCF so crazy times but hoping once La India gets some more traction towards first pour we can then see some gap up.

We are T-9 months to bedding in a 140-160k ounze project and every update towards completion will help re-rate. i had personally hoped some early news on Dupax might have come in but probably recent storm in Philipines will have delayed work on the ground work. We are still kicking off a lot of cash and will be rolling in it by time the new plant is operational so currently operating at such a low multiple to FCF will surely trigger bargain hunters to move in eventually. Generally the UK stock market is 50% lower that US or Canada and i suspect most of Europe. Hopefully government will figure out a way to start getting more cash ISA back into the UK stock market and push a few more insurers to do the same. its crazy how low investment is in the UK stock market.

What we need are diamond hands and some deep pockets to churn over the short-termists. Once we break th bsck of them we can move on. My hope is given it looks Kefi does not need any equity (given no general meeting) then some of those equity investors might want to buy into the parent company at 90% discount to our NPV. All i see today is a full on 90% discount sale on gold collection in less than 2 years. Literally paying $400 for $4000 of gold. Ill take some of that. Actually its even bigger discount but happy to build a gold position.

Key information from q&a is that from pointing of completion virtually all of Kefi plc costs get transferred to subsidiary. Kefi plc will see a 75% minimum reduction in costs as we will be funding a small board and team overseeing projects. Kefi wi no longer be investing in TK development. This is a massive reduction. Its hard to know today how much cash will flow back as we are owed $10-$20m in sweat equity not currently converted into equity so my suspicion is some cash will come our way. Not least i hope any board time of Kefi spent of TK is billed correctly. Once we have 80-85% of TK and we are debt free we no longer have to worry about money. Banks will be knocking on our door as we will have $340m of FCF from 2027. As to Saudi we have so many licenses and projects but sadly only 15% but lets wait and see. Future is looking amazing for Kefi and sooner or later market will recognise that $340m a year for 10 years is a lot of cash!

Great comparison to Mako. Metals exploration EV/Revenue is 2.4x and EV/FCF is 4-5 and is low for a debt-free gold producer with a fully funded second mine and exploration optionality. Mako is closer to 3.8x EV/Sales and 7–9x EV/EBITDA, plus higher current AISC. With La India bedding in summer of 2026 and Dupax update the upside is probably 2x in a 3-6 month period just to stay relative to any peers. Personally management of Metals are far superior to Mako and for me counts for a lot. Time for Metals to get revalued!

Fantastic news. Probably the clearest 10x opportunity i am aware anywhere on stock exchange based on basic metrics of NPV and dividend yield in 2-3 years. Gla

Few days ago we heard deal is getting done, possibly all in gold loans so we understand in that case no need for general meeting. RNS take a while to get sorted out with all the checks done. Very relaxed waiting for next phase in Kefis rise to a multi billion company over nexr few years. Relax and enjoy the ride!

As gold continues its ascent this week to $4240 this must surely be helping to close the equity component. I am sure investors in gold streams would like to lock in a favourable gold price in their contracts. If we do go all in on gold streams (as i would hope) and we retain a chunky 80% Kefi will go nuts in execution. Its literally a $180m bonus converting our sweat equity that today is valued at 0 into 80% of a $340m deal just to start with. With a super fast development plan and power from the Ethiopian dam all largely in place this is going to be fastest growing stock over next 2 years. Gla

Classic that Metals did not even budge when gold went from $4k to $4.4k but dropped 20% when if fell back to $4k and now shareprice has done nothing as we bash through $4.2k. We should be 15-20p but market appears to not re-rate Metals compared to its peers.

Its plausible all equity will come from gold streams. In grand scheme of things $60m in gold streams is small beer to corporates in Ethiopia using this process to get money out of country and why its oversubscribed. What i cant fathom is subject to deal going through we are on a pathway in 2 years to be worth £1-£2bn but share price is miserably low. Am i missing something? $340m fcf to Kefi and assume eventually Kefi hands out 40-50% as dividend at 7% yield puts us near £2bn. Really surprised we are not closer to 2p today given Harry has delivered exactly in his timeline of late and no reason to suggest next steps are not in place.

Fantastic news. Government approval is everything and gives a Metals ar strong hand with any discussions and allay any local fears that comes up. Perfect timing!

There are going to be a lot of very rich Kefi shareholders in 2 years time. I like the £2.7bn valuation at $5000 an ounce! that is 20x today. £50k today could be £1m in 2 years and hopefully a yearly dividend equal to todays share price. A pension to be proud of :)

Can you explain how how TW Bearcast comes up with £60m in the bank? I understand we have extra powder in the sweat equity and some of that might be due back if we did not throw it all into the pot but where does he get £60m. Amazing if that would be the case but i was thinking £5m would be a good outcome and rest rolled into equity so the £5m can push on Saudi. £60m is more than 50% of our current market cap?

Equity closure anytime this month will do me. We have everything in place and prefer Harry to take a little longer and squeeze the benefits for shareholders for the long-term than agree a less favourable deal. Anything 70-85% would be a banger for Kefi shareholders. At 70% that is still $300m FCF in 2 years. 85% will be crazy outcome. Converting our $110m of sweat equity to hard cold stake in billion dollar project will be incredible and almost guarantee by first pour a valuation of £1bn-£2bn although i think we would be bought if we got to that pount. Gla

Harry said back in May 2025 that we were oversubscribed on equity component and he is now optimising those. Equity could not be signed until debt was signed. Would have been nice to tie all up together but debt sign off is big news and could not wait. I am confident with what Harry has repeatedly said we will sort equity component and his efforts could leas to as high as 85% for Kefi. I am happy with 70% but i suspect the extra time could drive this up towards 80%. Thats a hell of a lot of cash landing in Kefi coffers in less than 2 years. About $340m in cash at year to be precise. Plenty to pay down debt, invest in Saudi and pay out a dividend. Gla