Member Info for Smellyben

They spend over 5 million a year at corporate level on wages etc. As per their latest annual accounts They raised 3.5 million in may 2020 but since then in addition to the 2.5 million 6 months expenses they have been funding drilling expenses in Saudi - no idea what that may come to but must be getting close to running out of cash. The financing people are talking about relates to the separate Ethiopia project not corporate so money is needed at the corporate level no matter what. The question is whether they can secure funding before they dilute or dilute after at a higher price. I guess the people who are going to lend hundreds of millions of pounds to a minnow might be able to work that out and even if they are prepared to finance which is in the balance they will do so at very advantageous rates to themselves not to PIs. I have been burned several times by the ineptitude of the finance team here. In my view Kefi should raise significant cash from PIs and plough ahead with their undoubted assets - I called for this nearly 2 years ago When it would have been much cheaper but constant delays and dilution have seriously undermined the upside though management and close finance cronies have done well. Still possible to double or even triple if all goes well but that is assuming high gold prices and stability in Ethiopia for 10 years. I’m as entitled to an opinion as anyone and have more knowledge of the history of this share than most who post - its a strange person who says either agree with me and my agenda or you are not allowed to express an opinion!!

I agree $1200 is bearish!! and I dont think it will go that low I just remind people $2000 is similarly unrealistic on which to base valuations - will probably settle $1400 ish hence the discussions with the finance guys but who in the end knows all you can do is look at long term averages. Anyways flight tomorrow so best of luck chaps - beware a dilution - flurries of activity from Kefi often preface an unpleasant RNS !

correct - 14% is way too high and using 2000 dollars long term gold price is highly ambitious - once a vaccine / treatment is secured the drop back will be significant (though higher than the 1200 or so previously) - hence Barrick use $1200 for their projects and Harry is talking about $1400 for the debt financiers. Yes there is upside IF all these things are sorted but talk of 6-8 bags is exaggerated - 2 to 3 maybe after all the dilution and costs - but then I look at various FTSE companies that and think I can get 2-3 times over the next few years without all the risk and turmoil of Ethiopia - just google Ethiopia news and you will see the potential risks you will lose it all -war, civil war, covid, coup - just saying

Well I wont disagree that he went on and on with the same points - I'll not make the same mistake and will be out for the rest of the month - another holiday :) - but as I have said a number of times Saudi is irrelevant until funding for TK is sorted -still a maybe 2 months from now and in the meantime people - employees, suppliers etc will still want to be paid in cash that Kefi doesnt have so its inevitable that they will do a fundraise very soon- historically they have often done it after a "positive" RNS so watch out bulls !!

Cash in the business must be now running on fumes - very much doubt financing will be sorted before a dilutive fund raise takes place (If it ever does). Banning Oily doesnt make him wrong !

Can you bulls just contemplate for a second why the share price is where it is. If things were as rosy as you think - if it’s an easy 10 bagger perhaps should the share price not be a bit higher? The truth is Harry has promised, promised and promised again and never delivered. Maybe he will this time but No one in the city think anything he says comes to fruition (apart from people here). I did believe a long time ago but not anymore after being let down multiple times - the only thing that matters is cash in the bank - not promises , not positive statements, not aspirations- Kefi needs cash and if it doesn’t come there will be a crash - if it does then there will be a significant rerate but every thing else is just waffle.

So what would a good RNS re Saudi and what would be disappointing ?

or Harry lol !!!!

Hold on a minute pal - it most certainly wasn’t a lie - I skim read a long statement and asked a question- if. I’m mistaken always happy to admit it - but you can correct me without being such a dickens

Did I read SA results is delayed to September from August - another Kefi classic !

Not at all - Kefi will go on no matter what - the ops and exploration people are exceptional and will no doubt be snagged by others if it does fail but I expect Kefi will continue to access funds until the mine is built eventually in 3 or 4 years but it will come by effectively diluting PIs To zero as they have done to date.

bye Oily, been a pleasure! might be better to come on 31 October - Halloween might not be the only horror show !

If the Russian vaccine is verified in the next few days by independent authorities it will drop like a stone !! I certainly hope it will be verified but for reasons completely irrelevant to POG !!!

happy to accept apologies from those posters who called me an idiot and delusional just a few days ago when I predicted this (though to be fair I thought it would take a few weeks not days !!)

that no one has mentioned gold price has dropped $100 dollars in the last couple of days and when you add that Cable is now over 1.31. When it goes up you get hundreds of predictions of $3000 etc but nothing when it goes down........

Worldest 2nd biggest producer planning on $1200 long term price - even I'm not as bearish as him :)

https://www.bloombergquint.com/markets/barrick-boosts-dividends-by-14-with-windfall-from-gold-s-rally

you can filter me anytime thats why that facility is there but I'm not going to stop highlighting mistruths and ramping on here designed to suck new investors in without giving them an alternative point of view. My motivation as I have said a few times is that I believed Harry and his (many) RNSs because he was certain, he's not allowed to lie in RNSs etc and even met him twice and Norman and the deceased Chairman and looked them in the eye and they lied to my face re ANS. It nearly cost me a fortune (for me) and certainly caused me a lot of stress and sleepless nights so I'm simply making sure that if any one else decides to take the plunge they know the full facts - some on here just want stupid ramping but that is not a discussion that is speaking to the converted in as Oily says an echo chamber.

I just posted that last post to counter those many many posters who merely copy and paste the latest Harry statement as some kind of Gospel - the truth is he has been wrong and told mistruths whether intentionally or unintentionally for years and especially over the last 12 months and even his most most definitive statements like"the funding is unconditional", "it will arrive in a matter of days " etc were false and he SHOULD have known . While making these statements the share register increased 4 fold to 1.9 billion often after a seemingly positive update to suck new people in - "Fool me once shame on you , fool me twice shame on me" - new investors beware.

Great that you are quoting RNSs . A few more from the last yr people not quite versed in Kefi RNS's which all turned out to be well a bit Walter Mittyish - I stopped in Jan as ran out of space!

29th Oct 2019
Statement by the Executive Chairman of KEFI and TKGM, Mr Harry Anagnostaras-Adams: "It is exciting that the Tulu Kapi Gold Mine development is starting and especially pleasing that it is in joint venture with both the Ethiopian Government and private sectors. All parties are completing the last-minute actions for next month's start of the 24-month development schedule to achieve full production in 2021. This will be the first modern mine development in Ethiopia for decades and has taken great determination and collaborative effort by all parties, for which we are most grateful.

23rd Sept 2019
·; The Project plan is for TKGM to trigger its development schedule with Project equity funding in October 2019, full finance closing in March 2020 and full production in October 2021.

7th Nov 2019
These outstanding Government administrative arrangements had held up the closing of the Project equity investment past the originally foreseen date of 31 October 2019. Following receipt of this confirmation from the Ethiopian Government, the partners of the Project subsidiary, Tulu Kapi Gold Mines Share Company ("TKGM"), are now in a position to complete and sign final documentation relating to the shareholders' agreement and trigger subscription procedures for the Project equity capital. The community, contractors and other stakeholders will now also be asked to prepare for the commencement of Project development and the site and district security arrangements will continue to be checked and refined with all the authorities. Further announcements will be made in due course
25th November
The Project has gained significant momentum in recent weeks and, after many unfortunate delays, is ready for the start of development. It is supported by all consortium members and the Ethiopian Government at all levels. KEFI has strong local partners, principal contractors and an on-the-ground-team. The Project also now has two alternative project infrastructure finance proposals to consider, the long-standing bond-lease based proposal and a conventional bank-project finance proposal from leading African banks.

The Project's 24-month development schedule is expected to start in January 2020 and the Project consortium action plan has now been agreed.

6th January 20
"I am delighted to confirm the signed subscriptions of ANS Mining into the Project company. Whilst we have been working closely with ANS Mining for some time and developed an excellent relationship, I am now pleased to be able to welcome them formally as partners.

"Following first funds flow this month we will commence phase one of the community resettlement, trigger debt implementation and detail the final procurement and contractual arrangements with the principal Project contractors.

so a CEO/executive Chairman who destroys 90%+ of shareholder value is great because you managed to get in at an all time low a few weeks ago ? Interesting perspective - also you think the share price will be pumped by naive casual investors - exactly the reason I keep posting to save those people from only seeing blatant ramping and losing their money by continuing to point out the superb record of failure of this company to deliver anything