Member Info for Steve4077

You've changed your view considerably, based on an RNS which was actually better than expected after the hole 3+4 results. Just yesterday you posted:

"I think there will be plenty of buyers @ 3.50 to 3.75......Copper dip and trickle news flow....But the bigger long term future is very rosy....The thing is PI's want to use funds for quick hits....24 months here.... but a very handsome return I am sure..."

If you have decided to sell, then that is your decision. But it's not a good look to now try to convince others to sell so you don't regret your own decision.

Closing price was very misleading. A U trade below the Bid, when it was NT to buy on the Ask.

@Joeman1

Agree with all of that - I misinterpreted your previous post.

>> We need to accept holes 3,4,5 &6 haven't added useful tonnes to any open pit proposal.

While I think that is probably true, they do add a lot of tons for the AA buyout.

>> They do tell us categorically that the copper reduces at depth

That isn't true. The grades for holes 6 keep increasing with depth. 0.25%, then 0.33%, then 0.38%.

Now NT to buy. Went as low as £200 on II.

>> Grades are better than I expected

Actually better than I expected too (vs holes 2+3), plus they seem to improve at depth with the bottom of hole 6 at 0.38%. Makes you wonder what else is down there, but I think near-term focus will be on strike extensions and shallow, higher-grade areas.

So you sold then? :)

There will be open pit scenarios soon, so we will know the likely capex, and that open pit will be for the near-surface 0.5%+ grades, not the 600m 0.25%.

It's an open pit in Australia, with existing infrastructure, within 150m of Sydney. This isn't a South American mountain, billion-dollar mine. Plus, we are aiming to sell, not build a mine anyway.

>> Colin made it sound like there was 700m of mineralisation in each of those holes not 100 to 200m at 0.22 CuEq at depths of 600m+.

Yes, that is true. I think less enthusiasm from CB would have actually helped, but the Jeremy Read / Quinton Hills interview is much more calm and realistic. The aim of the drilling was to check the width of the extension at depth, so it succeeded in that regard, but results are often judged against emotional expectation rather than cold calculation.

Usual reason :)

People see .25% and assume that is bad, without considering volume, jurisdiction, location, AA buyout, etc.

Although at this point, I am more interested in the higher-grade, near-surface extensions suggested by the IP survey, adding bulk volume helps with the AA buyout.

It's worth reviewing the diagrams of the drilling location, showing them from above and from the side.
https://www.rns-pdf.londonstockexchange.com/rns/7404C_1-2021-6-22.pdf
https://www.rns-pdf.londonstockexchange.com/rns/7404C_2-2021-6-22.pdf

Looks like a significant increase in known resource with the extension at depth. Phase 2 will concentrate on extending the shallow, higher grade 'cap' by exploring those very promising IP survey results.

Hole 5: 112m @ 0.22% CuEq from 716m
Hole 6: 222m @ 0.25% CuEq from 600m

"These assays complete our Phase 1 drilling report. We are pleased that every hole completed intersected long runs of copper mineralisation, showing the porphyry system to be of significant size. The comprehensive programme of geophysics has also suggested that the system is far larger than we originally thought."

"The Phase 1 drilling programme has revealed two targets of very high interest, one being the potential for extension of the theoretical open pit currently being modelled, the second being a propensity for more porphyry bodies and a significant increase in tonnage potential at depth which could be a bulk underground mining target."

"The planned Phase 2 drilling programme at Racecourse remains on track for commencement early in Quarter 3, 2021 which will focus on further definition of the shallower higher-grade copper-gold zone and testing of extensive IP geophysical anomalies to the south and east of the existing resource which might represent potential deposit extensions"

https://www.londonstockexchange.com/news-article/XTR/bushranger-copper-gold-project-drill-assay-results/15028230

On Level 2, there is a single Market Maker (Cantor Fitzgerald) at 3.70 ask. Of the other six, two are at 4.00 and four are at 4.10. Its quite unusual to have one MM straying so far from the general consensus.

The bid is more conventional, with three at 3.60 and the others at 3.50, 3.40, 3.30 and 3.20. The 3.20 is also Cantor Fitzgerald.

'The stock market is a way of transferring money from the impatient to the patient'.

Yes, agree completely. There is a huge amount of potential here but patience is required. This is just a quiet period for news, although if concerned, don't listen to CB. Instead go back and watch the interview with Jeremy Read and Quinton Hills from 3-4 weeks ago.

Also, don't forget the Africa assets. Reread the last Kalengwa drilling result for example.

>> longer term I expect to see at least 8 to 10p

I would be extremely disappointed to only reach 10p :)

>> People message me saying you need nerves of steel to hold KEFI - you don't, you just need understand the fundermentals and stay away from misinformation

I've found it much easier since I just filtered SmellyMan, FeverBen, and the other duplicate accounts. Now I just see useful posts surrounded by occasional decorative green. It's like they are all futilely screaming their usual invective in a soundproof room :)

Two significant differences to previous updates.

1) "...presented its Project finance syndicate and submitted its Project finance plan to the Ethiopian central bank ("National Bank of Ethiopia", or "NBE") for permission that it may proceed as outlined. This follows a long, thorough and rigorous due diligence process by the Senior Lenders."

So all the details of the finance are done and its now in the hands of EG, rather than KEFI

2) "All key stakeholders are pushing hard to finalise preparations and the Company has undertaken to the MOMP that, upon timely receipt of these confirmations, KEFI will push to financial closing by the end of July 2021, or as near as possible thereto..."

I suspect the above is related to the 'warning' that KEFI received, so they appear to be working to some form of externally-applied deadline, not a KEFI aspirational deadline.

Also, Harry and the Finance Director both have £500k riding on finance completion and receipt of the first £20m, so I expect that to concentrate minds rather more than in the past.

The format looked fine before posting, but all the white space I added was removed. I wish the forum was a little more flexible in terms of presenting data.

I thought it would worth sharing the trading summary for the last month. As you can below, even though the price is drifting, it is doing so on minimal volumes. The % total column shows the percentage of the total shares in issue that were traded on any given day.

Date Close Volume % Total Trades
Jun 17 4.1 1,994,304 0.24% 46
Jun 16 4.3 3,699,486 0.44% 39
Jun 15 4.3 4,455,862 0.53% 54
Jun 14 4.3 3,889,349 0.46% 73
Jun 11 4.05 5,358,058 0.64% 79
Jun 10 4.05 3,575,732 0.42% 48
Jun 9 4.1 1,998,956 0.24% 31
Jun 8 4.15 2,501,132 0.30% 47
Jun 7 4.25 3,127,662 0.37% 39
Jun 4 4.35 2,522,211 0.30% 45
Jun 3 4.5 2,984,787 0.35% 52
Jun 2 4.45 2,557,941 0.30% 50
Jun 1 4.45 4,175,687 0.50% 71
May 28 4.2 14,219,715 1.69% 165
May 27 4.05 4,688,819 0.56% 80
May 26 4.35 16,677,195 1.98% 259
May 25 4.65 5,385,395 0.64% 86
May 24 4.9 10,689,760 1.27% 102
May 21 4.925 1,971,227 0.23% 47
May 20 5.0 5,537,344 0.66% 68
May 19 4.85 8,902,974 1.06% 131
May 18 5.15 8,127,091 0.96% 131

>> I’m even less of a fan of this period of silence

It's hardly a 'period of silence'. There was an RNS and an 30m interview with three key people only three weeks ago. There is a lot of news to come, but it is not really a stock for the impatient.