Member Info for Tugmaster

Summit,

Yep. I get it. My very rough numbers based on:

1) we are heavily discounted at the momrnt i think - put this down to the Trump effect!

2) Imminent and fantastic (hopefully) news

3) Haverion should significantly reduce our AISC per oz ( even at todays output) with gold at 10k an oz our margins increase to around 3.5 x todays margin and this is without counting Haverion ore.

4) OC Tungsten details yet to be decided.

5) further resource expansion to come (likely)

6) Potential Dividend payments will attract anothet hoard investors if we get there.

After writing that, I think possibly £25 - £30 may have been a touch low for 10kUSD/Oz 👀 with everything else to look forward to. Here's hoping!

Tug

Summit,

By the time gold hits 10k an oz (and if) assuming Haverion is online and producing. I think £25- £30 per share is more likely.

Tug

This guy did a good podcast with Sprott Radio recently. Worth a listen.

Tug

Personally,

I dont see a Divi any time in the next 5 years. Kefi is si Glen asset, and will likely redirect cashflow into further asset development once producing.

This is where I think most of us would prefer they invest surely? Divi can come later once they are at full production and have a multi asset base and a substantially extended mine life across those assets.

Tug

Hi, apologies perhaps I wasn't clear. I mean - 6 - 12 months PRIOR to first gold and cashflow. Rather than cashflow and fiest pour IN 6- 12 months. Im aware first pour is targeted for q1 2028. I think the share price (assuming milestones are hit - again putting a heavy wright on lycopodium running g the show until then rather than the Kefi BOD) I see 6-8p as a baseline of sold at 4kUSD an oz.

Tug

Hi all,

I've been doing some numbers, and basing them on past history from similar companies (explorer that found an asset and turned miner) ive also factored in a fairly reductions for the geographical risk. Ive also assumed gold at a baseline of 4k/Oz USD.

Big catylist is boots on ground and sentiment change from " we have a history of broken promises and delays" which i beleive currently is being heavily priced into Kefi share price, to " it looks like well have a gold mine and be cashflowing within 6-12 months"

Again, as per my post a few days ago I beleive having Lycopodium heading up the show from here onwards we have a significantly increased chance of meeting rhe exoected milestones. And market sentiment shifts from waiting for the next delay to waiting for the next tangible catylist. (Open pit production / road and energy network completed / Processing plant landing on site then plant completion / any further regulatory hurdles) and so on.

I think (shoot me down by all means) a realistic share price for this time next year or let's say 6- 8 months prior to first gold, assuming fairly smothe milestone targets being reached would be in the region of 6-8p.

Tug

Thanks for the reply Speedy,

Thats an easy one for me, at the moment. I want to earn more! In which case I may do both! Just less of one and more of the other.

Thanks

Tug

Hi Doozer,

Was that a question or a suggestion? Sorry, I shpuld have made it clear. My ETFs are in silver miners and some uranium / platinum miners.

Tug

Hi Speedy,

Apologies if this has been covered before (i expect it has). I understand the preference for some to stack and hold physical. Id like to do this aswell, but (Big But) i dont have much spare wiggle room. Nearly all pf my funds except a small amount for family life and emergencies are tied up in Mining Etfs, and the majority is in GGP. Including the kids ISAS, and my Sipp.

I understand that miners act as a leveraged bet on gold and silver. Which we see daily in the share prices. Gold moves half a percent, miners move 3 or 4 percent.

If, the economy goes the way it looks and the FIAT system continues to devalue and collapse, and all other aspects of this that point towards GOLD GOLD GOLD and Silver. Do you still consider holding shares of GGP and the likes to be a pretty safe haven aswell? Or should I maybe be thinking about selling some and buying physical instead?

Id ve interested in your advice / opinion, please?

Thanks

Tug

It seems to me that the timeline and the delivery capacity of the BOD is the main point of concern from most. So, what does this all come down to? Broken promises I presume for those that have been here a long time.

However, after listening to some recent interviews and reading back a few RNS, the construction or engineering company of choice is Lycopodium. Based in WA. Now this is where it gets interesting and hopefully alleviates some of the pessimism among the BOD's ability to deliver.

We are fully funded, and some! And this will be based on Lycopodiums PFS and Capex quotation / estimate / whatever you want to call it.

Kefi wants cash flow ASAP. So do we all, the sooner the better. But when I research Lycopodium as a company with regards specifically to experience in the sector, experience specifically in mine development in Africa, and then the delivery record on projects WITHIN budget and WITHIN the time frame (often delivered for less Capex, and in less time than expected) they appear to be the gold standard of choice for this particular project!

Which means....possibly and hopefully that the timeline and development costs rely on a gold standard company, with impeccable track record for delivering within budget and on time. Rather than the Kefi and the BOD that you have all become accustomed to.

So, I think its fair that with these guys heading up the show the road to first pour is significantly de-risked. Much like paying the expensive more reputable builder, rather than the handyman without liability insurance.

GLA

Tug

Ive only entered very recently. I was waiting for financial close for full funding.

I feel very positive, and this is one of the few that ive bought recently I think id feel quite comfortable not watching for another 12 months.

Execution is key.....delays are usual and can be expected in every enteprise. But eyes on the prize - fully funded. Gold in ground. Construction started. Strategic government asset status. Gold price booming.

Weak link (according to most and my research is the BOD) but there was several references recently to refreshing and bolstering the BOD. Companies often bring in big hitters and big players closer to production in situations like this. I think (delays aside) theres a bl**dy good road ahead here for TK and Kefi.

I think the exploration budget is minimal, so we shouldn't look forward to finding "a second and thurd" TK as the man said himself. Eyes on first pour and production 2028. And before rhat, commencement of infrastructure and processing plant will be a big hitter for the SP.

Good luck all, im here for a while.

Tug

10k/OZ **

10k /iz USD 2029. Kefi SP?

Indulge me.

Tug

PSector wide dip today. Price of gold has taken a hit. Not necessarily anything weired or wonderful here at Kefi, just following the sector standard.

Bought in recently, targets on full production then reasses.

Enjoy the ride, ignore the ups and downs, look at the end game.

Tug

Simms,

Tell me about your 15p figure. This is not a troll.....im new to Kefi and im intrigued to hear the rationale. Id be very very very happy for 15p!

Tug

Crisu,

I take your point. But I think Montage are in a slightly different league in terms of asset numbers and resource values , JV partners and a few other things etc. Im sure Kefi COULD be in a similar position. But they aren't anywhere near that yet.

My reasoning being there is still a relatively high risk profile for Kefi, geographically too. But also given the past I also anticipate missed deadlines and the share price to bounce violently on those occasions. Not to mention this next 18 months will be fairly "boring?" If you like in terms of news and catylists unless they expand or find something else.

As i say, eyes wide open and watching closely for the right moment that fits with what im looking for.

Best

Tug

Thanks everyone for the time taken to reply. I do like what I see, but ive decided not to invest today. Not right now anyway, I think theres a good chance of sideways drift rather than a rise for while, so ill keep a close eye and think about buying in a little further along the line when we approach the final stages of the mine construction.

Someone asked on this thread the other day if I was the tug they knew from driving tug wagons. Nope - im a Tugboat skipper rather than the lorry type tug. Worked around the world for British Petroleum on the tankers for a good few years before "Coming home" so to speak to start a family with my wife. Not much heavy marine industry where I live in West Wales so Tugs was as good as I could get! But hey, its done me well and I enjoy it.

All the best to you all, I hope it goes well and ill be watching from the sidelines poised and ready for an opening that suits me and at the right time. (Hopefully)

Tug

Puzzled Pete,

Thanks for taking the time to respond. However on GGP, you are categorically incorrect on all points that you post. It is a fantastic company, strong growth prospects, heavily owned also by institutional investment (big players too) 5.5% Black rock for example and now the ASX100. So on....so forth. And still represents great value. Telfer newly extended mine life, and Haverion, we are talking 25 years +. As I say, big fan of GGP. Hoping to be a big fan of Kefi too, with a little more consideration to come.

Thanks again

Tug

Thanks everyone for the response, appreciated.

Bonkers.....thanks for the lengthy response. I get where you are coming from. GGP is where id hold the majority of my investment. This was more as I said originally "bang for my buck" in the short term. And a bit of excitement, I expect this will relate significantly faster than GGP will from here in the near term.

Thanks again all

Tug

Thanks H2G for the reply, hopefully more of the same.

Tug