Member Info for Xhita

Target as I said I couldn't find any that were delayed in construction. Many including TK in permitting.

As you stated it was typical it's only right that you share those so we can make an informed decision to sell and buy in 6 to 9 months time. That is the point I assume

It's just I can only find around 40 that were delivered on time from this stage forward. Delays including TK in the list are very common in permitting and regulatory approval. However those risks are behind us

Target can you provide maybe 5 examples of late delivery for gold mine construction so we can see what is typical

Well Lycopodium aren't expecting any delay. Interested potential investors in Lycopodium will find them approachable on the contact.

Certainly any delay would be extremely unusual for them and really for any simple plant and pit build.

I have gone through life feeling very positive and very lucky. I don't expect that to change

I took my last today barring any radical drops.

I expect upwards movement now

However the vast majority are off the table. Likely it's the same £500k worth that makes up the churn.

Getting those into long term hands is key for the rerate

Comparing it at 10% valuation makes you realise how under Kefi are.

B positive I thought they had an inferred resource.

Yes they have some early stage exploration targets. With a large injection of cash a a few years they could have something. However Africa is littered with potential.

Not long ago exploration companies were valued at a couple of million.

ORR are doing soil sampling and kicking rocks around.

It's like Kefi is at the front of the queue and Orr are round the corner miles away.

It's bizarre how Orr is capped at 10% of Kefi with almost nothing to show for the money spent. Kefi has a fully funded mine in construction.

It's like screaming how low the valuation at Kefi is.

Doze if it was list in Australia, not dual because that's pointless but just listed in Australia would you be holding. I have held shares around the world but the companies I follow are LSE, Madrid and Europe.

I think it's more important to understand why something is happening than just being negative or miserable.

This share is pinned down here because of a overhang or a supply of shares at this level. To be it seems ridiculous. It is for nothing and I continue to buy steadily.

I don't think the doldrums will last much longer. News is coming and it's going to run the share price.

That's not a ramp, I have no interest in short term movement. The recovery is about to start.... why ... because I nearly have my fill.

I was in Atalaya all the way through from this point through to production. The mine is close by and I saw the developments and read the nonsense posted by "investors" Yes it was nonsense.

I followed Ariana on their build and visited Kiziltepe. Yes more nonsense posted there. I was living in Cyprus at the time and visited mines. I also did 6 weeks field work on the exploration team with Dr Bob F. That was exploring a porphyry copper gold target in Turkey. There were 2 rigs running the line and the comments from investors were ridiculous

So yes I have little regard and no respect but I don't waste your time with bs

Electric lion don't you recognise it from the posts on this board. Why doesn't the LSE value these things properly. In Australia it would be 2 or 3 times higher.

They understand the process and the risks. In Australia this would be something they have seen many times before. The UK isn't Australia and the investors are predominantly negative. Some on this board play on that.

It's a British thing and I can see it. If you choose to be offended rather than thank me for the explanation then that's very British too.

Very true short arm. KEFI management are in a monitoring role only now. The schedule is all the contractors work and they are on a fixed price contract.

They have to liaise just with the teams heading each project strand. Managing the client will be Lycopodium toughest role.

People ask why is it London values these projects so poorly. It's about experience and attitude I suggest. The problem isn't the LSE but the cognitive bias of UK investors. It's easy to understand when you look at things like HS2 and really any public works contract.

Only in the UK do you sit in traffic at roadworks with nobody working. I have been in Spain 18 months and never in a traffic jam. Things just work.

So when you have investors with a mindset that's negative it totally controls their actions.

Visualising failure is crazy.

Still I see it as an opportunity

Dv no population to resettle. Yes it will be a 18 month build

No it's not good to be glass half full. It's crazy when you have professionals doing a job. Especially at a fixed price.

It's like getting on a flight... Oh it'll probably crash.

Until we hear anything the guidance is first gold Q4 27.

Ramp up H1 and full production mid 28.

That's what the people on the ground say.

My life is project management. I am in the hotel and golf business at the moment. When I employ professionals I don't start second guessing them, assuming they'll fail or start repeating that as fact to anyone else.

Get the right people, have a plan and monitor progress.

The resettlement is phased for a reason. Phase1 is phase1 for a reason.

Stop projecting insecurity it's draining

Quite simply if Lycopodium deliver late they lose profit.

Check them out. They don't lose profit. They are professionals.

hTTps://www.lycopodium.com/wp-content/uploads/2026/02/1H-FY2026-Investor-Presentation-1.pdf

I despair sometimes

"Resettlement as the primary near-term gate — 350 houses under construction but not yet complete; slippage here is the most foreseeable near-term schedule risk" This is nonsense. The resettlement will be complete at least 6 months before they need it. Already people are in rented accommodation so there's massive flexibility. At least half of the mine site won't be used in the first 2 years of production. Phase 1 allowed access to phase 1 land. They don't need access to phase 2 until phase 2 is complete. This is absolutely zero risk to the timeline.

"Rainy season" Yes every year. Yawn

"Q3 debt drawdown — later than ideal for Lycopodium's broader procurement pipeline beyond the SAG mill already ordered, though KEFI says it's managed within the schedule" Bloody hell are you serious. They can draw it when they need it but only after the on paper equity is spent. Lycopodium are on a fix price contract with scheduled payments. The schedule is tied to the drawdown.

"Oromia security". Jesus really...

The most probable outcome is delivery on schedule because these contractors have never delivered late.

100% record for their part. If you are going to bet against that on a vanilla pit and plant then that's just mental

It looks around 60m shares to me but that could be 30m to 90m because several trades really aren't certain

There is an overhang or route to shares to balance the books. That tops every rise.

As I have said before a major taking TK and Kefi won't happen. It'll kill the golden goose. Much more likely is an alliance or JV with a major to get their feet under the table and Kefi heading the country.

Ethiopia and the controlling interest in SA is about relationships. They will be destroyed by a takeover.

The Kefi advantage is HAA and his handshaking for many years. You can't buy that and it opens doors in these places where tradition and honour means something.

In 2015 I sold a business I started. It was a very big fish in a very small pond. We invented a big part of marine scheduling and live monitoring. We were on a very small island with a very large flag carrier fleet globally.

We were bought out for €15m.

Within a year the Australian company that bought us lost everything we had built.

The operators were phoning me up saying have lost confidence because now they are just a customer number. The golden goose that made us €2m a year was killed.

Yes a major would get TK but it's maybe 10% of the potential.