Member Info for Xhita

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.

MF. I think you have to do the maths in the real world.

Nobody is going to pay £100m for an unfunded 13% stake in a mine with less potential than TK. Yes there's other assets but far from certain.

If you think 13% of SA is worth £100m then 86% of fully funded and in construction TK is valued at £66.5m.

Clearly TK is 90% of the value currently.

Yes and little comment about who has won. Voting was extended to allow the votes and overseeing NGOs suggest the process was mostly legal.

Ultimately it won't change and we are reloaded for 5 years.

By tonight we'll have a good picture of how big the win is.

I really hope they don't sell the SA projects. They can be in production in 28.

13% of a to be funded venture isn't going to be worth much. Maybe twice what they paid to sit at the table.

The best way to monetise the asset is production. Obviously with someone else paying for the 13%.

They also have the option to assume more funding risk and increase their interest.

Riyadh is full of funders looking to place investments so it's funded very easily.

It's too early to attract serious interest. It will trade below worth until next year in my opinion. Lassonde curve or not this is often the way. When you can say we'll see colour this year then the chart will turn up.

I suspect it'll reach 2p this year but not much more 2027 is when it'll switch on.

Deedee Dashen specialise in modular homes. These will be at least part modular.

They build all year round in Ethiopia.

Interesting Ethiopia in Oromia Highlands has less rainfall than Cardiff and the season it's most likely to rain is quite similar.

It's 21° and cloudy today at the mine. 22° and sunny tomorrow. Wednesday and Thursday showers with a chance of thunderstorms. Friday it's dry and 21°.

Yes it will rain. People in Ethiopia know this already.

Why do the need to print more shares because of this?

GoldQueen you are being ridiculous.

The contractors are on fixed fee contracts. The timeline is set and their prices knowing fully about the seasonal weather.

This is a year round mine plan.

You are just showing yourself up here

MF the point being that these contractors like BCM, Dashen, Lycopodium, EEP all work in Ethiopia and surrounding areas. They know about the rains, they happen every year. The timeline and their fixed price works are in full knowledge of this fact.

It's ridiculous to suggest any delays because of known factors.

The average wage in Ethiopia is $1350 a year. At $1000 a month they get all the staff they need.

The farmers giving up their meagre existence have been waiting years to move and take up mine related works.

1000 will be onsite and 5000 in related activities.

Target it's a plateau. It's all at high elevation. It's not hilly. It's largely open farm land with rocky outcrops.

The farmers manage their fie lol s year round. The rains are no surprise they happen every year.

I don't understand why people think they don't know this already.

They are in Ethiopia not sat in their spare bedroom in their pants.

Just buy and stop with this nonsense.

The rain season is very modest at elevation in the west. The yearly total is 1.5m and it's over around 8 months.

This is a year round project uninterupted by rains which are very modest generally.

The houses are modular, built by Dashen who have a large civil works portfolio and thousands of employees.

The earthworks are largely on going and have been for months

The access roads built by the government were cut months ago, the airstrip is already cut. The power lines will be completed in December as scheduled.

I have to wonder why someone who knows absolutely FA would write such bullzhit. Do you think these experienced contracts who have delivered hundreds of successful projects are just winging it.

Fortunately everything is coming from the east and the threat is to the west. It's the top risk currently but there will be others as is normal in Africa. Despite the normality of multiple disaster opportunities Lycopodium have always delivered on time at the latest.

September or October they'll be onsite in numbers for the main event. Then we'll see pictures of the engineering sheds (factory) and the mill arriving onsite.

At that point I challenge any share not to be excited to be holding

We'll know soon but I expect Saudi production ramp up 2028. A few months behind TK.

Lockdowns definitely not, it would be pointless to keep people contained when largely they live outside.

Deedee that's just stupid. It's passed on by body fluids. Sweat, saliva, cough, sneezing, contaminated clothing. It's really easy to spread and is spreading rapidly. 9 cases in Uganda, Gabon, Sudan and Congo. There's suspected cases in 6 other countries.

Hopefully it'll be contained to Africa.