Member Info for Xhita

Cost of the temporary accommodation... are you joking. It's Ethiopia $1 a day Ethiopia . $400m project duh

It's important to understand that the resettlement will likely take a couple of years in it's entirety. Much of the land in the resettlement isn't needed for several years.

Ultimately phase 1 consists of those places they need to access first.

They have said that any not scheduled in time will be moved to temporary accommodation.

The resettlement needs to allow sufficient access by August when the bulk earthworks begin.

I say again this timeline is very generous, the contractors are on a fixed payment which means it'll be delivered early.

They don't take risks on fixed contracts. 7 days a week get it done rapidly.

I hope the persistent 1m and 2.5m seller is OK. They seemed to disappear yesterday. The 1m double tap with 2.5m chaser has been destroying the share price for weeks now.

I hope they are doing well.

The US$100 million equity-risk portion of the Tulu Kapi Gold Project’s US$340 million financing package is creatively structured to include government contributions, royalty streams, and localized investments.The equity funding is structured as follows:

Ethiopian Government Contribution (~US$20 million): Issued as new ordinary shares in the Tulu Kapi Gold Mines (TKGM) subsidiary, bringing the government's total stake to roughly 17% (which includes their pre-existing 5% free-carried shareholding).

Equity-Ranking Royalties (US$40 million total): Includes a US$20 million agreement with Chancery Royalty Limited, alongside streams with other royalty investors on the same terms. These rank with equity risk and are payable alongside standard shareholder distributions.

Development Capital & Shares (US$10 million): Costs incurred during the two-year development program that are settled in parent-company (KEFI) ordinary shares at the market price when applicable costs fall due.

Local Subscriptions & Specialist Funds (US$30+ million): Includes proposals for Ethiopian Birr-denominated Preference Shares aimed at qualified local investors (part of KEFI’s 'Ethiopianisation' policy to align local stakeholders) and broader specialist African funding.

Yes he did, it's one of their contingent conditions for drawdown that the board maintains the mandate to manage risk.

Jeff also said SA would be in development this year. Harry had said a decision this year to start construction.

I think SA will be in production ramp up just behind TK. Maybe 18 month timeline schedule

It's possible Eric. I asked 3 questions about SA and as you say nothing. I am very happy they are focused on delivering the base case open pit at TK. Jeff says they have 1.7m oz and target 1m underground.

I think it'll comfortably exceed 3m oz total.

I am sticking around for the company building into a junior miner with multiple mines.

The equity is always spent before debt drawdown. The banks want to see you our commitment upfront.

The borrowing headroom is not about borrowing more money it's about having the option to if something unforeseen happens. It's a tick box on the risk assessment...... 5hit happens..... mitigation in place.

Without it the banks risk increases. It's the he same as the guarantees from the board that they aren't planning to stand down anytime soon. Continuity is what they need

Exactly as I thought. Obviously nothing new as it's not an RNS announcement. Resettlement is ongoing. They seemed very relaxed. Harry appeared more energised and alert. Good to see the team there not just Harry.

Yes the share price is broadly tracking the sector but the rest of the sector isn't in a transformational phase of development so I would expect KEFI to be ahead.

I believe Harry is right and the share price will reacte broadly within the notion of the Lassonde curve although obviously it's an observation and not fact. External pressures will always be the main driver and really trumps humiliation by Iran has caused global disruption and ultimately now it's less influential. I believe the shock value of suicidal global policies is diminishing as the world is more accustom to trump stupidity now. Hopefully we can catch a break where the market can make informed decisions and not be reactive purely to global demands.

1000s of project strands broadly on schedule. I know from experience that schedules are rarely met in entirety and often substantial progress is achieved all at once where strands converge. I maintain my view that 27 months is a very soft schedule and early delivery is most likely.

The big ticket items are being fabricated, the house building is ongoing, the electric hook up and Roads are ongoing.

What do we have to do??? Just wait, hold tight, buy what you can afford .

Pete I hear what you say but 25 years researching and writing doesn't mean anything to me. It doesn't convince me and we'll just wait and see.

I am heavily invested here and most of that is on the back of my time in the industry. I have been through several situations like these as contractor, project manager and shareholder. I have been out of the field since 2015 project managing in the hotel and solar farming world but years in exploration and development guide my choices.

Best of luck to you

Pete that's just not true that it doesn't have a value until it's in production. Investors have an investment window. That's a forward position and as the 86% share of TKGM enters that window it achieves a value. This is the same for current holders as the date draws closer the ranking of the share increases.

To give you the heads up this is not going to jump from 1.1p to 10p on first commercial gold pour. The gap will reduce as it approaches.

The valuation on 86% of TKGM is far in excess of the current cap. There are other assets of value that are just disregarded currently. This is the valuation by a broken market. It either is fixed, changed or a predator takes the lot.

Simms the question is who will own Kefi 86% interest in TKGM in 17 months time. Unless something dramatic happens to the share price surely this is the most obvious no brainer takeover ever. 3 or 4p. Kill the golden goose but take the golden eggs.

Watch out for my question in the webinar about this

Harry is the spokes person, he says he's authorised to speak on their behalf. It does say Harry is the presenter. I would be surprised if there is anyone else but maybe.

I have already given my feedback that Harry appears low energy and appears exhausted. It's not a good look for a dynamic business looking to seriously expand their horizons over the next few years.

I have watched presentations over the years and they are awful.

You can submit questions and watch the webinar after at any time. It's 4pm UK time today. A reasonable time for shareholders really.

These are well staged events. Similar questions are grouped together and the host mellows them into a very relaxed line of questioning.

Although these are questions from the floor they will be very much on track about progress at TK, SA and exploration.... nothing confrontational and unconstructive.

The idea is to inform the misguided

I just hope Harry has had sleep and appears more awake and energised than previously. He is a presenting liability really but he is all we have.

The message will be all on course, all on schedule.

We'll just have to wait 16 or 17 months to see the colour of the gold from TK.

Wednesday 17th June 2026

Time: 4pm BST

Location: Online

Thanks I just saw the email. 5pm here. I have 11am tee time so should be perfect.

What time have you got for the webinar tomorrow. My invite says 5pm but is that UK time or has it been adjusted on the calendar for Spain

The market is always wrong. If it wasn't then the share price would only change on news that impacts the valuation... but it moves every few minutes regardless.

The share price is dictated by probably less than 1% of the shares. 99% can be in firm long term hands and 1% traded is moving the price around.

Clearly the current valuation with close proximity to substantial profit is ridiculous. Any offer for the business would be at least ex higher than the current share price so would that be a fair valuation right now.

Probably.

The things weighing on the share now are a perceived or real overhang, a dire investor pool, UK economic situation, time until realisation of profit amongst others.

I believe the share price will stay well behind any reasonable valuation for the foreseeable future.

However it still provides substantial upside

Well target my model is nothing like yours. My model shows 1.6p now and 2p by December. That's assuming that SA doesn't progress between now and December.

Yes there's a bit of an overhang possibly. I don't see any panic about it.

In the spring we'll see a move above 4p as the factory progress becomes obvious and the countdown to first gold begins.

I am expecting this build delivered ahead of the very generous schedule. That's how it is with fixed price contracts in my experience.

KEFI next CEO will be Ethiopian. The holding company is Ethiopian. This is what the PM is looking for

It's the exercise of warrants, clearly they are already in existence when the warrants were created. The question is why now and will they sell immediately.

However this is a tiny amount probably less than the average posters holding so irrelevant in the scheme of things.

It's not unusual for advisers and other suppliers to o take fees in shares or warrants