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There's a Chinese exploration grab in the region around TK. They have invested heavily in exploration licences and these come we it's minimum expenditure commitments that run into tens of millions.

The PM is a smart guy he can see how the Chinese work and it's unlikely he'll entertain Chinese ownership. I think they are finding out already it's not a friendly environment and Ethiopia are looking for Ethiopian retention of ownership and management.

KEFI are down that road already

The second mill will be in my opinion in a factory next to the one being built this year. It makes sense because the electric connection is there, the waste and tailings are there. The feed stock is there. It will allow the lower grade to run that would be otherwise waste and will increase the capacity of the mine. Environmentally it's a no brainer. Economically it's a no brainer. They could increase production 80% or so by spending another 25 or 30% of the build cost of TK.

I suspect they will add a second mill once the mine is up and running, generating cash. Although much depends on the price of gold and what they find underground.

Of course they won't commit to it until they have the information following drilling. The idea though is to end this notion that TK is a 7 year 1m oz reserve. It's a much bigger resource, and just because it's not in the bankable DFS doesn't mean it won't be run

TK will be at least 3m oz

Electric lion. You say it's not proven that's not the case. There are lots of drill results that are inferred and not included. The proven aspect is that in every other mine that entered production inferred were proven later. That is where they don't have a cut off. If you have to remove material it's already costing money. The reason they don't produce from it is because they have limited capacity. This is why I say they will add another mill. At $1500 oz of course they wouldn't bother.

in addition they have room for a heap leach. They have tailings capacity they have waste material capacity.

They will add milling and grinding in my opinion.

I will send a question for Wednesday to see if we get some info.

It's scary the level of knowledge people have and are invested.

KEFI triggered TK on a bankable feasibility study. Bankable means everything is base case. The TK resource and reserve is minimally drilled, the underground even less.

We can see substantial voids with tapered grades.

Just ignore the numbers, the actual will look nothing like it. It's purely an exercise in securing funding.

Electric lion. I disagree. 30x is a very real prospect based on the numbers we know plus a degree of speculation plus a strong gold price.

At 200k oz a year they could add 5 years to the resource just drilling out the underground targets.

I think 4 to 6 years you could very well get 30x return including a couple of years of dividends.

Obviously it doesn't move in a straight line but at 1.2p it has massive headroom to grow into.

Discount for the region is nonsense even though it happens. After 4 to 6 years Ethiopia will be one of Africa biggest producers and infrastructure will be developed.

Absolutely zero chance of this being a 7 year mine. $5bn asset won't be far away. The mine life will be at least double base case and I will be amazed if there isn't at least 1 heap leach on-site and a second milling circuit within 2 years of opening

The current TK project is maybe one third of the potential from the site and immediately proximal

targets.

KEFI has done the minimum when it comes to drilling.

The resource is in easily identifiable by colour zones. However much of the material around is viable with high gold prices. There's much much more upside in the numbers. $5 BN at $4000 oz, $7.5bn at $6000 oz. You can't take it to the bank because it would take years more and millions to do that. Kefi has done the minimum

Stebo that's exactly the question and the higher it is today the more likely hands get leaky.

Before the prize the temptation will trip many into selling.

Walter surely it's because GGP are in production and the 3.5% rise in gold directly increases their profitability.

The gold price today has only an impact on sentiment or perceived sentiment for KEFI. It's how it is at the moment. Gold drops substantially as it did it'll hurt the share price because currently fear is in control. This is largely because of a volume seller and or overhang weighing on the price.

If it stepped up 12% the seller would dump quicker. The MMs are working it through

# of Trades 318

Vol Sold 28,119,664

Vol Bought 34,417,141

This is what we need. A disappointing day so far.

8 suspect that half the sells at least are from the same source. Removed supply and it'll take off

I confirmed a detail that Harry gave whereby he said that some families were moved into temporary accommodation to allow early access rather than waiting for the completion of the first units. This remains an option. The phase 1 build and phase 1 vacation isn't necessarily the same time. On that basis even if the properties aren't ready in the most convenient order it doesn't hold it up.

I have a question in the webinar that covers this risk so maybe we'll get a good answer.

Certainly they don't build one house at a time, they will be built in blocks and are at least partly modular as Dashen specialise in modular housing

2p by December seems very likely to me. The share price will take on the interest of long term holders as we enter the 12 to 18 month reward window.

There's zero in the share price to cover the known assets let alone those that can e added and on top speculation.

In early spring it will move up positively. We still have a habitual 1m seller

It's like someone isn't paying attention to the interviews and presentations

Simms I find myself agreeing with you again.

Whilst I see a takeover as just about TK as they would very likely lose much of the value which is currently open beyond TK. However really below 5p TK is a crazy cheap acquisition and they could turn their back on the rest. Killing the golden goose isn't an issue if it's already produced golden eggs.

A mid or major goldie could take it and fund itself from revenue very comfortably I am sure.

The near term reward of TK would be enough. My view on this has changed because I have been looking at the full package scenario rather than takeover just for TK and asset strip SA.

As a shareholder I would be gutted with a 5p takeover even if it means profit realisation earlier than expected.

Goldqueer

I have to assume that you are serious.

It appears that you either want Kefi to be a producer at just one mine or you want them to wait several years before progressing any other opportunities.

Of course there may be some dilution. Of course they include flexibility in the AGM. Why would you want to tie their hands??

If Keri just deliver on TK and nothing else it will be a huge missed opportunity.

If they have to dilute to find the equity side of TK2 or SA now rather than in 2 years time I vote do it now.

Ultimately Keri has potential to deliver returns 30x or more over 4 to 6 years. I would rather they go for that than 5 or 6x over 3 years.

Yes they have to retain flexibility. They have funds to open TK and contingency, they have funds for substantial exploration activity. They don't have funds to build 13% of SA or increase their exposure. They don't have funds for other opportunities.

Why would you think so small

I would be nice to see some sustained progress and building a platform above 1.4p. I am expecting around 2p in December and moving on strongly in the early spring.

I think that for many this is just too long still. When we are in the same year as we'll see the first colour it'll hit more radars. Timed with a main market move for increased exposure.

I hope Harry can muster some energy and enthusiasm for the webinar this week.

I am submitting my questions now.

This week my Kefi portfolio should go blue which will be a celebration. I took lots near to 1p but lots more 1.2p+.

It's not that important where you hold just don't be the mug seller

By Saturday 20th Trump will be moaning about it and changing the terms. He is a sucker puncher low life.

Iran has totally humiliated trump and America.

There's no stopping it now. In 18 months we'll see the colour of TK gold.

I asked the company if they will be forward selling tokens made from TK gold. I will definitely be buying if they do.

Ortherncopper it's irrelevant because 9 years ago gold was $1250 oz. You can only take it once the extra reward far outstrips the dilution.

My first thought is what awful presenters they are. What a shame everything has been so painfully delayed.

However it's happening now.

In a recent interview one of the people from chancery asked Harry about the gold price at year end or in a year I don't recall exactly. They thought it may be $7000 oz. Harry answered that it really didn't matter because the economics were so strong. Even at a base case gold price with serviced debt and all costs below $1400 oz it's going to be massively profitable.

It's clear toe that the Ethiopian business which has the debt arrangement will let it run it's course and this will allow dividends from the UK business that will receive dividends from the Ethiopian business for 86% interest.

Indeed the banks almost certainly excludes early repayment as they take the risk and will need long term rewards.