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Kefi Minerals Share Price - KEFI

Share Name Share Symbol Market Type Share ISIN Share Description
Kefi Minerals LSE:KEFI London Ordinary Share GB00B1HNYB75 ORD 0.1P
  Price Change Price Change % Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00 +0.00% 0.43 0.40 0.45 0.43 0.43 0.43 5,930,870 07:53:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m) RN NRN
Mining 0.0 -4.0 -0.4 - 7.41

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dorifij: RNS Number : 3193U Kefi Minerals plc 15 October 2014 15 October 2014 KEFI Minerals Plc ("KEFI" or the "Company") Quarterly Operational UPDATE KEFI Minerals (AIM: KEFI), an emerging gold miner with projects in the Kingdom of Saudi Arabia and Democratic Republic of Ethiopia, is pleased to provide its third quarter operational update for the period from 1 July to 30 September 2014 as well as post-period events. The update encompasses the activities of KEFI Minerals (Ethiopia) Limited ("KME") in Ethiopia and Gold & Minerals Llc Limited ("G&M") in Saudi Arabia. HIGHLIGHTS Tulu Kapi gold project, Ethiopia -- Received final independent verifications and approvals to enable, post period, reactivation of Mining Licence Application o Updated JORC compliant Mineral Resource reporting of total Indicated and Inferred Resource of 23.7 Mt at 2.51 g/t Au for 1.9Moz Au o Updated JORC compliant Ore Reserve reporting of total Probable Ore Reserves of 12.9 Mt at 2.41 g/t Au for 1.002 Moz Au o All-in-Costs estimated at $844/oz - well below global industry averages -- Acquired remaining 25% of Tulu Kapi gold project from previous owner, which gives the Company full control and funding flexibility -- Post period, received headline indicative terms for project finance from several financial institutions, which is intended to be implemented in parallel with the project development timetable Jibal Qutman project, Western Saudi Arabia -- Drilling and trenching continued with mineralisation remaining open in three of the five adjacent pits included in the reported Mineral Resource Harry Anagnostaras-Adams, Executive Chairman of KEFI Minerals, commented: "We made tremendous progress during the last quarter which, post period, culminated in the reactivation of the Mining Licence Application for Tulu Kapi. With the strong support of the Ethiopian Government, KEFI can now see a clear path towards becoming a gold developer and commencing commercial production. "While the present focus is predominantly on Tulu Kapi, we are also ready to advance our strong exploration portfolio of carefully selected targets within the highly prospective Arabian-Nubian Shield. As such, the Directors of KEFI are excited about the Company's future prospects and are confident of delivering value to shareholders. "I would like to thank the Ethiopian Government for their support and also our exploration, development planning and financing teams without whom the rapid progress of the Tulu Kapi project would never have been achieved." OPERATIONAL REVIEW Democratic Republic Of Ethiopia Tulu Kapi gold project, Western Ethiopia This has been a historic period for the Tulu Kapi gold project where the Company focused on receiving the requisite independent verifications of project plans and headline indicative financing terms to enable the reactivation of the Mining Licence Application ("MLA") on 6 October 2014, which had been suspended in mid-2013 by the previous owner of the asset. The Ethiopian Minister for Mines, Hon. Tolassa Shagi Moti, has confirmed to the Company, the Government's intention to expedite the processing of the MLA with a view to construction commencing in early 2015. In addition, during the third quarter, KEFI took full control of the Tulu Kapi project. On 3 September, the shareholders of Tulu Kapi's previous vendor approved the sale of the remaining 25% to KEFI - resulting in the Company owning 100% of the project (it will convert to 95% upon the Government exercising its right in due course before commencement of production to a 5% free-carried equity position). The acquisition cost was paid mainly in KEFI shares and totalled GBP6M, which represents under $10/oz gold Reserve. The independent verifications received during the period and subsequently include: -- updated JORC 2012 compliant Mineral Resource reporting of total Indicated and Inferred Resource of 23.7 Mt at 2.51 g/t Au for 1.9 Moz Au; -- open pit Mine Plan for targeted production of 86,000 oz Au per annum for 10.5 years from mining and processing 1.2Mtpa at 2.4g/t Au; -- updated JORC compliant Ore Reserve reporting of total Probable Ore Reserves of 12.9Mt at 2.41g/t Au for 1.002 Moz Au; and -- costs estimates for the open pit, including total estimated operating costs at $626/oz and All-in-Costs at $844/oz including capex, opex, closure and royalties - well below global industry averages. Post period, KEFI has received headline indicative financing terms of c. $100M from several financial institutions, all of which are familiar with the project and have already undertaken initial due diligence. The finance plan remains to fund all pre-development obligations and activities with equity capital of c. $5M through mid-2015, and that the c. $130M investment required for development in 2015 will be optimised in mid-2015 and mostly financed by project-related debt. Kingdom of Saudi Arabia Jibal Qutman project, Western Saudi Arabia Drilling and trenching continued at KEFI's Jibal Qutman project in Saudi Arabia and, on 14 July 2014, the Company reported drilling results with the best results including 17m at 3.72g/t Au, 8m at 3.22g/t Au (including 3.0m at 7.21g/t Au), 13m at 2.27g/t Au and 22m at 2.51g/t Au. Mineralisation remains open in three of the five adjacent pits included in the reported Mineral Resource. Other Licences In Ethiopia, KEFI continued drilling at licences adjacent to Tulu Kapi, reporting exploration results at Guji including 44m at 1.73 g/t Au and 6m at 3.98 g/t Au, and results at the Chalte prospect of 8m at 1.91 g/t Au and 8m at 1.88 g/t Au. This re-affirms the excellent prospectivity for additional gold deposits within haulage distance of the planned processing plant at Tulu Kapi. In Saudi Arabia, Selib North was downgraded in priority and, pending the grant of additional licences, the focus is now exclusively on Jibal Qutman and prospecting application areas, including the set of four tenements adjacent to Jibal Qutman. Corporate During the period, the Company raised gross GBP2.125M cash, through private placement of ordinary shares, to fund the acquisition of remaining 25% of KME (the 95% owner of Tulu Kapi) and all costs for the reactivation of the MLA. Following the acquisition of KME, the vendor distributed its 13.85% shareholding in KEFI to its own shareholders on 24 September 2014. On 12 September, KEFI announced the grant of 2,250,000 incentive options to the newly-appointed Non-Executive Director, His Excellency Mr Norman Ling, former British Ambassador to Ethiopia. The exercise price was set at a 24% premium to the then prevailing price per KEFI share and all terms and conditions were in accordance with the Incentive Options Scheme. KEFI appointed, on 15 September, share price Angel Corporate Finance LLP as Nominated Adviser to the Company. Post period, upon re-activating the Tulu Kapi MLA, Mr Harry Anagnostaras-Adams moved from Non-Executive to Executive Chairman with a particular focus on permitting, financing and staffing in preparation for exploitation of the Tulu Kapi asset. Previous Managing Director, Mr Jeff Rayner, assumed the role of Exploration Director to focus on identifying the Company's next value-adding stages beyond the construction and start-up of the Tulu Kapi open pit. OUTLOOK FOR Q4 2014 Tulu Kapi The previously foreshadowed milestones for 2014 have now been achieved, other than the updating of the Definitive Feasibility Study ("DFS") from its 2012 version (prepared by the previous owner of the asset). The Company is now working to update the DFS to reflect KEFI's overhaul of Tulu Kapi. Other priorities include the assessment of opportunities for further improvement such as considering refurbished plant (rather than all-new) and contract-mining (rather than owner-mining). Jibal Qutman G&M continues to consider the development plan for Jibal Qutman whilst the zones of mineralisation expand with drilling results. As stated previously, the Saudi authorities are reviewing their regulatory policy with regards to mineral exploration. The Directors of KEFI are increasingly confident that, given the Company's approach of strong local ownership from the outset - through its joint venture company, G&M, which is 60% owned by local partner ARTAR - for its operations in Saudi Arabia, it is well-positioned to avoid any potentially negative impact resulting from a change in policy. EXPLORATION AND CORPORATE STRATEGY In Ethiopia, there are three licences adjacent to Tulu Kapi. There are some encouraging historical results and further fieldwork has commenced under KEFI's ownership which reinforces the Company's initial positive assessment. In Saudi Arabia, there are two granted licences other than Jibal Qutman and 25 Exploration Licence Applications ("ELAs") on behalf of G&M by ARTAR. Overall, KEFI has operatorship of and potential exposure to a +1550 km(2) portfolio of targets at various stages within the highly prospective Arabian-Nubian Shield. The value-adding potential for shareholders of this portfolio surpasses that of the Tulu Kapi mine development. Accordingly, it is KEFI's intention to apply equal priority to exploration managed by Jeff Rayner, Exploration Director, as it will to building and operating Tulu Kapi. The Company is in the process of appointing a suitable individual for managing this process. Whilst the budgetary allocation to mine development will naturally dwarf the allocation to exploration, both activities are at the core of KEFI's business plan and will require equal commitment and leadership. Further information, including a slide presentation which complements this Quarterly Update, can be viewed on KEFI's website at www.kefi-minerals.com
soul limbo: "constantly posted articles here warning of higher US rates, stronger Dollar and a lower Gold price." as opposed to rose tintys, over the past 4+ years, constantly ramping KEFI share price was going to be 10p, 20p, 30p, 40p, 50p..... even £1 not to forget all the b/s that gold price was going to zoom to $10,000... when gold bulls were frothing at the mouth.
robjm66: Do not understand your logic financiers will take ninety percent risk but not hundred percent? That assumes TK is that risky which it is not or that Kefi would have to find that much extra money to exclude the equity component, a measly 8.42 mill pounds, chicken feed compared to the total amount and the other mining projects. No equity elimination Kefi market cap 15.677 everyone gets heavily diluted and that is assuming that we do not have yet another leak and a share price dive or a decline just in anticipation of a cash raising. "The evaluation can only be made when he knows the likely share price and, therefore, level of dilution of shareholders. At some point, some level of share price" You may have missed it but the share price is not being looked after. A commitment to eliminate or virtually eliminate the equity componet would mean a much higher share price and save kefi money (as it would be able to get much better deals as it would have a stronger hand). Any backer is going to look at the current share price when haggling over perceived risk. " As to my reference to classes of investor:" As i said Kefi has to make the investment case now it cannot just chase investors that might pile in after production and a the raising for cash of TK. Sorry but letting things drift is negative. What's the case being put forward? Come back after production? Go away for months and come back when we have a bit of feedback from financiers? "As to the $1,000 oz reference" the company can easily produce a spread sheet to show the various revue expected so why produce the $1,000 figure in the first place. If any backers are that negative on the gold price they are hardily the best people to go for backing in the first place. "production is likely to be higher than initially expected" Thats another point that backs my argument, that Harry should be going for a better deal. TK is looking a lot better with increased ounces, proximal area's looking promising and more potential of gold at depth. In the light of this and the increased flow of investment into Ethiopia Kefi should be getting the best deal for shareholders they can (no dilution or practically no dilution) and making sure that the message is getting across that is what they will get. "I have confidence in them both." Ironic if you look back over the past posts her how much criticism Jeff and Kefi supporters' especially NWB of Kefi get over area's that are Harry's area of responsibility, to have equal confidence in both it would need both Jeff and Harry to be doing an equally good job. Jeff Geo side 9 or 10 out of 10. Communication with shareholder puts the effort in. Harry looking after the share price, marketing, raising money at reasonable rates getting across the message of how good an investment TK is reassuring the market over people worrying that KSA is being left behind, general communication... Does anyone really want the money to be raised for TK with a sub two pence or one and half pence share price? Or does anyone actually want things turned round here so the share price actually reflects Kefi good prospects?
estseon: I don't think that anyone was realistically expecting a linear correlation between Kefi share price and time. Movement in the share price will be event driven and we are awaiting the relevant events. Whether the market will react to the events in the manner hoped is, of course, quite another matter. But if Kefi continues to pile on value it will eventually. The trigger might then be quite inconsequential. That is why the only sensible strategy is to hold.
tim_the_trout2: Hi Estseon I'm not concerned what the Stockmarketwire says, just reporting it. I appreciate you can make a paper profit whilst Revenues were nil but Kefi share price won't move northwards until we either start to produce or exiting news comes from Hawiah. I'm prepared to wait for both. TTT
unionhall: The distribution of the Kefi shares to NYO shareholders represents a difficulty in that many of these shareholders have no specific interest in Kefi and may just wish to cash in and move on. Could be a long hot summer for the Kefi share price.
n_w_b: KEFI Minerals firing on all cylinders as it makes significant progress in Ethiopia and Saudi Arabia By Ian Lyall December 15 2014, 11:44am The past year has been one of significant progress for KEFI Minerals (LON:KEFI) and its flagship Tulu Kapi gold property in Ethiopia. Not that this has translated into a significant increase in the value of the company, which also owns two earlier stage, but highly prospective projects in Saudi Arabia. Quite the reverse, the share price has gone down, mirroring the prolonged sell off in the junior mining space. However, this weakness will be seen by savvy investors as an opportunity. And, indeed, this is how Perth Global Funds viewed KEFI (as a contrarian investment) when it arrived as the firm’s third major investor as part of last month’s £4.9mln share sale. The other two big funds on the KEFI shareholder register are Odey Asset Management, run by the hedge fund billionaire Crispin Odey, and Standard Life. And their interest reveals there is institutional appetite for gold diggers and mine developers with the right assets and management. “They are three quality institutional investors quite well versed in taking a contrarian point of view and seeing the cycle as we do,” said KEFI chairman Harry Anagnostaras-Adams. KEFI, since it took a majority stake in Tulu Kapi a year ago, has gone about ‘crafting and sculpting’ the project to make it a cheaper, but economically more enticing proposition. Now, the investment required to get it into production will be US$120-150mln, or roughly half the figure proposed by its former owner. Okay, output will be lower than first projected (around 10% lower at an annual 92,000 ounces ignoring the start-up and close-down years), but the mine will be one of the cheapest gold producers in the world. The plan is to start mine development in the final quarter of next year, with first gold set to be poured in 2016. In October KEFI reactivated the mining licence application put on hold by former owner Nyota Minerals and hopes to have the sign-off by January or February next year. Anagnostaras-Adams said the development thus far has been hitch-free – which contrasts with the struggle he had re-starting the historic Rio Tinto copper mine in Spain for former employer EMED. “It feels refreshing to be able to run a project like Tulu Kapi here in Ethiopia,” the KEFI chairman told Proactive Investors. “The emotion of setting up shop in Europe almost a decade ago has been one of frustration. “Ethiopia has been exceptional. Within the company we have around a century of experience of dealing with governments. “For us, Ethiopia has the most progressive, constructive and pragmatic administration we have come across. They are a pleasure to deal with.” If anything, KEFI is slightly ahead of the curve with Tulu Kapi. This, Anagnostaras-Adams said, will allow management to “squeeze down the capex and optimise the development plan”. KEFI is talking to the “natural funders” for projects of this type, with those negotiations expected to notch up a gear when it receives the mining licence. By the middle of next year prospective lenders should be ready to go to their credit committees, while the development plan should also have been finalised, Anagnostaras-Adams revealed. Of course there is the issue of finding equity funding for the project; but there are options at “project or parent company level”, said Anagnostaras-Adams. And as the KEFI team has shown, it is adept at getting the job done. Meanwhile, the last cash call also revealed management can find the money and the investors when they are needed. “It had been falsely assumed by people setting the [share] price at the margin we would struggle to assemble the finance we need as most of the sector has struggled,” said Anagnostaras-Adams. “But the fact we have brought on board three strong shareholders who are there to invest more money shows we are not struggling at all.” In other words it has been a mug’s game so far betting against KEFI. The plan is broader brush than simply setting up shop in Ethiopia. KEFI also has plans to develop and exploit its significant position in Saudi Arabia, where it is exploring the Jibal Qutman area licence. Earlier on Monday it announced a 30% resource upgrade to an indicated and inferred 633,461 ounces. The company also revealed that a good proportion of the material uncovered to date would be amenable to the heap leach method of extracting the precious metal. This, KEFI said, would likely result in saving on the initial investment requires to get Jibal Qutman up and running, while speeding up development. The potential to build the operation in a modular fashion from an initial open-pit has prompted the company to apply for four more licences nearby. Meanwhile last week it and its local partner were awarded a 95-square kilometre Hawiah area in Saudi, which is prospective for volcanogenic hosted massive sulphide systems (VHMS). “Our vision by 2017 is to be producing gold in Ethiopia and not far after starting a smaller operation in Saudi Arabia,” said Anagnostaras-Adams. “The Saudi cash flow will underwrite an aggressive exploration programme there. It is a world class prospecting district and we have world class positioning and team.” Proactive
n_w_b: Harry’s sea change As his former horse, EMED Mining, celebrates the painfully drawn out final permitting of its Rio Tinto copper project in Spain, KEFI Minerals executive chairman Harry Anagnostaras-Adams finds himself in a third world jurisdiction with new fences to clear – some familiar, some refreshingly foreign. Chris Cann 05 Feb 2015 8:51 Feature The similarities between KEFI’s Tulu Kapi gold project in Ethiopia and EMED’s Rio Tinto project are there, if you look for them. Both projects were picked up seemingly months from production – Rio Tinto a mothballed operation in need of permits ahead of refurbishing a working plant; Tulu Kapi a project with almost everything in place that failed on the cusp of development when financiers backed away in a deteriorating gold environment. Both projects are technically and economically very sound – Tulu Kapi following a KEFI facelift – and located in known mineralised provinces. Both have strong community support and financial backing – once again, following KEFI’s intervention in Tulu Kapi’s case. The big difference between the projects that should see Anagnostaras-Adams growing back some of the hair lost as EMED chief executive is the disparity between the two governments’ technical and administrative capabilities. “The permitting in Ethiopia is a little different to what I’ve discussed before with Spain,” he told Mining Journal. “When you sign the Mining Agreement [in Ethiopia], it is a bilateral agreement with the government. It’s an all-encompassing agreement with all other plans underneath it including the mine operating plan, community development plan, the environmental plan, etcetera, so when you sign that agreement you’re fully permitted. “Compare that to Spain where there was a string of permits that had to be worked through various different departments. “The other thing that’s quite different is that you’re dealing with a mining department and a mining minister [in Ethiopia], whereas in Spain, the minister is not a mining guy and mining makes up a small part of his portfolio – the senior decision makers have probably only stepped onto three mines in their lives.” Ethiopia represents a welcome sea change for Anagnostaras-Adams and last year brought success at a pace EMED could only have dreamt about. A 75% stake in the project was bought from a distressed Nyota Minerals in December 2013 on the back of a preliminary study that KEFI used to show how selective mining methods could reduce the throughput planned by Nyota from 2 million tonnes per annum to 1.2Mtpa, while only sacrificing 10% of production. More importantly, the US$290 capital expenditure figure quoted under the former plan was consequently cut in half, reigniting the interest of financiers. KEFI spent 2014 reshaping and shoring up the project at every level with three key objectives in mind. First, to introduce cornerstone investors that would back the company to permit, finance and develop Tulu Kapi in line with the streamlined mine plan proposed. This was completed with significant stakes taken by Odey Asset Management and Standard Life Investments at the beginning of the year and Perth Global Funds in November. Secondly, to convince the government that the company had the wherewithal to do the job by securing independent verification for the overhauled project plan. That verification arrived in September. And, finally, to convince the banks that sponsored then withdrew project finance for the previous development plan to come back in under the KEFI regime. Indicative terms sheets were delivered in October. The company also consolidated 100% ownership over Tulu Kapi. These milestones are based on the company delivering on its plans and, to that end, the definitive feasibility has been moving along smoothly in the background toward a base case scenario producing 86,000ozpa over 10.5 years with up front costs of US$150 million and impressively low all-in costs of less than US$850/oz. The capital cost could come down by a further US$30-40 million by using contract mining and purchasing a second-hand plant. The value proposition presented by KEFI, currently trading at around GBp1.125/share was articulated by finnCap analyst Dr Mark Heyhoe when the investment bank initiated coverage last year. He highlighted the exceptional acquisition cost that equated to US$4 per resource ounce – Tulu Kapi had 1.87Moz in resources – and the derisked stage of the project. finnCap’s last issued target price was GBp5.6/share representing a 264% upside on its value at that time. Since then, the company’s share price has come off by some 30%. It tracked down with the gold price last year but has failed to return with the gold revival. It has also ignored the progress made on the ground and in the boardroom. Market following is one area where Rio Tinto’s legacy worked for Anagnostaras-Adams, at least in the early years, as he drummed up market support for a restart at the historic mine. Exciting punters about a failed gold development in Ethiopia has proved a tougher assignment. “With the gold price down over 30% since the highs of 2011 and junior mining companies out of favour after so many having failed to deliver, it may take a while before investors believe KEFI can resurrect the project following Nyota Minerals’ self-destruction last year,” HeyHoe said. In boom times, exploration stocks with plenty of upside were favoured by investors looking for maximum leverage for their risk capital, while development stocks generally suffered as early stage investors took their profits and the company entered what is typically a news-poor period. Today, junior stocks are being asked to answer a lot more questions before investors will offer backing. That has led to a dearth of development projects and greater market appreciation for those projects that can confidently answer the questions posed. KEFI is in the process of working its way into market favour. As already discussed, the company has established a technically sound mine plan, the backing of cornerstone investors, and indicative term sheets from financiers. It claims to have the full backing of the government and community to the point where Anagnostaras-Adams feels the administration would like the company to “get on with it”. The Mining Agreement for the previous mine plan was submitted and ready to sign in mid-2013 before the falling gold price spooked its backers. KEFI resubmitted the agreement in October last year and expects approval in the current quarter. That would allow the company to execute financing and push Tulu Kapi into development and KEFI into an exclusive neighbourhood of juniors. It would be a rapid succession for the company, it would contrast boldly against the EMED timeline, and would allow Anagnostaras-Adams to banish any lingering frustrations from his time in Spain. HTTP://www.mining-journal.com/world/africa/harrys-sea-change/
robjm66: “AMUR is derisked and in 'play' and the only way is UP but patience is still required - chill!” “Remember AMUR will soon be registering new highs over the next few weeks/months not years as AMUR most unlikely to be around by then.” “I wouldn't want to be out of AMUR over this weekend and all the future weekends until the 1st offer comes in or AMUR is sold, why? The share price will be progressively higher!” “If it arrives this week we could be looking at 60/70p per share; a suitor will be considerably more. RY's 100p per share figure will not be fantasy after all!” “once the 'superb' figures arrive the current share price of 27.75p will be history; the AMUR train is leaving the station.......”; AMUR is one stock you do not sell to achieve a free carry I think Mr Young is managing our expectation; all the good news will not come at once, they will be staggered; this is not a sprint but a marathon, the weak will drop out and their places taken over by new faces ie City spivs! Hope you are not one of the weak ones dropping out? The mms will try every trick in the book to dislodge your stocks; muster some true grit and dispel the urge to crystalise profit I say. After a series of days up the share price is entering a consolidation phase; hang on! Do not think so; share price is consolidating until the next piece of positive news eg pfs Just let the share price do the talking, that's all I'll say - it will find its own level eventually. It is entering a consolidation phase; buy if you wish, sell if you wish or just hold; there are loads of positive news just around the corner. Ramp ramp ramp pump pump pump dump dump dump glug glug glug do yourself a favour and do not go down with the ship again Beth.
robjm66: Football Club is looking smarter and smarter at this rate he may attain Guru Status and you will have to bow down and worship him ;-) Club things are not that bad once the Saudi's sort themselves out Kefi will be in prime position with a even bigger cash cow in TK than hoped and with the KSA having to demonstrate that they are serious about the mining industry. The easiest way they can demonstrate they are serious about the mining industry will be to throw a few goodies Kefi's way. "With regards to our Saudi discovery at Jibal Qutman, we are in discussions with our local partner, ARTAR, and the regulatory authorities about the best sequencing of development licensing and potential development." Probably the first goodie was letting kefi let the two less promising license areas go, the next one is likely to be a quicker granting of the mining licence for JQ (reorganisation or no reorganisation). In the Saudi hands now it's simple do they want a shiny new mining industry or not. They have talked the talk so it is time now to walk the walk. The Saudi are not fools so they are likely to get their act together if it was in this country every licence would need about twenty years of environment studies and public enquiries. Kefi Saudi side is bound to look bad in comparison to the Ethiopian side anyway as the pace there has been breakneck. "we are today planning to reactivate the application for the Mining Licence by the end of 2014, start construction in 2015 and commence operations in 2016. The Government of Ethiopia and its regulatory authorities have already demonstrated their commitment and support in this respect and we are moving fast on all fronts." Tulu Kapi include the significant increase of Tulu Kapi's indicated resources and resetting of the project's planning parameters to target higher life of mine production at a higher grade than had previously been the case." Plus proximal areas looking promising and more gold at depth at TK and the project is a lot bigger and more advanced than JQ. Maybe if Kefi had grabbed a not very good project KSA would look great in compassion Lol. The success here is down largely to "These accomplishments are thanks to the experience and excellence of our technical team, our hard-driven hands-on style of management under Managing Director Jeff Rayner" Obviously the geo side could not really have been much more effective. Areas of concern? The non Geo side of Kefi Finance plan targets ≈ 10% of capex to be equity funded sounds good, many mining companies would bite your hand off for that kind of deal but $143M so 8.42 mill pounds which is a lot compared to the market cap. Plus countries and organisations are lining up to throw money at Ethiopia (which is why the lack of progress at Nyota was so frustrating) and TK is looking increasingly fantastic. In these circumstances why not go for no dilution? Yes Kefi would have to pay back more money and probably at a higher rate but if the potential dilution was eliminated people who are sitting on the sidelines to see what kind of deal Harry is likely to get would pile in here. It may seem a bit ungrateful after Harry outmanoeuvred Centamin to get TK in the first place but if he cannot get a deal that does not hammer shareholders maybe Kefi should get someone on board who can. Share price See above plus does not help that PR and marketing mistakes are still happening AGM statement a mess really maybe all such things should be read out to average Joe to see how they are likely to go down. If Kefi had got its message across effectively enough (with its underlying strengths) the share price would likely be sitting around three or four times its present level. Then possible dilution would be a lot less painful. The fact that NWB PColman and others have to keep asking questions is okay but is evidence that Kefi is still not getting its message across effectively even though more efforts have been made in this area. So overall things are better than they seem AGM was always likely to be a bit of a damp squib with most of info in the public domain worries over the Saudi side, and an underperforming share price. Club have a chew over the presentation especially the bits about TK it might cheer you up. hxxp://www.kefi-minerals.com/files/presentations/kefi_minerals_june_2014_-_agm.pdf

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