Kefi Gold And Copper Share Discussion Threads

[highly geared] 11/5/2020 14:46

My view; if you have shares here m write them off. Or, if you can sell with say a 50-75% haircut, do so, as you can make it back on many stocks that have so much better prospects. Pick those who will go into production in the next 12 months or those who are producing but undervalued.

I’ve been diluted to oblivion with my shares bought 8 years ago. It’s almost comical to see the RNS’s ...it’s so predictable. HAA should have long since done the honourable thing but when you’re using it as a £300k annum lifestyle business , honour doesn’t come into it...

[goatherd] 11/5/2020 14:40

cybaajak,

Perhaps you are right, perhaps not. But can you provide us with any evidence that that is the way RAB operate?

[cybaajak] 11/5/2020 14:04

And the last day of the three days trading price was also 30th April. Thats why the board did not exercise the warrants anyway.

Why pay 2p a share for 25+ million shares when you KNOW that the dilution price is going to be .65p a share for 1/2 billion shares...

Whereas IF there was no dilution in sight, and prior knowledge of funding landing would push the share price above that 2p benchmark.. it would be a reasonable buy.

Can't see a reasonable way the share price will react ABOVE 2p even with ANS Full funding landing now. 1/2 billion extra shares before issue works out from 5/12 of the Kefi share capital to 10/17. All for £3.7M doesn't seem to add up. For RAB to keep the seat on the BoD and only 10% of the share base they can trickle down on the market for the next 18 months much the same as Lanstead did in 17 and 18.

[mark of the rushes] 11/5/2020 13:59

All the warrants issued with the Dec placing were exercisable at 2p with an expiry of 30/04 so will have expired worthless.

[digger2779] 11/5/2020 13:55

As ANS weren't specifically mentioned in the dilution announcement are they still on board with their full refund guarantee (of zip at the moment)or will their "share" be reduced to match this latest dilution percentage or will they be kicked out of the project?
Someone mentioned the covid 19 deaths had doubled. In a population of 109 million they have declared 5 deaths so hopefully they won't be facing the huge numbers experienced elsewhere.
Lets hope finally and I repeat finally we will have enough funds to see this over the line. Harry should have been made to walk 18 months ago but looks like we are saddled with him until at least xmas so we can share a mince pie.

[mab] 11/5/2020 13:16

One for Harry's webinar. How can he secure debt finance from the major African banks [not eth gov or ANS] in light of recent news, when the the finance was contingent on peaceful and successful elections?

"The National Electoral Board of Ethiopia has announced that it will be unable to conduct the 2020 national elections due to the COVID-19 pandemic."

"Therefore, we call upon all parties to seize this opportunity and sit for a roundtable deliberation to seek a legitimate political consensus on how to manage the constitutional crisis the country is facing."

hxxps://www.ethiopia-insight.com/2020/05/04/coalition-of-democratic-federalism-statement-on-election-postponement/

[robjm66] 11/5/2020 12:36

hxxps://www.morningstar.co.uk/uk/news/AN_1589194882061508500/kefi-minerals-raises-gbp37-million;-rab-capital-now-major-investor.aspx

"KEFI said it plans to use the funds raised to close its approximately USD260 million project financing of the Tulu Kapi gold project in Ethiopia. This will include the initial closing of project level equity in the first quarter of 2020 plus "the identified debt funding in October 2020".

Obviously a misprint probably meant to say initial closing of project level equity in second quarter meaning is assume the tranche either by the ANS or by local or national government investment.

[robjm66] 11/5/2020 12:18

Looking for someone less accident prone not as nearly as bad TTT.

[tim_the_trout2] 11/5/2020 12:08

Good shout for the webinar Rob
I propose Oliver Hardy "that's another fine mess"

TTT

[asif12] 11/5/2020 12:01

so it is still the case that if the money doesn't come by end of June then the Ethiopian government will step in? has this changed?

[robjm66] 11/5/2020 11:51

Well usually the shareprice dips to at or near the placing price so market may be thinking harry was taken to the cleaners and the placing price no way reflects what the share price should be.

Can see the shareprice recovering if people decide the company was priced to fail and now it has more funds so there is less risk. Depends when we get the first tranche of money as well. High and rising gold prices should help with gold miners generally even kefi. Personally cannot afford to top up anymore or average down so will just hang on.

"and the shareholder webinar will follow."
“For the love of God, no. That's the last thing we need. I'm being 100% serious as well.”

Maybe just for once someone else than Harry can do the webinar just setting himself up for a fall with a lot of questions over having being done over by Rab capital. I am serious as well.

[tim_the_trout2] 11/5/2020 11:41

Thanks for the update Tops great news.

------------------------------------------

Cash must be (worryingly)very tight ......

Working Capital and Use of Funds

In light of the COVID-19 pandemic, KEFI has undertaken a number of steps to reduce its medium term working capital requirements, without impacting development timelines. These include:

o Adjusting parts of the TKGM budget, whilst preserving key business targets;
o Diluting from 38% to 34% of Saudi joint-venture company Gold and Minerals Limited ("G&M"), by not contributing its pro rata share of expenses to G&M in H1 2020. Given the positive results seen to date from the current drilling program, KEFI expects to fund its pro rata share going forward;
o A decision by the board and senior executives not to draw any salaries in the year to date whilst plans were reviewed and adjusted in light of the pandemic; and
o Ongoing salary reductions by senior management of 25% from 1 January 2020, pending progress reviews.



TTT

[jaylett] 11/5/2020 11:24

"and the shareholder webinar will follow."

For the love of God, no. That's the last thing we need. I'm being 100% serious as well.

[you for coffee] 11/5/2020 11:21

Great news to hear Tops

[banksy] 11/5/2020 11:19

I'd be bust selling down getting rid of 2% of my total shares so leaving just over the 10% threshold to keep a seat in the board. At 80p that's ove 20% profit at current price. So that's 40 million shares makes an easy £600k profit... easy money

[matthew stone] 11/5/2020 11:18

Q&As now up on the KEFI website (apols if these have already been posted!)

Q: Why do the placing so close to project equity is coming in?

The fact that project equity has not come in yet means that KEFI had to protect its working capital position.

Q: Why such a discount on the share price for the share placing?

It was a conventional institutional pricing at c.12.5% discount on the VWAP for the 3 days before the placing started its book-build.

Q: What does the placing do to the valuation upside for KEFI shares?

The mid-range NPV for Tulu Kapi (assuming $1,600/oz gold price), as set out in the RNS of 11 May shows £138M for KEFI which is 7.6p per post-placing issued share. This ignores the Saudi assets and exploration potential.

Q: Why have you not released a Q1-20 Quarterly Report?

The Quarterly Report will be released within a week and the shareholder webinar will follow.

[topicel] 11/5/2020 11:17

Thanks Jaylett. Yes, we couldn't comprehend the roads this morning into London, but better than the tube which, I thought, was rather empty still. Which is good.

The road jams will be so bad soon that nobody will bother with that for long, congestion charge waiver or not.

Our little story is a salient warning indeed to all who think this isolation thing is not necessary. Marc was 50, that Chief Superintendent the other day who spent just a fortnight in ICU, was 45. It is unknown what the ongoing life-changing impacts will be in either case. Most here, I imagine will be those ages and above...

Anyway, enough of the CV-19, I'll just follow the wise advice of the medical people and leave the chatter to others. There are other boards for that too. For now, with what wealth preservation gumption I have left, I am interested in what paleje posted above about ARS and how comparable it really is with our Kefi situation.

There is, just maybe, a case to buy on this big dip today? Is that the dawning consensus? Or have I just got battle fatigue from all directions and am not thinking straight? Harry is still saying Q2, is he not? I know that can be as useful as the proverbial choc teapot, but it is a serious question.

Topicel

[scrappycat] 11/5/2020 11:06

Topical,

Delighted for you, and all your family. Sounds very promising. Please may your hopes and expectations prove distinctly more reliable than those of Kefi. The very best of fortune to all in your family.

[digger2779] 11/5/2020 11:05

Great news Tops. Hope he continues to make progress to a full recovery. All the very best in these troubled times.

[silver surfer] 11/5/2020 10:53

Great news Topicel.

[marnewton] 11/5/2020 10:51

You've got to be an optimist in this game...

I know nothing about RAB, but if I were them, and was confident enough to take such a large slice of KEFI, and put a man/woman on the board, I'd be busy buying shares in the market - averaging up!

Just a thought.

I got more this morning - still averaging down!

M

[jaylett] 11/5/2020 10:42

Good to hear, topicel. Makes the images of packed Underground trains and London approach roads this morning all the more insane. Far too many people will go through the same horrors over the coming weeks and months.

All the best.

[marnewton] 11/5/2020 10:40

Very good news Topicel...likewise, best wishes now for a speedy recovery.

Martin

[robjm66] 11/5/2020 10:37

Good to hear you son is getting better topical wish him a speedy recovery.