Kefi Gold And Copper Share Discussion Threads

[richjj] 23/11/2020 16:12

Rightly or wrongly I’m still focusing on the published short term time table set for this year from Kefi to deliver i.e. “Q4-2020 Milestones: Tulu Kapi funding details confirmed by/for all consortium parties, Tulu Kapi district exploration licences granted, Hawiah deeper drilling to report orebody extensions”.

I’m impatient like everyone else on the funding confirm need etc but their intentions are still “in play”.

[estseon] 23/11/2020 15:27

Katsy,

Until the equity funding is received, Kefi has to pick up the costs of securing the TK site and the costs of some at least of the TKGM management and employees.

The so-called local partners are free-riders until they finally stump up their dosh.

Assuming that the funding does come through, Kefi will then be left with H.O. costs (which are moderate), funding the Saudi operations (unpredictable though there will be the cost of applying for a mining licence for JQ as well as whatever is needed for Hawiah exploration and, within a year or so, the Hawiah DFS) and exploration in the satellite deposits around TK - the funding plans may have taken account of that. Any further exploration of the TK deeps should be covered by the budget and the funding for TK.

[paleje] 23/11/2020 15:07

Well Tulu Kapi is a long way from Tigray region but it's still an unpleasant backdrop, let's hope it resolves without too much more bloodshed.

[digger2779] 23/11/2020 12:32

Katsy - there are 2 gold mines. TK which produces zilch and KEFI Co. which provides Harry et al with a "living wage". Thought this was obvious but it's the price we pay for keeping the lights on and putting food in Harry's belly.

[katsy] 23/11/2020 12:09

How does a company, who only employ part time directors (Many drectors have other directorships that also keep them busy elsewhere), have no operations get through £500k per month? Beggars belief

[belfastboyo] 23/11/2020 12:04

But you are correct in stating that until full closing happens much of the monthly cash burn to date has been on inflated salaries to Harry and team and I am certainly no cheerleader for Harry (quite the opposite)...would love to see him replaced by someone of much higher competence...who actually under promises and over delivers on that he agreed to do...

[belfastboyo] 23/11/2020 12:00

Sorry Chopper but I think it is you that is wrong on this...as per accounts dated 31/12/19 Kefi Plc is owed £13.74m by group companies (of which £7.9m was at this time deemed irrecoverable)...so still £6.97m owed, unsecured, interest free and repayable on demand...once full TKGM funding is completely closed then any/all costs for TKGM will be fully covered and one assumes some money can be reclaimed back by PLC.

[shortarm] 23/11/2020 11:52

Except that he effectively immediately invested it all into lovely Kefi shares.

[chopper harris1] 23/11/2020 11:16

No, I think you are wrong, John. The bulk of the money raised will go on administration costs. They get through 500k a month. I believe this amount will decrease when funding is concluded but I'm pretty sure that they are still going to need to raise some money every 5/6 months to meet their administration outgoings (totally separate from TK and Saudi operational costs) until they're actually receiving revenue from production.

So expect more dilution (but hopefully not on the scale experienced to date) for another couple of years at least.

[3690john] 23/11/2020 11:01

I maybe wrong BUT I understood that the money raised was for drilling etc.is saudi
Which is where I bought the shares for, pre. Ethiopia. John

[robjm66] 23/11/2020 10:49

Jaylett actually opposed harry being appointed to lead Kefi after Jeff Rayner so not a fully paid member of this mythical "fan club" do not think he is a great leader but neither is he a terrible one.

Kefi lost out in the KSA previously because the conditions at the time would a great leader made any difference there no.

Delayed in Ethiopia mostly to the pack being shuffled different entities backed out due to getting cold feet and the differing priorities locally from giving ANS a slice of the pie to rewarding local region more a great leader make any difference there no.

Can point to some timetables being hit if you have any suggestions to what could be done more now, willing to hear them.

[jaylett] 23/11/2020 10:31

rob do you really believe that? *No one* could do more? What is that based on?

He has failed to deliver TK in a timely fashion. He has failed to deliver shareholder value. He has failed to meet a single stated deadline. He has failed to raise a penny in external funds. He has failed to do adequate DD on counterparties. He has failed to make good strategic calls and to anticipate geopolitical risks in markets he chose to enter.

With what he is being paid you could take your pick of smaller cap miner CEOs, he is extremely well remunerated, and for what?

[unionhall] 23/11/2020 10:24

Agreed chopper.......

[chopper harris1] 23/11/2020 10:17

No, they had to raise when they did because they'd run out of money to pay their salaries and other administration costs.

Nothing to do with Tigray conflict.

Harry has repeatedly failed thus far to conclude TK project funding. A new person at the helm could surely do no worse.

[robjm66] 23/11/2020 10:08

Think harry is waiting like everyone else for the due diligence probably felt he had to cash raise at that time due to not knowing how market would react to conflict in Tigray.

Its a guessing game when finance will come or what good news could drop between then and now.

As for harry I could like everyone else here point to past mistakes but cannot see much anyone new could do now that is not being done.

[chopper harris1] 23/11/2020 09:58

This seemingly never-ending project funding charade is now looking increasingly likely to drag on into 2021.

Yes, I know we're still in November but we've been in this position too many times before to be overly-optimistic that this time it's going to be any different and Harry will finally successfully meet a stated deadline. The potential excuses for another delay are already lining themselves up favourably for the BOD: Covid, Tigray, Christmas.

They're okay though as they've just secured enough dosh to keep them in wages and expenses for a further 5/6 months.

How many more times are we expected to put up with this continuing farce before pressure is put on those at the top to make any necessary changes that might, just might make the difference in finally getting this mine in TK built?

Those "necessary changes", in my opinion, must include the option of replacing HAA with someone that has the ability and drive to get this company progressing MEANINGFULLY forward.

[belfastboyo] 23/11/2020 09:52

No one on this board knows with any surety whether funding will close before year end (or not)...ultimately it will or it won't...the odds of either scenario are 50/50 (or however you personally ascribe)...bottom line is after this recent placing we have 3m new funding, zero debt and I hope final closure pending. Current mkt cap is c30m which is a fraction of potential 284m NPV of TKGM at 2k AU and 65%...I will wait to see what happens

[robjm66] 23/11/2020 09:31

Not worth Harry flying all the way back to Australia having to obey any quarantine measures they have at the time there plus any measures people flying back into Ethiopia have to follow for a formality.

[jaylett] 23/11/2020 09:26

There's no cash coming this year. I fully expect the next plan to be the merging of equity funding with the wider debt package, which is exactly the stunt pulled last time when "full financial closing in October" suddenly got introduced despite the two components always being treated separately up to then.

A vague mid-2021 is already out there as a date for the project to be fully funded, so it's easy enough for a sneaky change in language from the master of doublespeak and suddenly white is black, day is night, and equity funding was always intended to come then as well. All previous mentions of the end of this year will go down the memory hole and anyone asking tricky questions becomes an 'unperson'.

Big Harry Is Watching You.

[topicel] 23/11/2020 09:10

Another expensive flight to Sydney not to worry about then?

Or is Harry's presence superfluous for this GM. Another quarantine period, Xmas, not likely to be in Ethiopia for any signing ceremony in 2020 unless it is wrapped up beforehand...

Delay No. (insert your own count) is on the cards. Hence why we need funds until April/May.

The Tigray problem is a sideshow now as far as the market is concerned, and failure to secure the funds is the only issue that matters. As it has always been since 2017 when Harry first said we'd be underway.

Anything positive about this RNS anyone? Why not held by Zoom? Why does Harry have to move anywhere anymore? If it's good enough for the G20!

Topicel

[robjm66] 23/11/2020 08:52

hxxps://globalcompliancenews.com/saudi-arabia-new-mining-investment-law-in-saudi-arabia-19102020/

hxxps://www.arabnews.pk/node/1760251/business-economy

hxxps://www.jonesday.com/en/insights/2020/09/saudi-arabias-new-mining-law

hxxps://www.arabnews.com/node/1742911/saudi-arabia

hxxps://www.kefi-minerals.com/files/files/Orior-Capital-KEFI-Pole-Position-22Oct20_opt.pdf page 30,31

Drilling in KSA now.

[glenalmond] 23/11/2020 08:32

Meanwhile, what's occurring in Saudi? Is the rubber stamp man from the Ministry still MIA? Surely the G20 summit will be of relevance to Kefi with all those high ranking people there and oil (supposedly) on the way out?

They're all over this Covid thing there too, I notice

Great Reset anyone?