Kefi Gold And Copper Share Discussion Threads

[estseon] 09/6/2021 14:44

JLW there is a resolution to empower the directors to raise cash by issue of up to 10% of the issued share capital - it is a standard AGM resolution. Without that power, the company will be unable to fund the exploration programme.

[jlwilliams] 09/6/2021 14:36

estseon i didnt mean the figures, sorry, i just the wording of the bit i quoted rather odd, in relation to the agenda for the agm. doesnt seem to fit. prob just my ignorance showing

[estseon] 09/6/2021 14:24

The finance of 12 months' exploration in Ethiopia and Saudi, JLW.

The NPVs have been discounted back to [July 2021] and have been calculated on the basis of a gold price of $1591/oz. They used a copper price of $3.25/pound - it is currently about $4.51 / pound. The additional $1.26 / pound is pure profit before tax because the copper does not cost any more to get out of the ground and the NPV is net of the cost of the mine and equipment.

[belfastboyo] 09/6/2021 14:24

I agree with you Aviator....the original bonus was/is an affront to any LTI here & the new one is only marginally more digestible. Most of we LTI's paid substantially more than 5p for their Kefi shares 10 years ago...meanwhile, Arry has taken millions in salary + contractor fees + options etc...which frankly, if he actually delivered anything (other than more dilutions) I could potentially forgive. As a very long term investor and very large PI I am simply fed up to the eye teeth with him and this supine Board....the irony behind his webinars/statements/RNS'd saying the company's intrinsic value is worth x6 or x7 (so 12p/14p per share) if only the market valued it correctly (i.e. it's the market's fault for being too stupid to see this) when NO...it is NOT the market being stupid...the market is simply reflecting the value gap between his "words" and his ability to actually DELIVER funding closure...he is a liability imho & his recent bonus greed shows us he remains a liability...I intend to go to the AGM (COVID be damned) and read him the riot act on behalf of any/all LTIs....over and out Belfast

[scrappycat] 09/6/2021 14:21

jlw,

I think that refers to the fact that the size of the EG contribution has yet to be finalised. Whatever it is, arrangements are in place to cover any contingency in that respect. That would explain the 75%-80% anomaly. I could be wrong, of course.

[jlwilliams] 09/6/2021 14:10

I suppose I am being dense, but I dont understand

"Subject to the approval of KEFI shareholders, the Company has been positioned to, as soon as possible after the Annual General Meeting, bring in..."

How does that fit with the agenda?

[scrappycat] 09/6/2021 14:03

On the whole, the market seems inclined to buy below 2p, and the market makers seem content to let them. Wish I had the readies available for a top up, but other priorities take precedence.

[estseon] 09/6/2021 14:02

In his report in the 2020 Annual report and accounts, signed off by the auditors last friday, John Leach says:

"Subject to the approval of KEFI shareholders, the Company has been positioned to, as soon as possible after the Annual General Meeting, bring in c. $320 million of funds to fully develop Tulu Kapi and to finance exploration in Ethiopia and Saudi Arabia. The plan would leave KEFI with project ownership levels as follows:

• 75-80% of the Ethiopian mining development and production operation, via the shareholding in TKGM
• 100% of the Ethiopian exploration projects, via the shareholding in KME
• 34% of the Saudi development and exploration projects, via the shareholding in G&M

Using Net Present Valuation (NPV) methodology in respect of Tulu Kapi and Hawiah (and excluding Jibal Qutman given its regulatory status), these levels of beneficial interest indicate combined NPV’s as follows for KEFI shareholders comparing the results at consensus long-term prices and prevailing spot prices
is $259-465 million or £187-339 million, as at 2021 start of construction at Tulu Kapi."


It does not sound as though the Finance Director has any doubt that the project funding will materialise.

Would those with better information than that of the company's Finance Director kindly reveal their sources please.

[pensionplanner] 09/6/2021 13:46

An interesting conspiracy theory. We can only hope it does not turn to a conspiracy fact.

[theaviator] 09/6/2021 13:46

Achieve?!?!?! Showing my absolute disgust Sir. More than entitled to do so as well. If I remember rightly are so grateful when people are buying..... HmmmmmmLove is blind eh...

[rich1e] 09/6/2021 13:05

It wasn't about up or down Kev, it was about the share price not moving. And clearly his first statement was wrong. So I gave the rest a miss, not having high hopes for it

[cool hand kev] 09/6/2021 12:35

Rich1e and it was down more previously to the recent rise 😢

[goatherd] 09/6/2021 12:21

Theaviator,

As one who will have sold out by Friday, why is it you feel the need to post so many times? What are you trying to achieve?

[digger2779] 09/6/2021 12:16

taxlosstone9 Jun '21 - 10:16 - 13831 of 13837

Fat cat lol. Still looks like a fat toad to me warts and all.

[theaviator] 09/6/2021 11:42

What today's RNS should have said was this...A special dividend to be distributed amongst all share holders at 10p......but oh no.. he concocts a whole Greek Meze to eat entirely for himself. I've never in all my life on aim seen quite the likes...Harry if you were working within a regular corp you'd have been fired years ago!

[catsick] 09/6/2021 11:40

If they can get the share price up to 5p then that also makes the ability to fund the Saudi copper project that much better , the Copper project probably now has a highnpv than the gold so getting that up and running will be massive, especially as onshore funding in Saudi should be a lot easier

[theaviator] 09/6/2021 11:06

Best post for ages especially point number 4.

[rich1e] 09/6/2021 10:48

I'll stop you at the bit about the share price not moving, it's up about 10 % in a couple of days

[whu0319] 09/6/2021 10:44

IMHO, The share price not moving IMHO may due to: 1) The current funding plan means HAA asks everybody to advance the cost of all future works and Kefi puts nothing till few years down the line (Empty hand trick) . 2) HAA's bad track records and sheer arrogance of HAA's "remote management" from Australia even during such a critical time! 3) EG govt is increasingly unimpressed with HAA and made ultimatum to revoke the license if further delay! HUGE RISK! 4) HAA lied in several occasions (e.g Previous warning by EG, the claimed $60m historical expenditure (now down to £13.6m, why?) 5) Tensions btw Ethiopia and Egypt&Sudan/down raise sharply over Abi's start of Second Filling of Nile Dam despite the potential WAR with all other down stream nations 6) US/West sanction on EG over the Tigray genocide , along with withholding of IMF funding. 7) uncertainties of approval by the BOD of all service providers to work for nothing for few years (meaning advancing funding for the future "blue sky" , which is not good bet IMO. 8) No local investors participation to all the EG gold other than govt $20m in exchange for a small stake . Well, I am very sceptical that HAA can pull this greedy trick off ! GLA!

[robertjbeck] 09/6/2021 10:19

Good to see some shareholder activism forced the REM committee to reconsider the vesting criteria for Harry's bonus. However the who episode focused my attention on corporate ethics and track record. Decided there were better opportunities with more transparent management so am out.

[taxlosstone] 09/6/2021 10:16

I just watched the Directors Talk interview. All very bullish.
It may have been an optical illusion but Harry appeared to be quite rotund. In my opinion he has rather feline features.
Far be it for me to be sizeist & animalist but to my mind it made him look like a, wait for it ......
Fat Cat. Contrived or what? :-)

[estseon] 09/6/2021 10:11

Rich1e

Hawiah is early stage but they are motoring. The price should start moving when they have a JORC and then a DFS.

[rich1e] 09/6/2021 09:54

TK funding has quite rightly taken up a lot of attention, if/when it's completed, it'll be interesting how future Saudi updates impress the market. Because recent ones have left it unmoved. Unjustly in my opinion

[catsick] 09/6/2021 09:41

Buy 10 million shares, then if the shares go to 5p you will also get a 500k usd bonus ....