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Robjm, kefi have already just had a fundraise,the intention to list primarily the Saudi assets in Saudi is a very good one ,as we just seen when compared to AMAK who have similar resources ( maybe even less ) but have a $1.5bn+ market cap.And there is a big appetite for investment in the region :-) I like this from todays statement :
Our progress was historically impeded by the political reforms and ensuing conflicts in Ethiopia as well as the suspension of granting EL's for some years pending Saudi Arabia's sweeping deregulation. However, that is now history and our operating environment has indeed turned for the better in both countries and we can now progress on all fronts.
Our reported Mineral Resources provide a solid starting position for growth. Since mid-2020, KEFI's beneficial interest in the in-situ metal content of our three projects has grown from 1.2 million gold-equivalent ounces to approximately 2.1 million gold-equivalent ounces. KEFI's current market capitalisation of c.£40 ($50) million equates to only $24 per gold-equivalent ounce and a fraction of the equity valuation applied in the past year at the operating-company levels in our local partnerships' transactions. The shareholders' agreements for both TKGM and GMCO apply equity earn-in and dilution formulas that imply c.$200 million for KEFI's beneficial interest therein.KEFI's targeted beneficial interest in Tulu Kapi has an NPV of £449 million (US$571 million) (NPV and the other preliminary value indicators defined in footnote on page 8). This valuation indicator is approximately 11 times KEFI's current share market capitalisation of c. £40 million (US$50 million). The Directors consider this a conventional industry measure of potential value once the projects have been successively de-risked.Going forward, one would normally expect that as milestones are achieved, the Company's share price should naturally narrow the gap between the Company's market capitalisation and what we believe to be the significantly higher fundamental valuations of the Company's projects using conventional measures such as NPV for the more advanced projects and, for the less advanced, say $1,500 per ounce projected annual production or $80/ounce of resource.
Kefi Going to have to partner up think the the two most likely partners are Ivanhoe and Allied gold.
Another similar project has also recently been launched in Ethiopia by Canadian company Allied Gold and local conglomerate MIDRC has two less advanced similar-scale projects. The sector is coming alive.
Africa's next senior gold producer
Recent Vid
https://www.youtube.com/watch?v=xdL3B43C2G4 Allied gold
Hawiah plus its satellite discoveries Al Godeyer and Abu Salal. We consider it likely that a cluster of VMS deposits will be identified as we progress. The district has also recently attracted extensive pegging by the exploration joint venture of Government-controlled Ma’aden and Ivanhoe Electric.
Recent exploration has discovered two potential satellite orebodies near the proposed Hawiah processing plant. The nearby Al Godeyer deposit was discovered in 2022 and an initial MRE was estimated in 2023. Drilling at Abu Salal, approximately 50km south of Hawiah, intercepted sulphide mineralisation containing copper, gold, zinc and silver in multiple horizons in early 2024.
Over the coming year, Hawiah development studies will be progressed in conjunction with drilling programmes to upgrade and expand the GMCO’s copper-gold Mineral Resources in this major VMS district.
Systematic exploration is ongoing across the three contiguous Jibal Qutman Exploration Licences (“EL’s”) to confirm structural controls on recently identified higher-grade gold mineralisation and identify further resource potential. Previous exploration primarily focused on an 8km long section of the original Jibal Qutman EL. The full 35km mineralised strike length is now being tested.
Simultaneous with the triggering of full development at Tulu Kapi, we intend to re-commence exploration programmes in Ethiopia and intensify our exploration program in Saudi Arabia. In Ethiopia, the initial focus will be below the planned open pit where we already have established an initial resource for underground mining at an average grade of 5.7g/t gold. We also intend to follow-up drilling which indicated good potential for nearby satellite gold deposits in the Tulu Kapi District. In Saudi Arabia, further drilling is being undertaken during 2024, in particular for satellite deposits near Hawiah and Jibal Qutman.
Rob I'm sure a AGM is ment to be a meeting for shareholders to put their thoughts across about the future of their business
Oh dear. Zero share 17 - still typing same garbage!
Kefi will have to Dual list and do JV or farm in deals otherwise it will be too stretched. Post TK launch kefi is already planning to ramp things up even more in both countries.
Any money come in yet ?
Has anything been signed yet?
Oh dear.
The timing of the AGM coincides with meetings of Tulu Kapi project partners and financiers in Addis Ababa, including also the general meetings for KEFI subsidiaries being organised to facilitate development financing plans.
Not necessarily a placing!
The market's reaction to today's good news will be interesting.
But undoubtedly, continuous and impressive progress is occurring.
As regards the KEFI group's funding:
o Financial markets, and the AIM Market in particular, have recently shown some volatility and weakness flowing from global and UK political events. This continues to reinforce KEFI's strategy of sourcing predominantly project-level and subsidiary-level project financing to develop our projects;
Placing coming and at what price?
Director rotation is totally normal in every company, I've no issues with that.
It sounds like HAA is actively considering Dual-listing now, I guess this wouldn't be on the table unless there was high-confidence in TK progressing:
"A structural aspect being addressed is to consider the costs and benefits of seeking a dual-listing of the parent or appropriate other group company in a larger international stock market for mining or in one of the new and more buoyant stock markets in our region. "
Sure is!!
Kefi Gold and Copper - Results for the year ended 31 December 2023 #KEFI @kefiminerals
https://www.voxmarkets.co.uk/rns/announcement/e0f9d778-a7c6-4ba4-b2e3-4e3447263d57 #voxmarkets
Director leaving AGM in ethiopia
Harry why don't you want to talk directly to your shareholders
My main focus at the moment is the TK project which has now launched,the recent regulatory changes to the banking system in Ethiopia and the govt decision to allow offshore investing into mining sector have been a game changer for foreign investment into the country.The big miners are now eyeing Ethiopia as one of the new big opportunities in the sector,even the Saudi,s have just inked a deal with the country for close business ties and investment.With Net Cash Flow for Kefi over the 8 years forecast to be nearing $1bn ( if gold stays above $2.200/oz ) it is clear to see why the shares will get a huge re-rating.Kefi have 80% of TK currently :-)
In terms of Saudi Arabia,the potential is there for it to be a future $1bn asset portfolio,of the licences that have been explored so far the indications are very positive.Yes Kefi have a lower percentage ( 25%) of this but they also do not bear the bulk of the costs so it would not be too shabby if Kefi were to retain that 25% or 20% of a future $1bn+ asset portfolio that could turn into one of the biggest resources in the country .Hawiah is already stated as 3rd biggest and work will begin shortly on preparing a DFS .Jibal Qutman is already a 28.4 Mt resource with a DFS,and there are also a handful of other licences in the portfolio that could also host large resources.Kefi could self fund much of its share of future work with revenue from Tk.Big miners are also eyeing Saudi as a new hotzone and money will be flowing into the sector,as such i would expect major interest and potential deals involving our asset portfolio.Again the timing could be perfect here.
In terms of valuations : in a recent presentation it was stated that Tulu Kapi is worth 7.8p per Kefi share ( post tax ) based on Gold $2.166 /oz with an estimated net cash flow of $118m Per Annum for 8 years. Beneficial Interest of circa 80%.
Saudi Arabia : Current baseline Indicative value based on $1500/oz Gold is 1.2p per Kefi share. Beneficial interest of circa 25% .All projects currently being assessed ,indications of significant upgrades of resources across the portfolio .Hawiah VMS Project Resource of 29Mt at 0.89% copper, 0.94% zinc, 0.67g/t gold and 10.1g/t silver, Further near-term resource expansion – Al Godeyer, Crossroad Extension deeps and Central Zone. Recent additional discovery at Abu Salal .Hawiah now ranks as one of the top 3 base metal projects in Saudi Arabia.
Comparitive : AMAK are listed in Saudi Arabia with a market cap of $1.5bn + , Al Masane mineral resources of 8.6Mt @ 1.0% Cu, 5.0% Zn, 1.0g/t Au, 38g/t Ag -0.8Mtpa Operating. Jabal Guyan mineral resources of 2.6Mt @ 2.9g/t Au, 242 Koz - 0.3Mtpa Operating.
GMCO ( Kefi ) Hawiah VMS - 29Mt @ 0.89% Cu, 0.94% Zn, 0.7g/t Au, 10g/t Ag - 2.0Mtpa PFS. Jibal Qutman - 28.4Mt @ 0.8g/t Au, 733Koz Au - 2.0Mtpa DFS.
Saudi Assets are worthless? Absolute tripe!
I'm content to wait and see how it turns out SB, thanks all the same.
What you all seem to be missing is that the Saudi assets are worthless to Kefi.
Artar bought 2% of the JV for a few hundred grand a couple of months ago - Kefi only have 25% now which is worth circa £10m - and they owe £5m of that to Artar !
Hubstar that sounds like a great opportunity for you to make money. Bring on the news :-)
Busymum,in my experience it would be the opposite and the shares actually being in demand for that to happen,the normal market size here is 1.5m so although we seem flat there is some strength on the buy side in the order book.It is extraordinary that we are still so close to the last placing price with what is pending in the newsflow.
I have been quietly building a nice stake :-)
Can sell over 4mil at .643
Must be a sell being worked through, because the SP isn't moving from .648 even thought is got good buying pressure at this level
I would not want to be out of this next week,those on the sidelines risk missing out on a large move up should that news land early doors.We also know that the Saudi drilling campaign has been highly successful to date and the last few holes results should be near ready. Very tempted to put a big wedge more in the Sipp :-)
Yes and actually every day this week someone been buying sizable chunks too,i wonder if we might have a cracking week ahead to come here.Harry knows this is great time to put that update out :-)