KEFI Gold and Copper Plc (KEFI) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen. Welcome to the KEFI Gold and Cooper PLC investor presentation. [Operator Instructions] The company may not be in a position to answer every question received during the meeting itself given the significant attendance on today's call. However, the company can review all questions submitted today and we'll publish those responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll. And I'm sure the company would like -- would appreciate your participation. And I'd now like to hand over to CEO. Good afternoon.

Hi there, It's Harry Anagnostaras-Adams here. Thank you for taking the trouble to join us. What I'd like to do is to give you a walk-through the corporate presentation and then to take questions. I'm aware that some people are on this call who are unfamiliar with the company, not terribly familiar with the company. So please bear with me from repeating something that many of you may know because there are people in the webinar who are being brought up to speed. Without any further ado, I'll kick off. And on the screen, the photo is of the Tulu Kapi deposit, that's the hill in the middle acquired Rural District in Western Ethiopia. And the most important milestone for the company is the closing of the financing and launching of the project for Tulu Kapi, where we are literally in the thick of closing procedures, and I'll take you through it in some detail as we go through this presentation. It is a $390 million package. The financing has been arranged at the project and subsidiary level the stock markets are not terribly buoyant in the mining sector, particularly junior mining. It's in fact, I'm told AIM is the lowest it has been since it was created as a stock exchange in 1995. And therefore, we've avoided the use of the stock market for the development capital and I'll take you through that as well. Standard disclaimer, just stating the obvious that perhaps some people forget, but when we make public statements, forward-looking statements, prognosis statements, obviously, we can only do our best. But they are forward-looking, and we can't indemnify or guarantee the outcome. We entered the area that we focus on the Arabian-Nubian Shield in 2008 and started in Saudi Arabia where we've been for 15 years. And I have to say that half of the time we were in Saudi Arabia, it was probably a bit of a waste of time because regulations held us up terribly, frankly. But that's all history now because as of a couple of years ago, the regulations were overhauled. And it's sort of on everyone's lips in the mining sector now internationally, Saudi Arabia because regulatory reform has made a rapid fire for those who are in a position to do things, and we have the largest exploration team in the country. In our joint venture vehicle there. We've made 2 discoveries because we have been there 15 years even though half of it we couldn't work, but the other half we did work, and we made 2 discoveries, which is testament, I think, to the prospectivity of Saudi Arabia. Not to say -- not to mention the fact that the team is a very good team and performed very well as it continues to do. We've been granted 14 licenses in the last 18 months or so, which again is testament to -- to how things are moving there and that compares with probably less tracked maybe 3 licenses in the previous 14 years. So it's completely changed, and we're at the forefront. We're at the front of that queue. We have a very strong partner, a Fortune 100 family office, a conglomerate in the country. And we're the technical guys so to speak, the technical partner. We have a strong team. Ethiopia today is even more important and even more of a turnaround, frankly, although perhaps not so well publicized or generally understood. But Ethiopia when I first went there 10 years ago, security was sort of a non-issue, to be honest. But then after we overhauled our project, the Tulu Kapi project, getting it ready for refinancing and launch, the country went into some turmoil. And it's fair to say that it was, again, wasted some years on us because we couldn't proceed. It was -- it's impossible to bring hundreds of millions of dollars of capital to a country that was going through so much turmoil. It was to do with the introduction of democracy, all good intangible, good purpose. But frankly, it unleashed, unbottled tensions and conflicts that have been perhaps bottled up maybe for too long, not for me to judge. The fact of the matter is 2 years ago, it turned and frankly, the turnaround in Ethiopia is even more striking to those who are involved and we are also there at the forefront of it. Yesterday, in Perth, where I am at the moment in Australia, the Minister for Mines made a speech and it's fair to say that he in his statement acknowledged that KEFI was at the heart of the reform process for the mining industry to turn on the industry, and we're the first, we will be the first mine development in over 30 years, the first development of any amount of scale. So we happen to be, for the first time, frankly, in 15 years and having gone into the Arabian-Nubian Shield, one of the great underexplored frontiers. It is a world-class geological terrain and for the first time in 15 years, we're actually charging forward on both fronts. I won't dwell on some of this detail. You can all read it at your leisure, and I don't really want to rob time from questions. But let me just say that the numbers are strikingly obvious as to the upside here as we derisk Tulu Kapi, which you'll see over the next few months as we take boxes and launch according to our schedule. The numbers of multiples of value will start to, I believe, given the opportunity to reflect themselves in share prices in the market in the doldrums for a company that has suffered set back after set back for some years up to the last couple of years. I think that, that process is about to change in the sense that we will be able to move forward and make progress. And as we derisk, typically, statistically, one can say that it is the norm for the market capitalization of the company to start to reflect the underlying intrinsic value on one measure or another as you derisk. And there's many measures you can use here, but they will show you a lot of upside, and I'll let you study them at your leisure. It's no secret that it's coming alive, the Arabian-Nubian Shield, and you've got the largest gold producers in the world have arrived. The highest profile explorer in the world Ivanhoe has just arrived in the last few months. There's other very good names there on the list of very well-respected high profile mining and development and exploration groups who've stated their claims in the country in the region. And I think if you chatted with any of the people who are familiar with the activities in Saudi Arabia and Ethiopia our name would pop up as describing to you what I have already said to you, and that is that we're there having been on the ground for 15 years, we have the projects that are first in the queue for development for those countries. The changes in Ethiopia were not to do with what I would call systemic conflict or -- or the inter-religious group rivalry or international conquest type challenges. It was purely and simply the introduction of democracy, which is most -- which was completely welcome really by almost 100% of the country and the rapidity of the change lauded by the international community and Noble Peace Prize awarded to the PM and so on but it was extremely quick, ambitious rapid change and had brought some tensions and internal conflict, which was resolved a couple of years ago. So now moving on. Saudi is not a volatile place. It's a very steady ship, but the regulations didn't really -- didn't really less do our work, and that's the bottom line but now they do. So as I said, both countries have turned. The development projects Tulu Kapi first cut off the rank in the finance closing procedures as we speak. And the 2 in Saudi Arabia are quite a bit behind that. But we have lined up the capital for Saudi as well in that our partner puts up this portion of the equity and the sovereign fund, SIDF, so called Saudi Industrial Development Fund, is engaging already, and we have no doubt that once the Board approves development on our 2 projects there, then financing will follow. But that's a bit away yet. These projects take time to mature them, to prepare them, to get it all right to a bankable stage, that has been done in Ethiopia and has a bit of time to run in Saudi Arabia. We have a pipeline of exploration projects, I would venture to add second to none now, perhaps other than [indiscernible] the government-owned company and [ petrol ] company in Saudi Arabia, as much a much larger portfolio of longer standing obviously. But in the private sector, perhaps, if I can use that expression. I'm not aware of any group that has such advanced projects in the Arabian-Nubian Shield, nor the pipeline we have, and there's a pipeline that we've assembled in Ethiopia that will emerge publicly as tenure is -- is sorted. This is just stating the same point I made earlier that the market cap is a fraction of the NPV, and as you derisk and announce credit approval of financing in Ethiopia will be a big step forward. I think the biggest and so on and so forth as you launch, bring into production. Typically, the red catches up with the NPV as you bring it into production and typically rates a bit above NPV because of the other things that will happen that are not captured in an NPV. This graph a similar thing. I'll let you study them at your leisure, but the chap who used to run Macquarie Bank mining research -- that's one of the largest research houses for mining globally, has his own shop now [ REO Capital ] and monitors how we are rated and it tells the same story. Related to other companies, we -- we have not rated up where we will be as we derisk, and that provides the measure of the upside in an objective way. Well, sorry, I won't give you the detail on this, but the essence of what this chart means is that we have joint venture equity and project finance institutions involved in both Saudi Arabia on the left and involved in Ethiopia on the right. And if you add up all the numbers on the Ethiopian side that we've already lined up where we have preliminary approvals and some already final approvals. If you add up all the numbers, you come up to a bit over $390 million. And over on the left, we haven't got it to the stage of approvals yet because of their feasibility studies for those 2 projects have yet to come to conclusion. But they're heading -- heading in the right direction. It's just a question of when the resources which are still open and will grow significantly in our view, when they're big enough to go live and start production. So it's not a question of whether we'll develop, it's a question of when do we stop drilling for additional resources, get the show on the road, so to speak, and then add more resources later. That's the Saudi story. Not too dissimilar in Tulu Kapi and Ethiopia, but we're already bankable. So we can start. There's a lot of upside there as well, and it's a high-margin mine, a high-grade mine which is really a striking characteristic. It has no legacy issues, which is great. It's a great starter project, which is great. We've been at the forefront of reforms to make it happen from an international financing point of view, which is great. But at the very heart of it, the most important thing is that it's a high-grade mine, straightforward metallurgy, and it's robust economics. That's the key wonderful starter project, frankly, to allow us to then tackle the other things in the pipeline down the track. Milestones, we're trending this slide, which I think has been in the public domain now for a quarter or 2 less track. But we are in the thick of closing procedures. I'll explain what I mean by that now. I think we've said several times publicly that there were 3 critical hurdles or requirements for us to get into the detail with the banks. They really wanted 3 things in place before they're prepared to go into detailed documentation. So we assemble the detailed documentation for everything else, but the banks build their line very hard and 3 things had to happen. One is country membership for one of them with the country, major country-to-country issue, not just a company-to-bank issue. And we assisted in that process. It wasn't our doing, but we assisted and facilitated and we delivered that, I think, in March from memory. Security, the banks require this to be treated as a red zone, even though it's a green zone in security lingo, and we did that and the government deployed military personnel apparatus to blanket the district in April, which calmed down the whole district. Not that this district is a problem in the district, but the civil wall that ended a couple of years ago, destabilized law and order throughout the country. And it just needed to be brought down to a tempo where you could move people, hundreds of people and equipment around without fear. And that was done for us in April and the system -- security system keeps being ramped up from there, which is happening as we speak. The third thing was foreign exchange controls. We need relaxation, exemption on a number of fronts, and -- and we were granted this previously. But now that we're getting down the [indiscernible] tax, we needed to find detail. The fine print had to be agreed between the banks and the Central Bank of the country, and that's been a pretty intense process to negotiate between banks and the central bank and to be the go between and to make it happen as a reform of the country's regulations. has been very challenging for us, but we have succeeded. And there were very important meetings this week in Addis and my very detailed summary report that I received in the last hour, frankly, was a string of thumbs up, which I take to mean things are going well. So I'm very proud. I know it's taken a long time. But it is a frontier market for mining. The countries have been through a lot of change we've weathered the storms and we're positioned at the front of the queue. I'm very proud of where we stand and very optimistic of where we're heading. Having done those 3 things, what's next? Well, the technical side off tick, security side off tick, although, of course, we monitor, we have monthly monitoring and it has to stay that way as we ramp up. Detailed documentation now flying around, circulating for approvals from all the multiple parties. Theres about a dozen parties. The most important thing really is building a credit approval from the banks. That's 2/3 of the capital. And when you melt down the whole package, so to speak. And -- that's the most important thing. And I think that this week's progress with the Central Bank opens a door for that to now proceed. So I'm very thrilled about that. And the banks have been working with us for years. They're very serious banks, and they're coming into a sector for the first time, opening up a sector for a country and they are very intense. And are -- they -- they expect it to be done properly, correctly from all points of view, The Equator Principles, IFC Performance Standards. Central Bank Regulations to conform to international practice. So it's taken time to be at the forefront, but there we are, I believe we're at that point now where we can proceed. First cab off the rank to me, the most important milestone will be bank credit approval that everything flows from that. We're preparing the community already. We're confident that we'll achieve this, and we're already preparing the community for what comes next, which is moving them in stages, small bites, if you like and procurement will follow signing of detailed documentation. I know that we've put a lot of detail on this in our quarterlies and RNSs. But confirmation of 10-year return of our exploration licenses, all these things, we must hold the line until all these things are done firmly, formally, definitively before we release capital, and that's well understood. And again, I think it's fair to say respected and there are no closed doors to us, all doors are open. And today, my team was in Kalgoorlie showing the Ministry and friends from Ethiopia around and full collaboration, and it's wonderful. This is just reiterating that June -- that the 2 Saudi projects will come along behind to a company. The Board, a very strong nonexec director composition there, Head of Mining Finance from Nedbank previous head of non finance from Nedbank that is, previous head of Gold Fields of South Africa gold operations and a previous head of the European Bank of Reconstruction and Development on the ESG side for 20 years or so. So we're preparing the Board for what's coming down. Likewise, on the management side, we brought in some world-class management to start preparing recruitment systems, policies, procedures across the board as we go into what we expect will now be to launch in the coming quarter as we foreshadowed and the going from 50 people in Ethiopia to approximately 1,000 over the following 18 months. Mark, could I ask you how much time I have already chewed up? I don't have a clock in front of me the way the screen is been configured.

Yes, no problems. 24 minutes.

Okay. I'll just skip over some pictures. I won't take more than 5 minutes because I'd like to leave 30 minutes for questions. The first thing is Tulu Kapi, a great starter project because it had no legacy issues, unlike many mine sites. It has no legacy issues environmentally or socially. So that's why we picked it plus, of course, it's robust economics. Just skipping through some of the stats, if you look at those stats in your own time, you'll see how robust it is. We get everything signed off independently. We started a small exploration company, and we're putting together hundreds of millions of dollars for development plus also just the mine services agreement is a few hundred million dollars. So there's a package of contracts here being assembled, which is about $1 billion of contracting for development and operations. And the way one does that, you have to have the right people, obviously, with international standing in this industry and having done financing of this nature before. But you wrap it in the brand of sign-off by independence of world stature. And that's what we've done all the way through, which is how major development banks and major multinationals can participate in the funding at the project level. I must say that needs to be said that the amount of capital raised at the project and subsidiary level for Tulu Kapi is actually more than the AIM market has raised for any mining company or aggregate of all mining companies for the last year or so. So, the AIM has been particularly weak within a particular weak sector internationally on stock market terms, and yet we've been charging ahead in an emerging market because of the positioning and the robustness of project. And one has to be proud of the fact that we're able to do that despite a stock market that frankly would not have backed it, because it doesn't have access to that sort of capital today. And I do say anyone who is familiar with the stock market for juniors and the AIM market in particular, would be aware of that. The drilling of the orebody, we believe there's potential for every 1 million ounces additional down there. That's the orebody exposed at surface. When we first turned out. One of the first things we did was exposed to the surface sample [indiscernible] so to speak. 3D imagery of the plant. You can see a movie of it if you want, we can arrange, flying through the plant in detail and the 3D imagery of the underground can be arranged of the pit rather than the underground site layout, nothing unconventional. This is just showing the grade distribution in the pit and also the added plans to get down to the underground, charting different topography, but same geology, where our sites are. A 6-kilometer long gossan surface expression of mineralization, which we've confirmed at Hawiah, now in the top 15% VMS in the world, even though it's a new discovery of ours. So it's going to get growing. The Saudi Stock market has taken off of mining producing company, 1/3 the scale of our resources in Saudi is capped at over $1 billion. So Saudi actually is quite different, if you like, to what I was saying about the Western stock markets for junior mining. Jibal Qutman it's a string of pits along a well-defined structure just saying -- showing your sections of these ore bodies. Again, I'm trying to hurry it up now so we can have questions, We just exposed in the Wadi Bidah mineral belt where Hawiah is, VMS belt. We just exposed another VMS system on another license about 50 kilometers away from Hawiah, it's within trucking distance. But there you are, you can see it, but we've got no results to report, all we've done is expose it at surface and we're sort of cooking again to put some work around this one. Okay. So thank you very much for listening to the presentation. I hope those of you who are new to the company, found it interesting, and I'll leave it to Mark to -- to work through the questions that have been received.

Thank you so much, Harry. [Operator Instructions] Harry, we did receive a number of pre-submitted questions, and of course, given the number of attendees on today's call, you've had quite a few more. So forgive me if there's a little bit of repetitiveness, we'll try to eliminate that as much as we can. But a lot of questions do talk around or talk -- do you talk to the funding situation, if I read one, specifically stated the syndicate lenders meeting with the company this week is one of the final action points remaining to the completion of Tulu Kapi financing package. Are there any more final action points remaining? That covers a lot of the funding question.

Yes. I think I covered that on banking now is that the -- from the sound of it, the central bank issues, the fine print of the central bank issues are being put in place with the meetings that have taken place this week. And really the next step is the -- to await the final credit and board approvals of the banks, and I think everything from there on is procedural.

Okay. There's a little mention of resettlement in the last update. How long does the first phase take to achieve and will this have any bearing on first production? Is there equipment ready now to clear the site and prepare the lanes of footings?

Resettlement is chopped up into stages. We don't plan to resettle the 350 households in 1 step. As well sequenced out well planned out. And the last phase of it will be 2 years from now. So it's really move the people off the airstrip site, to move the people off the plant site initially. So yes, it's all sequenced out and scheduled in, there's no delays in that score. The other question was are there -- is the equipment in the country ready to be mobilized? Yes, there's plenty of equipment in -- in Ethiopia, there's very -- a lot of construction in Ethiopia, a lot of construction. Just one example, it's got Africa's largest hydro scheme being built, roads being built everywhere, stadiums, buildings, a lot of construction line. So there's no problem with access to kit for earth moving.

Will there be a similar photo press opportunity to the umbrella agreement signing when the final financing agreement is signed later this month by all parties? Is there some form of PR push that you have?

I don't know that, I'm not used to banks asking for photographers to come in to watch and give credit approval. But yes, we'll create, we'll take every opportunity we can to, not a record, for shareholders, everything that's reasonable to do so. Yes, of course, we will, yes.

Turning the dial slightly will Jibal Qutman be in production before Tulu Kapi? And what percentage ownership in G&M remain?

Jibal Qutman is not ready to trigger. I think I touched on that earlier in the presentation. So I'd be surprised, but in the scheme of mining projects are -- being developed for the long term, I would expect that because it has a shorter time frame for development, not having a community to deal with, so to speak, that might be within 6 months or 9 months or something like that. But it's -- I don't see at this stage that it will be faster. And the other question was percentages. I've always said 25% to 40%. We started at 40%. And given the -- how I would put it, one has to be a custodian of the capital as well as maintaining progress as best one can and if shareholders rate the company at a certain market cap, it hasn't allowed us to keep up with 40%. It's as simple as that. We're turning it around the other way, the value that's been created from the expenditure that we have made draws the expenditure we've made. So we, as a partner, can't have our cake needed, we either put the money in or we dilute. And we've struck a balance on that. We've put some money in, and we've taken some dilution, always trying to protect the interest of shareholders. And I think there is the obsession about Tulu Kapi for obvious reasons, people wanted to get going. But the obsession about Tulu Kapi will alleviate itself as we start moving forward to Tulu Kapi. And then we'll be able to tackle the Saudi side more aggressively as well, I think.

A question here from David. Who asks, if we don't manage to get financial closure this quarter, do we lose another year due to the wet season?

I never said we have financial closure this quarter, and you've got to be careful the definition of closure. I mean money in the bank. What I've said is credit approval, and it all flows from that. And that what I've said or what we've said more correctly is that we would launch during Q4, which is closure. And that's been our timetable. Yes. So I -- sorry if I missed part of the question? Mark would you...

No, I think you've covered that off. Just turn to a question for Tom, that's just come in. Any interest in the Saudi stock market listing?

Yes. We've invested a lot of time on this question, on this matter, because to be a bit flippant, we're a bit like rock stars in this game in Saudi having been applauded and patted on the back by many, frankly, for having had the foresight to be there for 15 years and make discoveries and now we're getting a bit of that within the industry for Ethiopia, to be honest, or be you wouldn't know it from the share price. But -- but the Saudi authorities have only had 1 IPO in the mining sector in years, and there's only 2 listed mining stocks, both in production. So the Saudi Stock markets away -- a bit away from admitting pre-production companies. I think it's fair to say that the joint venture, we'll look at all alternatives as we build a mining house, we're quite confident we're going to build a mining house. It's not a 1-year job, it's not a 2-year job, but we will build a mining house. The Al-Rashid are very serious people. We're very comfortable as partners. It's a solid relationship, and we will build a mining house. And we will, as a joint venture, optimize the capital for each project. The individual projects are now being put into their own subsidiaries, interpose holding companies we've agreed to insert. And this has all to do with creating flexibility for us as a partnership to build the business very seriously, as we move forward. Because Saudi is taking off and the partners have agreed to look at all possibilities. So a long-winded answer because I'd be diluting myself and the listener to say that we can come along and list in Saudi, when they've never done it. We're very interested in what we're doing and very supportive in Saudi, but we'll pick our moment for the best possible outcome for the shareholders of both partners. Not to say that KEFI isn't looking at other ideas as well for itself. But in Saudi, I think I've answered the question.

Yes. Most definitely. If I may just answer a question from Desmond. If any of the banks refuse credit approval, what's the plan? Do we have a backstop lenders? And what are options at this point?

Well, the banks have invested, I think, 3 years or 4 years. They've traversed a civil war, they've stayed in there. They're in Addis Ababa today to sort out the fine print, so to speak, on exchange controls. They're serious people. They're not doing this with a view to rejecting it. It's not like it's a secret. I've already sat in front of the credit committees and the Presidents of each of the banks. So this is a serious stuff, and it's not just coming out of the blue to anybody. Has been a very heavy investment of time in this project for some years by these banks and the development banks who have Ethiopia a member country. Now to get back to your question, there'll be no shortage of takers of the project, if for some reason KEFI was not capable of proceeding, but I don't expect that to be the case. Having done what we've achieved, notwithstanding the challenges thrown to us, there's no shortage of takers, but the price here for shareholders is to close that gap between market cap and intrinsic value, the only way to do that is to deliver, and that's what we're going to do.

Tim has a very good overview, Harry. Thanks. You're very close to this process. So it's reasonable to ask, what is your gut feel for when the banks will signed this off, i.e., what else do they need? And I know you've touched on that, but just on that you can help answer Tim's question.

Well, the only reason I won't answer that explicitly is that I don't think it's respectful of the internal decision-making processes of major banking institutions for me to tell you when they schedule their meetings. I think it's presumptuous. It's not our business to talk about the scheduling of meetings inside banks. But what I will say to you is that when we said listen, you need to come down to Addis Ababa by next week to sort out the fine detail for yourselves, face-to-face with us present so that you're completely satisfied, you can stand in front of the committee and answer all the questions, they're on the plane. So they're not knocking around, but I don't like to presume to talk about what their internal processes are. It's not for me to say that, but it's no one wanting to waste any time. And we all want to launch, we want to launch the next quarter.

Let's have a look at the question from Steve. Are other members of the syndicate sitting, waiting to sign as soon as we get credit and Board approval, is that all in place?

Yes. So I think we've said -- the short answer is yes. And there was a process, and I think I've laid it out or what we've laid it out in some detail in the recent quarterly in particular, but also added some things in the recent RNSs. And the main thing is to -- the frustration to a shareholder is that when can you finish. But on the other hand, it's in shareholders' interest that we hold the line. We will not budge until security was in order. Okay, it's in order. We will not barge until [indiscernible] membership, so has the protection it needs to do the lending that was granted. We will not barge until tenure over -- our licenses is affirmed in black and white in ink. We will not -- these are -- we're now moving from the negotiation stage into the documentation stage. And in fact, some of the documentation stage has been dragged forward, if you like. We're doing some of it already in terms of fine print -- but it's -- there's nothing in the timetable, which is what I would call big ticket items of negotiation. And I do emphasize that from the beginning of this year, I don't think it's possible to have expected any more support or collaboration from the government. It's a very determined government, frankly, the hardest working politicians I've ever seen. 7 days a week driven to rebuild the economy and to put Ethiopia back onto its growth path. And we are the first in the queue for mining, which is a high priority. So I think it's under control.

Okay. Just a question coming from Tom just a moment ago. Have you looked at selling you the project to a larger mining business? And have you seen any approaches?

In this game, it's a small world. You know everybody. You bump into people. You've known for decades. I fever we need to sell something, we know where to go. But by the same token, everybody is in for the best deal. And if the question is what's the best way to optimize return, then the gap between market cap and underlying value tells you that the best way to optimize is to deliver. And the fact, if we couldn't fund these projects at the subsidiary or project level, we have no choice and we get a small premium over the share market. The lower the share market is driven by short-term, people were looking for a quick part the lower the takeout price on the stock and the lower the price for any sale of a project. So we've just got to buy our time, and this is a long game. The average gestation of any project from the discovery hole to production globally has that crept up from 15 to close to 20 years coincidentally, that's what should we seem to be looking at in this Arabian-Nubian Shield, although perhaps a bit quicker than that for Tulu Kapi where we've only been involved half that time. So it's -- you can't be respected by government if you're a flipper and you can't build social license if you're a flipper, you have to be a developer. But if for some reason, it takes a sale to execute the project, we would sell it in the blink of an eye to do the right thing by -- sorry, by all the other stakeholders. But right here and now, all the stakeholders want us to deliver and to be part of it.

Harry. question, I'm sure you can't really answer it, but I'm going to pose it just so people know that we're not hiding any questions. This question is around will the company need further funding in the short term?

I think we said that out quite clearly in the quarterly report that we -- we paid all liabilities at the end of June and that we made a placing GBP 6 million to GBP 7 million. And we do indeed our working capital facilities to carry us through to post closing. So I think that's all set out in that quarterly report quite clearly.

Great. A question here around the business plan with KSA is one in place and any comments?

Is the business plan in place? Well, I should hope so. Yes, we have a business plan has been tens of millions of dollars spent. If you're asking where are we heading. We're heading for developing 2 projects and elevating a pipeline of other projects. Some of them will be developed by us, something that's multibillion dollar possibility would be joint ventured out or sold by the joint venture. The business plan is not sort of there's a [indiscernible]. I think it's fairly self-evident.

Okay, Harry. I think that pretty much -- I'd probably forgive me for anybody who has asked the question that we haven't covered, but I'm just really mindful not to annoy any one by repeating the same questions and getting you to respond to them. So what I'll do Harry bring the Q&A to an end, and I'll supply you with any of these other questions for you to review. And if there are any additional responses, Harry, we can put those and publish those to investors where it's appropriate to do so. With that in mind, Harry, and we're coming up to 50-odd minutes. If I may just ask you for a few closing comments. I know investor feedback is important to you, and I will shortly direct to those on the call to give you their thoughts and expectations, but if I may, just hand back to you for just a few closing comments, that would be great.

Well, I suppose of people who are new to the company are lucky, you are at a time of inflection and take off and you haven't had to weather the storms that the company has weathered in frontier markets for mining where deregulation had to be tackled partly by us, certainly in Ethiopia. People forget, we lost 8 years in Saudi on a regulatory issue that stalled us completely. That also was another example, if you like, of how -- how risky I suppose it is to go into a frontier market for your sector. But we carried on deliberately and tenaciously and I think people in the industry generally recognize that that's the only way you can make it happen. And I think the fact that all these companies that I had on that slide that have come to the Arabian-Nubian Shield, a testament to the global recognition of the value of our mission. And I think when Tulu Kapi is launched, there will be a remarkable transformation of perceptions around the company because -- because perceptions, I do know very much clouded by the difficulties and challenges and disappointments of what we've had to go through to get to this point. But that will be a thing of the past very shortly. And as no point been moaning how difficult it was. It is or it was where it was, and we're heading where we're heading. And that's what counts. And so, welcome for those of you who are looking at us for the first time. And thank you for your patience and support for those of you who hung in there with us.

That's great, Harry. Thank you once again for updating investors on today's call. Can I please ask investors not to close the session as we're now automatically redirect you for the opportunity to provide your feedback in order that the company can better understand your views and expectations. It will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of KEFI Gold and Cooper PLC, I would like to thank you for attending today's presentation, and good afternoon to you, Harry. Thank you.

Thank you.