KEFI Gold and Copper Plc ($KEFI)

Good morning, and welcome to the KEFI Gold and Copper investor presentation. Today, we are joined by our Executive Chairman, Harry Anagnostaras-Adams. [Operator Instructions] I will now hand over to Harry to begin the presentation.

Good Morning, London. Well, just to, I suppose, recap what this presentation is, it's -- we've timed it to follow a very important announcement the other day and to -- being before a very important general meeting next week, both of the announcement and the general meeting to do with the launching of full development of the Tulu Kapi project in Ethiopia. It will be -- there'll be some questions and answers on the webinar, we'll answer whatever we can. We'll answer whatever has missed out as best we can on our website later, if there are any leftover questions please be mindful of the fact that we can't give away confidential -- we can't breach confidentiality restrictions or release price-sensitive information in this forum. This is not a regulated forum. It's not a compulsory regulatory process. It's just us trying to be more communicative and transparent with our shareholders. On that note, the format for today is that -- I will fairly quickly skip through a presentation we uploaded to the website yesterday only and then we'll take your questions. The next slide, please. The recent milestones, I mean, the most important thing to say is that we're now funded for the development plus the cost over on reserves will require plus the, what I call, initial preparation of some opportunities, but not their heavy handed pursuit, not the development but to tickle them along. So the progress continues to be made with a minimum of capital allocation. Now at that moment of -- that gave us all some hard palpitations a month or so ago when the Iran war broke out. Clearly, it was unknown territory. Certainly, I was in no position to look into a crystal ball to understand what would happen over the coming weeks or months. But there we were, pregnant with the project that we've worked on for all these years, and we needed to get on with the show and protect the project for everyone's sake. And we did that. And here we are fully funded. And here we are at the Ethiopian strategic project under the laws of Ethiopia which means that we get access to diesel. Diesel liner turned up the other day in Djibouti that will be flowing through Ethiopia shortly. As you can see, we keep our finger on what's going on very closely. And we're being protected better than, I suppose, a nonstrategic project. I'm in Australia at the moment. And I can tell you that farmers can't get diesel, whereas we, in Ethiopia, are being looked after because of the imports of the project. Now the outcome of what we've just done and assuming the shareholders do approve it next week, is that despite whatever fees one might have had or what fears and risks remain in the general capital markets were actually funded. And that's another marginally important milestone to have reached. And we've done so in a way which onboarded major institutional participants, no bucket shops. The various e-mails and messages suggesting we were led by the nose by silly traders or bucket shops or whatever. It's just not right. These are all institutional investors. And the I admit that we upset some existing shareholders who were offered participated because there were cut backs so hard because we needed to bring on major institutions as much as possible. So here we are, we've got a very strong syndicate of bankers, contractors, partners in the form of the government, and we're away. The numbers are terrific. And we've got a lot to work for and a lot to expect. And I won't go through any more of the details on this slide, but I just wanted to convey to you the essence of the moment, at least as best I can judge that we're away instead of sitting here, fretting over the Iran war. Thank you. Next slide, please. This summarizes the package, if you like, and you'll note that on the right-hand side, cost overrun and working capital, that's sort of locked up money, if you like, for a rainy day and $6 million set aside for tickling priority growth opportunities instead of letting them slide away out of our hands and to some detriment if we don't at least keep our foot on them. That's over the next 30 months or so that amount of capital. So here, we are a company that was capped in the stock market of, I don't know, $30 million, $40 million, $50 million a year ago. Today, we've closed a $400 million capital raising structure. At the same time, worked out how to do it and retain -- we're already 30% of the main assets. I'd like to say it was easy. It wasn't easy, but nevertheless, we've done it, and we should be -- should all give ourselves a pat on the back for our patients that we've got there. On top of that, the other capital providers or proposals that have been milling around are still milling around with offers on the table, which we can avail ourselves of as warranted as we go forward as we assess what's best and what's not best for the company's viewpoint. So we're in a particularly strong position now. And If I may so despite the world feeling quite shaky, we're in a strong position. Next slide, please. The Board, I call them the old warhorses. On the right-hand side, you can't get much more experienced operators than that, building and operating mines in Africa and around the world. Alistair on the social and environmental side, world-class in that territory. Addis is you can't get a more effective -- he's a Canadian citizen actually or dual citizen with Ethiopia, but he understands modern business internationally and knows how to get Ethiopia to engage with it. He knows his country very well. And of course, John and myself, the Board will change over time. It will grow with a little bit of growth in numbers. Some of the board will be replaced as they step down and we freshen it up as what's -- we've always done. Some of these directors haven't been on very long and it will remain the case and succession will be built in over the next few years for myself and John. All the normal processes will apply that one would expect to apply to a company that's about to go off in a huge growth spurt that will emerge as time progresses. So we're all being well advised and we're working through it properly. Next slide, please. There's not a lot to say here rather than the fact that the clearly #1 priority is Ethiopian development until there can't be. And there's a lot of latent value in the rest and then other things that we are not in business to talk about yet. But for all stakeholders sake, we must apply the blow torch to the company side and keep the intense spot load on the Tulu Kapi side. And the way we bring life into and progress, the rest of it, we'll have to work out in more detail before we spell it out. But we're looking to set up a separate structure to bring life into the rest but it will be separately managed, separately funded. And we haven't worked it all out yet obviously, our priority has been Tulu Kapi and please don't ask us 300 questions on how we'll do it because we haven't worked it out yet. I'm just being very open that the direction here is to make sure that Tulu Kapi is intensely managed and ring fenced from any distraction. But the rest, we won't simply ignore will -- if we can fund Tulu Kapi a $400 million package including the mining fleet. It was over $400 million in that previous slide, if you put the mining fleet in there, then we'll work out this issue of a problem of success, if you like, of having a fantastic pipeline to kick along probably, as I say, under a separate structure in due course. Next slide, please. The point of this slide really is that -- if I may say, and I hope I'm not offending anybody by saying this, but culturally, Ethiopia very much rests on strong leadership. It was an empire until the mid-70s, the world's last Empire. And even though it's a new democracy, until #1, the leader of the country gives the direction or the blessing on a major initiative like this. Everyone else waits to see with some apprehension to make sure they should get behind it or get involved or whatever. And that was the point of this visit, basically #1, said this is on. You guys better deliver and he looked around at all his countrymen and said, you guys better help them deliver and it's on, and that was the point of the whole exercise. Very important from the point of managing logistics scheduling, prioritization and all sorts of things, bureaucracy because I know where to go if anyone blocks me, so to speak. We won't -- we've been able to get through all sorts of challenges historically for those of you who've been with us a long time, but know a bit about. But now we've got the full backing of the country and its leader, and we won't be held up for anybody. Next slide, please. The numbers, I won't get through all the details, you can go through the material later, but the bottom line is the numbers are screaming by in the sense of the upside here. The market cap of the company is less than one year's net cash flow at $3,000 gold. So you don't need a computer or a calculator to work it out here, all that's lacking is people's confidence, market's confidence either generally in the market or in the company itself. And I'm sure that, that sorts itself out as the runs get put on the board. Next slide, please. Conventional layout. I won't bore you, but all I can say is that I grew up in the Australian industry where there was one mine in Kalgoorlie when I was finishing my high school and now there -- I don't know how many, scores of them. And they're all various permutations of this layout. And when I turned up in Ethiopia for the first time, 12 years ago or so, there was one mine operating in the country. And I bet it will be scores of them in 20 or 30 years that it will happen much faster in Ethiopia. So we're doing two things. We're at the birth of a project and with the birth of a district, Western Oromia, and work hasn't been done, and we'll do it. We've shown we know how to discover, we know how to put those teams together, we know to cut through to the chase, and it's going to happen. And we can see a number of Tulu Kapis to go after here and we're at the birth of a whole district. We're now at the bird of the project. Next slide, please. As a company of our small size, listed or named, not a main mining board, raised $400 million. Well, it does sell through tenacity. It does say through people who know what they're doing. But the bottom line is to get everything signed off, Is dotted, Ts crossed by world brand names on every discipline. And that's what we do. We've been tracked and modeled and monitored and reported on by all these entities for a decade as they monitor and see how we're going and report to the banks and other stakeholders. That's to put beyond any doubt the quality of the work that's done. We were invited into the country to fix a project that was on its knees. We were invited to Saudi Arabia to get cracking on exploration in a country that needed external expertise. We were invited to both of these countries because of our track record historically. And getting independence to sign off is sort of a stamp of approval, but it's the team, the quality of the team that did the work in the first place, that's really quite the key. And although you might think it's a one-man company because you only hear one person speaking. I can assure you there's a whole solid team doing the work. One of my roles, if you like, is to shield them from distraction externally to focus on their work. But you can rest assured, there's a very strong team doing all these different disciplines. Next slide, please. One of the team members is an organization called Lycopodium. And the main brand name, [ my ] gold miners in Africa are down the left-hand side, and this is just a little chart of how they've performed for those clients coming in under or on budget, under or on schedule. They're -- how would I put it, at the expensive end because they're world's best and we made a fixed price lump sum on the engineering and the procurement, which didn't help the cost side of it either, but we did that to reduce risk in a country which already had risk to deal with as a frontier market and we did that quite deliberately. It's all about risk reduction. It's about bringing in world's best. And that's what we've done. Next slide, please. If you'd focus your eye on the column that's called Q2 '26, you can see there that ahead of Q2 '26 is 24 or 27 months, depending on whether you go at the beginning or the end of Q2 '28. And this is a 27-month schedule in effect, which has already started. We're already in construction. And if this had been in Australia, it would have been a 17-month schedule. And the reason I say that is a couple of reasons really. One is to obviously point out that because it's a new industry that Ethiopia is simply not as used to all the things that it has to do for us. We know how to build a plant like a podium that's had to build a plan and we know how to do whatever else we have to do around it. But it's Ethiopia that's near to the gig, not the team, not the contractors. And we've built a schedule around that as best we can. And we started certain activities a long way before, which is why the schedule starts two years ago. And the reason for that is that we wanted to bed in the security deployment, we wanted to bed in local engagement with certain labor practices and iron things out whilst we're getting together the financing and the parliamentary legislation and so on and so forth. So that's where we are. Next slide, please. The numbers, again, I won't dwell here, they do speak for themselves. But the very bottom line, bottom row, says that if you -- if in the first two years, you repay all debt, that's how much cash you have left over at those different gold prices. So this is going to be a cash flow powerhouse because it's high grade, high margin, and now we've got high gold prices. Not that I think they're going to go away too quickly, I think this is a reallocation of capital in the world, it's not some speculative bubble. It's that the world is adjusting a few things that it lost sight of. Next slide, please. Upcoming milestones. We're obviously reporting against progress as we go, updating the oil reserves, a lot of drilling taking place on the site in the next 18 months. The underground, the DFS we won't be developing before we start the open pit, but preparing for the development and planning for it and contracting it so that we can start the development during production of the open pit. Gold exploration. We're going to look at a lot of opportunities. The country needs expertise and we've offered it and we've done it in other countries. We did it successfully in other countries where we've got things going ahead of the pack, and we're going to do it again here. It's not a lot of money, but it's getting in early and putting a foot on 2, 3, 4 Tulu Kapis type of thing where we feel there are good odds. Saudi Arabia, the DFSs are coming through. I know it must be frustrating, but we're not the major shareholder there. We don't dictate the publicity. We're a supportive shareholder. It was our baby. We're proud of it, but it's got a stand-alone team now, and it will come through, and it will be quite something to see as it comes through. Obviously, KEFI couldn't keep up with the spending rate and had to dilute. We wish we hadn't had to dilute, but we did because we simply couldn't keep up with the spending rate and exploration results will come through as well and critical materials projects, again, under the heading of what I said earlier, we'll put together a new management team and structure to handle all that sort of things. Next slide, please. I think it's probably the last slide I'll show you, and that is kind of a long story short, the theoretical NPV is we're not suggesting when we show you a theoretical NPV that, that is what the stock market should be today. What it's showing you is where it should go where the stock market should go when it's being derisked and in production. And typically, with gold, there should be, I don't know, 20% above NPV when they're in production as a typical benchmark, that would put us up not far below $2 billion in due course. And in the meantime, we're a percentage of NPV as it gets derisked. On this chart, it doesn't use NPV. It uses another measure, but it's the same. It's the same story, moral of the story is the same. And that is that as it gets derisked, it goes up the valuation curve to where it should be once it's been proven, if you like, in production. And produces an average $10,000 an ounce of annual production. So we had -- to keep the numbers simple, at 150,000 ounces a year. That's $1.5 billion for KEFI so that's where we're heading. And I think the next slide takes you on to appendices, which I won't bother on this presentation. I'm sorry, I took a little bit longer than I wish to, but I hopefully answered some questions or otherwise would get asked and I'll stop there and turn to questions and answers.

Well, thank you very much, Harry. Thank you for the presentation. Hopefully, a number of the questions have been answered during that presentation. By way of introduction, I'm Tim Metcalf, I'm Managing Director of IFC Advisory, long-term adviser to KEFI, and adviser on Financial PR and Investor Relations. We have had an awful lot of questions through but we're going to try and go through all of them. I have consolidated them into various areas and a number of people have asked the same questions. So try to put those together. There will be a bit of repetition from the presentation, but hopefully, this will address all the points that people have very helpfully and kindly made during the presentation and beforehand. So Harry, the first area we want some clarification on and we should dive into again is the recent placing. You previously gave guidance that Tulu Kapi was largely funded with around $30 million remaining outstanding. Can you just reiterate the rationale for the placing? It's larger-than-expected nature, the timing and the pricing.

Pricing, I suppose, starting at the end, basically, the stock came off in a month as did the whole sector, about 30% so the pricing was about 30% below where we started in the month, more or less. The reason I would say that there was too much foot dragging by the alternative sources we had and have still. Too many questions, too much due diligence, too much legal argy-bargy and I had to get on with it, that's to be blunt. I called the board meeting. I said, "Listen, this Iran thing, I've got no idea what's going to happen here. We don't have time to muck around here. We're going to close this book off. We really have to get on with it." And I don't want to be sitting here in a month's time fretting over whatever the hell happens in Iran. I want to get this show on the road and do what we said we would do in the Board. I have to say I didn't hesitate because to us, it was a bleedingly obvious decision to protect the business, protect the asset, protect all stakeholders. So that's the sort of a simple answer. In terms of the sums, we've covered the whole requirement. We've kept the other offers that were still hanging around up our sleeve. We've covered cost overrun facility as well instead of polishing that Apple for another 3 months in a structured facility and we put a little bit aside for opportunities. And frankly, the total package is really more like $400 million, as I said earlier, because if you clear the mining fleet that we've covered through the contractor, it's a bit over $400 million as a package and the amount of money we've set aside is, it's 1.5% of that [indiscernible] it really doesn't even register a bit strategically important. And then also just -- I must say, it also addressed the elephant in the room. The elephant in the room with KEFI has always been that through tenacity, through strength of relationship management, through experience in the industry. It's built a syndicate of big players for a project in a frontier market. And the only question that kept coming up and up is when are you going to get some serious investors on your share register. They're not talking about whether a small investor is a serious person or not. That's not what they're meaning. They need deep pockets on the share register. They need to see a company that can withstand shocks, can grow with deep pockets on its register. And that was the elephant in the room with KEFI all the way through the dark ages, as I call them. And we've addressed that at the same time by bringing all these institutions. So I hope that answered the question, Tim.

I think so. Absolutely. But just one further clarification on that. You mentioned the institutions. I had a number of questions about what proportion of the recent placing was allocated to longer-term institutions versus shorter-term participants, many describers, bucket shops.

Well, there were nobody. I call it bucket shops or I regard as a bucket shop. And I openly admit that the allocation process for the oversubscription, the scaling back process for the oversubscriptions was quite harsh on quite a few existing investors. They felt pretty hard done by, but they felt the loyalty should have been better respected and rewarded but they don't have the deep pockets that we needed, that we're looking for. This wasn't about a loyalty plan. This is all about getting this show on the road and bringing in large institutions and we also scaled back institutions. There were no traders or retail shops or whatever you want to call bucket shops. This is all institutional money.

And just final clarification on the placing. There was -- or there is an allocation public shareholder approval of 853,000 shares to be issued to settle outstanding fees. Can you just give a bit more color on specifically who these service providers are and what they've been doing for the company?

There are three particular service providers, none of them have been involved with the company for less than 5 years. I can't remember how many years, it must be much longer, but certainly no less than 5 years. And they asked if they could become shareholders and be issued shares instead of being paid cash for their fees at the same price as the placing people. And they want to be shareholders in the company, and we took that as a good thing, and we issued some shares at their invitation at the same price.

Moving on to the Tulu Kapi funding package. Is the general meeting next week, the final step in closing things and the final trigger or are there other steps that remain outstanding?

I mean we're already in construction. We've already started. And so if some people did ask me and I answered [indiscernible] I'm about to answer now, last October, when the banks formally finally gave board approval, I thought it was done. This is done. It's not just a matter of working through the equity piece into the right shape. And that's what we focused on. If you ask our banking lawyers, we have this team of world-class banking lawyers. Once they're done, they'll say when you've got the last dollar from the banks in two years' time, it's completely done. But all the banking facility agreements have been signed, the -- after an approval by shareholders of the meeting next week, the equity will have been -- we'll have to settle in however many -- 48 hours, whatever it is. And it's tough and we've already started on the ground. We -- I knew it would be done. It would be done and it's being done and we're already on the ground building.

Excellent. So am I right in thinking that the debt drawdowns can follow when appropriate, following the equity close?

The rule is that the equity has to get spent first with the exception of the, what do you call it, the government piece, which is sort of going on a program of spending, building some infrastructure. But probably around September, somewhere in there, it will be due to draw on the debt after having spent the equity.

Okay. The next question, I think you've answered a number of times people are still questioning how quickly will full construction commence? Am I right in thinking that it has already commenced?

Yes. I mean if people want to see an army of bulldozers bulldozing people's houses, we're not going to show you that because that's not what we do. We first resettle the people, and then we go in with bulldozers. So the first part of the schedule is actually resettling people and procuring the components for the factory, for the plant from overseas. So the first procurement payments have been paid to fabricators internationally. The first resettlement compensation payments have been paid. The resettlement housing is being built. The first security camp has been built. The first construction camp starts being built this month, right now. Yes. So that's why it's a 27-month schedule. There's things to do before -- and the mining, if you want to see a big hole in the ground, you only see the hole in the ground about 3 months before wet commissioning of the gold extraction because there's no overburden. We don't need to be clearing the surface of overburden for a year or three, we'll be delivering ore within the first week of starting to dig where the mine is.

Excellent. Presumably, although we won't be showing pictures of bulldozers into people's houses, we can and will be providing regular updates on the construction progress?

Yes, we'll have -- people's lust for photos will be more than satisfied. I assured you when we've got 1,000 people running around with [ earthing ] equipment and things happening, you'll see all that.

Excellent. I've had a number of questions on risks, particularly given the recent -- or the ongoing Iran conflict. Do you see any risk to the construction timetable from equipment availability, things it will supply, energy availability or any other sort of extraneous factors that might come up during this program?

I mean, that's what we do. We get up every morning, and we manage risk. There's -- I just got off a meeting of a weekly call, and I had the report on container containing diesel turning up at the port in Djibouti and the first large vehicles of a certain category are getting released from customs for us. I mean we birddog everything intensely. We have a large team of people who birddog government agencies, customs clearance, suppliers managing risk every day. But I think what the question is really asking is this -- how does it compare with a normal situation for a gold build. And given what's happened in Ethiopia or given what's happening in Iran, I think -- I don't know, it's 99% or somewhere over 90% of gold projects in the world run on diesel. And our plan and all the infrastructure will run on hydroelectricity. So the risk to this project of diesel cost is a fraction to a typical gold mine point one. Point two, because we're ranked as a strategic priority project in Ethiopia. We have access and priority allocation of diesel supplies. So that's in train and happening. If the world stops getting any fuel from the Middle East, I suspect there'll be some ramifications throughout the world that we'll all suffer from. But from the point of view of this particular project, being particularly vulnerable to it. I don't see that. What I see is that it's being given the protection needs. And it's not reliant on diesel for most of its energy when it does get up and running in two years' time. So I'm not downplaying risk in any way because that's what we do. We spent 99.9% of our time talking risk and how do we eliminate that risk and how do we mitigate that risk. That's what we do. that's what we spend our time doing. And we -- if you see what's happened in Ethiopia over the last decade, I'd like to think you realize that, that's what we do all the time. Not one person touched what has been punched in this company, let alone shot or killed or anything like that, despite what the country went through. And that's because of risk management, and we do the same for every aspect of the business.

Excellent. Just a final point on that. You touched on the Ethiopian situation specifically. Any comments you can make on current security in Ethiopia? Now there has been reports of conflict in the north, any concerns over that spreading more widely and impacting the project?

I don't have any concern over it. No. I mean, I'm not trying to be dismissive, but I don't know, you always steer clear of making political judgments, but clearly, the country as a whole regrets what happened a few years ago. Clearly, the protagonists of that conflict from the North regret and the northern infrastructure and people were terribly damaged and still in reparation. And they're not going to be creating more problems. And to say that 130 million people providing the largest peacekeeping force to the United Nations of anyone in the world are feeling threatened by a country of a handful of million people. It's not true. It's just not true. What is true is that the country under Colonial carve-up with prevented having access to the sea. And 130 million people landlocked can't get fertilizer to grow their goods for self-sustaining agriculture, the country needs access to the sea, and it will get access to the sea. So the sabre-rattling, I consider part of all that.

Moving on to the next area. We've had a number of questions on the Tulu Kapi development strategy particularly timing. Can you talk any more about what the downside was waiting to initiate underground development and exploration until the open pit is operational and generating free cash. Why look at those areas now? Are there any specific risks that are mitigated by doing it now? And the final one is I've had a couple of questions saying, were there any external drivers such as competition in the country or government expectations that require the acceleration?

Well, if I had my druthers and I had the money, if I owned it or if KEFI owned the money as it owns it, we'd be developing the underground concurrently and coexisting the two mines concurrently because one of the long-term weaknesses of the whole plan is a short life. It's only got a 7-year life. You can't build careers, social development policies and long-term company strategy on a project with a 7-year life. So it's a critical priority. Now it's not today's urgent emergency, but it's a critical long-term priority. Having said that, we're not planning to start development of the underground during the construction of the open pit. We're planning to do desktop studies, planning do a little bit of drilling, you won't to even notice the money and the risk to scale of the spending profile of the open pit but we'll get our heads around the whole development profile, the contracting, the design and we will start the development. The plan is to start the development in year two of the production of the open pit. That's built into all the numbers. All the numbers you see include all the capital for the underground during production.

Excellent. Thank you. Now moving on more widely. Obviously, you mentioned Saudi, the fact that KEFI's not in control of those projects. But now that the open funding is secured, what are the key next milestones for the Saudi portfolio, particularly Jibal Qutman, Hawiah and what should investors expect from Saudi over the coming months and the rest of this year?

Yes. I mean, the Saudi trajectory hasn't changed. We expanded and overhauled the team there about a year ago to bring in more operational frontline experience into that team. And Jibal Qutman's been banging on the door of a development commitment for some time now. but keeps getting sent back to the drawing board to improve something before we take that step. That's just internal discipline functioning. It's not a problem. It's just risk management, getting a project right before you approve its go ahead. We still play an important role on the Board. I'm not suggesting we have no influence and nothing has happened that we disagree with in any way. And it's the same scale of deposits as operation is to the company but it's the Jibal Qutman that is. But it's a much lower grade. So you have to be a lot tighter on the way things have turned in certain design areas. But I'd be very, very surprised if that didn't come through into a formal investment decision during this current year. The Hawiah project is sort of getting bigger than Ben Hur. It's going to take a bit longer to come through because it keeps growing on us. It now seems to have an ever growing gold cap as well. So there will be another Jibal Qutman sort of idea with a higher grade down in Hawiah as well. And then the copper, polymetallic will be developed. So the pipeline is going gangbusters building ahead of steam there. And it's a good thing we had that joint venture. It's frustrating for all of us. So we had to be diluted because we couldn't keep up. But if we're not prepared to put up the money by the stock market, then we can't complain. The show goes on. And we're blessed that we had a very strong and very good partner who kept the show going, and it's going to be a world-class group that group. And so I feel very proud. The company feels very proud of what we've achieved over there. And the old [indiscernible] would tell you quite openly everything we've achieved, we achieved because of KEFI, and we wish they had deeper pockets. But that's the reality of the game we're in. We had to pick our bets and the one that we majority going in control had to be the one that gave we a priority, too. And we're looking at how to monetize all of that side of things as well within the subset of what I mentioned earlier. And I'm sorry, I'm being like a big teaser, I'm just giving little tidbits, but we just haven't had time to address it. But I think that we've got a good quality of assets. It will be only 13%. We've got fantastic opportunities for the critical materials space in both countries and they're complementary with each other. We've got copper targets and gold targets in Ethiopia. And somehow, we just have to work on how to put it together. I think it's an easy problem, frankly, compared to what we've just done, but we just need some time to get to it. That's all.

Understood. Just on the funding of Saudi. Is any of the funds raised in the placing allocated to the Saudi portfolio?

No.

And final question on Saudi. There's been mentioned in the past of a potential Saudi listing for GMCO. Is that something that's still on the longer-term agenda?

On the longer-term agenda, yes, it is. There's only two mining companies listed in Saudi. And to be listed in Saudi, at this stage of that capital market, you have to be Saudi controlled. So the only candidate is Golden Minerals, the company there. When it's ready, we're converting into a joint stock company so that it's got flexibility. But it needs to mature as an organization with some development and production coming through before we go there.

Okay. Moving on to KEFI corporately. A number of questions in various different areas. The first is on management and board composition. Do you believe the current leadership structure is optimal and right for the next phase of KEFI's developments? Or do you think that there are further enhancements and changes needed over time?

Well, a number of, if you call it, key people have had to make commitments to the large capital providers to run away because they need commitment to deliver on the project, the people putting up well north of 70% of the capital have asked for commitments from the leadership team to make sure we deliver for them for everybody. And we will, we keep that word. So it's not a question of replacing key leadership. But there are a number of things we have to do, and we already started doing. We have to refresh the Board. We do that regularly. We'll do that. We have to build succession. I'm not like that famous American investor Warren Buffett, who wanted to keep working until he turned 100 or whatever. I'm not that type of person. We want to build succession in a certain way that empowers the company locally. We've run this company, although some people might think otherwise, the cash cost of running this company has been kept extremely low when you consider the scale of the project that it has been cooking up. Our head office comprises two people, it's just grown 50% in the last month because we appointed a third person. Everybody else is in the field, including myself. And so we -- and on the ground in Tulu Kapi, there will be 1,000 people within 12 months. So the governance systems have been completely expanded on any number of levels. It's a huge transformation taking place on governance and so on. And -- so yes, and an institutional shareholder specialist will come on board as well. And so all these things will happen, but it was premature to start going down that pathway. And until we got the show on the road.

Absolutely. There's been a stated intention to move to the main market of the London Stock Exchange. Can you tell us what progress has been made on that and what would need to be done to achieve a main market listing?

Well, the first thing is two actually have started development. We can only say that today. And so first tick, if you like, second tick will be onboarding an institutional broker. Well, I think the very fact that we used a major global institutional broker to just do what we've just done, I told you that we've already set a platform for taking that thing off as well fairly quickly. And then there's the process of the paperwork. And I honestly, I don't recall, I know one of the companies that we -- the team set up was EMED mining, which after some years, dual listed on Toronto and after some years, main board listed in London, then pulled the Toronto listing because it wasn't worth the effort, which has frankly been my experience. You really just got to have one main board that functions properly whichever one you pick and make it work instead of diffusing the focus. And I think we'll get the same route. I think we'll stick to the London main board, we'll be one of only a handful of gold counters in London. London has always been incredibly supportive of us and understands frontier markets better than anybody. It may not understand mining, but that doesn't matter once we're up and running, people can count profits and I've got to know the company. So how long the paperwork takes, Tim, I don't know, but we should have thought early next year would be a good target, but we need to knuckle down with some advisers and work that out in detail now that we've nearly got the first two ticks.

Yes, make sense to me, I've been doing main market listings for 30 years, and it's not a hard work, but I think something that will certainly benefit KEFI in the future. A number of questions on sort of specifics on capital structure. I can even probably answer one of these. Obviously, we're a penny stock at the moment. Are there any intentions to consolidate the shares to get a more appropriate share price for a larger company? I would presume that might be part of the process for going to the main market. But I don't know if you have any comments on it.

Well, no one has raised it. I mean, if it is an issue, we'll address it, but no one has raised it so far.

And in terms of communication, shareholder engagements. You've dealt with a lot of this. There have been some skepticism regarding where the construction started on-site progress. You've mentioned that we will be providing plenty of visual updates. But KEFI has provided quarterly updates in the past. Will you commit to providing those going forward and frequent announcements as development progresses? Because that obviously doesn't naturally lead to quite the same frequency of announcements that we've had when the funding structure has been put in place.

I think it's a good idea. My natural tendency is transparency, much to my -- not to my -- always to our benefit. But transparency, I think, is the critical thing. [ Satellite ] is the best disinfectant for confusion, it just suppresses misunderstandings. And we got criticized for having these webinars. We got criticized for quarterly reports. And I thought that, gee, I thought we were in so much the doldrums in the market where the market didn't even want to talk to companies like this size at the time until a year or so ago that I thought it was -- it felt to me like self flagellation of the poor beast. But I think that now that it's game on, I think that it's perfectly appropriate recommendation to resurrect the quarterly reporting. That's how I've grown up. It's mandatory in Australia, and that's how we've always done it the way we've grown up thinking that it's the right way to do things. And if it's welcomed by shareholders, we're more than obliged.

I'm just looking at the questions that are still coming through. And one particular clarification that's been asked by a couple of people. Just going back to the community resettlement, can you just clarify exactly what stage that's at? How many households still need to be moved? And are there any issues with that holding the project up?

If I could -- I don't know if someone can put back up that schedule, if they can, if someone's listening and put up that Gantt chart, that schematic chart, I could be quite precise. If not, don't worry. But what it shows is that we have been talking to them for a hell of a long time. So here we are. Let's look down at humanity resettlement. It's halfway down the page. Okay. So the surveys were all done before Q4 '25 and then we started -- we put the first 90-odd households, compensation funds in the bank back then ready for disbursement as soon as they signed on the dotted line. And the -- that's 90 out of 350 so it's a quarter. And there's 4 phases to resettlement. And so because it was the first phase being implemented, there's been this mighty scurrying around and so on and so forth getting their act together to receive their money by the book exactly by the book, not any shortcuts by the book. And we've been irritatingly disciplined to the community, I'd have to say, but critical to do it correctly for the first phase. And that prime ministerial visit a month or so ago was -- well, is it two months, I've lost track of time now, two months ago. It was so important because it sort of told everybody to get on with it. And since then, we've actually done that. We've closed out the first phase. That's 90 out of -- that's 1/4 of the households. And as you can see there, we've got the next three phases scheduled into that roster there that you can see on the chart. And it's basically the first phase removes people from -- resettles people from the first areas for workings. So we've already started building initial construction count by having paid out that area. Next, we'll be able to build the airstrip and other early priority things. And by the end of Q3 '26, we will have access to the plant site so that footings can commence construction around October for footings for the plant. So that when plant parts start getting delivered, they can be erected onto the site. So that chart tells you the plan, there's a bit of float here and there built into the system. But that's the base plan. I don't know if that answers the question, Tim.

I think it does. And thank you very much, Harry. I think we're now over the allotted hour. So I just want to thank everybody for submitted questions. We have had a huge number and apologies if I've been dotting about but I've been trying to get through them all. Harry, before we close, anything you'd like to say in terms of concluding remarks?

It's always sort of anticlimactic when you get to this moment. I've been at this moment a number of times in my career, and my boss that I worked for over 20 years, always used to say to me, "Harry, just stop for a moment and turn around and look behind you. Stop just steering at the top of the hill in front of you, just turn around and look behind you occasionally and see how far below the valley is." And I think that's an important thing. It's -- we've come a long way. And we all deserve a bit of appreciation, the patience of shareholders, the challenge of understanding an industry that's a bit obscure or technical or whatever in a country that's obscure and new to the gig. You've been very brave investors to be honest. And then you deserve all the rewards that you get. But it is important to turn around and look where we've been for everybody's sake and then turn around and then say, wow, where we're heading. But I think that's where we are. And I think that's the -- that's an important point for everybody. And I say that -- I tried to say that to all the key people, there's so many hard-working people. You have no idea. And their families behind them, their families let them go off to Ethiopia. There's ones on rolling rosters and so on. And a lot of work has gone into this, and I'd hate for you to think that there's just one guy running around jabbing on about it. There's a whole team of people working extremely hard and all you shareholders who give it your best shot in good faith. And everyone deserves to see how far below that valley is before you start focusing on the next hurdle for everybody. So I appreciate it, and thank you, everybody.

Thank you to Harry and Tim for joining us today. That concludes the KEFI Gold and Copper investor presentation. Please take a moment to complete a short survey following this event. A recording of this presentation will be made available on Engage Investor. I hope you enjoy today's webinar.