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I grew up around some Cypriot immigrants. So it does help. Kefi is exploring in the Arabian Nubian Shield with a very advanced project in Ethiopia, as well as some exploration projects in Saudia and Harry. Please take us through. Well, thank you for the opportunity to present. Can you hear me clearly everywhere? Yeah. Kefi Golden and Copper. I grew up in Australia and mainly in the mining industry starting from the investment side. I worked for perhaps the longest standing mining family office. I don't know, maybe anywhere but certainly in Australia, the family that co-founded BHP. And we made a lot of investments, turnarounds, start ups and so on and, and all through that journey in Australia until 20 years ago, I was hearing about the Arabian Nubian Shield. I was born in Egypt. So I suppose I took a particular interest. I watched the Aussies from Perth go over there and set up sentiment and we all just saw a takeover of that company and you might say the the the industry is arriving to the Arabian Nubian Shield. But all through my career until recently, that wasn't the case despite it being highly prospective and known to be, I was Deputy chair of the Gold Council in Australia at one stage and there was a procession of Aussies coming back waxing lyrical about the low hanging fruit. But then within a year or two crying in their soup about the frustrations of it all commercializing it and so on. So I watched it for a long time. 20 years ago, I moved to Cyprus, set up three companies. One's an explorer in Cyprus for copper. The word Cyprus derives from the word for copper. Kro Cuprum. I set up a company in Spain which is called Atalaya mining which produces copper in Spain. And I sat up with our team, the company that was a frontier prospector. Ky. Now, Kathy was invited into Saudi Arabia by a prominent family, a fortune 100 family, the Al Rashid. They'd conducted a beauty parade mainly of majors to work out who to, who to invite in with them. And anyhow, long story short, they invited cafe and we've had a 16 year partnership which is a very good partnership. So, whilst you, I'm sure you've heard about Saudi Arabia in the last two years. It's now the best thing since sliced bread. If you use that terminology over here. Everyone's turning up Ivanhoe Electric Barack went in there recently, following Aussies there too. The Aussies who got on to that one before them. And I'd say half of the time in Saudi Arabia was a bit of a waste of time in terms of getting traction because they put their system into an overhaul, which came out. I feel I came out with a new system which is very good about three years ago. And so now the world can engage in, in a more, you know, normalized mining regime fashion. But we're, the guys have been there all that time other than the government owned company. II, I dare say we've got the largest exploration group in the country. We've made two discoveries, learnt a lot. Those discoveries are now in feasibility study mode. There are about 3 million ounces equivalent between them. One's A V MS copper gold mainly and one's orogenic gold over in the geology that we learned in Saudi took us to Ethiopia and in Ethiopia, we were invited in there as well. Really? the very large pe fund based in Denver had a shareholder in a company there and it wasn't very happy with the way things were going and it knew that our, our geologists were sort of having a bit of a look at that project and they invited us to, to give it an overhaul if you like. And we brought in a bunch of people who developed analogies to that project before and and we re reworked it from the ground up. It wasn't rocket science, it was just doing the work, you know, the nuts and bolts as a developer and not as a promoter. And here we are today with the Ethiopian project ready to go and the the Saudi projects in the pressure cooker, a feasibility study, Ethiopia has turned the corner around the same time as Saudi Arabia. but it'll go ahead faster. Saudi's got a lot of ground basic exploration to do in Ethiopia, there's a backlog of development assets and it'll go ahead faster. I guarantee it. Why now for Kefi, well, in pure numbers terms to an audience of investors, the market cap in this, in this terrible sector from a market point of view for the last decade. The market cap is 10% of the N PV of the main project at recent gold prices, at least ignoring everything else. Plus we have another two advanced projects in the pipeline 5 million ounces between them. A lot of them, we don't own 100% of them. We own a minority in Saudi, a majority in, in Ethiopia. Between be between our, in our beneficial interest is about half of the 5 million ounces that we've discovered or assembled, we're very highly advanced in financing the go ahead for Ethiopia. All our work frankly to date has been focused on financing down in the structures in the countries. We've assembled hundreds of millions of dollars of finance in those two countries. That would have been impossible in the stock market of the last decade. At the same time, we've crafted relationships with the government as a partner in Ethiopia, minority partner investing and with the Al Rashid family, as I said, a leading family in Saudi Arabia, who's our partner there. Ethiopia has got a bad rap because it really went into a terrible crisis situation a few years ago, it was a top 20 growth country, a top 10 growth country for 20 years in a row until it introduced that crazy thing called democracy and far sweeping democratic reform replacing minority rule with a majority plebiscite, exhilarating, you know, exciting people queuing from midnight to dawn to vote. It was amazing to watch, but they went way too fast and un bottled clashes and tensions that hadn't been un bottled before. And that took it into a crisis mode as a country for a couple of years and then it started to settle down again. It's taking off again. It's now back in the top 10 growth countries of the world and there's no way it'll be stopped. It's, it had that brief challenge if you like to democracy. but the majority of the country basically prevented the 5% minority seizing power. And I think for the long-term, it's, it's a good thing but it stalled us, I think in our journey in Ethiopia, I think frankly, we probably lost five years around those tensions. So, you know, frontier market stuff, a guy who grew up in Australia moves to a frontier market spends 20 years, gets something going in Spain, still exploring in Cyprus. And over the 15 years in the Arabian Nubian shield, probably half the time was was, was too hard to get things going, but it's all come good. Saudi Arabia a very stable place. But it stalled as well as I mentioned earlier and it was due to, to do with regulatory reform. They really didn't, they really didn't facilitate outside is coming in to explore until now. And it just so happens, we've been in there and we're, as far as I know, we're the only, the only people who've been there to make discoveries. Everyone else is turning up now and pegging and starting and, and all the big names have turned up now into the, these two countries, you know, Barrack Newmont, the Ivanhoe people, other very decent explorers from Canada, the Sun Peak people and other decent ally has just turned up in Ethiopia. I'm told, I'm told it was the largest mining IP O in a decade a few months ago, last year, I think late last year was to put capital into Ethiopia. So it's game on finally, what was a frontier market is now high growth mining jurisdictions and you you should pay attention. I collected a number of risk shaded shading maps from the various risk, risk assessors, global people that you know, assess risk and security and so on for people in our industry. And this was the simplest one to present with the clearest color shading. The other ones were not so distinctly different, but if anyone's interested to contact me or my colleagues, Patrick Chidley or Paul Durham in the audience. We, I'm happy to share them with you. It's quite interesting on the different color shadings for sovereign risk, security risk. But Ethiopia is now back down into the lower risk category of the gold, gold relevant countries. And, and, you know, and I, I think when I arrived there 10 years ago, it wouldn't have even rated as those colors. It would have been lower, lower risk again. And I think that's where it's heading again. Now, low hanging fruit. Yep. On the left is a six kilometer long ridge with green staining all along it that had been mapped by the BRGM, the French Geological Survey in, in late last century. And we come along, we peg it and we're the first people to drill it and trench it. So, you don't need a phd in geology to realize it was worth ta testing it. And that's an example of low hanging fruit you wouldn't see in in Canada or Australia at least. And on the right that project we got invited into in Tu in Tlu Capi in Ethiopia. That's the ore body being exposed below a couple of meters of of soil. And the people had drilled it partly in the wrong direction for a while and then back in the other direction, they'd never exposed it, have a bit of a taste of it. It's all basic stuff. Just common sense, operator approach to exploration and development planning. Yep, lots of low hanging fruit. But you gotta have the tenacity, the stamina. and, and perhaps the compulsive obsession in your DNA to put up with the frustrations of frontier markets. But rightly or wrongly, that's what we've done. And now it's time to sort of reap reap the, the fruit if you like of, of that perseverance that we've demonstrated. That's a side visit on the left just at what was it two months ago to take bankers and inspectors out there to the Tula Cappi project beautiful area. Tula Cup is not a famine stricken. Ethiopia is not a famine stricken place like most people think a quarter of it is famine prone, but it's a lush, beautiful agricultural area. Nowhere near a border, no artisanal history, peaceful community. Then we're standing next to our construction camps going in shortly and that's a school we built on the on the right there as we develop their social license in the area. on the point of environment and social. It's quite notable, I think the largest hydro scheme in Africa has just gone in in Ethiopia. So we'll be getting our power at two or three cents a kilowatt hour, low cost renewable energy. Very busy slide. I'm sorry. But it's like a checklist of where we are on the financing. Basically, the Leeds Bank has given final ratified board approval and its shareholder approval the whole shooting match of approvals. And the second bank then went into its approval process. I was there a week ago in Lagos with the second, the Coaling Bank and I believe that's not too far away. I believe it's, there's nothing else they want from us. So they've just got to go through their process now., that's this project started as a $500 million project. A hundred's been spent. the mining contractors putting up 80 for the fleet leaves 320 the banks are putting up 190 leaves 130 we've lined up if you like all. But the last 30 million and the last 30 million is now being jigged around inside the syndicate with a number of alternatives being looked at to finalize it. Now that we've settled down the banking side of things, we haven't relied on the stock market because one could not have So we've had to use all our sort of project financing and partnering skills to achieve what we've achieved at this stage because the market in aim is about as weak as it gets anywhere. Where I think someone told me the other day where one of 20 or 25% of junior aim stocks of a decade ago that still exist, it can't get much sort of worse than that on a sector. And as far as I'm aware, capital allocation from endowment funds and, and others, in North America is lower than it was a few years ago. So this sector is in a sense, ironically doing it very tough. Whilst all the other stars are starting to align around the world for this sector, the West is deliberately moving into resource security, having watched the Chinese do it for 30 years, the West is sort of woken up, it's a bit of a push all over the world, but the capital allocation hasn't started yet. And I'm sure you know more about it than me. So we, we haven't had to rely on all of that of necessity. In a sense, we've built our relationships, partnerships, banking in our countries of operation. But on the flip side, the leverage to our numbers for our numbers, when you apply the, the the normal analog comparatives is quite huge. You can see there, we're around the cheapest end of the value measurement curves depending on how you want to measure it. The bottom right hand graph is to do with grade, we're higher grade than normal at Tula Ay project in Ethiopia is 2.1 g open pit million ounces reserve starting up at 100 and 40,000 ounces a year. 5.5 g underground resource which is open a depth, free milling oil, 94% recovery, conventional cil. So it's a better than average project away from a border away from any artisanal interest. It's a good project. And the other three graphs are to do with value vis a vis the o the sort of the conventional measures of value. And so obviously, as we do risk, as we sign off our financing and start moving forward, one would expect the value to rise as we do risk. busy chart, but basically says on the left, as I'm looking at it, in Saudi Arabia, we financed down there with a joint venture and the government's sovereign fund lending arm, lining up and working with us for project financing and on the right. the banks T DB and AFC and the contractors like a podium and PW mining and the government and local investors have taken the financing job away from the stock market. As you might say, I, I've heard reference to the Lausanne curve and I suppose we're all sitting here, wishful thinking, you know, that everybody behaves according to a, a nice graph, but it really is quite striking. You know, we, we made discoveries, our price went up and in 2011, the sector peaked and since then, it's been declining overall. And that's the same as us whilst we were living through Ethiopian wars and COVID pestilence and, and feasibility studies and regulatory reform and all those things. And now we've landed at the other side of that cycle, ready to start construction in, in countries that have turned with record gold prices, with three development projects lined up and a huge pipeline behind them as a result of us being first mover. And I think it's extremely exciting, you know, frankly, after, after all those years of having my head down in the trenches, Patrick and Paul are teaching me how to talk to investors again in the international market because I haven't done it for so long. Nobody was interested, but I think that's gonna change in the not too distant future. That's what the site for Tula Capi is very conventional layout. Time doesn't permit to go through it, but it's open pit C I. The V MS discovery in Saudi that I showed you the ridge line of, we've now started to pick up satellite deposits as well. The mineral resource estimate will be published within a couple of months on that. But it's, it's clear that it's already bigger than too a cui in a mineral endowment sense. That's the long section in Haiya in Saudi. It's a sheet 4 to 8 m thick. It's continual. We've just follow, followed the grade. And there's a lot more work to do. We've put in over 100 and 30,000 m of drilling on each of our three projects. This has been a very serious effort whilst the world wasn't interested in the Arabian Nubian Shield. But now hopefully, we'll, if you like reap, start reaping some reward for that intense work. Whilst the world was looking the other way, we've got quite a large pipeline of other properties. We, I haven't got time to mention but I, again, it reinforces the fact that I think our next chapter should be quite an enjoyable one. Thank you very much. happy to take a question if I have time. Thank you very much. Harry, I'm afraid there isn't time for a question, but you're certainly correct that you're attracting interest. Congratulations for having the second highest number.