Hi @jammydodger87I am glad you asked.Yes i do have a lot of...

Hi @jammydodger87

I am glad you asked.

Yes i do have a lot of pushback from investors.
I am not invested in this stock nor am I planning to.
What's the go you ask?

I am merely posting here because I feel and can tell that many on here have no idea about the process of getting to production or calculating a resource nor what they are getting themselves into. To me they don't value the potential of losing their money, they only see $ signs.
.
The go is that a lot of these junior explorers are just that. They promise and say they will do this and do that.
After drilling there are results, from those results they will then drill again in another area on the tenement in the hope they find something. In most cases they find nothing of value.

Once that is all done and finished they move onto another tenement in their portfolio and do they same thing, It's rinse and repeat.
I feel that this company is never going to go into production nor will it have anything of any significance to have anyone interested in a JV or purchase. The only JV they could get is probably with another junior that has cash.

Sure, they plan to going into production IF they find something of significance but suffice to say that 30-40 holes isn't going to tell a rosy story. It's only the beginning of a long program that may not bear fruit.

The guys on here believe that if drill results are great that they will be all set. This is not the case.

So many junior explorers out there that have great drill results and nothing ever happens.
Then there is the fact of raising capital.

Who is going to put in? The directors hold approximately 25% of the shares on issue and the rest are some previous directors.

Kogi Iron purchased M4M which some directors and other parties received a lot of shares for. I am not saying anything untoward has happened, just telling posters here what has happened. It's call commercial agreements whether they are to the benefit of one company or both., It doesn't really matter..

In effect it is like a back-door listing or reverse takeover. The easiest way to list on **promotion blocked** - they didn't need to go through a long process and statutory obligations etc etc.

Get this.....

A lot of the shares issued to some directors and other parties was for the acquisition of Macro Metals (for some speculative tenements). It's all in past announcements for people to see.

Back in October 2021 KFE had issued capital of 930 million shares. Price was around 1.5 cents a share. Market cap then is around $14 million.
They had the Agbaja project which was fairly advanced. I have looked back. See below.

https://announcements.asx.com.au/asxpdf/20210426/pdf/44vvgxxbngpc1m.pdf

Now the company at at today has over 3.6 billion shares on issue and countless options currently in the money but nobody will exercise them so far out and part with their money unless they intend to sell on market.

What do they have today?

An abandoned Agbaja project (just land) which is probably completed under water (a few days ago Kogi State received record rains and massive floods in it's history)
A few tenements that they are testing for iron ore amongst other minerals on other tenements. Virtually no cash. There will be a cap raise very soon.

3.6 billion shares x 1.9 cents = $68 million market capitalisation.

Really? It's a joke.