Kennedy Ventures

Shares in issue 175m

Market Cap: 19m
Broker: Shore Capital

Owns 75% of African Tantalum (Aftan) which owns the Tantalite Valley Mine (TVM) in Southern
Namibia. TVM produces tantalite from its high grade mine. TVM also has lithium potential and is now
funded for assay work to be undertaken for a JORC/SAMREC resource statement by end Q2 2017.
Mining Licence for over 1175 acres. Mining life of approx 20 years. Mining licences for 25 years.

USP: The only company on AIM that has lithium production potential in 2017. The company is also
producing 'conflict-free' tantalum (essential for the US market under the Dodd-Frank Wall Street
Reform and Consumer Protection Act. Since the New CEO is formerly of KEMET it is expected that
the US will be the market that KENV will be aiming at initially. Tantalum capacitors are used in nearly
all electronic equipment and mobile devices.

Significant shareholdings:

W B Nominees Limited 18,903,042 17.43%

Westleigh Investments Holdings Limited
9,504,762 8.76%
(Directors: Giles and Nick)
Fiske Nominees Limited 7,720,238 7.12%
Giles Clarke 6,399,705 5.9%
Nick Harrison 6,399,705 5.9%
HSBC Global Custody Nominee UK 6,599,163 6.08%
Hargreaves Lansdown Nominees 5,577,900 5.14%
Lynchwood Nominees Limited 4,762,905 4.39%
Jim Nominees Limited 3,301,457 3.04%
Warmbad Investment Holdings PTY 3,280,953 3.02%

Shares not in public hands: 23.6% (most of which is in directors' hands).

Board of Directors:

New CEO - Larry Freeman Johnson is a mining veteran with more than 25 years experience in the
tantalum industry having worked with two large US based publicly listed companies with core interests
in tantalum (KEMET 385m M/Cap and supplier of Tantalum to Apple).
Chairman - Giles Clarke Former investment banker with an excellent track-record of building and
selling a number of high profile businesses including Majestic Wine, Pet City plc and Safestore. Owns
approximately 10% of Kennedy Ventures through personal holdings and his investment company
Westleigh.
Director - Nick Harrison is currently Finance Director of Amerisur Resources plc and a Non-executive
Director of Ironveld plc. Mr Harrison was Finance Director of Pet City plc and has held Board
positions at a number of private companies with international activities. He is a Chartered Accountant,
having qualified with Arthur Andersen before holding senior roles with Deloittes, Midland Bank
(International) and Coopers & Lybrand. Nick also owns approximately 10% through personal holdings
and his directorship in investment company Westleigh.
Director - Caroline McLeod is a Namibian national and a lawyer with experience in labour and mining.
She was employed at Sanlam Namibia Limited, where she was appointed as a Trustee of the Pension
Fund and more recently acted in the position of Legal Advisor at Telecom.

Raised 1.25m cash on the 1 February 2017 at 9p. Giles had previously stated in a presentation (Link to
presentation: https://www.youtube.com/watch?v=SVF3qJjoFcE) that no further cash would be needed.
However, in the junior mining space things are never that simple. Delays and inefficiencies were
exposed during production and the new CEO saw areas for investment and improvement. The funding
RNS states that,
'Net proceeds will be used by Aftan, Kennedy Ventures' investee company, to implement the plant
enhancements recently identified by Aftan with guidance from the company's new chief executive
Larry Johnson, as previously announced.
The funds will enable the acceleration of these initiatives and ensure the improved utilisation rates,
recoveries and production levels are achieved.
The funds will also be used to:
- Accelerate ongoing lithium studies that, if expected results are achieved, will open up the Lepidolite
orebody and expedite work relating to other potentially value accretive by-products at TVM
- Provide general working capital'
Thoughts: Strong upside potential with Lithium JORC study likely to complete in Q2. Expect to build
into that. Tantalum expert as CEO derisks the production and sale of tantalum. Company's early
problems clearly a result of not having a world class expert on the board. Larry is a world class expert
in Tantalum Supply Chain Mapping and mining. Likely to have got KEMET on board (site visit on the
15-16th February. 15 thousand tons of fine tantalite by Q2 looks optimistic but a nice figure to aim at.
Placing clearly necessary and one would expect the company to raise again albeit a lot higher to
advance lithium production.