REG - Kefi Gold and Copper - AGM Statement

KEFI Gold and CopperAnnouncement

22/07/2024 07:00

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RNS Number : 1638X  Kefi Gold and Copper PLC  22 July 2024

22 July 2024

KEFI Gold and Copper plc

("KEFI" or the "Company")

AGM Statement

KEFI (AIM: KEFI), the gold and copper exploration and development company
focused on the Arabian-Nubian Shield, with a pipeline of projects in the
Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is
hosting its 2024 Annual General Meeting ("AGM") today at 9.00 a.m. BST in
Ethiopia. At the AGM, Harry Anagnostaras-Adams, Executive Chairman of the
Company, will make the following statement:

"I am delighted to be speaking at the AGM in Ethiopia today as we meet with
our financing and government partners in the Tulu Kapi Gold Project to further
progress the few remaining administrative matters, including the internal
corporate re-organisation required to facilitate closing with regional
investors.  At the project site excellent progress is being made with the
intense Early Works programme following the project's launch in May 2024.
The Early Works programme is designed to take Tulu Kapi through to September
2024, and provide the basis for full close of the US$320 million project
finance package and commencement of Major Works in October 2024, ahead of
commissioning of production in mid-2026.

Tulu Kapi will be Ethiopia's first large-scale mining project for some 30
years and is designed to the highest international standards. Tulu Kapi is
likely to become one of Ethiopia's largest single export generators and a
significant economic engine for local and regional benefits.  All at KEFI are
proud to be leading this project.

On the other side of the Red Sea, in Saudi Arabia, our GMCO joint venture is
now well-established as a leading explorer/developer in the fast-emerging
Saudi mining sector.  Its growth has coincided with the Saudi Government's
widely publicised recent initiatives to welcome international expertise and
our Jibal Qutman and Hawiah projects are enjoying very positive regulatory
support as we assess the choices of development plans.  Substantial drilling
programmes at both projects over the past year have better defined the known
mineral resources as well as discovering nearby deposits.  Given the expected
expansion in resources, the ongoing development feasibility studies are
focused on establishing the optimal start-up strategies and ultimate potential
scale, together with drilling programmes to upgrade and expand GMCO's
cooper-gold mineral resources in this major VMS district.  Regional
prospecting is also advancing across our many licences currently focussed on
four other 'project areas'.

The past year has been one of significant progress for KEFI as we continue to
build on our early-mover position in the Arabian-Nubian Shield.  The Company
has drawn together first-tier teams, partnerships, banking relationships and
contractors into project-alliances to develop our planned mines in both
Ethiopia and Saudi Arabia.

The recent positive pivot of our two host countries and now record high metal
prices is a welcome piece of good luck.  It is important that we push forward
with that tail-wind.

I, and my fellow KEFI board members, are committed to delivering a substantial
return on investment deserved by our patient KEFI shareholders and I would
like to take this opportunity to thank all of KEFI's stakeholders for their
continuing commitment and support.  The coming months are pivotal for KEFI,
particularly with our Tulu Kapi project in Ethiopia, and I look forward to the
exciting next stages in the development of our projects."

 

Enquiries

 KEFI Gold and Copper plc
 Harry Anagnostaras-Adams (Executive Chairman)       +357 99457843
 John Leach (Finance Director)                       +357 99208130

 SP Angel Corporate Finance LLP (Nominated Adviser)  +44 (0) 20 3470 0470
 Jeff Keating, Adam Cowl

 Tavira Financial Limited (Lead Broker)              +44 (0) 20 7100 5100
 Oliver Stansfield, Jonathan Evans

 IFC Advisory Ltd (Financial PR and IR)              +44 (0) 20 3934 6630
 Tim Metcalfe, Florence Chandler

 3PPB LLC (Institutional IR)
 Patrick Chidley                                     +1 (917) 991 7701
 Paul Durham                                         +1-203-940-2538

 

 

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