REG - Kefi Gold and Copper - Investor Presentation 1 & 2 December in London

KEFI Gold and CopperAnnouncement

28/11/2022 07:00

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RNS Number : 6984H  Kefi Gold and Copper PLC  28 November 2022

 

28 November 2022

KEFI Gold and Copper plc

 

("KEFI" or the "Company")

 

Investor Presentation 1 and 2 December 2022 in London

 

KEFI (AIM: KEFI), the gold exploration and development company with projects
in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi
Arabia, announces that a new investor presentation has been uploaded to the
Company's website: https://www.kefi-goldandcopper.com

 

KEFI's Executive Chairman Harry Anagnostaras-Adams, Exploration Strategy
Advisor Jeff Rayner and Chief Operating Officer Eddy Solbrandt will speak to
this presentation at the Hilton London Angel Islington Hotel (adjacent to
venue for the Mines and Money London Conference) at 4pm on both Thursday and
Friday 1 and 2 December 2022.

 

The presentation summarises the Company's plans for the remainder of 2022 and
2023, in line with previous announcements, including:

 

·      Over the next three years KEFI is targeting to start gold
production in both Ethiopia and Saudi Arabia and to then start development of
Hawiah Copper-Gold Project in Saudi Arabia, lifting aggregate production to a
gold-equivalent 400,000 ounces p.a. (KEFI interest c.200,000 ounces p.a.)

 

·      Development expenditures for all three of KEFI's advanced
projects are intended to be almost entirely financed at the project or
subsidiary level

 

·      Tulu Kapi, Ethiopia:

o  Progress remains on track for definitive documentation to be signed by
year-end for the Tulu Kapi Gold Project financing and project launch.

o  KEFI is now targeting 70-80% ownership interest in the project.

o  KEFI equity requirements for Tulu Kapi to be almost entirely funded by
regional investors via convertible subordinated loans to KEFI Ethiopia, the
holding company between KEFI and the operating company Tulu Kapi Gold Mines.
These will be repayable or convertible at KEFI's election at share values
prevailing after production has started and details will be provided on
signing of definitive documentation.

 

·      Jibal Qutman, Saudi Arabia: Definitive Feasibility Study well
advanced and completion in early 2023. Expected to start construction within
six months of Tulu Kapi

 

·      Hawiah, Saudi Arabia: Update Mineral Resource Estimate expected
in December 2022 and Preliminary Feasibility Study well advanced for
completion in early 2023 to reflect expanded resources

 

·      Exploration pipeline to be progressed in-parallel to the three
advanced 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 and Joint Broker)  +44 (0) 20 3470 0470
 Jeff Keating, Adam Cowl
 Tavira Securities Limited (Joint Broker)                             +44 (0) 20 7100 5100
 Oliver Stansfield, Jonathan Evans
 WH Ireland Limited (Joint Broker)                                    +44 (0) 20 7220 1666
 Katy Mitchell, Andrew de Andrade
 IFC Advisory Ltd (Financial PR and IR)                               +44 (0) 20 3934 6630
 Tim Metcalfe, Florence Chandler

 

KEFI Gold and Copper plc

 

KEFI is focused primarily on the advancement of its three development projects
in Ethiopia and Saudi Arabia, plus its pipeline of highly prospective
exploration projects in these two large jurisdictions of the under-explored
Arabian-Nubian Shield.

 

KEFI targets that production at Tulu Kapi in Ethiopia and Jibal Qutman in
Saudi Arabia will, between them, generate cash flows for capital repayments,
further organic growth and, ultimately, dividends to shareholders.

 

Both TKGM and G&M are technically guided and supported by KEFI so that
each of these operating joint venture companies as soon as possible builds the
local organisational structure suitable for long term production as well as
exploration and future development opportunities.

 

KEFI Gold and Copper in Ethiopia

 

Ethiopia is currently undergoing a remarkable transformation both politically
and economically.

 

The Tulu Kapi gold project in western Ethiopia is being progressed towards
development, following a grant of a Mining Licence in April 2015. No other
mining project of this scale in Ethiopia has been brought to Tulu Kapi's stage
of advancement during recent years and Tulu Kapi will be the first industrial
scale mine development in Ethiopia in over 30 years. It has taken years of
extensive technical re-design of the project, years of overhaul by the
Ethiopian authorities of financial policies which previously hindered mining
project finance and the patient and cautious traversing by the Company of
recent well-publicised events within the country. The project has imposed many
demands on a regulatory system which the Ethiopian Government continues to
upgrade, determined to build a modern minerals sector. KEFI is honored to play
its part in this process and has assembled a first-tier syndicate of
international industry expert management, contractors, banks and investors.

 

The Company has now refined contractual terms for construction and operation
of the open pit mine. Management has also developed preliminary plans to
develop the underground mine once open-pit production has started and to
produce.

 

All aspects of the Tulu Kapi (open pit) gold project have been reported in
compliance with the JORC Code (2012) and subjected to reviews by appropriate
independent experts. The underground project is defined based on internal
PEA-level analyses which have yet to be subjected to DFS-level investigation
and independent review, which is planned to be carried out during the
construction of the open pit.

 

KEFI remains keen to re-commence its exploration of the additional prospects
it has successfully identified within the Tulu Kapi district exploration area
from within which the mining licence was duly excised as a result of the
successful discovery of the Tulu Kapi deposit. Whilst most historical drilling
was naturally of the Tulu Kapi deposit, there was significant work done on
many further prospects which await follow-up.

 

Whilst awaiting regulatory permission to re-activate the Company's Ethiopian
exploration, which is critical for long term planning for all stakeholders in
the community as well as the Company, the exploration focus has been
successfully switched to Saudi Arabia.

 

KEFI Gold and Copper in the Kingdom of Saudi Arabia

 

In 2009, KEFI formed Gold & Minerals Limited ("G&M") in Saudi Arabia
with local Saudi partner, ARTAR, to explore for gold and associated metals in
the Arabian-Nubian Shield. KEFI has a c. 30% interest in G&M.

 

ARTAR, on behalf of G&M, and G&M directly held over 16 Exploration
Licence (EL) applications pending the introduction of the new Mining Law.
These new regulations have recently been proclaimed and G&M has had ten
new licences issued in the past twelve months - more licence grants than in
the previous 14 years and all highly prospective and strategically important
for G&M, ELs are renewable for up to five years and bestow the exclusive
right to explore and to obtain a 30-year exploitation (mining) licence within
the area.

 

In addition, G&M has a Mining Licence Application over the Jibal Qutman
Gold Project which recent informal indications by the authorities provide some
confidence that the licence will be granted shortly.

 

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