REG - Kefi Gold and Copper - Potential Dual Listing in Saudi Arabia

KEFI Gold and CopperAnnouncement

01/02/2023 07:00

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RNS Number : 4673O  Kefi Gold and Copper PLC  01 February 2023

1 February 2023

KEFI Gold and Copper plc

("KEFI" or the "Company")

Potential Dual Listing of KEFI Shares in Saudi Arabia

KEFI (AIM: KEFI), the gold exploration and development company with projects
in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi
Arabia, is pleased to announce that the Company has appointed advisers to
prepare for a potential dual listing of the Company's shares on the Saudi
Exchange, based in Riyadh, in the Kingdom of Saudi Arabia.

The Saudi Exchange is currently the 11(th) largest stock exchange in the
world, with 223 listed companies, with a combined market capitalisation of
US$2.63 trillion as of 31 December 2022.  The total value of shares traded on
the Saudi Exchange in 2022 was US$455 billion and the 'Materials Industry'
group was the largest sector on the market by value of trades, representing
23.8% of the overall market.  There were 22 IPOs on the Saudi Exchange in
2022.  For more information on the Saudi Exchange please see:
https://www.saudiexchange.sa (https://www.saudiexchange.sa)

The well-publicised drive to expand Saudi Arabia's domestic mining and metals
sectors, has led to heightened interest from both domestic and regional
capital looking for suitable Saudi-focused companies to invest in.
 Accordingly, the Company believes a Saudi dual listing may be complimentary
to its existing London listing.  The Company has also examined a potential
dual listing in either Canada or Australia, but is now prioritising Saudi
Arabia.

Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:

"KEFI has established itself as an early-mover in the highly-prospective
Arabia Nubian Shield and in Saudi Arabia in particular, where it holds fifteen
exploration licenses, covering in excess of 1,000km(2), with existing JORC
resources of 3.3 million ounces in gold-equivalent terms (KEFI beneficial
interest c.0.9 million ounces gold-equivalent). Whilst we expect to
significantly expand these resources over the coming years, the KEFI
beneficial interest is already in similar to those of another Saudi-listed
company with a market capitalization in excess of US$1 billion, demonstrating
the demand for mining investment opportunities within the country.

"With our Jibal Qutman Gold Project at the Definitive Feasibility Study stage
and the Hawiah Copper Gold Project at the Preliminary Feasibility Study stage,
with potential production commencing in Saudi in 2025, we believe now is the
ideal time to plan a dual-listing at the appropriate time and expect a
positive reception for what would be the first pre-production miner and only
the third mining company to list on the Saudi Exchange.

"I look forward to providing further updates in due course as matters
progress."

Enquiries

 KEFI Gold and Copper plc
 Harry Anagnostaras-Adams (Managing Director)                         +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

 

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