REG - Kefi Gold and Copper - Status of Tulu Kapi Finance Closing Process

KEFI Gold and CopperAnnouncement

04/02/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250204:nRSD7000Va&default-theme=true

RNS Number : 7000V  Kefi Gold and Copper PLC  04 February 2025

4 February 2025

KEFI Gold and Copper plc

 

("KEFI" or the "Company")

 

Status of Tulu Kapi Finance Closing Process

 

KEFI (AIM: KEFI), the gold and copper exploration and development company
focused on the Arabian-Nubian Shield, is pleased to provide an update on the
progress of the full project launch process for the Tulu Kapi Gold Project in
Ethiopia.

 

In 2025, the secured lenders for Tulu Kapi updated terms and conditions for
the financing facilities, which have now expanded from $190 million to $240
million. Additionally early works have successfully completed for security and
community preparations, with selected major works initiated to further de-risk
the construction schedule.

 

The Company has now received sufficient expressions of interest in the
EthioBonds in alignment with the updated finance plan. Preparations are
advancing for the local listing of these bonds.

 

With the funding package and timing now established, the formalities of
confirmations are now underway including Ethiopian parliamentary ratification
of AFC membership, currently targeted for February 2025, last minute checks of
prices, terms and conditions for the Construction and Mining Services
Agreements are underway and targeted for March. Similarly, the subsequent
insurance process has commenced, as has the assembly of a panel of
underwriters.

 

The final definitive documentation is on track to be ready for signing by the
end of  March 2025, and as soon as these necessary certifications are
completed along with consequential syndicate Board ratifications.

 

KEFI Executive Chairman, Harry Anagnostaras-Adams commented: "Over these  few
days, we host discussions with the Tulu Kapi Syndicate and the Minister of
Mines. The various parallel preparations for financial close and the full
launch of major works are progressing well and in tandem. This is necessarily
a multi-party effort and it is very pleasing to report that all parties are
coordinating very well.

 

"At the same time, with the gold price firming, the potential net present
value (NPV) of Tulu Kapi per KEFI share on issue now stands at 15 pence per
share at the current gold price of US$2,800/oz."

 

The Company will provide further updates as the process progresses.

 

 

 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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSSUFDDEISEEE