REG - Kefi Gold and Copper - Tulu Kapi Gold Project Update

KEFI Gold and CopperAnnouncement

06/08/2025 07:00

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RNS Number : 1063U  Kefi Gold and Copper PLC  06 August 2025

6 August 2025

KEFI Gold and Copper plc

 

("KEFI" or the "Company")

 

Tulu Kapi Gold Project Update

 

KEFI (AIM: KEFI), a 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
pleased to provide update on the Tulu Kapi Gold Project (the "Project" or
"TKGM") preparations for full Project development.

 

Highlights

 

 ·         Required Early Works completed to enable full Project development
 ·         Initial Major Works certified as being in order for full Project development
 ·         Updated Finance Plan and Financial Model completed and being certified for
           inclusion in Project financing definitive documentation
 ·         Signing of definitive Project documentation to start this month, with full
           Project financial close expected in September 2025, triggering full Project
           development

 

Project Update

 

Early Works: after inspections by the relevant independent certifiers,
security, community and site preparations are considered all in order for full
Project development.

 

Major Works: as previously reported, initial construction and security camps,
property surveys and new host lands for the community were brought forward
into the pre-full launch period.  These and other site tasks have been
certified as being in order for full Project development.

 

Updated Project Costs and Schedule:

 

 ·         Construction cost escalation estimates and schedule have been updated and
           incorporated into the Project Finance Plan and Financial Model, and are are
           currently undergoing final review and certification for inclusion in the final
           definitive documentation for signing.
 ·         Subject to final approvals, the updated Finance Plan remains consistent with
           recent guidance presented at the KEFI AGM on 17 July 2025.

 

Definitive Documentation:

 

 ·         Has been drafted and is in circulation.
 ·         Both co-lending banks have now approved the expanded US$240 million finance
           package at credit committee level. One bank has also completed board
           ratification, while the other is currently in the process of doing so.
 ·         Board meetings for KEFI, KME and TKGM (the joint Board of KEFI and the
           Ethiopian Sovereign Fund, Federal Ministry of Finance and the Oromia Regional
           Government) are scheduled in sequence during August 2025 for signing of all
           documents. Other parties are expected to then proceed to countersign according
           to their respective board schedules.

 

Drawdown:

 ·         All parties support achieving financial close next month (September 2025),
           allowing full development with locked-downfixed-price components of the near
           US$1 billion of contracting being executed covering both development costs and
           certain future operating costs.
 ·         Equity components of the Finance Plan will be drawn first, followed by debt
           drawdowns and are being scheduled in line with the Project disbursement
           schedule.

 

KEFI Executive Chairman, Harry Anagnostaras-Adams, commented: "I extend my
sincere thanks to the teams of all stakeholders for their hard work and
diligence in preparing the full launch of the Tulu Kapi Gold Project. This
transaction marks a first of its kind in Ethiopia; a bespoke syndicate of
carefully selected parties operating within a structure designed to
effectively manage risk. Each syndicate member is a leader in its field, is
committing for the long term and is fulfilling its role with exemplary
professionalism. I thank them on behalf of KEFI and our shareholders, who I
also especially thank for their patience and support for us preparing the
Project for this exciting moment."

 

Enquiries

 

 KEFI Gold and Copper plc
 Harry Anagnostaras-Adams (Executive Chairman)       +357 2225 6161
 John Leach (Finance Director)
 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 Staton
 3PPB LLC (North American Institutional IR)
 Patrick Chidley                                     +1 (917) 991 7701
 Paul Durham                                         +1-203-940-2538

 

Further information can be viewed at https://www.kefi-goldandcopper.com
(https://www.kefi-goldandcopper.com/)

 

 

 

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