REG - Kefi Gold and Copper - Tulu Kapi Update

KEFI Gold and CopperAnnouncement

07/08/2023 11:30

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RNS Number : 5221I  Kefi Gold and Copper PLC  07 August 2023

7 August 2023

KEFI Gold and Copper plc

("KEFI" or the "Company")

Tulu Kapi Update

KEFI (AIM: KEFI), the gold exploration and development company with projects
in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi
Arabia, notes the Ethiopian Government's declaration of a state of emergency
in the Amhara region of Ethiopia.

Unlike the previous nationwide State of Emergency, this is only applicable to
the current conflict area in the Amhara region, specifically at Gondar,
approximately 700km from the Company's Tulu Kapi Gold project ("Tulu Kapi" or
the "Project"). To maximise security and protect the timing of Project launch,
TKGM has for some time implemented security in accordance with 'red zone'
(higher risk category) protocols, despite the Project area typically rating as
'green' (low risk).

All Project syndicate parties, who are experienced with Ethiopia and expect
localised tensions from time to time, have been provided with detailed monthly
reports by independent security assessors, Constellis, and are fully appraised
of both the typical situation around Tulu Kapi, and the regional tensions to
the north of the country. The recent Constellis reporting has been focused on
launch preparations, and has reported that: "TKGM's approach to security at
the Project site and the transport routes in and out, are sensible, pragmatic
and in line with security best management practice".

The Company remains on track for Project launch, with the backing of its
identified and conditionally assembled US$320 million debt and equity
development capital. As anticipated, the Company has completed its submissions
for final formal approvals of the already established financing terms from the
two lead banks within the funding syndicate, to allow the Company to trigger
the community preparations for launch, finalise the already drafted detailed
definitive documentation for the full syndicate of funders and satisfy any
residual conditions precedent to funds drawdown as set out under the Final
Umbrella Agreement signed in April 2023.

The Company's schedule for Tulu Kapi remains for community preparations to
commence this quarter (Q3 2023), ahead of procurement and construction
commencement next quarter (Q4 2023), all synchronised with the Government's
continued upgrading of security, as already committed.

 

Enquiries

 KEFI Gold and Copper plc
 Harry Anagnostaras-Adams (Executive Chairman)                         +357 994 57843
 John Leach (Finance Director)                                         +357 992 08130

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

 Tavira Financial Limited (Joint 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

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

 

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