REG - Kefi Gold and Copper - Financial and Operational Update

KEFI Gold and CopperAnnouncement

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RNS Number : 6835P  Kefi Gold and Copper PLC  21 January 2026

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21 January 2026

 

KEFI Gold and Copper plc

 

("KEFI" or the "Company")

 

Financial and Operational 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 an update on financial close and operations at the
Company's high-grade/high-recovery Tulu Kapi Gold Project (the "Project" or
"Tulu Kapi").

 

Loan Documentation Signed & Equity Update

 

Further to the announcement of 20 October 2025 and the subsequent arrangement
of the US$100M equity funding, the Company is delighted to confirm that the
final documentation with respect to the US$240M Loan Facility is fully signed.

 

The balance of the US$100M equity-risk capital, being US$30M of subordinated
streams and royalties and US$20M of Ethiopian Preference Shares is undergoing
final documentation. Signing of the fully integrated final funding package
remains on track for February 2026. Additional offerings of this type, which
are not dilutive at the plc or asset level, totalling $36 million are being
considered to potentially boost cash reserves, which in turn would also fund
exploration and social programmes.

 

Operational Developments

 

Following the placing of US$20M in December 2025, which completed the balance
of the equity funding required for Project launch, a number of works have
commenced or advanced this month, including:

 

 ·   Compensation payments have started for the first phase of community resettlers
 ·   Land clearing commenced to construct housing for resettlers
 ·   Plant construction contractor has mobilised his team and is currently focused
     on procurement
 ·   Electricity transmission works have started at zonal centre Ghimbi, for
     connection to Tulu Kapi

 

Operations will continue to be advanced over the coming weeks in conjunction
with full financial close.

 

KEFI Founder and Executive Chairman, Harry Anagnostaras-Adams, commented:

 

"It is all systems go in Ethiopia. I am delighted to confirm the banking
syndicate have now signed binding final documentation for the agreed US$240M
debt funding. We expect any outstanding documentation to be entered into on
the identified and agreed equity component to be finalised and entered into
next month, in turn enabling the balance of funds drawdown from the US$100M
equity component. As previously stated, whilst committed, the Company will
draw the debt funding later in the year which minimises debt servicing
payments.

 

"We are delighted to be moving into full financial close and drawdown of
funding at a time when the gold price is trading above US$4,700 per ounce and
Ethiopia undergoing transformational private sector-led growth, as evidenced
by the IMF's recent report on Ethiopia (real GDP Growth 9.3% for 2025-2026 and
8.6% 2026-2027).

 

"I look forward to providing further updates in the near term."

 

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 6632
 Tim Metcalfe, Florence Staton

 

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

 

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