Kefi Gold and Copper - Tulu Kapi Update

KEFI Gold and Copper

09/03/2026 07:00

RNS Number : 8372V

Kefi Gold and Copper PLC

09 March 2026

 

9 March 2026

 

KEFI Gold and Copper plc

 

("KEFI" or the "Company")

 

Tulu Kapi Update

 

KEFI (AIM: KEFI), notes today's public announcement by contractor Lycopodium Limited ("Lycopodium") as regards its involvement in the Tulu Kapi Gold Project in Ethiopia ("Tulu Kapi" or the "Project") owned by KEFI subsidiary Tulu Kapi Gold Mines S.C. ("TKGM"). Lycopodium's announcement detailing their award of an engineering, supply and labour hire contract for the development of the Project reflects that all the Project physical activities and associated financing arrangements are flowing in accordance with the schedule for first gold pour in early 2028 and full production by mid-2028.

 

KEFI are pleased with the progress being made by the recently mobilised leadership teams of TKGM and all major Project contractors: Ethiopian Electric Power Company (electricity connection), Ethiopian Roads Authority (new access roads), Lycopodium (process plant and on-site infrastructure), Dashen (house construction for the resettled community) and BCM (bulk earthworks and mining).

 

We are also pleased that the full package of interdependent Project agreements has been finalised and many of the agreements have been executed, including the loan facilities. The remainder are expected to be executed in the next few weeks as the broader Project syndicate members' respective compliance procedures are completed, including tasks such as notarisation where required in the various international jurisdictions.

 

As regards the full Project financing package, it remains the case that the Company has more than enough capital on offer for the Project development for which commitments have been received for US$310 million of the US$330 million approved budget as at 1 January 2026. The Company is making good progress finalising the remaining finance components.

 

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

 

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 or visit 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.

 
  END

 

 
UPDDBGDXCXGDGLI