REG - Kefi Gold and Copper - Tulu Kapi Update

KEFI Gold and CopperAnnouncement

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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
(https://www.kefi-goldandcopper.com/)

 

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