Business
Corporate Strategy Review and Update
KEFI Gold and Copper PLC has successfully launched its Tulu Kapi Gold Project with a development finance package of US$340 million in debt and equity, plus US$60 million for mining fleet and US$30 million for contingencies. The project is scheduled for commissioning in late 2027 and full production in 2028, with projected net present value for KEFI ranging from US$710 million to US$1,667 million at gold prices of US$3,000-5,000 per ounce. The company has also advanced its Saudi Arabian joint venture, GMCO, which holds significant gold and copper resources, and has invested approximately US$100 million in exploration and development since its IPO. KEFI plans to move its listing to the Main Market of the London Stock Exchange by 2028. Disclaimer*
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n\n6 January 2026\nKEFI Gold and Copper plc\n(\"KEFI\" or the \"Company\")\nCorporate Strategy Review and Update\nKEFI (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 regarding its corporate strategy following the full launch of the Company's high-grade/high-recovery Tulu Kapi Gold Project (the \"Project\" or \"Tulu Kapi\").\nTulu Kapi Project Launch\nAs announced on 22 December 2025, the Company's key asset, Tulu Kapi, has now been fully launched. In the past month, the following critical milestones have been achieved:\n· Final project contracting packages, covering all capex as well as over 50% of 7-year opex (via the arrangements for mining services and electricity supply), and:\n· Lycopodium has begun work as the lead design and construction contractor for the process plant and all on-site infrastructure after their contract was activated;\n· the mining contract's competitive tender was updated to ensure optimum outcome; and\n· field activities ramped up, including Ethiopian Electric Power Company on power supply and Ethiopian Roads Authority's efforts on new access roads to the site.\n· The development finance package assembled now includes:\n· US$340 million (US$240 million in debt, US$100 million in equity);\n· US$60 million for mining fleet via a mining services agreement; and\n· US$30 million in non-dilutive capital for contingencies and growth in both Ethiopia and Saudi Arabia.\nThe Tulu Kapi Project schedule remains for commissioning in late 2027 and full production in 2028.\nThe finance closing process, which was in preparation for many years, was able to be finalised from May 2025 following the Ethiopian Parliamentary Ratification of the Project's second bank's country membership. Subsequently, the debt funding commitment was formalised in October 2025, and the equity components were assembled in December 2025, as reported in the Company's announcements on 20 October 2025 and 22 December 2025.\nHaving arranged that the equity capital package inc...