KEFI Gold and Copper, focused on gold and copper projects in Ethiopia and Saudi Arabia, has provided an update on the progress at its Tulu Kapi Gold Project in Ethiopia. The Project is advancing towards full development with key early and major works now completed and the final stages of financing and documentation underway.

Highlights

• Required early works completed to enable full project development
• Initial major works certified as being in order for full project development
• Updated finance plan and financial model completed and being certified for inclusion in project financing definitive documentation
• Signing of definitive project documentation to start in August, with full Project financial close expected in September 2025, triggering full project development.

Next steps

• The US$240 million finance package has been approved by both co-lending banks at credit committee level. One has completed board sign-off; the other is in progress.
• KEFI, KME, and TKGM board meetings are scheduled this month to finalise and sign all documents.
• Financial close is expected in September, unlocking nearly US$1 billion in development and future operational contracts.
• Equity funding will be drawn first, followed by phased debt drawdowns, in line with the project schedule.

KEFI Executive Chairman, Harry Anagnostaras-Adams, commented: “I extend my sincere thanks to the teams of all stakeholders for their hard work and diligence in preparing the full launch of the Tulu Kapi Gold Project. This transaction marks a first of its kind in Ethiopia; a bespoke syndicate of carefully selected parties operating within a structure designed to effectively manage risk,” said Anagnostaras-Adams.

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“Each syndicate member is a leader in its field, is committing for the long term and is fulfilling its role with exemplary professionalism. I thank them on behalf of KEFI and our shareholders, who I also especially thank for their patience and support for us preparing the Project for this exciting moment.”