4 February 2025
KEFI Gold and Copper
plc
("KEFI" or the "Company")
Status of Tulu Kapi Finance Closing
Process
KEFI (AIM: KEFI), the gold and copper
exploration and development company focused on the Arabian-Nubian
Shield, is pleased to provide an update on the
progress of the full project launch process for the Tulu Kapi Gold
Project in Ethiopia.
In 2025, the secured lenders for
Tulu Kapi updated terms and conditions for the financing
facilities, which have now expanded from $190 million to $240
million. Additionally early works have successfully completed for
security and community preparations, with selected major works
initiated to further de-risk the construction schedule.
The Company has now received
sufficient expressions of interest in the EthioBonds in alignment
with the updated finance plan. Preparations are advancing for the
local listing of these bonds.
With the funding package and timing
now established, the formalities of confirmations are now underway
including Ethiopian parliamentary ratification of AFC
membership, currently targeted for February 2025, last minute checks of prices, terms and conditions for the
Construction and Mining Services Agreements are underway and
targeted for March. Similarly, the subsequent insurance process has
commenced, as has the assembly of a panel of
underwriters.
The final definitive documentation is on track
to be ready for signing by the end of March 2025, and as soon
as these necessary certifications are completed along with
consequential syndicate Board ratifications.
KEFI Executive
Chairman, Harry Anagnostaras-Adams commented:
"Over these few days, we host discussions
with the Tulu Kapi Syndicate and the Minister of Mines. The various
parallel preparations for financial close and the full launch of
major works are progressing well and in tandem. This is necessarily
a multi-party effort and it is very pleasing to report that all
parties are coordinating very well.
"At the same time, with the gold price firming,
the potential net present value (NPV) of Tulu Kapi per KEFI share
on issue now stands at 15 pence per share at the current gold price
of US$2,800/oz."
The Company will provide further updates as the
process progresses.
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KEFI Gold and Copper plc
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Harry Anagnostaras-Adams (Executive
Chairman)
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+357 99457843
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John Leach (Finance
Director)
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+357 99208130
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SP
Angel Corporate Finance LLP (Nominated Adviser)
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+44 (0) 20 3470 0470
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Jeff Keating, Adam Cowl
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Tavira Financial Limited (Lead Broker)
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+44 (0) 20 7100 5100
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Oliver Stansfield, Jonathan
Evans
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IFC
Advisory Ltd (Financial PR and IR)
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+44 (0) 20 3934 6630
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Tim Metcalfe, Florence
Chandler
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3PPB LLC (Institutional IR)
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Patrick Chidley
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+1 (917) 991 7701
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Paul Durham
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+1-203-940-2538
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