Operational Update
Summary by AI BETAClose X
4 August 2026
KEFI Gold and Copper plc
("KEFI" or the "Company")
Operational Update
Tulu Kapi Gold Project development advancing on schedule
Growth pipeline also advancing separately
KEFI(AIM: KEFI), the gold and copper exploration and development company focussed on the Arabian-Nubian Shield, with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces operational updates on the Company's Tulu Kapi Gold Project ("Tulu Kapi" or the "Project") and its separate growth pipeline in Ethiopia and Saudi Arabia.
Highlights
· The Phase 1 Resettlement Action Plan ("RAP") at Tulu Kapi, clearing the mining licence area for the installation of initial infrastructure, is well advanced, with 100% of compensation agreements now completed. Preparations for the Phase 2 RAP, covering the open pit mining and plant areas are now underway.
· Project equipment procurement continues as planned, with more than 50% of major equipment already ordered or ready for ordering
· Contractors Lycopodium, EEP, ERA and BCM are all installing their own personnel, subcontractors and systems at Tulu Kapi.
· Physical progress on the ground at Tulu Kapi to date includes the construction of houses away from the mining licence area, installation of an electrical substation and a new access road from the bitumen highway to site.
· The Tulu Kapi Charitable Endowment has started several community initiatives designed to complement the Project and support long term local sustainable enterprises and agricultural projects.
· All key Project milestones at Tulu Kapi are tracking on schedule, with commissioning targeted to commence in late 2027 for full production in mid-2028 from the open pit and process plant.
· Development planning teams in Ethiopia and Saudi Arabia are focused on production growth in both countries which is intended to be self-funding and a re-assembled exploration team has started to evaluate and prioritise opportunities across now-familiar and highly prospective geological terranes in Ethiopia and the wider region.
Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:
"Following the successful assembly of the Tulu Kapi financing arrangements for the open pit and process plant, our focus is firmly on Project execution and on closing the debt drawdown processes. Progress across community resettlement, plant procurement and construction sub-contractor tendering is in line with schedule. We have developed strong working relationships with Government, local communities, and our international financing and contracting partners.
"Whilst global markets have been volatile for our sector, in particular since the start of the Iran War, our implementation programme remains on track. We are well-positioned and we continue to work closely with all stakeholders to deliver Ethiopia's first modern, internationally financed gold mine. We are also advancing development plans for self-funded production growth at Tulu Kapi and in the minority-owned portfolio in Saudi Arabia, and to establish a platform for a portfolio of projects across Ethiopia and the region."
Tulu Kapi Update
Development remains in accordance with the approved Project schedule. Activity this month has centred on community resettlement and plant procurement, with the following additional progress to report since the Project update announced on 26 May 2026:
Community resettlement:
· Phase 1 of the RAP, covering the airstrip, plant site, electrical substation and construction camp, is substantially advanced: 100% of compensation agreements with affected landholders are now completed, and approximately 90% of compensation payments have been made; the permanent replacement housing programme is underway, with initial accommodation arranged where required.
· Phase 2 RAP preparation has now begun including areas required for pre-production drilling and mining.
Plant procurement and construction sub-contractor tendering:
· Over 50% of major plant equipment is now ordered or ready for order in line with the disbursement schedule, including the SAG (semi-autogonous grinding) mill, vibrating grizzly, cyclones, apron feeders, compressors and blowers, jaw crusher, agitators, carbon regen kiln, sludge pan filters, electrowinning cells, strip solution, goldroom furnace, goldroom safe, vault door, water treatment plant, sewage treatment plant, intertank screens, wet vibrating screens, centrifugal and axial fans, acid wash and eluate filters, and drying oven.
· Principal contractors Lycopodium, EEP, ERA and BCM are now intensively mobilising personnel, subcontractors and systems on the ground. Physical construction to date comprises house-building for resettlement, installation of an electrical substation and the new access road.
ESG:
· The Tulu Kapi Charitable Endowment launched its first community initiatives, including plant nurseries to support the Project's rehabilitation programmes and local agricultural projects, with a focus on aligning stakeholders behind maintaining the development schedule.
Financing:
· Project debt drawdown remains on track for a Q4 2026 trigger, with final timing being optimised around disbursement scheduling and currency flows.
· Ahead of Project debt drawdown next quarter, KEFI remains well funded following the equity capital raised in H1 2026.
GMCO Update (13%-owned by KEFI)
· Development sequencing starts with Jibal Qutman Stage 1 (oxide open pit), likely to be followed by Hawiah Stage 1 (oxide open pit), and then by sulphide development at Jibal Qutman Stage 2 and/or sections of the Hawiah system.
· Jibal Qutman's final investment decision is targeted for H2 2026; KEFI will update shareholders on the Definitive Feasibility Study outcome, the GMCO investment decision and KEFI's own participation decision at that time. Whatever level of ownership participation KEFI elects, the growth of production in Saudi Arabia's planned series of mine developments targets aggregate production in gold-equivalent terms greater than that of Tulu Kapi and the development financing thereof will be mostly from a combination of joint venturing and self-funded growth.
· GMCO is proud to have made significant recent discoveries in the Kingdom and to have created joint ventures with major corporations Hancock Prospecting of Australia and Ajlan & Bros Holding of Saudi Arabia. For KEFI shareholders this represents a material diversification of value as well as growth opportunities, whilst KEFI management focuses on Tulu Kapi.
Exploration
· KEFI has recently re-assembled a highly successful exploration team, under Jeff Rayner, Head of Exploration, with deep experience in Ethiopia. That team is now evaluating and prioritising opportunities both close to Tulu Kapi and in other under-explored but highly prospective areas. New opportunities will be judiciously advanced whilst KEFI prioritises construction at Tulu Kapi.
Enquiries
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KEFI Gold and Copper plc |
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Harry Anagnostaras-Adams (Executive Chairman) |
+357 2225 6161 |
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John Leach (Finance Director) |
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SP Angel Corporate Finance LLP (Nominated Adviser) |
+44 (0) 20 3470 0470 |
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Caroline Rowe / Adam Cowl |
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Stifel Nicolaus Europe Limited (Financial Adviser and Joint Broker) Ashton Clanfield / Varun Talwar |
+44 (0) 20 7710 7600 |
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Tavira Financial Limited (Joint Broker) |
+44 (0) 20 7100 5100 |
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Oliver Stansfield / Jonathan Evans |
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IFC Advisory Ltd (Financial PR and IR) |
+44 (0) 20 3934 6632 |
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Tim Metcalfe / Florence Staton |
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Further information can be viewed at https://www.kefi-goldandcopper.com
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