Recommencement of Development at Tulu Kapi Project

Kefi Gold and Copper PLC

12 October 2026

 

Market Abuse Regulation (MAR) Disclosure: certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.

12 October 2026

KEFI Gold and Copper plc

(“KEFI” or the “Company”)

Recommencement of Development at Tulu Kapi Gold Project

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 that it is re-commencing development at the Company’s Tulu Kapi Gold Project (“Tulu Kapi” or the “Project”) in Ethiopia. The suspension, imposed on 7 September 2026 following what has come to be known as “the Genji Incident”, has been lifted after detailed reviews and consultations.

The Genji Incident on 4 September 2026 was the first occasion when any Company personnel had suffered injury, let alone a fatality, in some 12 years of KEFI’s control of the Project. The incident was fortunately concluded on 10 September 2026, largely as a result of close collaboration with the local community.

Since then, the Company’s senior management and its local management team have held detailed consultations with community representatives, the leaders at all levels of the Ethiopian and Oromia Governments and their relevant agencies, along with other stakeholders in Ethiopia. These discussions particularly focused on local community, localisation of operational activities and security arrangements.

As a result of these positive discussions, the Company is now recommencing the development programme for Tulu Kapi in a phased and measured approach, as follows:

         Construction is now recommencing for Project electricity (connections) infrastructure as well as re-mobilising for new access roads.

         This will be followed by replacing housing and lands for community resettling from the mining licence area.

         This will then allow the initial construction on the mining licence area, as follows:

o         installation of planned security infrastructure;

o         bulk earthworks (for the processing factory and other infrastructure to be delivered and installed); and

o         construction of the permanent accommodation facilities for the workforce.

         With our international mining specialist staff and contractors, we are prioritising localisation of field works to strong local firms who have successful track records in the region around Tulu Kapi.

         Our lenders have continued to show their support for both the Company and the development of the Project during ongoing discussions with respect to updating the development sequencing and associated drawdown of funds.

        The Company is also encouraged by the expressions of interest to increase the already-strong support from Ethiopian stakeholders, including the local investment and construction sectors.

The Company will make further announcements as details are finalised and actions taken.

Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold and Copper, commented: “We are enjoying huge support from all stakeholders and are now restarting development with a phased and measured approach in which we reinforce the emphasis on safety and community benefits.

“If in production today, the Tulu Kapi Gold Project would be directly employing approximately 1,000 people from the local community and have provided new roads, electricity connection, education and health facilities along with new local industry which will have been catalysed to provide the large production operation with food and other supplies.

“We are also very keen to explore for expansion of gold reserves to extend production as far as possible into the long term. We have already invested well over US$150 million and our commitment is, and has always been, to be excellent corporate citizens for the long term.

”Our social and environmental plans are set to the highest international and local standards. Our Environmental and Social Impact Assessment has been on the Company’s website for many years and we welcome enquiries from all stakeholders. The Company is and will always remain strictly non-political and will also now refresh and intensify briefings to the community, in particular to avoid any confusion and maximise alignment.”

Enquiries

KEFI Gold and Copper plc
Harry Anagnostaras-Adams (Executive Chairman)	[phone]
John Leach (Finance Director)
SP Angel Corporate Finance LLP (Nominated Adviser)	[phone]
Caroline Rowe / Adam Cowl
Stifel Nicolaus Europe Limited (Financial Adviser and Joint Broker) Ashton Clanfield / Varun Talwar	[phone]
Tavira Financial Limited (Joint Broker)	[phone]
Oliver Stansfield / Jonathan Evans
IFC Advisory Ltd (Financial PR and IR)	[phone]
Tim Metcalfe / Florence Staton

Further information can be viewed at https://www.kefi-goldandcopper.com

 

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