Tulu Kapi Update

Summary by AI ^BETAClose X

Kefi Gold and Copper PLC has provided an update on its Tulu Kapi Gold Project in Ethiopia, confirming that engineering, supply, and labour hire contracts are in place, aligning with the schedule for first gold pour in early 2028 and full production by mid-2028. The company is pleased with the progress of its leadership teams and contractors, noting that the full package of interdependent project agreements, including loan facilities, has been finalised and many executed, with the remainder expected shortly. The project financing package has commitments for US$310 million of the US$330 million approved budget as of January 1, 2026, and the company is making good progress on finalising the remaining components.

Disclaimer*

Kefi Gold and Copper PLC

09 March 2026

9 March 2026

KEFI Gold and Copper plc

("KEFI" or the "Company")

Tulu Kapi Update

KEFI (AIM: KEFI), notes today's public announcement by contractor Lycopodium Limited ("Lycopodium") as regards its involvement in the Tulu Kapi Gold Project in Ethiopia ("Tulu Kapi" or the "Project") owned by KEFI subsidiary Tulu Kapi Gold Mines S.C. ("TKGM"). Lycopodium's announcement detailing their award of an engineering, supply and labour hire contract for the development of the Project reflects that all the Project physical activities and associated financing arrangements are flowing in accordance with the schedule for first gold pour in early 2028 and full production by mid-2028.

KEFI are pleased with the progress being made by the recently mobilised leadership teams of TKGM and all major Project contractors: Ethiopian Electric Power Company (electricity connection), Ethiopian Roads Authority (new access roads), Lycopodium (process plant and on-site infrastructure), Dashen (house construction for the resettled community) and BCM (bulk earthworks and mining).

We are also pleased that the full package of interdependent Project agreements has been finalised and many of the agreements have been executed, including the loan facilities. The remainder are expected to be executed in the next few weeks as the broader Project syndicate members' respective compliance procedures are completed, including tasks such as notarisation where required in the various international jurisdictions.

As regards the full Project financing package, it remains the case that the Company has more than enough capital on offer for the Project development for which commitments have been received for US$310 million of the US$330 million approved budget as at 1 January 2026. The Company is making good progress finalising the remaining finance components.

Enquiries

KEFI Gold and Copper plc
Harry Anagnostaras-Adams (Executive Chairman)	+357 2225 6161
John Leach (Finance Director)
SP Angel Corporate Finance LLP (Nominated Adviser)	+44 (0) 20 3470 0470
Jeff Keating, Adam Cowl
Tavira Financial Limited (Lead Broker)	+44 (0) 20 7100 5100
Oliver Stansfield, Jonathan Evans
IFC Advisory Ltd (Financial PR and IR)	+44 (0) 20 3934 6632
Tim Metcalfe, Florence Staton

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

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