KEFI Gold and Copper (KEFI ) booked a loss of just under £9.7 million during the year to 31 December 2025.

It was a crucial period of transition for the company, as it moved ever closer to a financing package for the construction of its Tulu Kapi gold project in Ethiopia. 

That was duly put into place after the year end, and construction is now well underway, following a memorable initiation ceremony attended by the Ethiopian prime minister.

“Tulu Kapi was recently launched when we had successfully arranged funding of more than $400 million, including $240 million of secured project finance debt, contractor commitments estimated at $60 million and over $100 million of equity contributions,” said Harry Anagnostaras-Adam’s KEFI’s chairman. 

“Innovative at every level, this financing package was designed to optimise the cost of capital, while preserving KEFI's planned beneficial interest in the project at around 86%. We launched the full 27-month development schedule in March 2026 for production mid-2028. We also initiated a process to assess a range of potential synergistic growth opportunities for the longer term. 0Importantly, Tulu Kapi has now moved from planning to execution. Early works have been completed, infrastructure is moving forward and we have commenced the community resettlement programme from the mining site.”

In an interview with Vox, Anagnostaras-Adams also laid great stress on KEFI’s return to exploration as a major activity. Old KEFI stalwart Jeff Rayner has rejoined the company to head up that effort, and there are meaningful hopes that a district scale play could emerge around Tulu Kapi.

 

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With EBITDA likely to run into the hundreds of millions of dollars when Tulu Kapi moves into production, KEFI’s accounts are unlikely to look like this for much longer. The company closed out the year with £8.7 million in the bank, and has done subsequent fundraising to see it through the construction phase. With gold continuing strong well above US$4,000, the margins on offer at Tulu Kapi are substantial.