Shares in KEFI Gold and Copper (KEFI) ticked up by more than 7% in early trade on 30 September, following the release of the company’s interim results.
The market capitalisation of the company now stands at more than £90 million.
During the six months to June 2025 the company booked a loss of just over £3 million, as it continued to progress its Tulu Kapi gold project in Ethiopia towards development.
At the period end the company had just over £1 million cash in the bank.
The full development programme is scheduled to begin in October 2025.
The final Tulu Kapi budget of US$340 million has been set, and the financing plans announced.
Project debt will amount to US$240 million, with the US$100 million of equity risk capital likely to be taken on almost entirely by KEFI subsidiaries.
Construction contracts have been finalised for signing upon drawdown of equity.
The company also continued to work on its Saudi assets during the period, posting substantial increases and upgrading of the resource estimates for both the Hawiah deposit and the nearby Al Godeyer deposit, as well as a material upgrade to Jibal Qutman gold project.
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It’s all systems go at KEFI now, as full-scale construction is set to commence imminently. The market has reacted well to the progress the company has made this year, especially as it’s been against the backdrop of high gold prices. The economics of Tulu Kapi are looking more attractive by the day, and as things stand the returns ought to be rapid and sizeable.