KEFI (KEFI ) has addressed the media comments regarding the securing of certain funding for its high-grade/high-recovery Tulu Kapi Gold Project in Ethiopia.
The company confirmed that it has signed a term-sheet with a fund for US$30 million of equity-ranking ‘Gold Streams’.
The terms of this term-sheet was outlined in the company’s announcement earlier this month.
However, completion of this funding remains subject to detailed documentation being agreed with the provider and approved by the project’s senior lenders.
Importantly, this will form part of the project’s required equity risk capital funding.
KEFI continues to expect to have assembled the entire project finance package this month, enabling full launch of the project.
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This looks like a useful de-risking step, with KEFI now able to point to a signed term-sheet for US$30 million of equity-ranking gold streams as part of the Tulu Kapi equity risk capital. However, it is not yet “done” money – completion still hinges on final documentation and, crucially, sign-off from the project’s senior lenders. If KEFI can close this piece and confirm the full funding package soon, it would be a meaningful milestone and should clear the runway for a full project launch.