KEFI Gold And Copper (KEFI) AGM 2025 presentation summary

Project development and timeline

• Community resettlement for the Tulu Kapi project was accelerated by three months to July, marking a major milestone in project launch preparations.

• Definitive documentation is targeted for signing in August, with project finance drawdowns and procurement expected to start in September.

• Major civil works, plant installation, mining, and gold production are scheduled to follow, with gold production anticipated by late 2026.

Financing and capital structure

• Total Tulu Kapi project costs are estimated at $530M, with $110M already spent and a $420M project finance package in place.

• The secured debt package totals $240M, led by African development banks, with $110M in equity risk capital from various investors.

• The corporate structure is designed for flexibility, with subsidiaries in Ethiopia and Saudi Arabia and an 80% stake in TKGM.

Ethiopian and Saudi project pipeline

• Tulu Kapi open pit and infrastructure finance is nearing completion, with a cost overrun facility planned after six months.

• Underground mine development will be triggered after open pit construction, with exploration and critical minerals pipeline expansion based on early results.

• GMCO in Saudi Arabia is preparing for the 2025 launch of Jibal Qutman Stage 1, a sub-$100M capex project, with further stages planned for both JQ and Hawiah.