KEFI Gold And Copper (KEFI) H2 2025 earnings summary

Executive summary

• Achieved transformational progress with full project launch of Tulu Kapi Gold Project in Ethiopia, securing a $340 million financing package and commencing major construction activities, including government-funded infrastructure and community resettlement.

• Advanced Saudi Arabian portfolio through GMCO, with parallel Definitive Feasibility Studies at Jibal Qutman and Hawiah, and a new joint venture with Hancock Prospecting.

• Group recorded a loss before tax of £9.7 million for 2025, reflecting increased project-related expenditure and absence of prior year non-recurring gains.

Financial highlights

• Loss before tax: £9.7 million (2024: profit £1.2 million), mainly due to higher finance and project costs and absence of one-off gains.

• Net cash increased by £8.6 million to £8.8 million, driven by £29.5 million in equity placements and £8 million in bridging loans.

• Non-current assets rose to £53 million, reflecting continued investment in Tulu Kapi.

• No dividends declared or paid.

Outlook and guidance

• Tulu Kapi construction to continue through 2026, targeting commissioning in late 2027 and full production by mid-2028.

• GMCO’s first development in Saudi Arabia expected to be triggered in 2026, with ongoing feasibility studies and exploration.

• Intention to move listing from AIM to the Main Market of the London Stock Exchange as production commences.