KEFI Gold and Copper is an active developer and explorer of Gold and Copper projects in the Highly prospective Arabian Nubian Shield, in both Ethiopia and Saudi Arabia.
Its assets comprise:
1: High quality, high grade and shovel ready gold project – KEFI’s flagship project, Tulu Kapi, in Ethiopia, is a fully permitted, shovel ready project now in the final throes of completing a significant project-level financing package, with site preparation Early Works having commenced in May 2024, for Major Works to commence Q4-24 and commissioning production mid-2026

2: Tulu Kapi has reserves of 1.05 million ounces and mineral resources totalling 1.7 million ounces. Planned gold production at Tulu Kapi is forecast to start as140,000oz per year from the open pit at an AISC of US$970/oz over the initial 8 years of mining the open pit. With an average reserve grade of 2.1g/t, it is one of the highest grade undeveloped open pit gold projects in Africa.

Finance package almost complete –

3: Of the total project budget $500m, $100m has already been spent by KEFI. And with the mining fleet being provided by the mining contractor PW Mining, the project development capex budget is scheduled at USD320m, some 50% of which is fixed-price or capped. The USD320m will be funded as to USD190m by African Development Banks TDB and AFC, and the balance looks to be covered regional bond and equity investors including the Ethiopian Government itself at both the Federal and the Regional levels.

4: Strong regional position in the Arabian-Nubian Shield area, including KEFI discoveries in Saudi Arabia of which the gold-equivalent metal content is double that of Tulu Kapi in Ethiopia, in gold equivalent terms. The geology of the Arabian-Nubian Shield is increasingly becoming recognized as one of the best under-explored regions of the world for gold and other metals. Other mines in the region include Centamin’s Sukari gold mine in Egypt, Ethiopia's Kurmuk under Allied Gold, Lege Dembi under MIDROC and Tulu Kapi under KEFI. Others include the Bisha polymetallic VMS mine in Eritrea, the Mhad Adh Dhahab gold mine and Jabal Sayid copper mine in Saudi Arabia. Ivanhoe, Barrick, Newmont, ERG and Perseus have entered the shield recently.

5: KEFI has also assembled a large pipeline of gold, copper, battery metals and copper projects in Ethiopia and Saudi Arabia and has plans to expand in other parts of the shield.


6: Attractive valuation – Market cap is ~USD50m. Gold reserves at Tulu Kapi alone are 1.05m oz and attributable company-wide gold equivalent resources total 2.3moz. Bearing in mind that Tulu Kapi is permitted, banked and ready for construction, and given expected low operating costs, the potential upside, on valuation considerations, is substantial. Market capitalisation is c. 10% of NPV at current gold prices, on Tulu Kapi alone and ignoring the Saudi projects.

Website for more information : www.kefi-goldandcopper.com