KEFI Gold and Copper

Tulu Kapi project financing and construction

Tulu Kapi's funding package was assembled from Oct 2025 (US$240m loan, c.£35.6m placing in March 2026, BCM contract 18 Jun 2026). A fatal security incident on 4 Sep 2026 led to suspension on 7 Sep and deferred drawdown. On 12 Oct 2026 KEFI lifted the suspension and restarted development in phases; lenders remain supportive but drawdown sequencing is still being updated.

Cash

Cash £18.25m at 30 June 2026 (31 Dec 2025: £8.8m) 29 Sep 2026 ↗

Production target

Not restated in this announcement; the earlier plan was 2028, so any delay is not yet quantified 12 Oct 2026 ↗

Capex spend

Project exploration and evaluation costs of £14.5m in H1 2026 29 Sep 2026 ↗

Suspension

Imposed 7 September 2026 after the 4 September Genji Incident; lifted 12 October 2026 after reviews and consultations 12 Oct 2026 ↗

Restart order

Electricity connections and new access roads first, then replacement housing and lands for resettlement 12 Oct 2026 ↗

Then on site

Security infrastructure, bulk earthworks for the processing plant, permanent workforce accommodation 12 Oct 2026 ↗

Next: Further announcements as restart details are finalised; drawdown sequencing update

1. 12 Oct 2026 Suspension lifted; phased restart under way
2. 29 Sep 2026 Suspended; stakeholders support careful resumption
3. 22 Sep 2026 Suspended; development plan and schedule under review
4. 11 Sep 2026 Suspended; stakeholder support reaffirmed; no resumption date