CatalystWireBeta

KEFI Gold and Copper (KEFI): Tulu Kapi project financing and construction

This situation live

KEFI KEFI Gold and Copper

£95m · 0.7p · −62% since the first step
2.0p 0.6p Now 0.7p · 23 Oct +10% −6% −18% +19% −30% −14% −4% −1% +15% −10% −13% Oct ’25NovDecJan ’26FebMarAprMayJunJulAugSepOct
20 Oct 2025 · US$240m debt signed; equity-risk capital being closed · +10% until the next step The breakdown and details of the finalised equity-risk capital instruments will be published by KEFI upon commitment and the signing of definitive documentation in November 2025.
17 Nov 2025 · Debt approved; equity oversubscribed; closing pending · −6% until the next step One week to optimise the equity capital structure and then one week to finalise any remaining detailed definitive documentation required for finance closing and launch.
8 Dec 2025 · Debt documented; equity-risk gap partly covered by term sheets · −1% until the next step The Company intends to finalise the entire Project finance package this month as foreshadowed, enabling full launch of the Project, and will provide an update once all the aspects of the financing are
22 Dec 2025 · US$30m gold stream term-sheet signed; documentation pending · −18% until the next step Completion of this funding remains subject to detailed documentation being agreed with the provider and approved by the Project's senior lenders.
22 Dec 2025 · Full launch; US$240m debt documentation in circulation for signing · −18% until the next step The remaining requirements for drawdown are expected to be satisfied during H1 2026.
22 Dec 2025 · Fundraise with retail offer; admission due 30 Dec · −18% until the next step Admission is expected to take place at 8:00 a.m. on 30 December 2025.
6 Jan 2026 · Project fully launched; lender document approval pending · +17% until the next step Having arranged that the equity capital package includes non-ownership dilutive Gold Streams and the KEFI EthioPrefs, the required Lenders' approval of the associated detailed documentation is taking
21 Jan 2026 · Loan signed; equity documents in final stage · +19% until the next step Signing of the fully integrated final funding package remains on track for February 2026.
11 Feb 2026 · Funding effectively covered; construction mobilising · +21% until the next step A residual US$30 million of equity-risk capital is also in the process of being fully signed up this month.
18 Feb 2026 · Construction formally started; groundbreaking held 18 Feb · −30% until the next step The ceremony, formally marking the start of construction, was attended by His Excellency Abiy Ahmed Ali (PhD) Prime Minister of the Federal Democratic Republic of Ethiopia
19 Mar 2026 · Equity fundraise launched to complete funding · −14% until the next step Therefore, subject to the results of the Placing, the Company intends to convene a shareholder meeting, expected to be held on or around 14 April 2026, to approve the allotment of the Second Tranche P
19 Mar 2026 · Retail offer open; Placing and General Meeting pending · −14% until the next step The issue of the Ordinary Shares pursuant to the RetailBook Offer will be subject to approval by shareholders at a general meeting of the Company to be held on or around 14 April 2026 (the "General Me
20 Mar 2026 · Placing priced; first tranche settles 24 March · −7% until the next step Settlement for, and Admission of, the 2,225,681,378 second tranche of Placing Shares (the "Second Tranche Placing Shares"), the Retail Shares and the Subscription Shares (representing approximately 22
24 Mar 2026 · Retail offer closed; awaiting General Meeting approval · +31% until the next step The RetailBook Offer is conditional upon the fundraising resolutions being duly passed without amendment at the Company's General Meeting to be held on or around 14 April 2026
14 Apr 2026 · General Meeting held; resolutions expected to pass · −4% until the next step Upon today's General Meeting passing the resolutions, we will have financed and launched the start-up of perhaps the highest grade-highest recovery, and therefore highest margin, gold development in A
30 Apr 2026 · DFS under third-party review · −18% until the next step The DFS is currently under third party review for GMCO Board consideration and refinement of strategy and plans over coming months.
8 Jun 2026 · Construction under way; production targeted mid-2028 · −1% until the next step We launched the full 27-month development schedule in March 2026 for production mid-2028.
18 Jun 2026 · Construction under way; mining contract signed · −6% until the next step The agreement also enables BCM to proceed with the ordering and deployment of the Caterpillar mining fleet required for full-scale mining operations at Tulu Kapi.
4 Aug 2026 · Construction under way, on schedule · +15% until the next step Project debt drawdown remains on track for a Q4 2026 trigger, with final timing being optimised around disbursement scheduling and currency flows.
27 Aug 2026 · Construction under way, on schedule · −40% until the next step At Tulu Kapi we are in month six of the development schedule to start production in mid-2028.
7 Sep 2026 · Development suspended after fatal security incident · −10% until the next step Accordingly, the Company has immediately suspended Project development activities while it engages with relevant community representatives, Ethiopian Government authorities and security stakeholders t
11 Sep 2026 · Suspended; stakeholder support reaffirmed; no resumption date · +3% until the next step As previously announced, the Company will not resume development activities until it has completed a full investigation and appropriate measures have been established to provide a safe and secure oper
22 Sep 2026 · Suspended; development plan and schedule under review · −13% until the next step Important parts of this ‘schedule re-set’ include to reinforce maximum safety, transparency and alignment as we move forward from initial community-focused programmes into full infrastructure developm
29 Sep 2026 · Suspended; stakeholders support careful resumption · +27% until the next step Consultations with representatives of the local community and the Ethiopian and Oromia Governments, and their respective agencies have reaffirmed support for the Project and for the Company's careful
12 Oct 2026 · Suspension lifted; phased restart under way · −13% since As a result of these positive discussions, the Company is now recommencing the development programme for Tulu Kapi in a phased and measured approach, as follows:
Project milestones
Tulu Kapi project financing and construction
Suspension lifted; phased restart under way
Next: Further announcements as restart details are finalised; drawdown sequencing update
Every step · 25
  1. 20 Oct 2025 US$240m debt signed; equity-risk capital being closed – The breakdown and details of the finalised equity-risk capital instruments will be published by KEFI upon commitment and the signing of definitive... ↗
  2. 17 Nov 2025 Debt approved; equity oversubscribed; closing pending – One week to optimise the equity capital structure and then one week to finalise any remaining detailed definitive documentation required for finance closing... ↗
  3. 8 Dec 2025 Debt documented; equity-risk gap partly covered by term sheets – The Company intends to finalise the entire Project finance package this month as foreshadowed, enabling full launch of the Project, and will provide an... ↗
  4. 22 Dec 2025 US$30m gold stream term-sheet signed; documentation pending – Completion of this funding remains subject to detailed documentation being agreed with the provider and approved by the Project's senior lenders. ↗
  5. 22 Dec 2025 Full launch; US$240m debt documentation in circulation for signing – The remaining requirements for drawdown are expected to be satisfied during H1 2026. ↗
  6. 22 Dec 2025 Fundraise with retail offer; admission due 30 Dec – Admission is expected to take place at 8:00 a.m. on 30 December 2025. ↗
  7. 6 Jan 2026 Project fully launched; lender document approval pending – Having arranged that the equity capital package includes non-ownership dilutive Gold Streams and the KEFI EthioPrefs, the required Lenders' approval of the... ↗
  8. 21 Jan 2026 Loan signed; equity documents in final stage – Signing of the fully integrated final funding package remains on track for February 2026. ↗
  9. 11 Feb 2026 Funding effectively covered; construction mobilising – A residual US$30 million of equity-risk capital is also in the process of being fully signed up this month. ↗
  10. 18 Feb 2026 Construction formally started; groundbreaking held 18 Feb – The ceremony, formally marking the start of construction, was attended by His Excellency Abiy Ahmed Ali (PhD) Prime Minister of the Federal Democratic... ↗
  11. 19 Mar 2026 Equity fundraise launched to complete funding – Therefore, subject to the results of the Placing, the Company intends to convene a shareholder meeting, expected to be held on or around 14 April 2026, to... ↗
  12. 19 Mar 2026 Retail offer open; Placing and General Meeting pending – The issue of the Ordinary Shares pursuant to the RetailBook Offer will be subject to approval by shareholders at a general meeting of the Company to be held... ↗
  13. 20 Mar 2026 Placing priced; first tranche settles 24 March – Settlement for, and Admission of, the 2,225,681,378 second tranche of Placing Shares (the "Second Tranche Placing Shares"), the Retail Shares and the... ↗
  14. 24 Mar 2026 Retail offer closed; awaiting General Meeting approval – The RetailBook Offer is conditional upon the fundraising resolutions being duly passed without amendment at the Company's General Meeting to be held on or... ↗
  15. 14 Apr 2026 General Meeting held; resolutions expected to pass – Upon today's General Meeting passing the resolutions, we will have financed and launched the start-up of perhaps the highest grade-highest recovery, and... ↗
  16. 30 Apr 2026 DFS under third-party review – The DFS is currently under third party review for GMCO Board consideration and refinement of strategy and plans over coming months. ↗
  17. 8 Jun 2026 Construction under way; production targeted mid-2028 – We launched the full 27-month development schedule in March 2026 for production mid-2028. ↗
  18. 18 Jun 2026 Construction under way; mining contract signed – The agreement also enables BCM to proceed with the ordering and deployment of the Caterpillar mining fleet required for full-scale mining operations at Tulu Kapi. ↗
  19. 4 Aug 2026 Construction under way, on schedule – Project debt drawdown remains on track for a Q4 2026 trigger, with final timing being optimised around disbursement scheduling and currency flows. ↗
  20. 27 Aug 2026 Construction under way, on schedule – At Tulu Kapi we are in month six of the development schedule to start production in mid-2028. ↗
  21. 7 Sep 2026 Development suspended after fatal security incident – Accordingly, the Company has immediately suspended Project development activities while it engages with relevant community representatives, Ethiopian... ↗
  22. 11 Sep 2026 Suspended; stakeholder support reaffirmed; no resumption date – As previously announced, the Company will not resume development activities until it has completed a full investigation and appropriate measures have been... ↗
  23. 22 Sep 2026 Suspended; development plan and schedule under review – Important parts of this ‘schedule re-set’ include to reinforce maximum safety, transparency and alignment as we move forward from initial community-focused... ↗
  24. 29 Sep 2026 Suspended; stakeholders support careful resumption – Consultations with representatives of the local community and the Ethiopian and Oromia Governments, and their respective agencies have reaffirmed support... ↗
  25. 12 Oct 2026 Suspension lifted; phased restart under way – As a result of these positive discussions, the Company is now recommencing the development programme for Tulu Kapi in a phased and measured approach, as follows: ↗

What is happening

KEFI Gold and Copper: Tulu Kapi project financing and construction – Suspension lifted; phased restart under way. ['Suspension lifted; phased restart under way']

In short
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.
Announced
20 Oct 2025 · US$240m debt signed; equity-risk capital being closed
Latest
12 Oct 2026 · Suspension lifted; phased restart under way
Cash
Cash £18.25m at 30 June 2026 (31 Dec 2025: £8.8m)
Production target
Not restated in this announcement; the earlier plan was 2028, so any delay is not yet quantified
Capex spend
Project exploration and evaluation costs of £14.5m in H1 2026
Suspension
Imposed 7 September 2026 after the 4 September Genji Incident; lifted 12 October 2026 after reviews and consultations
Restart order
Electricity connections and new access roads first, then replacement housing and lands for resettlement
Then on site
Security infrastructure, bulk earthworks for the processing plant, permanent workforce accommodation
Funding
Lenders supportive; drawdown sequencing under discussion, no new drawdown date stated
Spend to date
Company states it has invested well over US$150 million

What comes next

Further announcements as restart details are finalised; drawdown sequencing update.

Briefing Pro

New to KEFI Gold and Copper? Get up to speed in 2 minutes.

What it does, how it got here, what management promised and delivered – written from its own announcements.

Get the KEFI briefing →
Ask KEFI Beta
Ask anything about KEFI Gold and Copper

Answered from its own announcements and reported figures, every statement linked to its source.

From the company's own announcements. Not investment advice.

Also at KEFI Gold and Copper 1 open
Legal & regulatoryEthiopian exploration licence legal action – Legal action to be pursued over several years KEFI Gold and Copper – company page →

Share this quote

Quote card
Post on X WhatsApp Download image

The link opens this announcement with the quote highlighted. Quotes are checked against the original text.

Add a note