KEFI (AIM: KEFI) has welcomed today’s announcement from Lycopodium Limited confirming its latest contract award for the Tulu Kapi Gold Project in Ethiopia. Lycopodium’s new engineering, supply and labour hire contract reflects the steady progress being made, with all physical development and financing activities continuing in line with the planned timeline. The Project remains on track for first gold in early 2028, followed by full production by mid‑2028.
Activity at Tulu Kapi has continued to build momentum in recent months. The leadership teams of TKGM and all major contractors are now mobilised and working cohesively across their respective scopes. Ethiopian Electric Power Company is advancing work on the grid connection, the Ethiopian Roads Authority is progressing new access roads, Dashen is constructing resettlement housing, Lycopodium is moving ahead with the process plant and on‑site infrastructure, and BCM is preparing for bulk earthworks and mining. Coordination across the partners is strengthening as development accelerates.
KEFI has also made substantial progress on finalising the suite of interconnected Project agreements that underpin the full development programme. Many of these agreements, including the loan facilities, have already been executed. The remaining items are expected to be completed in the coming weeks as syndicate members conclude standard compliance steps and formalities across several international jurisdictions, including required notarisation.
On the financing side, the Company continues to maintain a strong position. KEFI has received commitments totalling US$310m against the approved Project budget of US$330m (as at 1 January 2026), ensuring that more than sufficient capital is available for the Project’s development. Work continues to progress well on the remaining components of the funding package.
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