RE: Nice statement14 Apr 2026 07:08
Welcome to the General Meeting of KEFI Gold and Copper. Today we have quite a few new shareholders, or about to be shareholders. The participants in the recent placing will own approximately 20% of the Company on a fully diluted basis (taking into account issued shares, issued warrants and also options which will be granted over unissued shares in accordance with KEFI's Incentive Option Scheme). So, welcome aboard to all the new shareholders. You have joined us longstanding shareholders at a particularly important and propitious moment and we appreciate your putting your weight behind us.
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 Africa. And we are doing it in high-growth Ethiopia. We are also doing so in a period of gold price strength as the world is allocating more of its long-term capital into gold. I believe that the current Middle East war only serves to reinforce this trend.
At KEFI, we have long prepared for this moment and the recent launch of Tulu Kapi's full development was smooth, effective and wholeheartedly supported by all stakeholders. We thank all attendees at the ground-breaking ceremony on 18 February 2026, led by His Excellency Ethiopian Prime Minister Dr Abiy Ahmed and Oromia Regional President Shimelis Abdisa. We highlight also the critical support of our Tulu Kapi community, our co-bankers - leading African banks TDB and AFC and our principal contractors - African mining industry specialists Lycopodium and BCM.
Upon today's resolutions being approved by our shareholders, we will have completed the assembly of a powerful financial structure for Tulu Kapi's development by having the commitments of leading African development banks and now a number of shareholders who are themselves multi-billion-dollar financial institutions. That will round off our corporate structure appropriately for what has just been officially classified in Ethiopia as a Strategic Priority Project.
KEFI's leadership team is well-experienced at such start-ups and has been deeply embedded in Ethiopia for over a decade, which has prepared us well for project execution. We greatly look forward to the start-up of Tulu Kapi production by mid-2028 and its potential wealth-generation for all stakeholders, noting that at US$3,000-5,000/oz gold, average EBITDA in the first three production years is estimated at £264-520 million (US$355-697 million).
We also aspire to having initiated early-stage progress on identifying the second and third potential Tulu Kapi's in Ethiopia. We see parts of Ethiopia as being analogous to the gold rich parts of Western Australia which has emerged in recent decades as a global minerals powerhouse.
We will also progress our exciting critical materials portfolio in both Ethiopia and Saudi Arabia and in a manner which does not divert management or capital f
Sign In
Follow the stocks
