RE: RE: RNS11 Feb 2026 07:45
Massive well done to Harry and the Kefi Team!!!
KEFI Founder and Executive Chairman, Harry Anagnostaras-Adams, commented:
"It is an exciting time to launch Tulu Kapi, one of Africa's highest margin new gold mine developments. Already bank-backed, Tulu Kapi has been engineered both physically and financially to be a robust for the long-term - it is designed to pay all costs and service all debt at an all-in-breakeven-gold price of c.US$1,400/oz.
"In addition, we have successfully raised significant equity capital at the KEFI subsidiary level in a manner which has minimised ownership dilution for the shareholders of TKGM and KEFI and has not increased Tulu Kapi's already low all in breakeven point gold price of just US$1,400/oz.
"At US$3,000-5,000/oz gold, average EBITDA for the first 3 years is estimated at US$345 million to US$683 million per annum, both of which significantly exceed KEFI's current market capitalisation.
"And we will not stop at Tulu Kapi alone. Separate teams are already working on growth plans, both in Ethiopia and Saudi Arabia. These will also be funded and managed under appropriate bespoke structures after consultation with KEFI's partners, financiers and shareholders as required.
"The gold sector has taken off very strongly, both Ethiopia and Saudi Arabia have taken off for mining generally, and now KEFI's development pipeline is taking off - starting with Tulu Kapi.
"This is indeed a serendipitous coincidence of several highly significant inflection points. This opportunity is well deserved by our hard-working teams and our patient shareholders, in-country partners - the Governments of Ethiopia and Ethiopia's Oromia Region, and the Al Rashid family of Saudi Arabia.
"We are especially proud of having been a first mover for 21st century minerals discovery and development in both of the now high-growth jurisdictions of the under-explored Arabian Nubian Shield, whilst also successfully applying the disciplines of international project financing and the highest ESG standards."