Kefi Gold & Copper Company Research (KEFI)

Since our last note at the end of March, KEFI has appointed BCM as its preferred mining contractor and raised £7.6m in equity (supported by Konwave, Phoenix, Premier Miton, RAB and Ruffer, among others) to expedite the launch of the Tulu Kapi project. On site, it has constructed a new access road, a temporary construction camp, security camps and logistics control rooms, as well as drilling water boreholes and completing contractors’ certifiers’ inspections. New host lands have been allocated for all local residents requiring resettlement, and property surveys for compensation for Phase 1 resettlement, for a temporary construction camp, security camps and for a new access road have all been completed. This week, it announced the triggering of compensation payments to the resettling community. As a result, its US$320m financing package is now entering its final stages, with independent certifications targeted for completion this month and definitive agreements next month, followed by drawdown and mobilisation shortly thereafter. With contractual finalisation imminent, KEFI’s shares are at a key inflection point, with the company now targeting first gold in late FY27.