KEFI nears full funding for Tulu Kapi as equity completion expected in February
Published: 02:46 21 Jan 2026 EST
The final pieces of KEFI Gold and Copper PLC's (AIM:KEFI, OTC:KFFLF, FRA:KMSA) $100 million equity package for its Tulu Kapi gold project in Ethiopia are expected to be completed in February, paving the way for full financial close and the start of major on-site works.
In an update, the company reconfirmed that binding documentation has now been signed for its $240 million loan facility, with the remaining equity elements (including $30 million in subordinated streaming and royalty deals and $20 million in Ethiopian preference shares) undergoing final documentation.
“This enables the balance of funds drawdown from the $100 million equity component,” said executive chairman Harry Anagnostaras-Adams.
“We are delighted to be moving into full financial close and drawdown of funding at a time when the gold price is trading above $4,700 per ounce.”
The equity and debt financing will support the development of Tulu Kapi, a high-grade open-pit gold project in western Ethiopia, which has long been held up by security and permitting delays but is now moving forward with local and international backing.
On the ground, preparations have accelerated. KEFI said it had begun compensation payments to residents set to be relocated and had started clearing land to build resettlement housing.
The company’s plant construction contractor is mobilised and focused on procurement, while electricity transmission work has started at the nearby zonal centre of Ghimbi.
KEFI completed a $20 million placing in December to finalise the required equity, with the company now targeting drawdown of the larger debt facility later in the year to reduce interest costs during the construction phase.
The company is also considering an additional $36 million of non-dilutive funding to bolster working capital and support further exploration and social programmes.
