KEFI Gold and Copper (AIM:KEFI) told investors at its Annual General Meeting on 30 June that development at its Tulu Kapi Gold Project in Ethiopia is progressing on schedule, now entering the fourth month of a 27-month programme with first gold production targeted for mid-2028.
The gold and copper exploration and development company, with projects in Ethiopia and Saudi Arabia, said commitments for Tulu Kapi's development and associated financing totalled £328 million since 2025, against just £97 million spent across the preceding 19 years of exploration activity.
In Saudi Arabia, KEFI's 13%-owned operating entity Gold and Minerals Company is targeting a first-stage development decision at Jibal Qutman in the fourth quarter of 2026, with capital expenditure of approximately $100 million for an initial open-pit operation.
The board also announced two governance appointments: Alistair Clark assumes the role of Senior Independent Non-Executive Director and Deputy Chairman, with a focus on ESG matters ahead of a planned Main Market transition, while Maleda Bisrat, Ethiopian Country Director at the Tony Blair Institute for Global Change, joins the board with immediate effect following the AGM.
Executive Chairman Harry Anagnostaras-Adams acknowledged historical delays, saying "we clearly under-estimated these historical challenges and for that I take much of the responsibility," while describing the current position as "a critically important moment."
The Jibal Qutman investment decision in the fourth quarter is the next concrete catalyst on KEFI's stated timeline.
