In this interview, KEFI Gold and Copper’s chairman, Harry Anagnostaras-Adams, discusses what lies in store for the company after closing $240m in senior project debt capital for its Tulu Kapi gold project in Ethiopia. He also covers why KEFI’s shares have been among the best performers in the sector, more than trebling from their level of 0.44p at the start of the year.
Overview
KEFI Gold and Copper has reached a decisive financing milestone for its Tulu Kapi gold project in Ethiopia. The company has accepted a senior project debt facility of $240m, which covers roughly 70% of the development capital required. That funding decision has been the major catalyst behind a sharp re-rating in the market this year: shares that traded at 0.44 pence earlier in the year are now around 1.28 pence, effectively trebling as the wider gold sector rallied.
Why the share price has jumped
The decisive factor is institutional capital signalling confidence. As KEFI’s chairman put it, the acceptance of the debt offering shows that “the big institutional money, the safe highly disciplined highly due diligenced money has said that what we put together is excellent and it is game on for development.” In short, the project has moved from development planning into delivery with the bulk of the project funding secured.
What the debt package means
- 70% of development budget covered — the senior debt effectively underwrites the majority of capital expenditure required to build Tulu Kapi.
- Equity finishing line — management is now focused on closing the remaining equity portion so mobilisation can begin.
- Institutional validation — securing senior debt sends a strong signal that the project has passed rigorous due diligence and is bankable.
Key takeaways for investors
- Institutional project debt of around $240m covers most development capital, materially de-risking Tulu Kapi.
- Market recognition has followed: KEFI’s shares have trebled from 0.44 pence earlier in the year to roughly 1.28 pence.
- Execution and equity close are now the focus. Expect mobilisation and a formal signing event within weeks and production targeted for late 2027 to early 2028.
- Management’s decade of experience in Ethiopia has produced systems, relationships and resilience that the company sees as a competitive advantage in a rapidly changing country.
- KEFI is maintaining flexibility across its portfolio, including Saudi interests and potential lithium/critical mineral plays, while prioritising Tulu Kapi.
Conclusion
KEFI Gold and Copper has moved from a long period of frontier-market execution and project-building into a new phase: funded development. The acceptance of senior project debt and the institutional backing it represents mark a turning point. For investors and observers, the next milestones to monitor are the closing of the remaining equity, mobilisation of construction contractors on site and steady progress toward first production in 2027–2028. If management delivers on these steps, Tulu Kapi should unlock significant value and pave the way for a broader development programme across Ethiopia.
Further information can be viewed at https://www.kefi-goldandcopper.com
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