KEFI Gold and Copper

What KEFI Gold and Copper does

KEFI Gold and Copper plc is a London-listed (AIM: KEFI) exploration and development company focused on gold and copper deposits in the Arabian-Nubian Shield, with primary operations in Ethiopia and a developing footprint in Saudi Arabia. Its flagship asset is the Tulu Kapi Gold Project in Ethiopia, which has a Probable Ore Reserve of 1.05 million ounces and total Mineral Resources of 1.7 million ounces; the project is fully funded via a US$355 million financing package assembled in early 2026, with a US$400 million nine-year mining services contract signed with BCM Group in June 2026 and commissioning targeted for Q1 2028. Planned production is 140,000-175,000 ounces per annum at an All-in Sustaining Cost of US$800-900/ounce over the initial seven years of open-pit mining, with management projecting US$345M-US$683M of average annual EBITDA in the first three years of production.

Beyond Tulu Kapi, KEFI holds the Jibal Qutman Gold Project and the Hawiah Copper-Zinc Project in Saudi Arabia, both advancing toward development, plus a broader portfolio of Exploration Licences. The company is pre-revenue; its cash flows are entirely capital-raise-driven, including a £34 million UK retail and institutional raise in December 2025, a US$20 million gold royalty with Chancery Royalty and US$30 million Gold Streams term sheet in late 2025/early 2026, and an additional share issuance in March 2026. KEFI's go-to-market is investor relations — RNS announcements, investor presentations, webinars, and retail share offers via UK platforms (AJ Bell, Hargreaves Lansdown, Interactive Investor) — targeting institutional mining investors and UK retail investors. Operations are run from London and Nicosia with an Ethiopian subsidiary overseeing on-site activity, and the leadership team is anchored by Founder and Executive Chairman Harry Anagnostaras-Adams.

Name

KEFI Gold and Copper

Legal name

KEFI Gold and Copper plc

Website

https://kefi-goldandcopper.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

101–250 employees

Short description

KEFI Gold and Copper plc is a London-listed (AIM: KEFI) gold and copper exploration and development company focused on the Arabian-Nubian Shield, primarily advancing the Tulu Kapi Gold Project in Ethiopia toward a 2028 production start while developing gold and base-metals assets in Saudi Arabia.

Ownership category

akta.pro rank

Product category

Gold and Copper Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Copper Exploration & Resource Development (IMAKADAA)

Keywords

• Gold mining development
• Copper zinc exploration
• Mineral resource extraction
• Precious metals production
• Mining project financing

Headquarters

HQ city

Nicosia

HQ country

Cyprus

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. Mining Production (Future): Once operational, the company will generate revenue from gold production at the Tulu Kapi project, targeting 140,000-175,000 ounces of gold annually at an All-in Sustaining Cost of circa US$800-900/ounce.
2. Royalty Agreements: The company has entered royalty financing arrangements, such as the US$20 million gold royalty with Chancery Royalty, providing upfront capital in exchange for royalties on future gold production.
3. Project Development: The company is currently in exploration and development phase, advancing the Tulu Kapi Gold Project in Ethiopia and gold/base metal projects in Saudi Arabia toward production.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

KEFI Gold and Copper explores and develops gold and copper mineral deposits in the Arabian-Nubian Shield, with its flagship Tulu Kapi Gold Project in Ethiopia (1.05M oz Probable Ore Reserve, 1.7M oz Mineral Resources) targeting annual gold production of 140,000-175,000 ounces at US$800-900/oz AISC from 2028. The company also advances the Jibal Qutman Gold Project and Hawiah Copper-Zinc Project in Saudi Arabia, alongside a portfolio of exploration licences.

Product overview

KEFI Gold and Copper plc is a London-listed exploration and development company (AIM: KEFI) focused on gold and copper deposits in the Arabian-Nubian Shield. The company operates primarily in Ethiopia and Saudi Arabia through a portfolio of advanced projects: the flagship Tulu Kapi Gold Project in Ethiopia (with 1.05 million ounce Probable Ore Reserve), the Jibal Qutman Gold Project in Saudi Arabia, and the Hawiah Copper-Zinc Project in Saudi Arabia. The company also holds a portfolio of Exploration Licences in Saudi Arabia. The Tulu Kapi project is the most advanced, with full financing secured and construction underway, targeting first gold production in early 2028.

Differentiator

Problem solved

Functional benefit

Products and services

• Tulu Kapi Gold Project Flagship advanced gold development project in Ethiopia with a Probable Ore Reserve of 1.05 million ounces and Mineral Resources totaling 1.7 million ounces. Planned gold production of 140,000 ounces per annum at an All-in Sustaining Cost of circa US$800-900/ounce over the initial seven years of open pit mining.
• Jibal Qutman Gold Project

Quantifiable outcome

• Annual gold production of 140,000-175,000 ounces at All-in Sustaining Cost of US$800-900/ounce
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• BCM GroupcoreStrategic or Co-development Partner · 22 June 2026BCM Group is the mining services contractor for the Tulu Kapi Gold Project, providing mining fleet, training, and locally recruited operators for full-scale operations. The US$400 million contract covers the first nine years of operations, with BCM deploying a Caterpillar mining fleet. KEFI's Ethiopian subsidiary oversees supervision.

Scale indicators11 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• AngloGold Ashanti: Global gold major with diverse operations including assets in Africa (Obuasi, Geita, Iduapriem). Now owns Centamin (Sukari mine in Egypt), giving it direct exposure to the Arabian-Nubian Shield where KEFI operates.
• Endeavour Mining: Major West African gold producer with multiple operating mines (Houndé, Ity, Mana, Boungou, Sabodala-Massawa). Larger and more diversified than KEFI, but comparable in regional gold mining exposure and project economics benchmarking.

Direct peers

• Perseus Mining: Mid-cap gold producer operating in West Africa (Edikan, Sissingué, Yaouré) with a comparable single-commodity gold focus. Recently transitioned from developer to multi-asset producer, illustrating the development-to-production pathway relevant to KEFI.
• Centamin: Former Egypt-focused gold miner operating in the Arabian-Nubian Shield with the Sukari gold mine. The closest geographic and geological peer to KEFI, with similar single-asset gold exposure in the same geological region. Now part of AngloGold Ashanti.
• Hummingbird Resources: West African-focused gold miner with the Yanfolila mine in Mali and developing assets. Similar market capitalization tier and single-commodity gold focus, providing a comparable benchmark for AIM-listed African gold producers.
• Aya Gold & Silver: Mid-tier precious metals developer and producer focused on Morocco (Zgounder silver-gold mine), adjacent to the Arabian-Nubian Shield region. Comparable in scale and exploration-to-production transition profile.
• Allied Gold Corp: Mid-cap gold producer with operations in West Africa (Sadiola, Korali-Sabali) and Ethiopia. The West African exposure and recent listing provide a comparable peer for KEFI in scale and development-stage positioning.

Emerging players

• Newcore Gold: Canadian-listed gold exploration and development company focused on the Enchi Gold Project in Ghana. Comparable as a small-cap gold developer at a similar stage, advancing a single asset toward production.
• Thor Explorations: West African gold developer-producer with the Segilola mine in Nigeria. Comparable as a recently transitioned developer-to-producer, providing a benchmark for KEFI's near-term production pathway.
• Chaarat Gold Holdings: AIM-listed gold exploration and development company with assets in Armenia (Kapan) and Kyrgyzstan (Tulkubash). Comparable to KEFI as a small-cap, single-asset-focused gold developer targeting production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• Xx.com/kefiminerals
• LinkedInlinkedin.com/company/kefi-minerals-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KEFI Gold and Copper