Kefi Gold and Copper (KEFI) has appointed Stifel as financial adviser, joint broker and sponsor for its planned move to the Main Market of the London Stock Exchange, the company confirmed on Tuesday.
The AIM-traded miner said the transition to the Equity Shares Commercial Company segment of the Main Market was expected to take place during 2027.
Kefi also reported that all key milestones at its Tulu Kapi gold project in Ethiopia were tracking at or ahead of schedule, with commissioning still targeted from late 2027.
Full production at Tulu Kapi remains expected in mid-2028, with all principal contracts at the project now finalised ahead of the construction ramp-up.
Engineering firm Lycopodium has issued 14 detailed engineering packages to Kefi for final approval, marking a significant step forward in the project’s development phase.
The semi-autogenous grinding mill, described as one of the highest-value and longest-lead items for the processing plant, has been ordered and secured for delivery.
The community resettlement programme is under way, with land prepared and construction started on 350 replacement houses for affected residents near the project site.
Kefi said bulk earthworks at Tulu Kapi would begin once the first phase of resettlement was complete, with two new access roads currently being built to connect the bitumen highway to the site.
Work has started on a 47km electrical connection from the national grid to the project site, with construction of the first of two substations described as well advanced and all new towers delivered to the Tulu Kapi district.
Kefi said it had finalised detailed engineering, procurement and construction management packages with Lycopodium, alongside mining and earthworks contract packages with BCM Group covering bulk earthworks, drilling and mining services.
The company also strengthened the Tulu Kapi financing package, removing reliance on a short-term working capital facility following the closing of the project equity capital package in March.
Kefi replaced $15m of short-term working capital funding with $15m of long-term subsidiary-level equity-ranking capital, with the company stating the change had no effect on project economics.
The replacement funding comprises a $10m gold royalty arranged with Mithril Royalties, on the same terms as a previously signed $20m royalty with Chancery Royalty but covering half the amount of gold.
An additional $5m of Ethiopian preference shares was raised on the same terms as $6m already signed, completing the replacement of the original short-term facility.
Kefi stated that Tulu Kapi’s estimated net present value and cash flows remained consistent with previous disclosures, while the original $15m working capital facility would remain available on standby for additional flexibility.
Senior debt drawdown is scheduled for the third quarter, a timing Kefi said would minimise financing costs without affecting the construction programme.
The company said the revised financing structure de-risked project execution, preserved upside for shareholders and provided greater balance sheet flexibility during the ramp-up phase.
Shares in Kefi Gold and Copper were up 1.32% at 1.16p in early London trading on Tuesday morning following the update.