KEFI Gold & Copper reported a loss for 2025 as the company intensified development activities at its flagship Tulu Kapi Gold Project in Ethiopia, while emphasizing that the project has now moved into the construction phase and remains on track for first gold production in 2028.
The London-listed mining company posted a pretax loss of GBP 9.7 million for the year, compared with a pretax profit of GBP 1.2 million in 2024. The decline was largely driven by a fair value loss on investments and higher financing costs associated with project development.
Operating losses widened to GBP 6.7 million from GBP 3.6 million a year earlier. However, company executives described 2025 as a pivotal year, marking the transition of Tulu Kapi from planning into execution.
KEFI officially launched the project’s 27-month development schedule in March 2026 after securing more than USD 400 million in financing. The funding package includes USD 240 million in project debt financing, approximately USD 60 million in contractor commitments, and more than USD 100 million in equity contributions.
Construction activities are currently underway at the site, with commercial gold production targeted for mid-2028.
According to the company, Tulu Kapi contains proven and probable ore reserves of 1.05 million ounces of gold and total mineral resources of 1.7 million ounces. Based on gold prices ranging from USD 3,000 to USD 5,000 per ounce, KEFI estimates the mine could generate annual EBITDA of between USD 355 million and USD 697 million during its first three years of operation.
The company also estimates the project’s net present value (NPV) at between USD 1.1 billion and USD 2.4 billion, depending on gold price assumptions and project timing.
Executive Chairman Harry Anagnostaras-Adams described Tulu Kapi as a highly cash-generative asset and said the project is positioned to generate sufficient cash flow to cover its debt obligations even under more conservative gold price scenarios.
Looking ahead, KEFI said it is entering a new phase focused on construction, operational readiness, and future cash generation, with Tulu Kapi expected to become one of Ethiopia’s largest gold-producing mines once operational.
Shares of KEFI Gold & Copper rose 0.7 percent to 1.15 pence in London trading following the announcement.
