KEFI Gold and Copper Plc announced that it has received confirmation of conditional final credit committee approval from the lead lender for its "shovel-ready" Ethiopian development project, the high-grade Tulu Kapi Gold Project (the "Project"). This followed the analogous approvals from other key syndicate members including lead contractors and lead equity parties, and the previously reported actions by the Government of Ethiopia ("Government") during 2023. Key Government actions include the previously negotiated and reported exemptions from foreign exchange restrictions, commitments to provide permanent security protection and the approval of additional protections for the lenders for the Project.

The receipt of these conditional approvals is testament to the collaborative and long-standing supportive attitude of Project syndicate parties. The entire USD 320 million finance package is designed at the subsidiary level, with syndicate members who know the country and are keen to support in tightly coordinated and safe manner. KEFI is now mobilising into the field to prepare the community, so far having briefed church leaders and congregations, and distributed medical treatment for the victims of the recent malaria outbreak, via the Tulu Kapi Charitable Endowment.

In parallel with the social engagement programme, are preparing detailed definitive documentation for signing between the Project syndicate financiers. Full Project launch, including funding drawdown, is on course for H1 2024, subject to the satisfaction of all the standard conditions precedent for a transaction of this type, independent confirmation that the Project is ready for launch from security and community standpoints, and final board approvals of all parties.