KEFI Gold And Copper (KEFI) H1 2026 earnings summary

Executive summary

• Launched full development of the Tulu Kapi Gold Project after securing a $240 million senior debt facility and completing an equity risk capital package.

• A serious security incident at Tulu Kapi in September 2026 resulted in multiple fatalities, including a company employee, leading to immediate suspension of development activities.

• Community, government, contractors, lenders, and investors reaffirmed support for the project and the company's cautious approach to resuming development.

• Saudi Arabian joint venture GMCO advanced exploration and feasibility studies, secured new licenses, and was selected for a $180 million government exploration program.

Financial highlights

• Net assets increased to £87 million as of 30 June 2026 (31 Dec 2025: £57 million), reflecting the March 2026 placement.

• Comprehensive loss for H1 2026 rose to £4.6 million (H1 2025: £3.1 million), mainly due to higher administration expenses (£4.3 million vs £2.4 million year-over-year).

• Net cash from financing activities was £34.2 million, driven by share placements and royalty financing.

• Cash and cash equivalents at period end were £18.3 million (H1 2025: £1.1 million).

Outlook and guidance

• Project development at Tulu Kapi remains suspended pending establishment of a secure operating environment; management is closely monitoring expenditure and has deferred further financing drawdown.

• The company retains sufficient capital reserves and standby facilities to meet obligations during the suspension.

• It is too early to assess the impact of the suspension on project timetable, costs, or financing conditions.