KEFI Gold and Copper PLC has added a US$20 million “equity-ranking” gold royalty from Chancery Royalty to the funding stack for its Tulu Kapi Gold Project in Ethiopia, calling it a key final component of the project’s US$340 million financing package.
The AIM-listed group said the royalty has been structured to rank on an equity-risk basis and is payable alongside shareholder distributions at its local subsidiary, Tulu Kapi Gold Mines (TKGM). With that agreement signed, KEFI said the finance package is now effectively covered, prompting mobilisation of field teams and contractors and the organisation of a ground-breaking ceremony this month.
A further US$30 million of equity-risk capital is expected to be fully signed up this month, including US$10 million of development costs to be settled in KEFI shares as those costs fall due, plus US$20 million of additional equity-ranking royalties to other investors on the same terms.
Alongside financing, KEFI said key contractual arrangements are being closed or targeted for completion by end-February 2026, including offsite infrastructure works with government agencies, resettlement housing mobilisation, a full construction documentation package with Lycopodium, and a mining services agreement with BCM following a completed re-tender process.
