Kefi Gold and Copper plc
KEFI Gold and Copper PLC is a UK-incorporated (AIM-listed) mineral exploration and development company focused on the Arabian-Nubian Shield. Its principal asset is the Tulu Kapi gold project in Ethiopia (c.86% beneficial interest via Tulu Kapi Gold Mines Share Company), which moved into construction during the period with first gold production targeted mid-2028. KEFI also holds a 13% (down from 15%) equity-accounted-as-financial-asset interest in Gold and Minerals Company Limited (GMCO), an exploration group in Saudi Arabia holding the Jibal Qutman gold and Hawiah copper-gold projects. The Group generates no revenue and remains loss-making as a pre-production developer.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 5 Jun 2026 · 129 pages · Companies House
KEFI Gold and Copper PLC, which is building the Tulu Kapi gold mine in Ethiopia and holds a stake in a Saudi Arabian exploration company, had no revenue in the year to 31 December 2025 because it is not yet producing gold. It made a loss after tax of £9.7m, against a profit of £1.2m the previous year. The earlier profit came from one-off accounting gains on the Saudi investment, which were not repeated; this year that investment fell slightly in value, and finance costs and funding-related fees rose.
Cash at the year end was £8.8m, up from £185k, after the company raised £16.6m by issuing new shares. Borrowings were £175k. A US$240m project loan was signed in October 2025 but had not been drawn by the year end. No dividend was paid.
Management is targeting full production in mid-2028, and the report notes a further £35.6m share placing in March 2026. The auditor highlighted a material uncertainty over going concern, meaning some doubt about the company's ability to keep funding itself: lender money is committed but not fully guaranteed, and construction costs could overrun.
No revenue generated; Group is pre-production
"The Group had no revenue during the year ended 31 December 2025 (2024: Nil)."
page 96Administrative expenses broadly stable at £6.0m (2024: £6.2m)
Admin expenses mainly project development preparations, well controlled
page 57Chairman: 'KEFI has never been better positioned than it is today... we are determined to generate sustained and substantial value for all our shareholders'; notes market cap of less than £200m versus Tulu Kapi NPV attributable to KEFI of £800m-£1.6bn at $3,000-$5,000/oz gold
page 6Finance/transaction costs increased
Finance costs £2.6m (2024: £2.4m); other transaction costs £0.68m (2024: £0.26m) reflecting higher project financing activity
page 5711 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
6 figures restated in a later report
Every figure is read again from the following year’s report: 266 confirmed, 10 differ, 6 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | −£5.2mFY2024 report | £1.2mFY2025 report | |
| FY2024 | −£10.0mFY2024 report | −£3.6mFY2025 report | |
| FY2024 | −£5.2mFY2024 report | £1.2mFY2025 report | |
| FY2024 | £5.0mFY2024 report | £4.4mFY2025 report | |
| FY2024 | £39.1mFY2024 report | £45.5mFY2025 report | |
| FY2024 | £32.6mFY2024 report | £39.1mFY2025 report |