Kefi Gold and Copper plc
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 12 Jun 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueNo revenue generated; Group is pre-production
"The Group had no revenue during the year ended 31 December 2025 (2024: Nil)."
page 96What moved the margintailwindAdministrative expenses broadly stable at £6.0m (2024: £6.2m)
Admin expenses mainly project development preparations, well controlled
page 57AndheadwindFinance/transaction costs increased
Finance costs £2.6m (2024: £2.4m); other transaction costs £0.68m (2024: £0.26m) reflecting higher project financing activity
page 57One-offs in the year£6.1m credit: FY2024 prior period adjustment: reclassification of GMCO investment from equity-accounted associate to FVTPL financial asset, generating a one-off fair value uplift
page 101What management saidChairman: '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 6After the year end11 February 2026: TKGM entered US$20m equity-ranking gold royalty agreement with Chancery Royalty Limited
page 77Going concern and the auditAuditor BDO LLP issued an unmodified (true and fair) opinion but included a 'Material uncertainty related to going concern' paragraph: Group and Company rely on committed but not fully guaranteed funding from external lenders (conditions precedent to first drawdown not fully within Directors' control), and large civil construction/commissioning cost overrun risk; three Key Audit Matters: (1) carrying value of Exploration & Evaluation assets, (2) accounting for the GMCO investment, (3) going concern. Group materiality £965,000 (1.5% of total assets).
page 80The risks it names first- Project Financing & Capital Risk - dependence on successful execution of the ~US$340m Tulu Kapi financing package, including risk of delay/failure of financing tranches to close, breach of lender conditions/covenants, cost overruns exhausting contingency, inability to raise further equity without material dilutionp.59
- Construction & Development Execution Risk - full-scale construction introduces execution risk across processing plant, mining fleet, grid connection, access road, community resettlement, contractor mobilisation in remote location 360km from Addis Ababa; input cost inflation, supply chain disruption, potential war/tariff/trade disruption impactsp.59
- Exploration Industry Risk - inherently speculative exploration, limited success rates, government actions (licence non-renewal, legal changes) can adversely impact operationsp.60
- Political, Security & Geopolitical Risk - operates across Ethiopia and Saudi Arabia; Oromia Mineral Development Authority jurisdictional dynamics; Tulu Kapi was temporarily halted in 2021 due to security concerns; broader risks of mining licence renewal, taxation, currency control, royalty rate and nationalisation changes; escalating geopolitical tensions including tariff barriers and critical minerals export restrictionsp.60
Read from C000736-AR-2025-ch.
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