KEFI Gold and Copper reported further positive developments at the Company's high-grade Tulu Kapi Gold Project in Ethiopia, as it prepares for full launch in first half 2024. As previously reported, all of the required development budget of USD 320 million (exclusive of the historical equity investment of c. USD 100 million) has been sourced at the subsidiary level. The final approvals from the lead-bank, all other parties triggered their formal approval processes which are now all advancing, notably including progress with both the co-lending bank and the local equity-capital investors.

A positive development is that recent regulatory changes have facilitated the improvement to the equity funding structure which has lowered overall finance costs. The regulatory changes of note were the foreign exchange exemptions, the increase in the maximum permissible ratio of debt to equity from 70:30 to 80:20 and the deeming as foreign direct investment the re-investment of the local currency (Ethiopian BIRR) retained earnings of multi-national corporations ("MNC") into new business sectors.