KEFI Gold and Copper has used its Annual General Meeting presentation to address several issues that are likely to shape how the business is assessed as it moves further into the development phase at Tulu Kapi. Its priorities are changing with the maturity of the project, with funding structure, board development, succession planning and remuneration disclosure all now being treated as part of the wider delivery framework.
The AGM proxy voting showed broad support for most resolutions, including the reappointment of directors, the auditor appointment, authority to allot shares and the disapplication of pre-emption rights. However, the adoption of the annual report and accounts attracted a more divided vote, with 57.7% in favour and 42.3% against. KEFI’s presentation indicates that discussions with shareholders and advisers ahead of the meeting highlighted three main areas of concern: minimising dilutive funding, strengthening board and management structures, and providing more detail on remuneration and incentives.
KEFI notes that, from 2006 to 2024, proceeds from shares issued for cash and non-cash consideration totalled £97 million, while no funds were arranged from other finance forms. By contrast, during 2025 and 2026, KEFI reports £66 million from shares and £262 million from other forms of finance, taking total funding arranged for that period to £328 million.
The company also presents the Tulu Kapi Gold Project’s reported net present value, after financing charges and tax, as attributable to KEFI and based on gold prices of $3,000 to $5,000 per ounce. The range shown is £846 million to £1.846 billion, or $1.1 billion to $2.4 billion. KEFI contrasts this with the total value of shares issued for cash and non-cash consideration over 21 years, shown as £162 million or $211 million.
KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.
