Exploration and development company KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) noted encouraging progress at its flagship Tulu Kapi project in Ethiopia and ongoing exploration in Saudi Arabia as first-half reporting highlights.
The Tulu Kapi project continues to move forward, with the Early Works program benefiting from strong community support.
An absence of major environmental and social issues has allowed KEFI to focus on advancing site preparations and financing discussions.
Ethiopia's recent pro-development reforms, including currency changes and IPO launches, have bolstered the local investment environment, positioning KEFI to benefit from these positive shifts.
In Saudi Arabia, KEFI's joint venture made core discoveries at the Jibal Qutman and Hawiah projects, with feasibility studies and expanded exploration work underway.
Financially, KEFI reported an operating loss of £4.63 million and a net loss of £6.1 million, reflecting continued investment in its projects.
The company raised £5 million in gross proceeds during the period, providing additional funds for project development.
Cash reserves stood at £982,000 as of 30 June.