KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) executive chairman Harry Anagnostaras-Adams talked with Proactive about the company’s latest resource updates for the Hawiah and Jibal Qutman projects in Saudi Arabia. He highlighted that the total reported resource at Hawiah has now reached 3.00 million ounces of gold equivalent, with the potential to double based on new exploration licenses. He noted that this reinforces the project’s status as a key development asset in Saudi Arabia.
Anagnostaras-Adams also discussed the upcoming resource update for Jibal Qutman, which was previously estimated at 700,000 ounces and is expected to increase, improving resource classification. He explained that KEFI has been actively realigning its business plan, enhancing management in Saudi Arabia, and focusing on growth in exploration licenses.
He also commented on Ethiopia’s evolving economic landscape, mentioning that the African Union meeting in Addis Ababa has reinforced a positive sentiment. He noted that Ethiopia is attracting investment again after recent economic reforms, including currency liberalization. KEFI’s banking partners were present at the meetings, and discussions on project financing remain on track.
Proactive: Harry, very good to speak with you. What does the announced resource update for the Hawiah Project mean for the project specifically?
Harry Anagnostaras-Adams: Well, it means the combined resources of the full metals reported is about 3.00 million ounces of gold equivalent. Given that the strike length we've tested so far is only about half of the available strike length, and considering the new licenses awarded to us, the potential is obviously to double that. We have to do the work, but this reinforces the project's status as a top development asset for Saudi Arabia. It also strengthens our position through Gold and Minerals as the leading explorer in the country.
Proactive: Is there an update coming for the Jibal Qutman project as well?
Harry Anagnostaras-Adams: Yes, as expected. We have put it through the same independent review process for corporate and transactional reasons. The previous estimate was a 700,000-ounce resource at Jibal Qutman, and we've already indicated to shareholders that we expect an increase. The resource classification will also improve, similar to what has happened at Hawiah. This will be reported once the necessary sign-offs are completed.
Proactive: Do these updates change any of KEFI’s plans?
Harry Anagnostaras-Adams: Not at all—quite the contrary. We were already aware of how things were progressing with these projects and didn’t need independent sign-offs to guide our decision-making. Over a year ago, we began making management changes in Saudi Arabia and refining our strategy to accelerate aspects of our business plan.
The mining sector in Saudi Arabia is becoming increasingly growth-oriented, and our projects, as well as our expansion in license holdings, reflect that. There is no real change to our minerals plan—it remains on track as originally outlined. The company is also opening up more options in terms of capital allocation.
Proactive: The London share market has become less focused on development funding compared to a decade ago. How does that impact KEFI’s approach?
Harry Anagnostaras-Adams: That’s correct. The London market is not as interested in development funding as it used to be, so we are focusing on securing development funding at the subsidiary and regional levels. The growth in our resource base supports this strategy and provides us with greater flexibility in executing our business plan.
Proactive: I understand that many African banks are in Addis Ababa this week for the African Union meeting. Were KEFI’s banking partners present, and is there anything to report regarding project financing?
Harry Anagnostaras-Adams: Yes, it’s a major week in Addis Ababa, with all African Union member states discussing continental matters. From an Ethiopian perspective, the atmosphere is very positive. There have been several significant economic announcements in Ethiopia recently, demonstrating the country’s renewed growth momentum.
Previously, many multinational companies were looking to move their capital out of Ethiopia due to restrictions, but now the situation has reversed. With currency liberalization and other economic reforms, investment is flowing back into the country. Many companies are reinvesting in Ethiopia as a sign of confidence.
Our banking partners were in Addis Ababa for meetings, and while there are no immediate changes to report, our project financing plans remain on track. The momentum is continuing as expected, which is reassuring for us on the ground.
Proactive: Harry, I hope you’ll keep us updated on both of these developments. Thank you for speaking with us today.