Shares in KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF, FRA:KMSA) rose 8% to 1.48p on Wednesday after the company confirmed continued progress toward finalising the full $340 million funding package for its Tulu Kapi gold project in Ethiopia.
The company update was supported by a research note from SP Angel, which reiterated a 'buy' recommendation with a 4.9p price target.
The final documentation for the $240 million senior loan facility is now complete, while the remaining $100 million in equity-linked risk capital (including subordinated streaming and Ethiopian preference shares) is undergoing final legal work.
Completion of the entire funding package remains on track for February.
SPA noted that the project is moving steadily toward financial close, with early site work already underway.
“Tulu Kapi draws closer to closing final $340m project funding package with the target to close in February,” the firm stated, pointing to the visible de-risking of a long-awaited gold development in Ethiopia.