KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) booked a loss before tax of just over £4.9mln in the year to December 2021.
The company had cash of just £394,000 at the year end, although it subsequently raised £8mln in April 2022.
The AGM will be held on 30 June.
During the year, significant progress was made across the company’s portfolio of assets. Improvements in the security situation in Ethiopia allowed for further development on the Tulu Kapi gold project, while improvements in the regulatory situation in Saudi Arabia allowed for the advancement of the Hawiah and Godeyer projects.
The aspiration is to build a mid-tier mining company with aggregate annual production of 365,000 ounces of gold and gold equivalent, in which KEFI will have a beneficial interest of 187,000 ounces of gold and gold equivalent.
Total resources now amount to 4.7mln gold-equivalent ounces, with KEFI's beneficial interest in the in-situ metal content ringing in at 2.1mln gold-equivalent ounces.
There is significant potential to increase Tulu Kapi's current reserves of 1.05mln ounces of gold, but economic projections already indicate the project will deliver average EBITDA of US$100mln per year, with all-in costs pegged at US$1,048 per ounce.
Meanwhile, at Hawiah recoverable metal is now estimated to be in the order of 2.2 mln gold-equivalent ounces.
KEFI is working towards completing a preliminary feasibility study for Hawiah and an updated resource in late 2022.