2414: KEFI Gold and Copper: Could a district-scale play now emerge around Tulu Kapi?

KEFI Gold and Copper's (KEFI) annual report and accounts have been released for the year to December 2025, and the company's chairman, Harry Anagnostaras-Adams has taken the opportunity to update investors on progress at the Tulu Kapi project as well as in Saudi Arabia. The construction process is now well underway at Tulu Kapi, and the low projected cost per ounce means that annual EBITDA could run anywhere in the range of US$355 million up to nearly US$700 million. While construction is going on, though, serious exploration will once again resume, as the company attempts to prove that Tulu Kapi isn't just a one-off, but is in fact the first in a district-scale play.