REG - Kefi Gold and Copper - GMCO - Saudi Exploration Enablement Program

KEFI Gold and CopperAnnouncement

23/01/2025 07:00

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RNS Number : 3606U  Kefi Gold and Copper PLC  23 January 2025

23 January 2025

KEFI Gold and Copper plc

 

("KEFI" or the "Company")

 

GMCO selected for the Saudi Government's Exploration Enablement Program

 

KEFI (AIM: KEFI), the gold and copper exploration and development company
focused on the Arabian-Nubian Shield, is pleased to report that its Gold and
Minerals SLA ("GMCO") joint venture in Saudi Arabia, has been selected as one
of six companies out of 49 applicants for the Saudi Government's Exploration
Enablement Program ("EEP"), designed to boost discovery and investments in the
sector.  This reinforces GMCO's already-rapid growth momentum.

 

This also coincides with KEFI' recently announced strategic review of its
investment in GMCO (see the Company's announcement on 13 November 2024).
 KEFI has received interest from a number of parties who are now exploring
the acquisition of the Company's 15% shareholding in GMCO.  As a result, KEFI
has set a deadline of 28 February 2025 for the submission of proposals with
indicative terms.

 

Saudi Government's Exploration Enablement Program

 

GMCO and the other five selected companies will benefit from key Saudi
government support aimed at attracting high-quality investments and
accelerating exploration efforts.  The government has allocated SR685 million
(approximately US$182.6 million) to the EEP for the period 2024 to 2030,
funding initiatives designed to enhance the sector's global competitiveness
and create long-term strategic value.

 

This initiative seeks to expand the exploration of strategic minerals in
underexplored regions, mitigate investment risks in the mining sector, and
improve the reliability of technical data.  So far the programme has achieved
significant milestones, including geophysical surveys spanning 9,500 square
kilometres, the collection of 57,000 geochemical samples, and 440,000 metres
of drilling.

 

This programme aims to further strengthen the successful applicants' proven
dedication to exploration.  GMCO is the only private sector company in Saudi
Arabia to have achieved significant discoveries and advanced them into
development studies since its incorporation in 2008.  GMCO has one of the
largest exploration teams in the Kingdom and has built a large proprietary
database.

 

KEFI Executive Chairman, Harry Anagnostaras-Adams commented: "KEFI takes great
pride in GMCO'S vision and achievements since forming the Company in 2008
alongside its partner, ARTAR.  The prestigious and valuable award of
government support for exploration is a testament to the exceptional quality
of the team's work and performance.

 

"KEFI anticipated the growing global interest in Saudi Arabia and the broader
Arabian-Nubian Shield.  Together with its partners, ARTAR in Saudi Arabia and
the Ethiopian Government, the Company will now evaluate a range of proposals
from third-party investors.  These proposals include potential opportunities
to either acquire KEFI's shareholding in GMCO or invest in an alternative way
that strengthens the Company's continued growth and development."

 

 KEFI Gold and Copper plc
 Harry Anagnostaras-Adams (Executive Chairman)       +357 99457843
 John Leach (Finance Director)                       +357 99208130

 SP Angel Corporate Finance LLP (Nominated Adviser)  +44 (0) 20 3470 0470
 Jeff Keating, Adam Cowl

 Tavira Financial Limited (Lead Broker)              +44 (0) 20 7100 5100
 Oliver Stansfield, Jonathan Evans

 IFC Advisory Ltd (Financial PR and IR)              +44 (0) 20 3934 6630
 Tim Metcalfe, Florence Chandler

 3PPB LLC (Institutional IR)
 Patrick Chidley                                     +1 (917) 991 7701
 Paul Durham                                         +1-203-940-2538

 

 

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