KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF, FRA:KMSA) executive chairman Harry Anagnostaras-Adams talked with Proactive's Stephen Gunnion about closing the company’s full US$340 million project financing following a US$20 million investment from Chancery Royalty, marking what he described as a confirmatory milestone rather than a fundamental change in strategy.

Speaking from the Mining Indaba in Cape Town, Anagnostaras-Adams explained that bank approvals secured in October covered 70% of development capital, allowing KEFI to optimise the remaining equity components. He highlighted that the company structured the financing largely at the subsidiary level, reducing dilution at the parent company. The latest US$20 million funding was arranged as an “equity ranking royalty,” designed so that payments are only made when dividends are payable to shareholders.

“A conventional royalty gets paid before operating expenses… this has been deliberately positioned so that it only gets paid when dividends can get paid,” he said, emphasising alignment with shareholder interests.

The project, valued at approximately US$400 million, has been financed in a way that minimised equity dilution, including contractor arrangements that reduced capital requirements to US$340 million and the participation of a major development bank for US$240 million.

Discussing valuation, Anagnostaras-Adams noted the stock has tripled over the past six months and said benchmarking against similar-stage gold companies suggests further potential upside, although he stressed that market movements are outside management’s control.

At Indaba, KEFI has been meeting contractors, capital providers, insurers and government representatives as mobilisation begins. “We’ve pressed the button, we’re launching fully,” he said, describing activity across site locations and contractor hubs globally.

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