In KEFI's case, we're actually gonna have three mines producing and contributing to shareholder wealth and some diversification because of that. Instead of being a one-legged stool, if you like, to be a three-legged stool. That's the fundamental we're putting aside prospectivity and the excitement of what's going to be happening in Saudi Arabia. That very fundamental thing changes the nature of KEFI risk, if you like, to an owner of KEFI shares.
Hello, you're watching Proactive. I'm joined by KEFI Gold and Copper Executive Chairman, Harry Adams. Harry, very good to speak with you, and Happy New Year. What were the main points of last week's highly detailed and long RNS?
Happy New Year, Steven. Well, the company is a different company today than it was a month ago, and therefore, we felt it was important to spell it out in great detail, partly in response to a plethora of questions we'd received on our info line and partly just courtesy, and you know, due process. The main point really is that we've got the money to develop the Tulu Kapi project. We've barely any reliance on the shareholders for that process. Secondly, the principal contractor and our teams in country have been triggered.
I suppose, thirdly, that the community, the government, and all the other local stakeholders are, you know, all lined up and pushing hard to do whatever they need to do, whatever their responsibilities are. Quite a transformational moment. Hard to overstate its importance. From being a, you know, an aspiring developer in a frontier market to being a developer in a market that's now taking off in other sectors and is experiencing gold rushes and in the midst of this very strong bull market that's occurring for metals and gold in particular. It's a different company. That's why the long RNS.
Harry, we're used to seeing you as KEFI, but who are the other key parties involved in Ethiopia?
Well, I'm the spokesman, and we have a one spokesman rule on each agenda with each stakeholder. But it's not to say that, you know, this is a one-man band. There's a full team around me and working in the company, quite bespoke, if you like, for the task at hand. We brought in the development managing director last year into Ethiopia and a highly experienced chief operating officer-type former Western mining man from Western Australia. A classic pedigree for the task. He knows Ethiopia well. He actually was instrumental in our buying it. Helped us do our due diligence and then came back to develop it. He's so driven, if you like, to do it. The Finance Director, Project Manager, social environmental manager, they're all in place in-country.
You know, dealing with the realities on the ground. There's a full team around them, mostly Ethiopian that we've groomed for the position. Yeah, it's a powerful team. All African experienced, and nearly all African. It's a bespoke team with the right pedigree, and I'm very, if you like, thankful and proud to be working with them.
Launching the Ethiopian flagship project is the key news item, so why details on Saudi Arabia?
Well, that's a pretty neat question. An unstated risk for a single asset developer that is a systemic risk that should be addressed if it can be. In a way, that's what we've done: it's a single asset developer. Therefore, in KEFI's case, we're actually gonna have three mines producing and contributing to shareholder wealth and some diversification because of that. Instead of being a one-legged stool, if you like, to be a three-legged stool. That's the fundamental we're putting aside prospectivity and the excitement of what's going to be happening in Saudi Arabia. That very fundamental thing changes the nature of KEFI risk, if you like, to an owner of KEFI shares.
How does KEFI deliver on Saudi Arabia at the same time as in Ethiopia?
Yeah, well, we wouldn't take on the responsibility to lead the charge on all of those assets. We wouldn't do that because the company, while, you know, while some of us have been around a long time and been involved in many mine developments in Australia in particular, the leadership team has all the experience that you'd need. Building the production shop in Ethiopia means that it's sort of all hands on deck with a clear focus and a clear mandate. We don't distract the Ethiopian team onto Saudi Arabia. In Saudi, the joint venture company we have with the Al Rashid family is a powerful entity in its own right now. We appointed the managing director for development there last year also.
The Al Rashid family is a conglomerate of interests under the family. They have large construction interests and other interests, and therefore, the wrapping of governance and oversight provided by our partner there complements us and means that on the one hand, we have the benefit of those assets for Kefi, but we don't have the operator's primary responsibility for those assets. That means that Kefi indeed, as an operator, is focused on Tulu Kapi.
Just finally, Harry, why does the RNS talk about moving to the main markets in 2028?
Well, the company's growing before our eyes, rapidly. One of the aspects of its growth is its, you know, its market capitalization as it's transforming quickly into a developer and then into a producer. In so doing, as the market cap grows, it needs a deeper and broader stock market for its shares, for the company shares. I'm told that today we're the second-largest traded stock on AIM, and we've barely started, you know, in terms of our growth. You know, we're up three- or fourfold over the last 6 or 8 months, whatever it is. You know, that's gonna keep going. That sort of response, if you like, as we put runs on the board and deliver on our mandate.
We need to be in a bigger market, and the obvious one is the main board in London.
Good news to start 2026. Harry, thank you very much for your time today.
Oh, you're very welcome. Thanks for giving me the opportunity. Happy New Year.
To you. Harry Adams, Executive Chairman of KEFI Gold and Copper.