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February 27, 2026Chancery Royalty completes $20mn royalty deal with KEFI Gold to finance Tulu Kapi Gold Mine
Tulu Kapi Gold Mine, Ethiopia
Chancery Royalty Ltd has announced the completion of a US$20mn royalty deal with KEFI Gold and Copper plc, providing financing for the Tulu Kapi gold mine. Their project is now fully funded and remains on track for commissioning in early 2028, with annual gold production targeted to exceed 160,000 ounces.
Chancery’s initial royalty portfolio includes one producing silver royalty at Gold Road in Arizona, two near-term gold royalties at Laiva Gold in Finland and Pilar Gold in Brazil, and now the world class Tulu Kapi gold mine in Ethiopia. These assets provide near-term cash flow visibility and support a clear path to multi-year growth.
The Company has recently launched a Series A – Strategic Expansion Financing at US$3.00 per share. At this price, the implied pre-money valuation equates to approximately 0.3x Price to NAV, which is below the typical 1.0x-1.5x range at which publicly listed junior and mid-tier royalty companies currently trade.
Chancery Royalty Ltd. is a precious metals royalty company based in Hamilton, Bermuda, with a portfolio of gold and silver royalty interests in established mining jurisdictions, including exposure to development-stage projects.
The Company is advancing its strategy and is targeting a public listing in the first half of 2026. KEFI is an AIM-listed exploration and development company. Its flagship asset, the Tulu Kapi Gold Project in Ethiopia, has secured a comprehensive US$340 million project financing package through its subsidiary, Tulu Kapi Gold Mines S.C., including Chancery’s US$20 million 4.8% royalty.
