Gold exploration company KEFI Minerals (LON:KEFI) saw shares rise on Wednesday, after moving one step further to the finalisation of funding for its latest project.

The company, who are currently running projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, announced the completion of its 2017 Definitive Feasibility Study Update for the Tulu Kapi Gold Project. KEFI’s Executive Chairman, Mr Harry Anagnostaras-Adams, said:

“By today publishing an updated definitive feasibility study, we are pleased to have completed another vital step towards finalising funding arrangements. Total funding requirements of approximately $160 million and other key aspects remain consistent with recent guidance.

“Comparison with KEFI’s 2015 DFS two years ago summarises the myriad of refinements since then, such as detailed operational plans with project contractors including accelerated ore processing that increases gold production to 115,000 ounces per annum, thus improving profitability and cash flows. The update also details the technical rigour behind the improvements made to the project since KEFI assumed control in 2014.”

Completed by Lycopodium Minerals Pty Limited and approved by KEFI, the 2017 DFS Update is now the base case for overlaying the funding commitments, whilst higher targets will be set for business planning purposes. The financial analyses have been prepared by Endeavour Financial.

Shares in KEFI Minerals are currently trading up 3.25 percent to 5.40 (1039GMT).