Cyprus-based Mithril Royalties has increased its exposure to the Tulu Kapi gold project in Ethiopia following a $400 million mining services contract signed by KEFI Gold and Copper with the BCM Group. The nine-year contract marks the largest operational agreement yet for the project and advances it towards full-scale production. Mithril holds a $10 million gold royalty on future output from Tulu Kapi, linking its financial interests directly to the mining operations.

Mithril's royalty was secured at the level of KEFI’s Ethiopian subsidiary, Tulu Kapi Gold Mines, ensuring payments from the mine’s distributable cash during production. The royalty carries a risk profile comparable to equity but does not increase default risk for lenders or shareholders, making it a stable investment as the project develops.

Tulu Kapi is among Africa’s largest undeveloped gold deposits, with over one million ounces in reserves and projected annual production of about 175,000 ounces in its early years. The milestone strengthens Mithril’s position in a significant precious metals venture, underscoring Cyprus’s role in supporting international mining finance.