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Lycopodium Ltd. has secured an A$118 million Engineering, Supply and Labour Hire (ESLH) contract for the Tulu Kapi Gold Project in Ethiopia, managed by KEFI Gold and Copper. Services have already begun, targeting full gold production by mid-2028.

The contract encompasses engineering, procurement, and project management for a 2 Mtpa greenfield gold plant and associated infrastructure. KEFI has issued a limited notice to proceed valued at A$30.1 million, with the final contract execution expected in the coming weeks. The deposit will initially be mined using conventional open-pit methods, with plans for underground production in the future.