Kefi Gold and Copper PLC (KEFI), the AIM-listed gold and copper explorer focused on projects in Ethiopia and Saudi Arabia, has disclosed a major shareholding notification revealing that T. Rowe Price Associates, Inc. has reduced its effective voting stake in the company. The TR-1 form, completed on 6 November 2026, confirms that the US-based asset manager's total position fell to 4.967988% from a previously notified 5.242138%, crossing the 5% disclosure threshold on 4 November 2026. The change is driven entirely by a reduction in voting rights held through financial instruments, with the underlying share position marginally increasing. Investors in KEFI may wish to monitor whether further institutional adjustments follow this threshold crossing.

Key Points

  • Kefi Gold and Copper PLC (KEFI) — AIM-listed gold and copper explorer, ISIN GB00BD8GP619
  • T. Rowe Price Associates, Inc. crossed below the 5% voting rights threshold on 4 November 2026
  • Total voting rights position moved from 5.242138% to 4.967988%, representing 684,192,239 shares held indirectly via T. Rowe Price International Ltd.
  • Investors should watch whether the position stabilises below 5% or triggers further regulatory notifications

T. Rowe Price Associates Falls Below 5% Threshold in Kefi Gold and Copper

The TR-1 notification confirms that T. Rowe Price Associates, Inc., headquartered in Baltimore, Maryland, crossed below the 5% major shareholding threshold in Kefi Gold and Copper on 4 November 2026. The notification was filed with the issuer on 6 November 2026 and completed the same day. All 684,192,239 voting rights are held indirectly through T. Rowe Price International Ltd., the firm's London-based subsidiary, with zero direct voting rights recorded. The trigger for the notification was an acquisition or disposal of voting rights, as stated in the standard TR-1 form submitted under the UK Disclosure Guidance and Transparency Rules.

How the Stake Composition Changed From the Previous T. Rowe Price Notification

The previous notification for T. Rowe Price Associates recorded a total position of 5.242138%, comprising 4.929869% in shares and 0.312269% through financial instruments. The updated position records 4.967988% entirely in shares, with the financial instruments component now standing at zero. This indicates that the reduction in the overall stake was driven by the removal of the financial instruments element, while the direct share-equivalent position — held via T. Rowe Price International Ltd. — slightly increased from 4.929869% to 4.967988% in percentage terms, according to the figures disclosed in the announcement.

Kefi Gold and Copper's Project Portfolio and Investor Significance of Institutional Holdings

Kefi Gold and Copper is an exploration and development company with flagship assets including the Tulu Kapi gold project in Ethiopia and the Hawiah copper-gold project in Saudi Arabia. Institutional shareholding movements at or near the 5% threshold are closely watched by investors, as they can signal shifts in long-term conviction among major fund managers. T. Rowe Price's presence as a significant shareholder reflects the institutional interest that junior mining companies such as KEFI can attract during active project development phases, and any further threshold crossings would require additional mandatory disclosure.