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Mithril Royalties Signs Royalty Agreement At Tulu Kapi Gold Project

Strategic Expansion In Africa’s Gold Arena

Cyprus-based Mithril Royalties announced a development related to Ethiopia’s Tulu Kapi gold project after KEFI Gold and Copper finalized a mining services contract with BCM Group valued at more than $400 million. The agreement covers the first nine years of mining operations and represents the largest operational contract signed for the project to date.

Landmark Contract With BCM Group

Announced on June 22, 2026, the contract forms part of the project’s preparations for production. Mithril’s involvement comes through a $10 million gold royalty linked to Tulu Kapi Gold Mines, KEFI’s Ethiopian subsidiary. As a result, royalty payments will be tied directly to the performance of the project rather than the wider corporate group.

Resilient Royalty Structure And Risk Profile

According to the company, the royalty carries commercial terms comparable to those of a $20 million royalty held by Chancery Royalty, despite representing a smaller nominal gold exposure.

Disclosures published by KEFI Gold and Copper on the London Stock Exchange state that royalty payments will be made from distributable cash alongside shareholder distributions. The company also said the arrangement does not create additional default risk for lenders or shareholders during the development phase.

Looking Ahead: Production Forecast And Market Impact

Tulu Kapi contains reserves of 1.05 million ounces of gold and total resources of 1.72 million ounces. Annual production is projected at approximately 175,000 ounces during the early and mid-life stages of the mine.

Commenting on the transaction, Mithril Royalties founder and CEO John Costaschuk said the royalty structure provides exposure to producing assets as projects move from development into operation.

Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

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