KEFI Gold And Copper (KEFI) investor relations material

Strategic focus and leadership

• Early mover in the Arabian-Nubian Shield, targeting gold and copper assets in Ethiopia and Saudi Arabia.

• Board and executive team have extensive experience in mining, finance, and project development across Africa and Australia.

• Strong partnerships with local governments and strategic investors, including a 13% stake in the GMCO JV in Saudi Arabia.

Tulu Kapi Gold Project (Ethiopia)

• Ground-breaking ceremony held in February 2026, led by Ethiopia's Prime Minister and Oromia Region's President.

• Project has 1.7Moz JORC-compliant gold resources and 1.05Moz ore reserves, with open pit and underground mining planned.

• Construction and infrastructure underway, with $330M capex budget; $310M already signed, final $20M pending partner and lender consent.

• Projected annual gold production of 160Koz in the first year, targeting 200Koz with underground expansion.

• Base case NPV (5%) at $3,000/oz gold is $830M; spot case at $5,000/oz is $2,260M.

Financials and capital structure

• Market cap of £189M/$250M, with 10.7Bn shares on issue and 11.9Bn fully diluted.

• Funding sources include $240M in project finance loans, $40M in gold royalties, $20M government equity, and $46M in preference shares.

• Institutional shareholders include Ruffer, Konwave, Phoenix Gold Fund, RAB Capital, and Premier Miton.

• Projected net cash to the company at $3,000/oz gold is $145M per annum, rising to $319M at $5,000/oz.