KEFI Gold And Copper (KEFI) Investor update summary

Resource updates and project growth

• Combined resources at Hawiah now total about 3 million oz gold equivalent, with potential to double as only half the strike length has been tested and new licenses have been awarded.

• Jibal Qutman resource update is forthcoming, expected to increase from the previous 700,000 oz and improve resource classifications.

• Both projects reinforce the company's position as a leading explorer in Saudi Arabia and reflect the country's increasingly growth-oriented minerals agenda.

Strategic and operational outlook

• No changes to the current business plan; management changes and a refocus in Saudi were implemented over a year ago to accelerate progress.

• Growth in license holdings and resource base provides more options for capital allocation and supports development funding at the subsidiary and regional level.

• The company is opening up more choices for decision-making and pursuing its business plan more effectively.

Regional and financing environment

• Ethiopia is experiencing positive economic reforms, with multinationals now investing due to relaxed capital controls and new deals being announced.

• Banks involved in project financing are present at the African Union meeting in Addis Ababa, with ongoing meetings and no change to project momentum.

• The overall atmosphere in Ethiopia is described as palpably positive, supporting continued project progress.