KEFI Gold And Copper (KEFI) Investor update summary

Post-AGM updates and board changes

• AGM resolutions passed with 90%-94% approval; farewell to retiring director and welcome to new board member Addis Alemayehu.

• Corporate reorganization in Ethiopia progressing to facilitate financing closings.

• Focus shifting to regional alliances, community alignment, and public messaging.

Project progress and financing milestones

• Tulu Kapi project in Ethiopia nearing final financing stages; government and private sector equity already committed.

• Security, foreign exchange exemption, and bank country membership are key conditions; security and FX exemption achieved, bank formalities ongoing.

• First independent bank site inspection completed; comprehensive final visit scheduled for early September.

• Both banks expected to approve financing by Ethiopian New Year (September 11).

• Local equity and risk premium investors to follow after bank approvals in a typical financing sequence.

Community, government, and security environment

• Community eager for project commencement, focused on job creation; frustration over delays is palpable.

• Government highly supportive, providing unprecedented security and logistical support.

• Security at Tulu Kapi is at its highest level in six years, with comprehensive measures in place.