KEFI Gold & Copper - Post AGM Investor Presentation Thoughts

• Harry Anagnostaras-Adams, the executive chair, emphasized that the company has a leadership position in both Ethiopia and Saudi Arabia, focusing on areas labeled as frontier markets for mining.
• Their approach emphasizes community integration, government regulation, and applying modern mining practices in countries that haven't had them in decades.
• Adams addressed concerns about stock market support, stating that many pre-production exploration and development companies cannot solely rely on the stock market for substantial funding.
• The company considers potential secondary listings in other jurisdictions, but the priority remains on advancing their projects. The team acknowledges past over-optimism but emphasizes their commitment to the challenges of working in frontier countries.

About KEFI Gold & Copper

KEFI Gold & Copper aims to create shareholder value by responsibly developing gold and copper deposits discovered by the company. Formed in 2006, KEFI is focused on the highly prospective Arabian-Nubian Shield. The company partners with reputable local organizations for its projects, such as ARTAR in Saudi Arabia and the Ethiopian Government.

KEFI’s most advanced project is the Tulu Kapi Gold Project in Ethiopia, with development activities underway. The company also has a significant copper-gold discovery at Hawiah and an earlier gold discovery at Jibal Qutman in Saudi Arabia undergoing feasibility studies. With a portfolio of exploration licenses in the underexplored Arabian-Nubian Shield, KEFI is well-positioned for further discoveries. Led by experienced management and aligned with industry specialists, KEFI is confident in its mission, assets and team to responsibly develop shareholder value through gold and copper.

KEFI Advances Funding for Tulu Kapi Project

KEFI Gold & Copper held a shareholder presentation and Q&A session following its 2023 Annual General Meeting. Executive Chairman Harry Anagnostaras-Adams provided an overview of the company’s progress and outlook. Key highlights focused on funding and development plans for the Tulu Kapi gold project in Ethiopia and exploration programs at the Hawiah copper-gold project in Saudi Arabia.

Tulu Kapi Gold Project Funding Nearing Completion

• Tulu Kapi is planned as an open pit and underground mine in western Ethiopia with an average annual production of 135,000 oz gold over 7 years. Total capital cost is estimated at $400M.
• KEFI Gold & Copper has arranged 95% of Tulu Kapi’s development capital from project finance sources at the subsidiary level, avoiding reliance on equity markets. This was a key condition for lenders before deploying capital into the first modern mining project finance facility in Ethiopia.
• Three key conditions were recently met that allow the drawdown of funds: agreement for an international bank to operate in Ethiopia, deployment of security services in the area, and establishment of a framework for international payments.
• The remaining $20M capital requirement is expected to come from KEFI Gold & Copper warrants or other sources. If not needed, funds can be redirected toward equipment purchases.
• Strong cash flows are projected to cover debt service costs at a range of gold prices.
• The company is now focused on finalizing legal agreements and documentation to trigger the release of funds. Major construction remains on track to commence in Q4 2023.

Community Resettlement Critical Path for Construction Start

• With financing nearly complete, KEFI's primary focus is now the social management process for the resettlement of local households in the mine area.
• Resettlement will be phased based on the sequence of early mine construction activities to manage the process with hundreds of households.
• The company has prepared resettlement plans but has purposefully not begun engagement with households until funding was certain. This approach was taken to avoid raising expectations unless the project was definitively going ahead.
• The resettlement process is on the critical path for the start of major construction in Q4 2023. While challenging, the company is confident in its social management team’s ability to implement a responsible resettlement process.

Exploration Continuing in Saudi Arabia

• In Saudi Arabia, KEFI Gold & Copper holds an interest in exploration licenses operated by a joint venture company called Gold and Minerals.
• Drilling to date has outlined mineral resources at the Hawiah copper-gold project and Al Godeyer copper-zinc-gold project. Metallurgical studies are underway.
• Various development concepts continue to be assessed as part of ongoing feasibility studies expected to be completed in 2023. Significant potential exists to expand the deposits.
• KEFI's partner has the right to dilute or buy out KEFI's interest if it does not contribute pro-rata to exploration spending. However, KEFI Gold & Copper would receive fair value compensation. This ensures the projects can continue advancing.
• A potential listing of the joint venture company in Saudi Arabia is being considered as the country opens up mining investment. This would help demonstrate the assets’ value.

Improving Backdrop in Ethiopia and Saudi Arabia

• KEFI Gold & Copper entered Ethiopia and Saudi Arabia over 15 years ago as early movers into the largely undeveloped mining sectors in each country.
• In recent years, the industry and investment climate has improved considerably in both countries, with government support for mining projects.
• Major mining companies have now acquired exploration land around KEFI's projects demonstrating the region's prospectivity.
• KEFI Gold & Copper believes it is well positioned with first mover advantage in Ethiopia and Saudi Arabia as leading projects in both countries' transition toward development and production.

Key Upcoming Milestones

Over the next 1-2 quarters, KEFI Gold & Copper is focused on:

• Finalising documentation and releasing funds for Tulu Kapi
• Implementing the resettlement process and starting earthworks
• Expanding resources through drilling in Saudi Arabia
• Assessing potential secondary listings for KEFI and/or its Saudi JV

Financing Overhang Limiting Share Price Appreciation

• An investor question focused on why KEFI's share price has lagged compared to mining indexes and metal prices.
• The executive chairman acknowledged financings risks and development delays have caused ongoing scepticism being reflected in the share price.
• However, with funding now largely complete, he expressed optimism the shares should rerate as the company transitions to developer status and executes its clearly defined work program over the coming year.

Committed Team Positioned for Success

In his closing remarks, the chairman emphasised Kefi Gold and Copper has a committed team that has persevered through challenging social and political conditions in Ethiopia over an extended period. With financing in place, strong government support, and a structured execution plan, the company is now positioned for success in developing its first modern mining project in Ethiopia.

The chairman thanked long-term supportive shareholders and noted the entire board believes in the prospects for wealth creation as Kefi Gold and Copper transitions into an emerging gold producer in a prospective region.

The Investment Thesis for KEFI Gold & Copper

KEFI Gold & Copper offers investors potential exposure to high-upside gold and copper projects in frontier markets at an early, discounted stage.

Several factors make KEFI a speculative investment:

• First mover advantage - By entering Ethiopia and Saudi Arabia early, KEFI Gold & Copper has built up extensive local knowledge and relationships as well as technical insights into regional geology. This gives it an edge as international interest grows.
• Funding de-risked - After years of work, KEFI has secured most of the capital required to build its Tulu Kapi mine without excessive dilution. The last ~5% of funding is viewed as readily attainable.
• Production approaching - Tulu Kapi already has a mineral reserve and is expected to begin construction in 2022, with the first gold production targeted for 2024. KEFI's transition to producer status is materializing.
• Additional upside options - Beyond Tulu Kapi, KEFI's Saudi Arabia projects and Ethiopian exploration concessions provide shareholders with further optionality.
• Undervalued assets - KEFI's market cap of around £50M is a fraction of Tulu Kapi's NPV and does not reflect prospects in Saudi Arabia. As development advances, significant re-rating potential exists.
• Experienced team - KEFI's board and management have deep expertise operating across Africa and the Middle East. This provides investors confidence in the company's ability to execute.

KEFI Gold & Copper offers speculative investors relatively low-cost exposure to high-quality gold assets in frontier markets at a potentially opportune time. As KEFI transitions to producer status, its resources and relationships put the company in a position to generate significant shareholder value.