KEFI Gold And Copper (KEFI) investor relations material

Project progress and development

• Tulu Kapi project is in month four of a 27-month development schedule, with construction already underway, including phase 1 of housing relocation and bulk earthworks set to begin in August.

• Major machinery for the project is being fabricated internationally for future delivery.

• The project remains on schedule, with the critical path closely monitored and no significant delays reported.

Financing and funding status

• The financing package for Tulu Kapi remains intact, with equity invested first and debt drawdown to follow upon meeting three sets of conditions precedent.

• Lenders are fully committed, with recent site visits confirming progress and readiness for debt release.

• Force majeure clauses exist, but current stability in Ethiopia supports continued project advancement.

• The first $100 million from equity is expected to last until around October, after which debt drawdown will commence.

Expansion and exploration opportunities

• Focus remains on safe and reliable startup, but exploration efforts are underway to identify additional deposits and expand resources.

• Ethiopia and Saudi Arabia projects are prioritized, with Jibal Qutman and Hawiah in Saudi Arabia advancing toward development.

• The company aims to become a multi-asset gold producer, carefully balancing capital allocation between current and future projects.