KEFI Gold And Copper (KEFI) investor relations material

Financing and Capital Structure

• Fully funded for Tulu Kapi development, cost overrun reserves, and initial growth opportunities, with a $355M package including $240M debt, $15M working capital, $44M equity, and $20M government investment.

• $400 million capital-raising structure completed, retaining over 80% of the main asset.

• $50M preserved for additional equity-ranking capital in subsidiaries for risk mitigation and future opportunities.

• Recent equity placing prioritized institutional investors, strengthening the share register and reducing dilution risk.

• Service providers opted for shares instead of cash for fees, aligning interests.

Project Development and Milestones

• Construction has commenced, with ground-breaking led by Ethiopia's Prime Minister in February 2026 and major works including new access roads and infrastructure.

• 27-month construction schedule started, with early activities focused on resettlement and procurement.

• Commissioning of open pit and infrastructure targeted for Q1 2028, with average production of 166Koz gold per year for 8 years.

• Underground mine development and updated ore reserves underway, aiming for 200Koz annual production for over 10 years.

• Community resettlement progressing in phases, with the first phase completed and subsequent phases scheduled.

Economic Metrics and Valuation

• Average EBITDA for years 1-3 estimated at $355M–$697M at gold prices of $3,000–$5,000/oz.

• NPV (5%) at construction start: $1,286M at $3,000/oz; at production start: $2,840M at $5,000/oz.

• Net asset value per share estimated at 6–14p, with upside of 523%–1,054% to current share price.

• All-in sustaining costs (AISC) projected at $1,114–$1,254/oz, with leveraged IRR up to 397%.

• Projected to be a cashflow powerhouse, with market cap less than one year's net cashflow at current gold prices.