KEFI Gold And Copper (KEFI) AGM 2024 presentation summary

Strategic positioning and regional focus

• Early mover in the Arabian-Nubian Shield, leveraging Western Australian mining expertise in under-explored regions of Ethiopia and Saudi Arabia.

• Strong regional relationships and joint ventures with local governments and partners to accelerate project development.

• Corporate re-organisation in Ethiopia to facilitate local bond issuance and future stock exchange listing.

Project portfolio and development status

• Three advanced projects: Tulu Kapi (Ethiopia), Hawiah (Saudi Arabia), and Jibal Qutman (Saudi Arabia), with a robust pipeline of additional exploration licenses.

• Tulu Kapi: 1.7Moz high-grade gold reserve, US$320M financing package near completion, early works underway, targeting 140Koz/year from 2026, scaling to 200Koz/year.

• Hawiah: 29Mt resource with copper, gold, zinc, and silver; DFS in progress, production targeted for 2027.

• Jibal Qutman: 0.7Moz gold resource, DFS ongoing, recent discoveries expanding project potential.

Financial structure and valuation

• Market cap of £41M ($53M) with 6.1 billion shares outstanding; management holds 8%.

• Tulu Kapi project finance: $190M debt from two banks, $110M equity notes/bonds, $20M subsidiary share capital.

• KEFI is undervalued compared to peers based on EV/NPV and resource metrics, despite high-quality assets.