KEFI Gold And Copper (KEFI) Investor presentation summary

Strategic vision and corporate overview

• Aims to become a leading gold producer in the Arabian-Nubian Shield, anchored by the Tulu Kapi project in Ethiopia and a portfolio in Saudi Arabia.

• Tulu Kapi is Ethiopia’s first modern Tier-1 gold mine, targeting production from 2028, with an updated schedule following a security incident.

• Holds a 13% stake in GMCO, a Saudi JV with ARTAR, with key projects Jibal Qutman and Hawiah advancing toward development.

• Mining is aligned with Saudi Vision 2030, and Tulu Kapi holds Ethiopian Strategic Project status.

• Focus on responsible mine development, compliance with international standards, and strong government and community partnerships.

Project portfolio and development status

• Tulu Kapi: 1.05Moz Probable Ore Reserve, 1.7Moz resources, 7–8 year mine life, 180koz/year steady-state output, AISC $1,100–1,300/oz.

• Jibal Qutman: 902koz gold resource, near-surface, oxide-dominated, investment decision targeted for H2 2026, 24-month build.

• Hawiah: 38.2Mt resource (copper, zinc, gold, silver), among top three Saudi base metals projects, DFS in progress.

• Over 16 exploration licences in Saudi Arabia and new Ethiopian licences prioritized.

• Tulu Kapi construction includes community resettlement, infrastructure, and procurement, with schedule under review after a security incident.

Financials, structure, and market positioning

• Market cap of £110m/$143m, 13.8bn shares in issue, preparing for Main Market transfer on LSE.

• Trades at <0.10x P/NAV, below peer average of 0.57x, with significant re-rating potential.

• Institutional and retail shareholder base, with T. Rowe Price and Konwave AG among key holders.

• Debt drawdown and additional local funding in progress; project finance for Saudi assets is independent of Tulu Kapi.

• Comprehensive governance review underway for LSE Main Market transition.