KEFI Gold And Copper (KEFI) Investor presentation summary

Strategic focus and regional context

• Concentrates on gold and copper development in the Arabian-Nubian Shield, leveraging geological similarities to Western Australia for growth potential.

• Operates in Ethiopia and Saudi Arabia, with a pipeline of projects and joint ventures, including GMCO with ARTAR and Hancock Prospecting.

• Ethiopia and Saudi Arabia have prioritized mining sector reforms, licensing, and foreign investment, with Ethiopia targeting a GDP mining share increase from 1.94% to 14% over ten years.

• Saudi Arabia's Vision 2030 and Ethiopia's economic reforms have accelerated sector growth and attracted global players.

Flagship projects and resource base

• Tulu Kapi Gold Mine in Ethiopia is advancing toward production, with a 1.05Moz reserve at 2.12g/t and a 1.72Moz resource at 2.65g/t.

• Projected open pit production is 135Koz gold per year, with underground expansion planned to lift output to 179Koz per year.

• Hawiah (Saudi Arabia) is a top-three base metals discovery, with 36.2Mt at 0.82% copper, 0.86% zinc, 0.64g/t gold, and 10g/t silver; targeted for production in 2027.

• Jibal Qutman (Saudi Arabia) holds a 0.9Moz gold resource, with feasibility studies underway and recent discoveries expanding potential.

Financial structure and economics

• Tulu Kapi project finance totals $320M, with $240M secured debt and $80M equity risk capital, involving African development banks and local investors.

• Project NPV (100%) is $1,069M at $3,000/oz gold, with an IRR of 89%; at $2,400/oz, NPV is $690M and IRR 65%.

• Average annual net cash flow projected at $213M at $3,000/oz gold, with AISC of $918/oz at $2,400/oz.

• Financing syndicate includes banks, government, contractors, and regional investors, with KEFI expected to retain 80-85% beneficial interest in Tulu Kapi.