Kefi Gold And Copper Plc · LSE:KEFI
Kefi Gold And Copper — Investor Presentation (March 2026)
29 slides from Kefi Gold And Copper's investor presentation, Mar 3, 2026
Slide 1: Early Mover in Arabian-Nubian Shield: Ground-Breaking at Tulu Kapi Gold
Early Mover in Arabian-Nubian Shield Ground-Breaking at Tulu Kapi Gold 3 March 2026 kefi-goldandcopper.com
Slide 2: Disclaimer
Disclaimer ARABIAN-NUBIAN SHIE 2 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 3: KEFI Board of Directors
KEFI Board of Directors Experienced Industry Specialists for the Region Harry Anagnostaras-Adams John Leach Addis Alemayehou Alistair Clark Richard Robinson Executive Chair – B. Comm, MBA, Finance Director – BA Economics, Non-Executive – Chair of Non-Executive – representative with the Non-Executive
Slide 4: Solid Platform for Rapid Growth
N Gold/Copper Deposit KEFI MINERALS ETHIOPIA KEFI (G&M JV) EL Solid Platform for Rapid Growth KEFI (G&M JV) ELA Arabian Nubian Shield ETHIOPIA – Major new gold mine starting construction ▪ Tulu Kapi Gold Mine JV KEFI-Ethiopian Govt ▪ Starting construction. 1st stage 160Koz Year 1 open pit and target
Slide 5: Tulu Kapi Ground-Breaking Ceremony
18 February 2026 Tulu Kapi Ground-Breaking Ceremony Led by Ethiopia’s Prime Minister and Oromia Region’s President Prime Minister Dr Abiy Ahmed is wearing the hat and President Shimelis Abdisa is in foreground ARABIAN-NUBIAN SHIE 5 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 6: Corporate Snapshot
Corporate Snapshot ETHIOPIA: ▪ Substantial investment: Historical spend c.$110M, c.$60M since 2014 CAPITAL STRUCTURE (AIM:KEFI) ▪ 1.7Moz Au JORC-Compliant Mineral Resources GOLD + COPPER 52 Week High-Low 2.07-0.45p ▪ 1Moz Au JORC-Compliant Ore Reserves Current Share Price1 1.75p ▪ Deep Value of Tulu
Slide 7: Tulu Kapi Planned Site Layout - Overview
Tulu Kapi Planned Site Layout - Overview • Standard 2Mtpa CIL processing plant • Contract mining – truck and shovel • Open pit waste to ore ratio of 6.7 to 1 • Head grade of 2.1g/t gold (open pit) • Gold recoveries of 93% • Open Pit gold production (160koz in first full year) • 1.0Moz gold to be min
Slide 8: Execution of Tulu Kapi Gold Project
Execution of Tulu Kapi Gold Project ▪ Infrastructure status: ▪ Power & transport connections: Under construction by Ethiopian Electric Power Corporation and Ethiopian Roads Authority ▪ Resettlement: Mining Licence Area resettlement housing under construction ▪ Site infrastructure & plant: Lycopodium
Slide 9: Strong Team of Independent Experts Sign Off
Strong Team of Independent Experts Sign Off Tulu Kapi Signed Off by Leading Experts for the International Syndicate Security Due Diligence Financial Model ARABIAN-NUBIAN SHIE Environment & Social Definitive Feasibility Study Orior Capital Resources & Industry Reserves Comparatives 9 kefi-goldandcopp
Slide 10: Lycopodium's Recent Performance Against Budget/Schedule
Lycopodium’s Recent Performance Against Budget/Schedule Clients include most established African producers ARABIAN-NUBIAN SHIE 10 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 11: Development Schedule - Tulu Kapi Open Pit and Infrastructure
Development Schedule - Tulu Kapi Open Pit and Infrastructure TULU KAPI PROJECT SCHEDULE Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 Q4-27 Q1-28 Q2-28 SECURITY DEPLOYED EARLY WORKS PARLIAMENT RATIFIES OUR FINANCINGS FINAL CREDIT APPROVALS FINAL EQUITY COMPONENT FULL
Slide 12: Summary Metrics of Tulu Kapi
Summary Metrics of Tulu Kapi uluPlan ss Kapi TuluEconomic Tulu Kapi Kapi Metrics Economic Economic 100% Metrics BasisBasis 100% Metrics - 2025- Open Business Pit +Plan 2025 Business Plan Initial Underground Mine OpenOpen Pit + Initial Underground Pit + Initial Mine Mine Underground Open Pit + Initia
Slide 13: Upcoming Milestones and Catalysts
Upcoming Milestones and Catalysts Ethiopia - current resources 1.7Moz Gold (KEFI estimated beneficial ownership 83% upon completion of government earn-in): • Execution of binding documentation re the final $20M of $330M development budget as at 1 Jan 2026 • Tulu Kapi Open Pit and infrastructure deve
Slide 14: Listed Benchmarks Indicate KEFI is Relatively Underpriced
Listed Benchmarks Indicate KEFI is Relatively Underpriced Graph Focuses on Enterprise Value per Ounce Annual Production ARABIAN-NUBIAN SHIE Source: Orior Capital, March 2026 14 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 15: Appendix
Appendix ARABIAN-NUBIAN SHIE 15 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 16: KEFI Executive Committee
KEFI Executive Committee Extensive technical and operational experience Harry John Leach Eddy Solbrant Rob Williams Norman Green Geoff Davidson Anagnostaras-Adams Finance Director COO Construction Technical Due Diligence Mining Executive Chair Organisation Development Founder or co-founder of > 30 y
Slide 17: Project Management
Project Management Extensive technical and operational experience Simon Cleghorn Theron Brand Abera Mamo Jacques Kruger Peter Illgner Christo Potgeiter Managing Director Head of Finance Head of Government Relations Project Manager, overseeing Social and Environment Security Manager Principal contrac
Slide 18: Tulu Kapi: Commencement of Major Works
Tulu Kapi ARABIAN-NUBIAN SHIE Commencement Of Major Works One of Two New Access Roads 18 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 19: Tulu Kapi Project Development Budget
Tulu Kapi Project Development Budget ARABIAN-NUBIAN SHIE Contingency Provisions: • 54% of capex is fixed price lump sum • Conventional 10-15% contingency provisions included in other items 19 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 20: Tulu Kapi Infrastructure Design and Build by Lycopodium
Tulu Kapi Infrastructure Design and Build by Lycopodium Lycopodium in Africa Lycopodium in Africa Lycopodium is a leading global engineering and project delivery organization Founded in 1992, providing integrated engineering, project, construction, and asset management expertise across the entire pr
Slide 21: Tulu Kapi – Open at Depth
Tulu Kapi – Open at Depth 73,109m of Diamond drilling 49,625m of RC Drilling TKBH_293: 90m @ 2.8g/t Au 4,818m of Geotechnical Drilling 6,051m of Hydrogeological Drilling ARABIAN-NUBIAN SHIE 1,417m of Trenching TKBH_125 intersected mineralisation 140m down- plunge; interpreted to be east of main UG s
Slide 22: Tulu Kapi Mineral Resources & Ore Reserves- JORC-Compliant
Tulu Kapi Mineral Resources & Ore Reserves- JORC-Compliant Resources - 1.72Moz of contained gold at 2.65g/t Resource Category Area Tonnes Gold Contained Gold (millions) (g/t) (Moz) Indicated Above 17.7 2.49 1.42 1,400m RL Inferred 1.3 2.05 0.08 Sub-Total 19.0 2.46 1.5 Indicated Below 1.1 5.63 0.20 1
Slide 23: Saudi Arabia – GMCO JV
ARABIAN-NUBIAN SHIE Saudi Arabia – GMCO JV Two advanced projects and large regional portfolio 23 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 24: Hawiah –VMS Copper-Gold-Zinc-Silver
Hawiah –VMS Copper-Gold-Zinc-Silver Top 3 base metals discovery in Saudi Arabia – working on DFS • Major greenfield discovery made in 2019 • Combined Hawiah and Al Godeyer Mineral Resources now stand at 38.2Mt • The deposits host an estimated 315,500 tonnes copper, 320,600 zinc, 822,900 oz gold and
Slide 25: Hawiah – Mineral Resources Continue to Expand at Depth
Hawiah – Mineral Resources Continue to Expand at Depth 25
Slide 26: Jibal Qutman - Near Surface, Orogenic Gold
Jibal Qutman - Near Surface, Orogenic Gold ~270Km² Licence Package Including 0.9Moz Resource • Intense focus on development planning for final investment decision late 2025 • A GMCO discovery on which work was suspended in New Asfingia 2016 during a regulatory overhaul and the site was Discovery re-
Slide 27: GMCO JV – Additional Exploration Licences
GMCO JV – Additional Exploration Licences ~1,000km² GMCO Licence Package • GMCO holds Exploration Licences (“EL’s”) via (ARTAR) covering ~1,000 km2 and further applications (ELA’s) • Licences previously held under ARTAR are being transferred into GMCO, while recently acquired assets under the DCMC w
Slide 28: Capital Structure
Capital Structure Public Shareholders 13% 100% 87% ARTAR GMCO KEFI Ethiopia Preference Shares Saudi Arabia c.83% ARABIAN-NUBIAN SHIE Funding Sources for Ethiopia Upon Drawing All Development Finance: .c.17% Tulu Kapi Gold Sources of Equity Ranking Capital US$M Mines (TKGM) Government KEFI Equity Inv
Slide 29: THANK YOU
THANK YOU E: info@kefi-goldandcopper.com Kefiminerals KEFI Gold and Copper kefi-goldandcopper.com
KEFI Gold and Copper — Investor Presentation (March 2026) on 6ix