Kefi Gold And Copper Plc · LSE:KEFI
Kefi Gold And Copper — Ethiopian Mining Investment Seminar (May 2025)
34 slides from Kefi Gold And Copper's conference presentation, May 2025
Slide 1: Leading Minerals Development in Arabian-Nubian Shield
Leading Minerals Development in Arabian-Nubian Shield Ethiopian Mining Investment Seminar Presentation for Investors Addis Ababa-Riyadh-London May 2025 kefi-goldandcopper.com
Slide 2: Disclaimer
Disclaimer ARABIAN - NUBIAN SHIE 2 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 3: So Why is the Industry Now Rushing in?
Saudi Arabia: Gold/Copper Deposit N KEFI MINERALS ETHIOPIA Acquired by AngloGold KEFI (G&M JV) EL KEFI (G&M JV) ELA Ashanti for $2.5 billion in late 2025 Arabian Nubian Shield KEFI Started in 2008 So Why is the Industry Now Rushing in? Jibal Qutman SAUDI GOVERNMENT HAS DEMONSTRATED ITS Hawiah (VHMS)
Slide 4: Ethiopian Government has also Prioritised the Mining Sector
Ethiopian Government has also Prioritised the Mining Sector: - Ethiopia is Reforming and Promoting Aggressively - Progress is Rapid Due to a Backlog of Development Projects Ethiopian economic expansion in the mining sector has already commenced Current GDP Contribution Export share opportunities Emp
Slide 5: Ethiopia Government Priorities for Mining
Ethiopia Government Priorities for Mining Gold Fertilizer • Ministry has currently granted 7 • Sulphur Minerals large-scale gold mining licences to • Potash international and domestic companies • Phosphate Potash • Natural Gas • 95% of the world's potash is mined for Oil and Gas Basins use in fertil
Slide 6: KEFI's Vision for Arabian Nubian Shield
F O KEFI’s Vision for Arabian Nubian Shield C U S E D O N A R A B KEFI FOCUSED ON THE ARABIAN NUBIAN SHIELD BECAUSE OF THE SIMILARITIES I A N WITH WESTERN AUSTRALIA - SIMILAR GEOLOGY AND RELEVANT EXPERIENCE. - N U B I A N S H I E L D kefi-goldandcopper.com 3
Slide 7: KEFI's Vision in Ethiopia
KEFI’s Vision in A HUGE POTENTIAL FOR ETHIOPIA, STARTING WITH A Ethiopia BACKLOG OF PROJECTS READY FOR DEVELOPMENT ETHIOPIA MINERALS EXPORTS TODAY ARE UNDER US$2 BILLION PER ANNUM EVEN IF ETHIOPIA IS ONLY 50% AS PROSPECTIVE PER HECTARE AS WA , IT CAN TARGET US$42 BILLION PER ANNUM WESTERN AUSTRALIA
Slide 8: KEFI's View of the Improving Business Environment in Ethiopia
KEFI’s View of the Improving Business Environment in Ethiopia ECONOMIC DEVELOPMENT MINING SECTOR INITITATIVES ▪ Rescheduled international creditors ▪ Federal security installed for priority mining projects ▪ World Bank committed $16.6 billion over 3 years in ▪ Licensing reforms introduced for explor
Slide 9: KEFI in Arabian-Nubian Shield Since 2008
Gold/Copper Deposit N KEFI MINERALS ETHIOPIA KEFI (G&M JV) EL KEFI in Arabian-Nubian Shield Since 2008 KEFI (G&M JV) ELA Arabian Nubian Shield ETHIOPIA ▪ 2017 TKGM JV with government. Currently 95% and planning to retain 80% ▪ 1.7Moz high-grade gold (2.1g/t O/P Ore Reserve and 5.6g/t U/G Mineral Res
Slide 10: Corporate Snapshot and Tulu Kapi Project Summary
Corporate Snapshot TULU KAPI - PROJECT SUMMARY GOLD + COPPER KEFI CAPITAL STRUCTURE (AIM:KEFI) ▪ Substantial investment : Historical spend $100M, $50M since 2014 ▪ Deep Value: 84% of Project NPV £680M (5%) at $3,000/oz* and IRR 89% 52 Week High- Low 0.90p – 0.44p ▪ Launched Early Works: Preparing to
Slide 11: KEFI Asset Summary
KEFI Asset Summary Ethiopia Tulu Kapi Funding Ore Reserve of 1.0Moz @ 2.1g/t Au Starting with open pit at average 135koz Au p.a. Tulu Kapi Underground Feasibility Resource open below open pit with high grades and District Other Ethiopian Projects Reconnaissance 100%-owned Precious Metals, Base Metal
Slide 12: Tulu Kapi Financing Syndicate & Closing Process
Tulu Kapi Financing Syndicate & Closing Process Finance steps Completed since Placing of November 2024: • Re Debt Facility $240M (enlarged from previous $190M) • Both banks have now processed credit approval over the past year • Detailed documentation of enlarged $240 million facility being finalise
Slide 13: Tulu Kapi Financing Structure & Closing Refinements
Tulu Kapi Financing Structure & Closing Refinements Tulu Kapi project finance plan US$M Total project costs, past and future 500 Pre-development costs, equity-funded 110 Funded by shareholders of KEFI and its predecessors up until Signing and Drawdown Project Finance Mining fleet provided by contrac
Slide 14: Tulu Kapi Gold Mine
ARABIAN - NUBIAN SHIE Tulu Kapi Gold Mine ▪ Finalising $320M Project Finance package ▪ Major Works to follow finance closing ▪ Production commissioning to start mid-2026, first full-year production 2027 ▪ KEFI NPV (100%) $1,069M (5%) at $3,000/oz* and IRR 89% 14 kefi-goldandcopper.com Focused On Ara
Slide 15: Tulu Kapi Plan Overview
Tulu Kapi Plan Overview ▪ Standard 2Mtpa CIL processing plant ▪ Contract mining – truck and shovel ▪ Open pit waste to ore ratio of 7.5 to 1 ▪ Head grade of 2.1g/t gold (open pit) ▪ Gold recoveries of 93% ▪ Open Pit gold production 135Koz pa ▪ Initial Underground contribution expected to lift to 179
Slide 16: Tulu Kapi Mineral Resources & Ore Reserves
Tulu Kapi Mineral Resources & Ore Reserves Resources of 1.72Moz of contained gold at 2.65g/t Resource Category Area Tonnes Gold Contained Gold (millions) (g/t) (Moz) Indicated Above 17.7 2.49 1.42 Notes: • Resources were estimated 1,400m RL Inferred 1.3 2.05 0.08 using cut-off grades of 0.45g/t gold
Slide 17: Compelling Comparative Valuations – Tulu Kapi Only
Deep Value Opportunity Compelling Comparative Valuations – Tulu Kapi Only US$ US$ 300 African gold companies Enterprise Value per oz 7,000 African gold companies Enterprise Value per oz of production of Measured and Indicated Resource 250 6,000 200 5,000 150 4,000 3,000 100 2,000 50 1,000 0 AAU… TGM
Slide 18: Tulu Kapi Project Economics – Key Drivers and Outcomes
Tulu Kapi Project Economics – Key Drivers and Outcomes The following comments provide background to the table on next slide KEFI Business Plan Financial Scenarios Illustrating the Business Plan During construction of the Open Pit and Process Facility: Initial expansion scenario plus refinancing, bas
Slide 19: Tulu Kapi Project Economics
Tulu Kapi Project Economics TK Stats 100% Basis Open Pit + Start Underground Mine reduce stocks + process extra 20%pa Gold Price (US$/oz) 3,000 2,400 Production Statistics Tonnes Processed T 000 16,993 16993 Tonnes Processed Per Annum T 000 2,344 2344 Grade G/T 2.3 2.3 Recovery % 93.8% 93.8% Gold oz
Slide 20: CSR Policy & Strategy
CSR Policy & Strategy A Long-Term Partnership Between KEFI, Government & Community ▪ Compensation and resettlement in accordance with local law and international standards ▪ We support Government implementation of resettlement ▪ We emphasize transparency and collaboration ▪ Community inputs to progr
Slide 21: Konso Critical Metals Exploration Licence
Konso Critical Metals Exploration Licence ▪ 100%-owned Konso Exploration Licence covers 22km2 ▪ 635km south west of Addis Ababa ▪ Previously explored by Ethiopian Geological Survey and global major Vale ▪ Historic programmes identified large zones of: ▪ copper (plus nickel / cobalt / platinum group
Slide 22: Saudi Arabia
ARABIAN - NUBIAN SHIE Saudi Arabia Two advanced projects and large regional portfolio 22 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 23: GMCO JV
GMCO JV ▪ GMCO holds Exploration Licences (“EL’s”) via (ARTAR) covering ~1,000 km2 and further applications ▪ All licences being transferred into GMCO for ease of project financing ▪ Teams mobilised onto 14 new EL’s, three times what GMCO was granted in previous 13 years ▪ Ivanhoe Electric and Euras
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 ▪ 119,000m drilling programme since 2019 ▪ Mineral Resource of 36.2Mt at 0.82% copper, 0.86% zinc, 0.64g/t gold and 10.0g/t silver ▪ Further near-term resource
Slide 25: Jibal Qutman - Near Surface, Orogenic Gold
Jibal Qutman - Near Surface, Orogenic Gold ~270Km² Licence Package Including 0.7Moz Resource as basis for the current DFS • A GMCO discovery on which work was suspended in 2016 during a regulatory overhaul and the site was re-accessed in late 2022 • Mining Licence Area (“MLA”) initially planned in 2
Slide 26: ADDENDA
ADDENDA E: info@kefi-goldandcopper.com Kefiminerals KEFI Gold and Copper kefi-goldandcopper.com
Slide 27: Syndicate Structure of Partners, Regional Investors Banks and Contractors
Syndicate Structure of Partners, Regional Investors Banks and Contractors Public Shareholders Regional Investor/s via Equity Risk Notes) 100% 15% GMCO ARTAR KEFI Ethiopia ARABIAN - NUBIAN SHIE 85% Saudi Arabia Over 80% up to 20% Tulu Kapi Gold Proposed Lender SIDF Critical Minerals Government Mines
Slide 28: Country Risk – Ethiopia now a lower risk destination
Country Risk – Ethiopia now a lower risk destination ARABIAN - NUBIAN SHIE 28 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 29: Tulu Kapi – Open Pit + Underground Mine
Tulu Kapi – Open Pit + Underground Mine Resource grades are 2.46g/t Au for open pit and 5.69g/t Au for the underground The average grade of ore processed will be ARABIAN - NUBIAN SHIE increased when the two sources are blended A DFS on mining the deeps is planned during construction of Open Pit and
Slide 30: 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
Slide 31: Independent Experts Sign Off
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 Resources & Reserves 31 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 32: 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 Non-Executive – representative with Non-Executive Non-Executive – Chair of Fellow of Aust
Slide 33: Management Team - Executive Directors Plus...
Management Team - Executive Directors Plus... Eddy Solbrandt – Chief Operating Officer Robert Williams - Corporate Development & Eddy began his career in the mining industry in 1986 and has Technical Studies since worked in open cut and underground metalliferous mines, Rob began his career in mining
Slide 34: THANK YOU
THANK YOU E: info@kefi-goldandcopper.com Kefiminerals KEFI Gold and Copper kefi-goldandcopper.com
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