Kefi Gold And Copper Plc · LSE:KEFI
Kefi Gold And Copper — Investor Presentation (November 2024)
37 slides from Kefi Gold And Copper's investor presentation, Nov 6, 2024
Slide 1: Ready to build the next gold mine in the Arabian-Nubian Shield
Ready to build the next gold mine in the Arabian-Nubian Shield Presentation 6 November 2024 kefi-goldandcopper.com
Slide 2: Disclaimer
Disclaimer ARABIAN - NUBIAN SHIE 2 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 3: KEFI Early Mover in Arabian-Nubian Shield Now Taking Off
Gold/Copper Deposit KEFI MINERALS ETHIOPIA N KEFI (G&M JV) EL KEFI (G&M JV) ELA KEFI Early Mover in Arabian-Nubian Shield Arabian Nubian Shield Now Taking Off ETHIOPIA –PREPARING FOR CONSTRUCTION Jibal Qutman ▪ 2017 TKGM JV with government. Currently 95% and planning to retain 80% ▪ 135Koz pa open p
Slide 4: Corporate Snapshot
Corporate Snapshot Both countries restricted progress until 2021 and pivoted positively early 2022 KEFI GOLD + COPPER CAPITAL STRUCTURE (AIM:KEFI) ETHIOPIA: 0.92p – ▪ Substantial investment : Historical spend $100M, $50M since 2014 52 Week High- Low 0.49p Current Share Price 0.60p ▪ Deep Value: KEFI
Slide 5: KEFI – Why Now?
KEFI – Why Now? GOLD + COPPER ❑ Share Price has dropped 90% from 2017; improved political situation lowers risk Share Price 0.6 pence is 6% ❑ Ethiopia lifted state of emergency in 2022. Now focused on development of 10.5 pence NPV of Main ❑ Saudi Arabia also turned positive. Mining industry entering
Slide 6: Compelling Comparative Valuations – Tulu Kapi Only
Deep Value Opportunity Compelling Comparative Valuations – Tulu Kapi Only US$ African gold companies Enterprise Value per oz of production African gold companies Enterprise Value per oz 6,000 US$ of Measured and Indicated Resource 300 5,000 250 4,000 200 3,000 150 2,000 100 1,000 50 - 0 AAUC… CMCL P
Slide 7: KEFI: ready to achieve overnight success (after 15 Years!)
KEFI: ready to achieve overnight success (after 15 Years!) In KEFI’s view: • Both Ethiopia and Saudi Arabia have turned for the better • We have a shovel-ready project in Ethiopia and two advancing development studies in Saudi Arabia • We have strong regional alliances • KEFI considers that the Lass
Slide 8: Ethiopia – Why Now?
Ethiopia – Why Now? 2018 DEMOCRATIC REFORMS NOW ACCEPTED LOCALLY AND INTERNATIONALLY SUPPORTED 2024: Democratic reforms were welcomed in 2018 but the turmoil that followed stalled the country on nearly ▪ 2023: “Top 13 Growth Countries” status now re-established all fronts. Since the lifting of the n
Slide 9: Country Risk – Ethiopia now a lower risk destination
Country Risk – Ethiopia now a lower risk destination ARABIAN - NUBIAN SHIE 9 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 10: Opportunities in Ethiopia and KSA Outweigh Risk
Opportunities in Ethiopia and KSA Outweigh Risk ARABIAN - NUBIAN SHIE Hawiah: +5km of mineralized gossanous ridge. KEFI first to drill and trench. Tulu Kapi: 1Moz Reserve within 1.7Moz Resource and open. Now +30Mt at 1.7% Cu-Equiv and open. Au-equiv of 2.5Moz KEFI first to trench despite shallowness
Slide 11: Saudi Arabia – Why Now?
Gold/Copper Deposit Saudi Arabia – Why Now? N KEFI MINERALS ETHIOPIA KEFI (G&M JV) EL Subject to $2.5 billion KEFI (G&M JV) ELA takeover by Arabian Nubian Shield AngloGold Ashanti PRIORITY TO DEVELOP MINING INDUSTRY: Jibal Qutman GLOBAL PLAYERS ENTERING : Hawiah (VHMS) ARABIAN - NUBIAN SHIE Tulu Kap
Slide 12: Development and Exploration Pipeline Summary
Development and Exploration Pipeline 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 Precious Met
Slide 13: Syndicate Structure of Partners, Regional Investors, Banks and Contractors
Syndicate Structure of Partners, Regional KEFI GOLD + COPPER Investors Banks and Contractors Public Shareholders Regional Investor/s via Equity Risk Notes) 100% 25% GMCO ARTAR KEFI Ethiopia 75% Saudi Arabia c.80% .c.20% Tulu Kapi Gold Proposed Lender SIDF Government Mines (TKGM) The expected benefic
Slide 14: KEFI Finance Plan Finalised
KEFI Finance Plan Finalised • $320M Project Finance Package has been refined to maximise ROI for KEFI and its Government partners • A consequence is to now seek to maximise KEFI beneficial ownership of assets: • Target c.80% of TKGM, with NPV to KEFI GBP10.5 pence/share (at gold price $2,600/oz) • S
Slide 15: Status of Tulu Kapi Finance Closing Process
Status of Tulu Kapi Finance Closing Process • Early Works started May 2024 to demonstrate readiness of security and community • TDB bank final approval issued early 2024 and now being updated for increased debt level • AFC has issued initial committee approval with final approval to follow after Eth
Slide 16: At the site of Tulu Kapi’s initial construction camp
Stakeholders meeting July 2024 At the site of Tulu Kapi’s initial construction camp. Overlooking the planned site processing facilities and mine ARABIAN - NUBIAN SHIE School provided by KEFI Minerals Ethiopia for the Tulu Kapi community 16 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 17: 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 18: 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 19: 2024 Milestones for Ethiopia
2024 Milestones for Ethiopia Ethiopia: • Rescheduled international creditors • $3.4 billion package agreed with IMF for economic development • Now back in World Top 13 growth countries • Floated the local currency (Ethiopian Birr) • Launched first IPO (Ethio Telecom) and KME has planned on how to IP
Slide 20: 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 29Mt at 0.89% copper, 0.94% zinc, 0.67g/t gold and 10.1g/t silver • Further near-term resource ex
Slide 21: Hawiah Project - Long section displaying resource classification and open pit shells
Hawiah Project - Long section displaying resource classification and open pit shells ~ Crossroads Extension 5000m Strike > Crossroads Central Zone Camp Lode Open Pit- 11.1 Mt Underground - 17.9 Mt Resource Classification THE anoenece Facing East ep_>old GE inferres k-minerals . Caen @ Unciassifies H
Slide 22: 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 New Asfingia • Mining Licence Area initially planned
Slide 23: ADDENDA
ADDENDA E: info@kefi-goldandcopper.com Kefiminerals KEFI Gold and Copper kefi-goldandcopper.com
Slide 24: Tulu Kapi Gold Mine
ARABIAN - NUBIAN SHIE ❑ Major Works to follow finance closing Tulu Kapi ❑ Preparation for signing $320 million Project Finance package Gold Mine ❑ Targeting production commissioning to start mid-2026 and first full-year production 2027 24 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 25: 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 26: 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 27: 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 27 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 28: Saudi Arabia
ARABIAN - NUBIAN SHIE Saudi Arabia Two advanced projects and large regional portfolio 28 kefi-goldandcopper.com Focused On Arabian- Nubian Shield
Slide 29: GMCO JV
GMCO JV ~1,000km² License Package • GMCO holds Exploration Licences (“EL’s”) via (ARTAR) covering ~1,000 km2 and further applications (ELA’s) • 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 ARA
Slide 30: CORPORATE
CORPORATE E: info@kefi-goldandcopper.com Kefiminerals KEFI Gold and Copper kefi-goldandcopper.com
Slide 31: 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 32: 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 33: 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: Right – Hand Column: Open Pit only with no refin
Slide 34: Tulu Kapi Project Economics
Tulu Kapi Project Economics TK Stats 100% Basis Open Pit + Start Underground Mine Open Pit Only and plant at nameplate reduce stocks + process extra 20%pa refinance in production year 3 no refi Gold Price (US$/oz) 2,600 2,100 1,800 2,600 2,100 1,800 1,800 Production Statistics Tonnes Processed T 000
Slide 35: Tulu Kapi Mineral Resources & Ore Reserves
Tulu Kapi Mineral Resources & Ore Reserves Resources - 1.72Moz of contained gold at 2.65g/t Resource Area Tonnes Gold Contained Gold Category (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 1,400 RL Inferred
Slide 36: AMAK – listed in Saudi Arabia
AMAK – listed in Saudi Arabia Metrics vs GMCO AMAK has similar but smaller deposits and has a mkt cap of $1.7bn AMAK GMCO Copper-Gold Mine/Project Al Masane UG³ Hawiah OP + UG Mineral Resources 8.6Mt @ 1.0% Cu, 5.0% Zn, 1.0g/t Au, 38g/t Ag 29Mt @ 0.89% Cu, 0.94% Zn, 0.7g/t Au, 10g/t Ag Processing Pl
Slide 37: THANK YOU
THANK YOU E: info@kefi-goldandcopper.com Kefiminerals KEFI Gold and Copper kefi-goldandcopper.com
KEFI Gold and Copper — Investor Presentation (November 2024) on 6ix