Kefi Gold And Copper Plc · LSE:KEFI
Kefi Gold And Copper — MINTEX Ethiopia (November 2025)
15 slides from Kefi Gold And Copper's conference presentation, November 2025
Slide 1: KEFI Gold + Copper
KEFI GOLD + COPPER 1
Slide 2: Impossible for anyone not to become excited by Ethiopia's leap forward in 2018
IMPOSSIBLE FOR ANYONE NOT TO BECOME EXCITED BY ETHIOPIA’S LEAP FORWARD IN 2018 BBC: The reforms Dr Abiy has introduced were unthinkable not so long ago. The (previous) government seemed impervious to criticism from human rights groups that the state stifled free expression, side-lined and imprisoned
Slide 3: Geology of Arabian-Nubian Shield very similar to Western Australia
GEOLOGY OF ARABIAN-NUBIAN SHIELD VERY SIMILAR TO WESTERN AUSTRALIA ARABIAN-NUBIAN SHIE 3 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 4: Huge potential indicated by Ethiopia's geological similarity with Western Australia
HUGE POTENTIAL IS INDICATED BY ETHIOPIA’S GEOLOGICAL SIMILARITY WITH WESTERN AUSTRALIA ETHIOPIA MINERALS EXPORTS IN 2024 WERE $1B 2025 WILL LIKELY BE c. $4B EVEN IF ETHIOPIA IS ONLY 50% AS PROSPECTIVE PER HECTARE FOR MINERALS AS WA, IT CAN TARGET > $40B P.A. WESTERN AUSTRALIA TOOK 50 YEARS. ETHIOPIA
Slide 5: Achieving Ethiopia's theoretical potential would place Ethiopia in top 10 countries
ACHIEVING ETHIOPIA’S THEORETICAL POTENTIAL WOULD PLACE ETHIOPIA IN TOP 10 COUNTRIES ARABIAN-NUBIAN SHIE 5 kefi-goldandcopper.com Focused On Arabian -Nubian Shield
Slide 6: How to attract 21st century mining to lands mined since Queen of Sheba
HOW TO ATTRACT 21ST CENTURY MINING TO LANDS MINED SINCE QUEEN OF SHEBA Fraser Institute Survey shows there is only one way to go….up! Tulu Kapi is the first internationally ‘banked’ project. Backed by leading banks. A step forward for global significance ECONOMICS SECURITY This reinforces the obviou
Slide 7: Reforms have commenced in line with policy set in 2020
REFORMS HAVE COMMENCED IN LINE WITH POLICY SET IN 2020 “LIMITED EXPLORATION OF RESOURCES DUE TO POOR REGULATORY FRAMEWORK, EXPLORATION CAPACITY AND LACK OF PROMOTION. EFFORT IS NEEDED TO IMPROVE THE POLICY AND REGULATORY FRAMEWORK, BOOST INVESTMENT PROMOTION EFFORTS AND ENHANCE STAKEHOLDER ENGAGEMEN
Slide 8: Recent Ethiopian milestones of significance for minerals sector
RECENT ETHIOPIAN MILESTONES OF SIGNIFICANCE FOR MINERALS SECTOR 2018 Democratic Reforms 2023&24 Foreign Exchange Reforms 2024 Special Security for Strategic Projects 2025 Parliament ratified country membership for AFC bank, as it had done for TDB ARABIAN-NUBIAN SHIE 2025 GERD…world’s cheapest/greene
Slide 9: Many explorers are needed in order to yield new mines
MANY EXPLORERS ARE NEEDED IN ORDER TO YIELD NEW MINES THIS MINING PYRAMID REFERS TO COPPER PROJECTS GLOBALLY DEVELOPMENT 66 PROJECTS THE SAME PRINCIPLE APPLIES TO ALL MINERALS GLOBALLY FEASIBILITY 75 PROJECTS 2,870 PROSPECTS LEADS TO 66 MINES 500 PROSPECTS LEADS TO 10 MINES ON AVERAGE, IT TAKES 20 Y
Slide 10: KEFI's company has licences in Saudi Arabia - the only one to make discoveries in 10 years
KEFI’S COMPANY HAS 16 LICENCES IN SAUDI ARABIA - THE ONLY ONE TO MAKE DISCOVERIES IN 10 YEARS Serious explorers need consistent transparent licencing Saudi Arabia had to overhaul the licencing regime over the past 5 years, in order to attract international explorers KEFI quietly explored its licence
Slide 11: Tenacity & innovation unlocks value
TENACITY & INNOVATION UNLOCKS VALUE This table shows % share of discoveries in Western world by company type Similar results apply to most jurisdictions The serious junior companies make the discoveries. Not the majors. ARABIAN-NUBIAN SHIE Ethiopia is starting to encourage the role of serious junior
Slide 12: The process of launching the Tulu Kapi project
THE PROCESS OF LAUNCHING THE TULU KAPI PROJECT • 2023 Foreign Exchange control exemption for strategic projects • 2024 Special Security installed for strategic projects • 2024 Commencement of project implementation prior to full construction 2025: • May: Parliament ratified AFC Country Membership fo
Slide 13: 16 Nov 2025 public launch Tulu Kapi gold project
16 NOV 2025 PUBLIC LAUNCH TULU KAPI GOLD PROJECT Public reiteration of support from Tulu Kapi Project Syndicate, comprising: • Lenders: TDB and AFC • Lead shareholders KEFI, Federal Government and Oromia Government As we have more capital on offer than the budget requirement of US$340M, the syndicat
Slide 14: Priorities for potential equity oversubscription
PRIORITIES FOR POTENTIAL EQUITY OVERSUBSRIPTION - VALUE-ADDING TO SOCIAL LICENCE AND ECONOMICS • Contingency Reserves for Tulu Kapi to Protect Initial Mine Life • Development Planning for Tulu Kapi Underground Mine to Increase and Extend Production • Priority Projects for Long Term Sustainability of
Slide 15: The take-off of Ethiopia's minerals industry
KEFI GOLD + COPPER THE TAKE-OFF OF ETHIOPIA’S MINERALS INDUSTRY
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