KEFI Gold and Copper PLC · LSE:KEFI

KEFI Gold and Copper — KEFI Minerals — Investor Presentation (October 2016)

24 slides from KEFI Gold and Copper's investor presentation, October 2016

1. Slide 1: KEFI Minerals October 2016 Investor Presentation

   <&/D/EZ>^ ĞǀĞůŽƉŝŶŐĂϭϬϬ͕ϬϬϬнŽnjƉĂŐŽůĚŽƉĞƌĂƚŝŽŶǁŝƚŚŝŶƚŚĞƌĂďŝĂŶͲEƵďŝĂŶ^ŚŝĞůĚ KĐƚŽďĞƌϮϬϭϲ/ŶǀĞƐƚŽƌWƌĞƐĞŶƚĂƚŝŽŶ

2. Slide 2: Disclaimer

   ŝƐĐůĂŝŵĞƌ dŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ;͞WƌĞƐĞŶƚĂƚŝŽŶ͟Ϳ ŚĂƐ ďĞĞŶ ƉƌĞƉĂƌĞĚ ďLJ <&/ DŝŶĞƌĂůƐ ƉůĐ ;ƚŚĞ ͞ŽŵƉĂŶLJ͟Ϳ͘ tŚŝůĞ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŚĞƌĞŝŶ ŚĂƐ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ŐŽŽĚ ĨĂŝƚŚ͕ ŶĞŝƚŚĞƌ ƚŚĞ ŽŵƉĂŶLJ ŶŽƌ ĂŶLJ ŽĨ ŝƚƐ ƐŚĂƌĞŚŽůĚĞƌƐ͕ ĚŝƌĞĐƚŽƌƐ͕ ŽĨĨŝĐĞƌƐ͕ ĂŐĞŶƚƐ͕ ĞŵƉůŽLJĞĞƐ Žƌ ĂĚǀŝƐĞƌƐ ŐŝǀĞ͕

3. Slide 3: Corporate overview

   ŽƌƉŽƌĂƚĞŽǀĞƌǀŝĞǁ ^ƵŵŵĂƌLJ ^ƵŵŵĂƌLJϭ ƒ <&/DŝŶĞƌĂůƐŝƐĂŶĞdžƉůŽƌĂƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚ /DĐŽĚĞ <&/ ĐŽŵƉĂŶLJĨŽĐƵƐƐĞĚŽŶŐŽůĚĂŶĚĐŽƉƉĞƌĂƐƐĞƚƐ͕ǁŝƚŚŝŶ ^ŚĂƌĞƉƌŝĐĞͲ ϭϮŵƚŚ Ϭ͘ϮϲƉ;ůŽǁͿͬϬ͘ϲϲƉ;ŚŝŐŚͿ ƚŚĞŚŝŐŚůLJƉƌŽƐƉĞĐƚŝǀĞƌĂďŝĂŶͲEƵďŝĂŶ^ŚŝĞůĚ ^ŚĂƌĞƉƌŝĐĞ;ϭϵͬϭϬͬϮϬϭϲͿ Ϭ͘ϯϲƉ ƒ WƌŽŐƌĞƐƐŝŶŐĚĞǀĞůŽƉŵĞŶƚŽĨĨůĂŐƐŚŝƉdƵůƵ<ĂƉŝŐŽůĚ ƉƌŽũĞĐƚŝŶƚŚ

4. Slide 4: Compelling investment proposition

   ŽŵƉĞůůŝŶŐŝŶǀĞƐƚŵĞŶƚƉƌŽƉŽƐŝƚŝŽŶ ƒ džĐŝƚŝŶŐƌĞǀŝƚĂůŝƐĞĚŐŽůĚĚĞǀĞůŽƉŵĞŶƚƐƚŽƌLJ͗^ŝŶĐĞĂƐƐƵŵŝŶŐĐŽŶƚƌŽůŽĨƚŚĞdƵůƵ<ĂƉŝƉƌŽũĞĐƚŝŶƚŚŝŽƉŝĂ;ϮϬϭϰͿ͕ƚŚĞƚĞĂŵŚĂƐ ŽǀĞƌŚĂƵůĞĚƚŚĞŐĞŽůŽŐŝĐĂůĚĂƚĂďĂƐĞĂŶĚŝƚƐŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͕ŽƉƚŝŵŝƐĞĚƚŚĞŵŝŶĞƉůĂŶ͕ĐŽŶƐĞƋƵĞŶƚůLJŝŵƉƌŽǀŝŶŐĞĐŽŶŽŵŝĐƐ ƒ KǀĞƌŚĂƵůĞĚ&^ĂŶĚƐƵďƐĞƋƵĞŶƚůLJŽƉƚŝŵŝƐĞĚǁŝƚŚĐŽŶƚƌĂĐƚŽƌƐ͗EŽǁ

5. Slide 5: Tulu Kapi Overview

   dƵůƵ<ĂƉŝ KǀĞƌǀŝĞǁ >ŽĐĂƚŝŽŶĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ZĞƐŽƵƌĐĞƐĂŶĚƌĞƐĞƌǀĞƐ ƒ dƵůƵ<ĂƉŝŝƐŝŶƚŚĞǁŽƌůĚ Tonnes Grade Cont. Au (Mt) (g/t Au) (Koz) ƌĞŶŽǁŶĞĚƌĂďŝĂŶͲEƵďŝĂŶ ^ŚŝĞůĚǁŝƚŚŝŶƚŚŝŽƉŝĂ Probable Ore Reserves 15.4 2.12 1,050 ƒ ΕϯϲϬŬŵǁĞƐƚŽĨƚŚĞĐĂƉŝƚĂů Indicated Resources 18.8 2.67 1,620 ĐŝƚLJŽĨĚĚŝƐďĂďĂ Inferred Resou

6. Slide 6: Tulu Kapi: improved through pragmatic re-evaluation

   dƵůƵ<ĂƉŝ /ŵƉƌŽǀĞĚƚŚƌŽƵŐŚƉƌĂŐŵĂƚŝĐƌĞͲĞǀĂůƵĂƚŝŽŶ DFS 2012 DFS 2015 Rev 2015 Rev 2016 Projected capex and working capex1 $289M $130M $110M $132M Life of Mine gold production 924Koz 961Koz 980Koz 980Koz Annual gold production (steady state) 105Koz 95Koz 115Koz 115Koz Strip ratio 8.5 7.4 7.5 7.5 Average

7. Slide 7: Tulu Kapi: financially robust project

   dƵůƵ<ĂƉŝ ĨŝŶĂŶĐŝĂůůLJƌŽďƵƐƚƉƌŽũĞĐƚ dŚĞŽƉĞƌĂƚŝŽŶŝƐƐƚƌŽŶŐĨŝŶĂŶĐŝĂůůLJ WƌŽĚƵĐƚŝŽŶĂŶĚ/^ ƒ ƚƚŚĞϲLJĞĂƌŐŽůĚƉƌŝĐĞůŽǁŽĨΨϭ͕ϬϱϬͬŽnj͕ŽƉĞŶƉŝƚ AISC Production ƉƌŽũĞĐƚƐƚŝůůŐĞŶĞƌĂƚĞƐĂŶ/ZZŽĨϭϱй 134 128 124 120 1,500 105 105 111 ƒ >KD/^Ϯ ŽĨΨϳϳϯͬŽnj ĂŶĚƚŽƚĂůƵŶŝƚĐŽƐƚŽĨ 93 ΨϵϬϱͬŽnj͕ŝŶĐůƵĚŝŶŐŝŶŝƚŝĂůƉƌĞͲƉƌŽĚƵĐƚŝŽŶĐĂƉŝƚĂů 1,000

8. Slide 8: Tulu Kapi: low cost project

   dƵůƵ<ĂƉŝ ůŽǁĐŽƐƚƉƌŽũĞĐƚ /ŶŝƚŝĂůĐĂƉĞdžͬ>KDƉƌŽĚƵĐƚŝŽŶ;ΨͬŽnjͿ ŽƐƚĐŽŵƉĞƚŝƚŝǀĞŝŶƚĞƌŵƐŽĨ 104 ďŽƚŚĐĂƉŝƚĂůŝŶƚĞŶƐŝƚLJĂŶĚůůͲ/Ŷ 108 132 ^ƵƐƚĂŝŶŝŶŐŽƐƚƐ͕ǁŚĞŶ 151 169 ĐŽŵƉĂƌĞĚƚŽĨƌŝĐĂŶƉĞĞƌƐ 196 217 0 50 100 150 200 250 $/oz ĨƌŝĐĂŶ/^ͬƌĞƐŽƵƌĐĞĐƵƌǀĞĞdž^ŽƵƚŚĨƌŝĐĂ;ΨͬŽnjͿ ϭ͕ϴϬϬ ϭ͕ϲϬϬ WW ^ŽƵƌĐĞ͗Z&ŵďƌŝĂŶ ϭ͕ϰϬϬ 'ŽůĚƐƉŽƚƉƌŝĐĞ;Ψϭ

9. Slide 9: Tulu Kapi: Start-up schedule

   dƵůƵ<ĂƉŝ ^ƚĂƌƚͲƵƉƐĐŚĞĚƵůĞ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ĐƚŝǀŝƚLJ ƵŐ ^ĞƉ KĐƚ EŽǀ ĞĐ :ĂŶ &Ğď DĂƌ Ɖƌ DĂLJ :ƵŶ :Ƶů ƵŐ ^ĞƉ KĐƚ EŽǀ ĞĐ :ĂŶ &Ğď DĂƌ Ɖƌ DĂLJ :ƵŶ ŽŶƐƚƌƵĐƚŝŽŶWĞƌŝŽĚ ^ĞĐƵƌĞͬƌĂǁ&ŝŶĂŶĐĞ ZĞƐĞƚƚůĞŽŵŵƵŶŝƚLJ /ŶŝƚŝĂůtŽƌŬƐ KƌĚĞƌ>ŽŶŐ>ĞĂĚ/ƚĞŵƐ DĂũŽƌŽŶƐƚƌƵĐƚŝŽŶ DŝŶŝŶŐ ŽŵŵŝƐƐŝŽŶŝŶŐ WƌŽĚƵĐƚŝŽŶ ϮϲͬϬϴͬϮϬϭϲ ϵ

10. Slide 10: Tulu Kapi: Funding plan

    dƵůƵ<ĂƉŝ &ƵŶĚŝŶŐƉůĂŶ ŽƐƚKǀĞƌƌƵŶ KǀĞƌĂůůĨŝŶĂŶĐŝŶŐ DĞnjnjĂŶŝŶĞŽƌ ĨĂĐŝůŝƚLJďĞƚǁĞĞŶ ďĞƚǁĞĞŶϭϱϬŵĂŶĚ ƋƵŝƚLJďĞƚǁĞĞŶ ϭϬŵĂŶĚϭϱŵ ϭϲϬŵ ϭϲϬ ϯϮŵĂŶĚϰϮŵ ϭϯ ϭϰϬ ƌĞĚŝƚďĞƚǁĞĞŶ ϴϭŵĂŶĚϵϭŵ ϭϮϬ ϯϳ ϭϬϬ ϴϬ ϭϱϱ ϲϬ 'ŽǀĞƌŶŵĞŶƚ ϴϲ ŝŶǀĞƐƚŵĞŶƚƚŽ ϰϬ ŝŶĐƌĞĂƐĞŽǁŶĞƌƐŚŝƉ ƵƉƚŽϯϬй ϮϬ ϮϬ Ϭ WƌŽũĞĐƚ>ĞǀĞůƋƵŝƚLJ ^ĞŶŝŽƌ^ĞĐƵƌĞĚĞďƚ DĞnjnjͬƋƵŝƚLJ ŽƐƚKǀ

11. Slide 11: Capital structure (fully-diluted)

    ĂƉŝƚĂůƐƚƌƵĐƚƵƌĞ;ĨƵůůLJͲĚŝůƵƚĞĚͿ KĚĞLJD ƵƐĚƌŝůůͬ>LJĐŽ ŽĂƌĚ WƵďůŝĐ Ϯϵй ϵй ϭϬй ϱϮй ůZĂƐŚŝĚ <&/DŝŶĞƌĂůƐƉůĐ ƚŚŝŽƉŝĂ'Žǀƚ͘ ϲϬй ϰϬй ϳϬͲϴϬй ϮϬͲϯϬй <^:s ƚŚŝŽƉŝĂ:s ϭϭ

12. Slide 12: Proven management team with the experience to deliver

    WƌŽǀĞŶŵĂŶĂŐŵĞŶƚƚĞĂŵǁŝƚŚƚŚĞĞdžƉĞƌŝĞŶĐĞƚŽĚĞůŝǀĞƌ ,ĂƌƌLJŶĂŐŶŽƐƚĂƌĂƐͲĚĂŵƐ :ŽŚŶ>ĞĂĐŚ <ĞďĞĚĞĞůĞƚĞ tĂLJŶĞEŝĐŽůĞƚƚŽ 'ĞŽĨĨĂǀŝĚƐŽŶ džĞĐƵƚŝǀĞŚĂŝƌŵĂŶ &ŝŶĂŶĐĞŝƌĞĐƚŽƌ DĂŶĂŐĞƌƚŚŝŽƉŝĂ ŚŝĞĨKƉĞƌĂƚŝŶŐKĨĨŝĐĞƌ ŶŐŝŶĞĞƌŝŶŐΘŽŶƚƌĂĐƚŝŶŐ ,ĂƌƌLJ ǁĂƐ ĨŽƵŶĚĞƌ Žƌ ĐŽͲ :ŽŚŶ ŚĂƐ ŽǀĞƌ Ϯϱ LJĞĂƌƐ͛ ƌ͘ <ĞďĞĚĞ ĞůĞƚĞ ŝƐ Ă tĂLJŶĞ ŚĂƐ ϯϬ LJĞĂƌƐ͛ 'ĞŽ

13. Slide 13: Valuation: Undervalued compared to African peers

    sĂůƵĂƚŝŽŶ hŶĚĞƌǀĂůƵĞĚĐŽŵƉĂƌĞĚƚŽĨƌŝĐĂŶƉĞĞƌƐ sͬZĞƐĞƌǀĞƐ ǀĞƌĂŐĞĞdžĐů͘ŵŝŶĂŶĚŵĂdž͘сΨϭϴϯͬŽnj ǀĞƌĂŐĞĞdžĐů͘ŵŝŶĂŶĚŵĂdž͘сΨϭϲϮͬŽnj ϲϭϬ ϰϰϱ ϲϰϮ ϯϭϱ Ϯϱϴ Ϯϯϳ ϭϭϯ ϯϮϯ Ϯϴϵ Ϯϲϵ ϮϯϮ ϭϴϲ ϭϴϰ ϭϴϮ ϭϴϮ ϭϲϳ ϭϯϯ ϭϮϯ ϭϭϳ ϲϰ ϰϲ ϰϲ ϭϴϭ ϯϲ Ϯϲ ϳϬ ϯϬ ϭϵ sͬDĞĂƐƵƌĞĚΘ/ŶĚŝĐĂƚĞĚZĞƐŽƵƌĐĞƐ ϰϯϲ ǀĞƌĂŐĞĞdžĐů͘ŵŝŶĂŶĚŵĂdž͘сΨϴϴͬŽnj ϲϬϭ ǀĞƌĂŐĞĞdžĐů͘ŵŝŶĂ

14. Slide 14: Valuation: Production to drive substantial re-rating

    sĂůƵĂƚŝŽŶ WƌŽĚƵĐƚŝŽŶƚŽĚƌŝǀĞƐƵďƐƚĂŶƚŝĂůƌĞͲƌĂƚŝŶŐ [ 3()&) 3()&) 12.7x (3HHU$YHUDJH 3ULFH(VWLPDWHG [ (3HHU$YHUDJH )&) 12.4x $IULFDQ*ROG [ 3URGXFHU3HHU *URXS [ nmf nmf nmf nmf (QGHDYRXU 3HUVHXV 5R[JROG 7HUDQJD $FDFLD 5DQGJROG $VDQNR .(), /RFDWLRQ Mali, Ghana, Ghana, Côte Burkina Faso Senegal Mali, Burki

15. Slide 15: Ethiopia: country on the rise

    ƚŚŝŽƉŝĂ ĐŽƵŶƚƌLJŽŶƚŚĞƌŝƐĞ ,YĨŽƌĨƌŝĐĂŶhŶŝŽŶ͕ ϭϱLJĞĂƌƐŽĨϳͲϭϬй'WŐƌŽǁƚŚ͕ ĚĞĞŵĞĚƚŽďĞƐĂĨĞƌ ǁŝƚŚĂƉƌŽͲĚĞǀĞůŽƉŵĞŶƚĐƵůƚƵƌĞ͕ ƚŚĂŶĂůůŶĞŝŐŚďŽƵƌƐ ĨƌŝĐĂ͛ƐĨĂƐƚĞƐƚŐƌŽǁŝŶŐĞĐŽŶŽŵLJ ĚĞƐƉŝƚĞƌĞĐĞŶƚƵŶƌĞƐƚ ;ϮϬϭϱͲ ϭϬ͘ϮйZĞĂů'WŐƌŽǁƚŚͿϭ ^ƚƌŽŶŐŝŶƚĞƌĞƐƚŝŶ ƚŚŝŽƉŝĂŝƐ ^ĞĐŽŶĚŵŽƐƚƉŽƉƵůŽƵƐ ŝŶǀĞƐƚŵĞŶƚĨƌŽŵ ŽƉĞŶĨŽƌ ĐŽƵŶƚƌLJŝŶƐƵďͲ^ĂŚĂƌĂŶ ĞǀĞů

16. Slide 16: Ethiopia: Fostering mining investment

    ƚŚŝŽƉŝĂ &ŽƐƚĞƌŝŶŐŵŝŶŝŶŐŝŶǀĞƐƚŵĞŶƚ ^ƚƌŽŶŐŝŶǀĞƐƚŵĞŶƚĐŽŵŵƵŶŝƚLJĨŽƌŵŝŶŝŶŐ ƒ ϴƚŚďĞƐƚũƵƌŝƐĚŝĐƚŝŽŶŝŶĨƌŝĐĂĨŽƌŵŝŶŝŶŐŝŶǀĞƐƚŵĞŶƚ ďLJƚŚĞ&ƌĂƐĞƌ/ŶƐƚŝƚƵƚĞŝŶϮϬϭϱ͕ĂŚĞĂĚŽĨĂŵďŝĂ ĂŶĚ^ŽƵƚŚĨƌŝĐĂ ƒ ,ŝŐŚůLJƉƌŽƐƉĞĐŝǀĞͲ ůŝŵŝƚĞĚŵŽĚĞƌŶĞdžƉůŽƌĂƚŝŽŶ͗ ƒ KŶůLJĞdžŝƐƚŝŶŐĐŽŵŵĞƌĐŝĂůŵŝŶĞŝƐ>ĞŐĞĞŵďŝ ;ΕϭϯϬ<ŽnjƉĂͿ͕ŽƉĞƌĂƚĞĚďLJDŝĚƌŽĐ ƒ ƐĐŽŵWƌĞĐŝŽƵƐ

17. Slide 17: Contacts

    ŽŶƚĂĐƚƐ ,ĂƌƌLJŶĂŐŶŽƐƚĂƌĂƐͲĚĂŵƐ͕džĞĐƵƚŝǀĞŚĂŝƌŵĂŶ :ŽŚŶ>ĞĂĐŚ͕&ŝŶĂŶĐĞŝƌĞĐƚŽƌ LJƉƌƵƐͲ 'ƌŽƵƉĐŽƌƉŽƌĂƚĞƚĞĂŵ ƚŚŝŽƉŝĂͲ ĞǀĞůŽƉŵĞŶƚĂŶĚĞdžƉůŽƌĂƚŝŽŶƚĞĂŵƐ ^ĂƵĚŝƌĂďŝĂͲ džƉůŽƌĂƚŝŽŶƚĞĂŵ ŵĂŝů͗ŝŶĨŽΛŬĞĨŝͲŵŝŶĞƌĂůƐ͘ĐŽŵ tĞďƐŝƚĞ͗ǁǁǁ͘ŬĞĨŝͲŵŝŶĞƌĂůƐ͘ĐŽŵ >ƵƚŚĞƌWĞŶĚƌĂŐŽŶ>ƚĚ;&ŝŶĂŶĐŝĂůWZͿ ,ĂƌƌLJŚĂƚŚůŝ͕ůĂŝƌĞEŽƌďƵƌLJ͕ŶĂZŝďĞŝƌŽ dĞů͗нϰϰ;ϬͿϮϬ

18. Slide 18: Appendices

    KEFI MINERALS APPENDICES

19. Slide 19: Tulu Kapi Underground: potential to extend life and increase grade

    dƵůƵ<ĂƉŝhŶĚĞƌŐƌŽƵŶĚ WŽƚĞŶƚŝĂůƚŽĞdžƚĞŶĚůŝĨĞĂŶĚŝŶĐƌĞĂƐĞŐƌĂĚĞ dŚĞƵŶĚĞƌŐƌŽƵŶĚƉƌŽǀŝĚĞƐƐƚƌŽŶŐƵƉƐŝĚĞ WŽƚĞŶƚŝĂůƉƌŽĚƵĐƚŝŽŶƉƌŽĨŝůĞ;<ŽnjƵͿϭ ƒ dŚŝĐŬ͕ŚŝŐŚͲŐƌĂĚĞŐŽůĚnjŽŶĞƐďĞůŽǁŽƉĞŶƉŝƚ Underground Open cut ϭϱϬ ϭϱϬ ϭϱϬ ϭϱϬ ϭϯϱ ƒ hŶĚĞƌŐƌŽƵŶĚŵŝŶĞĂďůĞƌĞƐŽƵƌĐĞсϭ͘ϯDƚΛϱ͘ϮŐͬƚ ϭϬϱ ϭϮϰ ϭϮϬ ϯϬ ϭϲ ϮϮ ϱϳ ϯϵ ƒ WƌĞůŝŵŝŶĂƌLJƐƚƵĚŝĞƐďĂ

20. Slide 20: Ethiopia: Promising prospects near Tulu Kapi

    ƚŚŝŽƉŝĂ WƌŽŵŝƐŝŶŐƉƌŽƐƉĞĐƚƐŶĞĂƌdƵůƵ<ĂƉŝ 'Ƶũŝ͗sŝƐŝďůĞŐŽůĚŝŶĚƌŝůůŽƌĞ ϬϭŬŵϮŬŵ <ŽŵƚŽ͗WƌŝŵĂƌLJŐŽůĚŵŝŶĞƌĂůŝƐĂƚŝŽŶ ^ŽƵƌĐĞ͗<&/DŝŶĞƌĂůƐ ϮϬ

21. Slide 21: Jibal Qutman: Saudi Arabia (KEFI 40%)

    ^ĂƵĚŝƌĂďŝĂ;<&/ϰϬйͿ džĞĐƵƚŝŶŐƚŽƌĞĂůŝƐĞĞdžƉůŽƌĂƚŝŽŶƵƉƐŝĚĞ :ŝďĂůYƵƚŵĂŶ ,ĂǁŝĂŚ ^ŚŽƌƚƚĞƌŵŵŝůĞƐƚŽŶĞƐ ƒ ϵϵŬŵϮ >ǁĂƐŐƌĂŶƚĞĚŝŶ:ƵůLJ ƒ ϵϱŬŵϮ ,ĂǁŝĂŚ>ŐƌĂŶƚĞĚŝŶ ^ĞƉƚŽĞĐϮϬϭϲ ϮϬϭϮ ĞĐϮϬϭϱ ƒ :ŝďĂůYƵƚŵĂŶʹ ƐƵďŵŝƚDŝŶŝŶŐ ƒ ZĂƉŝĚůLJĚĞůŝŶĞĂƚĞĚŝŶŝƚŝĂů:KZ ƒ WŽƚĞŶƚŝĂůĨŽƌůĂƌŐĞƵͲƵͲŶ >ŝĐĞŶĐĞƉƉůŝĐĂƚŝŽŶĂŶĚ ZĞƐŽƵƌĐĞŝŶϮϬϭϯ s,D^ŽƌĞďŽĚŝĞ

22. Slide 22: Optimised mine plan: rapid delivery of cashflow

    KƉƚŝŵŝƐĞĚŵŝŶĞƉůĂŶ ZĂƉŝĚĚĞůŝǀĞƌLJŽĨĐĂƐŚĨůŽǁŵĂdžŝŵŝƐŝŶŐǀĂůƵĞ ‡ DŝŶĞĚĞƐŝŐŶĂŶĚƐĐŚĞĚƵůŝŶŐĂƚ ^ƚĂŐĞϭ dƵůƵ<ĂƉŝ ŚĂƐďĞĞŶĚĞǀĞůŽƉĞĚ ^ƚĂŐĞϯ ŽǀĞƌƚŚƌĞĞƐƚĂŐĞƐŝŶŽƌĚĞƌƚŽ ŵĂdžŝŵŝƐĞĐĂƐŚĨůŽǁƐŽǀĞƌƚŚĞ ŝŶŝƚŝĂůƚŚƌĞĞLJĞĂƌƐ;^ƚĂŐĞϭͿ ‡ dŚŝƐǁŝůůĨĂĐŝůŝƚĂƚĞƌĂƉŝĚ ƌĞƉĂLJŵĞŶƚŽĨĚĞďƚ͕ĂůůŽǁŝŶŐ ƚŚĞĐŽŵƉĂŶLJƚŽƉĂLJĚŝǀŝĚĞŶĚƐ ƐŽŽŶĞƌ ‡ dŚŝƐŽƉĞƌĂƚŝŽŶĂ

23. Slide 23: Directors of KEFI Minerals plc

    Corporate Finance ŝƌĞĐƚŽƌƐŽĨ<&/DŝŶĞƌĂůƐƉůĐ ,ĂƌƌLJŶĂŐŶŽƐƚĂƌĂƐͲĚĂŵƐʹ džĞĐƵƚŝǀĞŚĂŝƌŵĂŶʹ D;ƵƐƚƌĂůŝĂŶ'ƌĂĚƵĂƚĞ^ĐŚŽŽůŽĨƵƐŝŶĞƐƐͿ ,ĂƌƌLJ ǁĂƐ ĨŽƵŶĚĞƌ Žƌ ĐŽͲĨŽƵŶĚĞƌ ŽĨ ŝƚŝĐŽƌƉ ĂƉŝƚĂů /ŶǀĞƐƚŽƌƐ ƵƐƚƌĂůŝĂ͕ ŝŶǀĞƐƚŵĞŶƚ ĐŽŵƉĂŶLJ WŝůĂƚƵƐ ĂƉŝƚĂů͕ ƵƐƚƌĂůŝĂŶ 'ŽůĚ ŽƵŶĐŝů͕ D DŝŶŝŶŐ͕ <&/ DŝŶĞƌĂůƐ ĂŶĚ LJƉƌƵƐͲďĂƐĞĚ ^ĞŵĂƌĂŶŐ ŶƚĞƌƉ

24. Slide 24: Tulu Kapi development team

    dƵůƵ<ĂƉŝ Corporate Finance ĞǀĞůŽƉŵĞŶƚƚĞĂŵ tĂLJŶĞ EŝĐŽůĞƚƚŽ͕ ŚŝĞĨ KƉĞƌĂƚŝŶŐ KĨĨŝĐĞƌ ĂŶĚ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ͕ <&/ ƚŚŝŽƉŝĂ ʹ ^Đ DĞƚĂůůƵƌŐLJ͕ 'ƌĂĚ ŝƉ DŝŶŝŶŐ ;t^DͿ tĂLJŶĞ ŚĂƐ ϯϬ LJĞĂƌƐΖ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ŵŝŶŝŶŐ ŝŶĚƵƐƚƌLJ ĂƐ Ă DĞƚĂůůƵƌŐŝƐƚ ĂŶĚ Ă 'ĞŶĞƌĂů DĂŶĂŐĞƌ͕ ƐƉĞĐŝĂůŝƐŝŶŐ ŝŶ ƐƚĂƌƚͲƵƉ ĂŶĚ ŽƉĞƌĂƚŝŽŶ ŽĨ ŐŽůĚ ŵŝŶĞ

KEFI Minerals — Investor Presentation (October 2016) on 6ix