TIDMKEFI

Kefi Gold and Copper PLC

13 January 2022

Reach

13 January 2022

KEFI Gold and Copper plc

("KEFI" or the "Company")

Saudi Arabia Future Minerals Forum Presentation

KEFI (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to advise that Brian Hosking, Managing Director of KEFI joint venture company Gold & Minerals Ltd ("G&M") and a member of the KEFI Executive Committee, is presenting this morning at the Future Minerals Forum being held in Riyadh, Saudi Arabia.

The presentation will cover G&M's activities and projects in Saudi Arabia and is available on the Company's

website at https://www.kefi-minerals.com   .

Enquiries

 
 KEFI Gold and Copper plc 
 Harry Anagnostaras-Adams (Managing Director)    +357 99457843 
 John Leach (Finance Director)                   +357 99208130 
 SP Angel Corporate Finance LLP (Nominated 
  Adviser and Joint Broker)                      +44 (0) 20 3470 0470 
 Jeff Keating, Adam Cowl 
 Tavira Securities Limited (Joint Broker)        +44 (0) 20 7100 5100 
 Oliver Stansfield, Jonathan Evans 
 WH Ireland Limited (Joint Broker)               +44 (0) 20 7220 1666 
 Adrian Hadden, Andrew de Andrade 
 IFC Advisory Ltd (Financial PR and IR)          +44 (0) 20 3934 6630 
 Tim Metcalfe, Florence Chandler

Notes to Editor

KEFI Gold and Copper plc

KEFI is focused primarily on the development of the Tulu Kapi Gold Project in Ethiopia and its pipeline of highly prospective exploration projects in the Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi will generate cash flows for capital repayments, further exploration and dividends to shareholders.

The following tabular summary presents KEFI' s estimated share of the project NPV's :

 
                                                                                             Pence 
                              Tulu Kapi    Hawiah    Jibal Qutman     Total      Issued       Per 
                                 NPV         NPV          NPV          NPV       Shares      Share 
                             -----------  --------  --------------  --------  ------------  ------ 
 Net Present Value 
  for KEFI 
                             -----------  --------  --------------  --------  ------------  ------ 
                                GBP114                               GBP114 
    30 June 20                   mill        N.A          N.A          mill    1,867 mill      6 
                             -----------  --------  --------------  --------  ------------  ------ 
                                GBP164      GBP80                    GBP244 
    31 Dec 20                    mill        mill         N.A          mill    1,876 mill     13 
                             -----------  --------  --------------  --------  ------------  ------ 
                                GBP191      GBP80                    GBP271 
    30 June 21                   mill        mill         N.A          mill    2,159 mill     13 
                             -----------  --------  --------------  --------  ------------  ------ 
                                GBP191     GBP124                    GBP348 
    31 Dec 21                    mill        mill     GBP33 mill       mill    2,939 mill     12 
                             -----------  --------  --------------  --------  ------------  ------ 
 
 Footnotes: 
 Gold Price is US$1,830/oz 
 Copper Price is:                           Assumed exchange rate was rate 
  US$9,750/t                                 US$1.35:GBP1.00. 
 Zinc Price is US$3,590/t 
 Silver Price is 
  US$23/oz 
 
 Explanatory Notes: 
 NPV is derived by KEFI using independently created financial models 
  of net cash flows after tax and debt service, using a discount rate 
  of 8%. 
 Tulu Kapi open pit model is based on the Definitive Feasibility 
  Study ("DFS") as updated for any refinements during project contracting; 
 Tulu Kapi underground mine model is based on the 
  Preliminary Economic Assessment ("PEA"); 
 Hawiah at this stage assumes preliminary mine modelling for open 
  pit and underground because the MRE has only recently been updated;

KEFI Gold and Copper in Ethiopia

Ethiopia is currently undergoing a remarkable transformation both politically and economically.

The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.

The Company has now refined contractual terms for project construction and operation. Estimates include open pit gold production of c. 140,000oz pa for a 7-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.

A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI's wholly-owned Ethiopian subsidiaries upon commencement of development by TKGM, with a view to adding satellite deposits to development and production plans.

KEFI Gold and Copper in the Kingdom of Saudi Arabia

In 2009, KEFI formed Gold & Minerals Ltd ("G&M") in Saudi Arabia with local Saudi partner, ARTAR, to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 31.2% interest in G&M and is the operating partner.

ARTAR, on behalf of G&M, and G&M directly hold over 16 Exploration Licence (EL) applications pending the introduction of the new Mining Law. These new regulations have recently been proclaimed and G&M now holds 3 EL's. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) licence within the area.

In addition, G&M has a Mining Licence Application over the Jibal Qutman Gold Project which recent informal indications by the authorities provide some confidence that the licence will be granted in 2022.

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