#1KEFI GOLD + COPPER Investor Presentation April 2022#2KEFI GOLD + COPPER Disclaimer The information contained in this document ("Presentation") has been prepared by KEFI Gold and Copper plc (the "Company"). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Presentation. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Neither this Presentation nor any copy of it may be (a) taken or transmitted into Canada, Japan, the Republic of Ireland, the Republic of South Africa or the United States of America (each a "Restricted Territory"), their territories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) or (c) distributed to any individual outside a Restricted Territory who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. Note: All references to $ within this presentation refer to US dollars. Due to rounding, numbers presented throughout this Presentation and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 2#3KEFI GOLD + COPPER Investor Highlights KEFI Gold and Copper Plc KEFI has a market cap of £23m versus portfolio NPV (1) of £348M (approx. 12 pence per share) NPV (1) for portfolio increased 3X since H1 2020 due to exploration and permitting success (Saudi) and expected greater interest in Tulu Kapi (Ethiopia) Estimated potential Net Operating Cash Flow (1) £137M (c. US$185M) per annum from the 3 development projects KEFI targets becoming a mid-tier producer with 3 projects in production by 2026, at a net production rate of 187Koz gold equivalent (155Koz of gold) Tulu Kapi Hawiah + Al Godeyer and Jibal Qutman • • • JORC Reserve of +1Moz @ 2.1g/t within total JORC Resource of 1.7Moz @ 2.7g/t Syndicate for US$356M CAPEX in place. Financial close expected mid-2022, enabling construction Target first production mid-2024 at initial rate of 140Koz pa and AISC of US$982/oz (1) from the open pit; then lift to 190Kpa pa by adding the underground KEFI net 70% interest would result in annual net operating cash flow of US$100M at 31 December 2021 gold price of US$1,830/oz or US$70M at US$1,591/oz gold price • . • JORC Resource of 24.9Mt @ 0.9% Cu and 0.62g/t Au (additional silver and zinc). Resource expansion ongoing. PFS target by end of 2022 Al Godeyer (Hawiah satellite): Licence awarded Dec 2021. Already analogous to Hawiah with geophysics, trenching and drilling Jibal Qutman: Progressing mining licence application. Targeting initial 35,000Koz pa production. OPEX sub $700/oz, CAPEX sub US$40M (KEFI $3M) All projects have Resources which remain open and with drill ready targets (1) At the metal prices current at 31 December 2021, as set out on Slide 5 3#4KEFI GOLD + COPPER Summary Corporate Overview Share price 12 mth 0.7p - 2.50p Current share price 0.8p Shares in issue 2,939M Options & Warrants (VWAP > 2p) 582M Market cap £23M, $28M Analyst & Broker Coverage Tavira Securities and SP Angel WH Ireland Orior Capital Edison Research Share Chart (p) 2.5 2 1.5 1 0.5 0 Apr 22, 2021 Jul 19, 2021 Oct 12, 2021 Jan 07, 2022 Apr 01, 2022 The company announced the temporary pause of the Ethiopian project launch as a security precaution on 29 September 2021. Subsequently announced recommencement on 16 November 2021 and continual improvement since. Directors Harry Anagnostaras-Adams Executive Chair John Leach Finance Director Mark Tyler NED 12% Norman Ling NED 8% Richard Robinson NED Shareholders over 5% excluding nominees Management RAB Capital Share data correct as of 1 April 2022 4#5KEFI GOLD + COPPER Market Cap of £23M Versus Group NPV £348M (KEFI beneficial interest only) NPV Versus Mkt Cap ₤M NPV £M Value of Portfolio At 31 Dec 2021 metal prices 400 KEFI Mkt Cap 23 350 29 300 TK 191 250 128 74 200 80 Hawiah 128 150 100 205 191 164 JQ 29 50 114 0 Total NPV 348 H1 2020 H2 2020 H1 2021 H2 2021 Metal prices at 31 Dec 2021 Gold Copper Zinc Silver TK Hawiah JQ $ Period NPV NPV per share 1,830 H1 2020 ₤ 114,000,000 0.06 9,750 H2 2020 £ 244,000,000 0.11 3590 H1 2021 £ 279,000,000 0.13 23 H2 2021 £ 348,000,000 0.12 5#670% 60% 50% US$ KEFI GOLD + COPPER Industry Valuation Analogues Source: Company data, Orior Capital 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 KEFI.L NCAU.V GAU HUM.L ORG.V OSI.V TIE.AX THX.V SHG.L PAF.L PRU.AX RBX.V CMCL ORE.TO WAF.AX 40% 30% 20% 10% 0% KEFI.L AGG.V NCAU.V ORG.V TIE.AX OSI.V ORE.TO US$ (left) African gold companies 300 Enterprise Value 250 per oz of production, planned or 2022 guidance 200 150 100 (right)African gold companies Enterprise Value per oz of measured and indicated resource (left) EV/NPV, selected g/t 5.0 African gold companies 4.0 2.0 (right) African gold companies, M&I 1.0 resource grade, g/t gold 0.0 3.0 50 HUM.L ORE.TO PAF.L RBX.V KEFI.L AGG.V GAU PRU.AX ORG.V WAF.AX PDI.AX ORG.V SHG.L TIE.AX ORE.TO WAF.AX GSS TIE.AX RBX.V PRUAX THX.V CMCL 6#7KEFI GOLD + COPPER Group Strategy To deliver Tula Kapi financing package in H1 2022 • To continue to build value across the portfolio and mitigate single asset risk To add further value across the 3 projects that are economically robust and feasible In the longer term, to become a mid-tier scale group that is focused on the Arabian Nubian Shield#8KEFI Mid-Tier Road Map GOLD + COPPER Targeted group production is 365Koz Au-Eq with KEFI net interest of 187Koz Au-Eq (of which 155Koz is Gold) 2022 2023 2024 2025 2026 Tulu Kapi (70%) Gold Open pit to underground Finance mid-22 Construction and start Construction Production from mid-2024 starting at 140k oz increasing to 194k oz p.a. Jibal Qutman (30%) Gold Open pit heap leach to underground Hawiah (30%) Copper-Gold-Zinc-Silver Open pit to underground Development Mining Licence 2022 Production starting at 35k oz p.a. • Development PFS in 2022 Expand Resource in 2022 Production starting at 136k oz p.a. Gold- eqiv of copper- gold-zinc-silver 00#9KEFI GOLD + COPPER Orca Gold TSX listed • Block 14 Sudan (79.94Mt @ 1.11g/t for 2.85Moz) Arabian Nubian Shield Feasibility level Acquired by Perssus Mining for C$215M in February 2022 Acquisition cost of $60.35 per resource oz BARRICK "We are also investigating projects across the Nubian and Arabian Shields in North Africa and the Middle East." Barrick AGM March 18 2022 AKOBOMINERALS Orca Gold NUBIAN Cold Exploratler Clea AS ALTUS SUNPEAK ME ALE COMP EAST AFRICA METALS STRATEGES CRAU MANAGEM MEGADO allied GOLD CORR Newmont ZCM C FE Construction Materials KEFI GOLD+ COPPER BARRICK 6#10KEFI GOLD + COPPER Tulu Kapi Gold Mine, Ethiopia TKGM Tulluu Kaapi Gold Mine | S.C#11KEFI GOLD + COPPER Tulu Kapi Economic Metrics At Gold Price US$1,591/oz Based on Open Pit Ore Reserves Only 2021 Plan (8 year LOM contract mining) Waste:ore ratio 7.4:1.0 . 1Moz in reserve at 2.1g/t within 1.7Moz resource at 2.7g/t Processing rate 1.9-2.1Mtpa Total ore processed 15.4Mt • AISC of US$826/oz includes all operating costs, maintenance capital and royalties Avg. head grade 2.1g/t · Royalties increase with the gold price and therefore so does AISC Gold recovery 93.3% Annual steady state 140,000 ozs • Life of Mine ("LOM") is the time to mine the planned open pit only production Total LOM production 980,000 ozs . Gold production and net operating cash flow are for the first eight years KEFI's targeted 70% beneficial interest in Tulu Kapi would represent a US$70M annual interest in the underlying annual net operating cash flow of US$100M, assuming a gold price of US$1,591/oz AISIC All in Costs (incl. initial capex) Avg. net operating CF Payback 826/oz 1,048/oz $100M p.a. 3 years 10#12KEFI GOLD + COPPER Existing and Future Shareholder to Fund Expansion 70% ARTAR Identified Funding Structure 30% G&M Saudi Arabia Proposed Senior Lenders Project Finance Loan KEFI Gold and Copper plc 100% 100% Ethiopian Subsidiaries of International Groups $35M KEFI Ethiopia ~70% ~ 6% KEFI Marketing Tulu Kapi Gold Mines (TKGM) Ethiopian Private. Shares in subsidiary Min. $9M ~24% Mining Financiers Subordinated Facilities $60M Ethiopian Govt. Min. $29M equity Senior Lenders Project Finance Loan ~$140M Mining Contractor ~$56M 1. Subject to final procurement confirmations this month, TKGM capital requirement is c.US$356M 2. Mining contractor to provide US$56M mining fleet and Senior Lenders to provide US$140M, leaving US$160M to be provided as Equity-Risk-Capital 3. Equity-Risk Capital to be provided by Government US$29M and Local Private Investors US$9M into TKGM alongside KEFI Group for c. US$122M 4. KEFI Group's c. US$122M planned in the following manner: a. Subordinated non-convertible, offtake-linked US$60M b. Subordinated convertible into KEFI at VWAP in 3 years as to US$15M and US$20M at a premium over market in H2-22 c. Internal cash generation during commissioning, mining capex Year 2 paid by KEFI shares and final equity to be subscribed when all syndicate has signed up potentially including proceeds of Dec warrants (c.US$8M). Aggregate of all is US$27M 'The funding structure is in progress and subject to change. The Offers and Commitments are made on a non-binding basis. 12#13KEFI GOLD + COPPER Tulu Kapi Development Plan for 2022 Re-settlement begins Full finance close Begin procurement Off site fabrication On site construction begins Finalise resettlement Q1 2022 Q2 2022 Q3 2022 Q4 2022 13#14KEFI GOLD + COPPER Tulu Kapi Development 100 1+0 120 130 S 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 increased when the two sources are blended A DFS on mining the deeps is planned during construction Lege... TK AU 1000 [ABSENT] [0,0.5] 10.5.0.91 [0.9.5] [5,CEILING] Tulu Kapi Exploration Potential . • Mineralisation below the open pit remains open, >1.5g/t Au in yellow and > 5.0g/t Au in pink Satellite deposits containing mineralization identified and awaiting drilling#15KEFI GOLD + COPPER - 1750 Tulu Kapi - Open at Depth - 1500 TKBH 293: 90m @ 2.8g/t Au - 1250 1000 TKBH 125 intersected mineralisation 140m down-plunge; interpreted to be east of main UG shoot Underground resource potential estimated 1M oz 1750 1500 1250 Lege... x TK_AU חחח [ABSENT] [0,0.5] [0.5,0.9] [0.9,5] [5,CEILING] 1000#16KEFI GOLD + COPPER Gold and Minerals LLC Saudi Arabia gold &minerals#17KEFI GOLD + COPPER Hawiah (30%) Existing Asset Overview - Saudi Arabia 2021 Mineral Resource 24.9MT @ 0.9% Cu and 0.62g/t Au In situ gold equivalent of 2.2Moz versus Tulu Kapi 1.7Moz Drilling continues to expand resource inventory Additional exploration licence granted (Al Godeyer) is direct analogue to Hawiah and already enjoyed exploration success . Objectives for 2022 • . Upgrade and expand the Oxide Resource Explore the Central Zone of the Hawiah Ridge line Complete drill program on Al Godeyer Licence. Produce a Maiden MRE Complete the Hawiah PFS ready for a ML application by Q4 2022 Jibal Qutman (30%) Seeking to progress mining licence application JORC Resource of 733,000oz gold, open at depth PEA established for heap leach operation Opex < $700/oz, Capex < $40M, Target production of 35,000oz Objectives for 2022 • Continue to work closely with the DMMR to approve Mining Licence application. Undertake a complete re-evaluation of the PEA to ensure compliance with new Environmental and Mining regulations. Develop coherent plan to move project into construction in 2023. 17#18KEFI GOLD + COPPER MADINAH REGION Bay Penny Joker Hawiah 3 EL + (3) Regional Exploration Projects NGD GEOLOGICAL MAPS MINERAL OCCURRENCES GEOCHEMISTRY Qunnah-Hilit Umm Ash-Shalaheeb (1) Jadid Al Qahtanah (1) 口味 RADH REGION EASTERN R MAKKAH REGION Lanm Al Miyah (3) Jibal Qutman MLA + 4 JQ ELAS (4) Lorelon (5) ASIR REGION قة الشرايع G&M (ARTAR) holds 3 exploration licence and a further 19 applications (ELA's) covering 1380 Km²#19KEFI GOLD + COPPER The Hawiah Project Wadih-Bidah Belt - Makkah Province A major greenfield discovery made in September 2019. A three year 42,000m drilling programme has so far delineated a total mineral resource of 24.9 Mt (0.9% copper, 0.85% zinc, 0.62 /t gold and 9.81 g/t silver) Hawiah ranks as one of the top 3 major base metal projects in KSA and is on track to be brought into production in 2025.#20KEFI GOLD + COPPER Hawiah Project Resource Statement and Classification Hawlah project - Long section displaying resource classification and open pit shells Crossroads Extension Fold & minerals Resource classification Indicated Uncassi ed Facing East 500m Central zone Camp Lode Open pit -8.4Mt Underground - 16.5Mt 5000m strike 590m vertical depth Plunge 00 Looking East W 0 500 1000 1500 2020 2021 • . 42,000m drilling programme over 3 years . Major greenfield discovery made in September 2019 Mineral Resource of 24.9 Mt (0.9% copper, 0.85% zinc, 0.62 /t gold and 9.81 g/t silver) Total Resource Cu Grade (%) 19.3 24.9 0.9 0.9 Au Grade (g/t) 0.6 0.62 Indicated Resource 0 10.9 Inferred Inferred Resource 19.3 14.0 . Current cost per Gold Equivalent discovery oz ~ US$6 Open Pit Resource 0.1 8.4 . Further near-term resource expansion - Al Godeyer, Hawiah Open Pit Grade (Cu %) 0.0 0.93 Oxides and Central Zone Open Pit Grade (Au g/t) 1.7 0.74 Oxide Resource 0.1 0.7 Hawiah now ranks as one of the top 3 major base metal projects in KSA and is on track to be brought into production in 2025. Oxide Grade (Au) g/t 1.7 1.49 Transition Zone Resource 2.0 2.30 Transition Grade (Cu %) 1.1 1.32 MRE as reported by SRK (UK) Consulting -December 2021 & August 2020 Note 1 Resource Price (2021 MRE) = $9200 copper, $3,000 zinc, $1820 gold and $25 silver Note 2 NSR recoveries based on NSR cost of $54/t and recoveries of 92% copper, 71% zinc, 74% gold and 84% silver (MRE 2021).#21KEFI GOLD + COPPER Hawiah Project Working Towards PFS Q4-2022 Hawlah project - Long section of the 2021 block model coloured by $NSR value Crossroads Extension kold &minerals" NSR Value per block (USD$) >-$120 $100-120 $80-100 Crossroads Lode Facing East 564 BO 564 500m 5000m strike Central zone MRE as reported by SRK (UK) Consulting -December 2021 Note 1 Resource Price = $9200 copper, $3,000 zinc, $1820 gold and $25 silver Note 2 NSR recoveries based on NSR cost of $54/t and recoveries or 92% copper, 71% zinc, 74% gold and 84% silver. Camp Lode 590m vertical depth Plunge 00 Looking East 0 500 1000 1500 2020 Estimated Value based on internal PEA Financial Model MRE 2021 MRE Initial Capital (US$ million) 171 159 NPV (8%) 2020 CMF 12 141 G&M Base 171 354 2020 CMF 5 2.2 G&M Base 3 <2 Planning scenario based on a 2 Mtpa open pit and underground mining operation with an estimated mine life of 11 years. Processing will use conventional floatation and SART processing for copper & zinc and Merrill Crowe for precious metals. ESIA and Groundwater studies well advanced NPV (8%) Payback (Years) Payback (Years) Delivery Cost US$/AU Equi Oz Metal Prices (US$) CMF 2020 G&M Base Dec-21 Cu 6500 8400 9750 Zn 2100 2500 3590 Au 1350 1600 1830 Ag 19 24 23 6.0#22Northing (m)- WGS84 - UTM Zone 37 2,333,500mN 2,334,000mN 2,332,500mN 2,333,000mN KEFI GOLD + COPPER Initial Al Godeyer Exploration Confirms Similarity to Hawiah Cu-Au VMS Mineralisation Strong SP geophysical anomalies below gossans are similar to Hawiah Trenching, geophysics and initial drilling indicates good continuity of Cu-Au mineralised horizon Gold mineralisation of up to 7.2g/t gold and 1.8% copper encountered Legend Exploration Licence boundary Outcropping Gossan 5000 meters Hawiah Crossroads Lode Hawiah Gossans Central area 2,334,500mN L4800N 14700N L4600N L4500M Al Godeyer Gossans L4400N L4300N L4200N L4100N L4000N L1900N L3800N L1700N L3600N L1500N Mapped gossan coincident with negative SP anomaly L400N £3300W L3200N L100N 12900N gold &minerals L2800N 12700N 12600N Al Godeyer SE extension Main Area V (mV) 50 -25 -0 25 100 125 150 Units -175 -200 Hasped Cos 225 500 meters 275 + L250ON 729,000 mE 729,500 mE 730,000 mE Easting (m) WGS84- UTM Zone 37 730,500 mE 731,000 mE For further information, refer to KEFI announcement dated 24 March 2022. Al Godeyer 12 kilometers Al Godeyer Gossans SE Extension Al Godeyer East Camp Lode &minerals 22 22 North#23KEFI GOLD + COPPER Jibal Qutman Project Nabitah-Tathlith Belt - ASIR Province Current resource of 28 Mt containing 733k gold oz (grade 0.8g/t). • G&M submitted a mining licence application in 2016. · New Mining Investment Law delayed issuance of licence G&M Team working closely with the Deputy Minister of Mineral Resources (DMMR) for re- submission and subsequent award of mining licence Existing resource is based on exploration between 2012-2016, additional targets identified isting G&M also has exploration licence applications covering 400 Km² offering significant potential for further resource expansion. .#24KEFI GOLD + COPPER Jibal Qutman is located in the southern portion of the Nabitah Suture zone (Nabitah-Tathlith), a shield wide belt hosting multiple ancient gold mines and known occurrences, as well as the major Ad Duwayhi and Mansourah- Massarah Gold Mines. 2012-2016 exploration programme defined a total resource of 733Koz Au (indicated and inferred). The Mining Licence application area covers 26 km² and in addition to this G&M has a further 5 associated exploration licences covering an area of 400 km² under application. • 22 AFRICA Jibal Qutman Gold Project 36°E + Bi'r Uniq suture zone 38 40 Molasse basins: Murdama and equivalent Outline of Shammar basin (approximate) 20° Jibalah basins Suture zone 44 2008 Lasasah basin Tharwah ophiolite JIDDAH ERRANE Bani Ghayy basin Ar Rikah f.z. rfa + Mansourah Massarah Ad Duwayhi Jiddah Red Se a Quatemary sediments of Red Sea coastal plain Nabitah suture Zone + 1 Within this area there are several ancient workings and prospects for gold, with grab samples from the area showing areas or high-grade gold mineralisation. -18° Ophiolite Major faults (f.z. = fault zone) Terrane boundaries (faulted) (Modified after Nehlig et al, 2002) 8° Junaynah basin Junaynah f.z Jibal Qutman Ablah basin Ruwah f.z. 22 AFIF ERRANE Al Amar basin ASIR ERRANE Darb Zubaydah ophiolite 20°- Guyan 18° YEMEN 40° 42° 44" I#25KEFI GOLD + COPPER Jibal Qutman Geology and Resource Table 1-1 Jibal Qutman Mineral Resource estimate 4,832,500 Cut-off Grade bin Tonnes Au Grams Oz 0.0 -> 0.2 0.2 -> 0.5 0.5 -> 1.0 1.0 -> 5.0 5.0 -> Ceiling Total 145,457 9,995,777 12,366,668 5,879,576 0.16 23,297 749 0.38 3,782,392 121,607 2317,500 0.69 8,549,568 274,875 1.71 10,034,378 322,613 67,626 6.07 410,595 13,201 28,455,104 0.80 22,800,230 733,045 0.2 0.2 -> 999 28,309,647 0.80 22,776,933 732,296 0.5 0.5 -> 999 18,313,869 1.04 18,994,541 610,689 2315,000 JQ is a typical shear hosted orogenic gold deposit with comprising a weathered oxide cap and lower un- weathered ore body. There are currently 7 recognised zones of mineralization Resource drilling has so far only been explored to a depth of 125m and the ore body is open at depth. West Zone Main Zone AU_OK ☑ discrete 3 1 0.5 2312,500 0.2 + 2310,000 4,835.000 4,832 500 4.35 101#26KEFI GOLD + COPPER Thank You Email: [email protected] @kefiminerals in KEFI Minerals plc Website: www.kefi-minerals.com 26#27KEFI GOLD + COPPER EFI MINE ET KEFI's Board of Directors Harry Anagnostaras-Adams - Executive Chair – B. Comm, MBA, Fellow of Australian Institutes of Management & Company Directors Harry was founder or co-founder of Citicorp Capital Investors Australia, investment company Pilatus Capital, Australian Gold Council, EMED Mining, KEFI Minerals and Cyprus-based Semarang Enterprises. He has overseen a number of start-ups in those and their related organisations principally through the roles of Chairman, Deputy Chairman or Managing Director. He qualified as a Chartered Accountant early in his career while working with PricewaterhouseCoopers. John Leach - Finance Director - BA Economics, MBA, CA (Australia & Canada) John has over 25 years' experience in senior executive positions in the mining industry internationally and is a former non-executive Chairman of Australian-listed Pancontinental Oil and Gas NL. He is a Chartered Accountants in Australia and Canada, and is a Fellow of the Australian Institute of Directors. Mark Tyler - Non-Executive, Chair Audit and Remuneration Committee - BSc (Eng) Mineral Processing, GDE (Mineral Economices) Mark has over 20 years of mining finance experience, having participated in mining equity investments at the IDC of South Africa and as the Co Head of Resources Finance and subsequently a resources investment banker in London for Nedbank, a South African bank. He is currently also a resources adviser to Exotix Capital, an emerging markets investment bank and the London representative for Auramet International, an international precious metals financier. Norman Ling, Non-Executive, BA German and Economic History Norman was a member of the British diplomatic service for more than 30 years, for the last ten with the rank of ambassador. He has served in a wide range of countries in the Middle East and Africa. His last post, before retirement, was as Ambassador to Ethiopia, Djibouti and the African Union. For the last two years he has been actively involved with development of the mining industry in Ethiopia. Richard Robinson - Non-Executive - Master of Mineral Economics Queen's University (Can); B. Computer Science University of Natal (South Africa). Non-Executive Director also on Joint Venture Operating Company Boards Richard has over 40 years in the gold, platinum, base metal and coal industries, with over 20 years at Gold Fields of South Africa where he had responsibility for gold operations and exploration, base metals and coal operations, and the group commercial activities. His experience also includes being Managing Director of Normandy LaSource, Non-Executive Chairman of the private Swiss multinational Metalor Technologies International and Non-Executive Director of Recylex 27#28KEFI GOLD + COPPER Eddy Solbrandt - Ethiopia Plus People & Systems Senior Management Executive Chairman and Finance Director Eddy began his career in the mining industry in 1986 and has since worked in open cut and underground metalliferous mines, as well as in coal, gold and mineral sands in Australia, New Zealand, USA, Canada, Mexico, UK, Ukraine, Russia, Kazakhstan, Indonesia, Thailand, South Africa, Mozambique and Namibia. Eddy is founder of GPR Dehler, an international management consultancy which specialises in productivity improvement for mining companies worldwide, especially in the areas of human resources development and performance improvement. He is adept at providing swift assessment, analysis and development of solutions and strategies for achieving strategic, operational and financial objectives integrating process, people and technology. He is a seasoned facilitator experienced in designing and conducting strategy workshops. Plus.... Brian Hosking - Saudi Arabia plus Planning & Exploration Brian began his career as a geologist and technical planning in a variety of mining operations. In 1990 he set up his own human resource consulting firm, then led its growth and integration into Transearch, a large global search firm. In 1999 he was elected to serve on the Transearch Board as Executive Director and COO. In 2003 Brian set up Meyer Hosking and focused on the mining sector developing this niche in London providing strategic services including remuneration advice, management assessment and executive search to a wide range of clients. Before joining KEFI Brian had established a strong international reputation as a consultant with an in-depth knowledge of the industry. In this capacity he was regularly retained as a strategic advisor to executive management teams and boards in mining industry. He currently serves as the Managing Director/ CEO of Gold and Minerals, KEFI's Joint Venture in Saudi Arabia. Norman Green - Development Norman is a graduate mechanical and professional engineer with the key experience of having managed large mining and refining construction projects from concept to completion with more than 30 years experience in this field. Major projects Hillside Aluminium smelter, the Skorpion Zinc project and the Husab Uranium mine are included in his handiwork, as well as a number of pure deep level underground mines. He founded and built Green Team International (GTI) into a successful project engineering firm providing or supporting construction implementation and other engineering support to mainly African mines. Projects studied or handled by GTI as the Project Implementation Team or "Owner's Team" included major gold, uranium, copper, nickel, iron ore and platinum projects in Namibia, South Africa, DRC, Peru and Madagascar. Norman now conducts projects of special interest with his long-standing associates Exploration Adviser - Jeff Rayner, experienced discoverer, foundation Managing Director of KEFI. Operations Adviser - David Munro, former Managing Director Billiton Theron Brand - Managing Director, TKGM, career in African mining finance and site operations management including at Navachab Gold Mine and Namdeb Diamonds Abera Mamo - Country Manager, TKGM. Career in Ethiopian private and public sector including CEO of Africa's largest flowerfarm and deputy head of Oromia President office 28#29KEFI GOLD + COPPER NPV's to KEFI of the Development Projects Net Present Value for KEFI at Hawiah Jibal Qutman Total Issued 31 December 2021 Metal Prices: NPV NPV NPV NPV Shares Pence Per Share 30/06/2020 £114 mill 0 31/12/2020 £164 mill £80 mill 30/06/2021 £205 mill £74 mill 000 £114 mill 1,867 mill £244 mill 2,137 mill £279 mill 31/12/2021 £191 mill £128 mill £29 mill £348 mill 2,153 mill 2,939 mill 6232 11 13 12 Footnotes: Assumed exchange rate was rate US$1.35:£1.00 JV Ownership Levels: Ethiopia 45% in 2020 and 70% in 2021; Saudi 34% in 2020 and 30% in 2021 31 December 2021 Metal Prices: Gold Price is US$1,830/oz Copper Price is: US$9,750/t 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 and in-country experience; *Tulu Kapi underground mine model is based on the internal Preliminary Economic Assessment ("PEA"); *Hawiah assumes preliminary mine modelling for open pit and underground because the MRE has only recently been updated. Also includes preliminary debt leverage; *Jibal Qutman model is based on the internal PEA, preliminary debt-leverage applied. 29#30KEFI Saudi Corporate Structure GOLD + COPPER KEFI GOLD + COPPER ARTAR gold & minerals شركة عبد الرحمن سعد الراشد وأولاده Abdul Rahman Saad AlRashid & Sons Co. Closed Joint Stock Co. شركة مساهمة مقفلة 30% gold & minerals 70% Regional Exploration Jibal Qutman Gold Project Projects Hawiah VMS Project#31KEFI GOLD + COPPER Jibal Qutman -Development Schedule when Mining Licence Lodged in 2016 Infill Drilling and Final Resource Jan 1 - Jun 1 Environmental Studies and Permits Optimise Metallurgy and Mine Plan Jan 1 Jul 15 Definitive Feasibility Study (Reserve) Financing Jan Apr Jul Oct Dec 1 Dec 31 Jun 1 - Mar 4 • gold & minerals Mine Metrics Mining 1 Mtpa Production 20k oz pa • Average Op Cost c. US$600/oz • Initial capital US$38M Jan 1 - Jun 30 FEED and Long Lead Orders Dec 2 - Sep 2 Construction Plant and Infrastructure Jan 1 Oct 30 Mining and Stacking Leach Pads Final Investment Decision Dec 29 2017 Apr Jul Oct First Gold Bar Jan 2 Nov 1 Mar 6 2018 2018 Mining Licence Application submitted in Dec 2016 based on Dec 2015 Sedgmen scoping study.