Mid-Tier Road Map

KEFI 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

View entire presentation