Investor Presentaiton

KEFI 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

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