Company Announcements

30 April 2026

KEFI Gold and Copper plc

("KEFI" or the "Company" or the "Group")

Saudi Arabia Update

KEFI Gold and Copper plc (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to provide an update in respect of the Company's activities in Saudi Arabia.

Overview

KEFI's Saudi Arabian portfolio is held through its 13% shareholding in Gold and Minerals SLA ("GMCO"), the Company's joint venture created with long-standing partner Abdul Rahman Saad Al Rashid and Sons Company Limited ("ARTAR"). GMCO provides KEFI with exposure to one of the most prospective and rapidly developing mining jurisdictions globally, within the Arabian Nubian Shield. To-date GMCO has made two discoveries and defined a JORC-compliant resource base of 3.8Moz Au eq. A total of 16 gold and base metal exploration licences have been secured so far for GMCO, which has also recently formed a joint venture over additional areas with major Australian miner Hancock Prospecting and is formalizing another joint venture with Saudi conglomerate AJ Lan Bros.

Operations - Jibal Qutman and Hawiah

Jibal Qutman Gold Project has been finalising its Definitive Feasibility Study ("DFS") for staged development of its 900,000 ounce gold JORC-compliant resource, similar in physical scale to Tulu Kapi, but lower in grade and strip ratio. This is targeted to be GMCO's first development, to hopefully be triggered in 2026. The DFS is currently under third party review for GMCO Board consideration and refinement of strategy and plans over coming months. A Mining Licence Application has been lodged. Accordingly, GMCO is advancing the relevant workstreams to address its Final Investment Decision ("FID") on the Project.

At Hawiah, current resources for just the main Hawiah deposit stand at 36.2Mt, with estimated contained copper of 297,000 tonnes, 745,000 oz of gold, 11.6 Moz of silver and 310,000 tonnes of zinc.  The resource potential at Hawiah has been expanded with the award of the Umm Hijlan Exploration Licence which has doubled the strike length of the Hawiah mineralised system currently under development study. In parallel, GMCO's new joint venture with Hancock Prospecting has secured the highly prospective Al Hajar North mineralised belt, which is parallel with and analogous to the Wadi Bidah Minerals District ("Wadi Bidah") which hosts Hawiah. The broader industry's validation of this prospectivity is evident, with areas not previously selected by GMCO subsequently being pegged by a joint venture between Ivanhoe Electric and Ma'aden.

Separation from Tulu Kapi of Financing and Management of Growth Initiatives

The financing package recently closed for development of Tulu Kapi included cost overrun reserves and a capital allocation for the initiation of growth opportunities.  Going forward beyond the initiation phase, the Saudi projects and other non-Tulu Kapi initiatives will be funded independently of the Tulu Kapi project financing - optimising the application of project finance, other non-ownership dilutive capital structures and joint ventures.

In collaboration with ARTAR, GMCO has recently been strengthened as a standalone entity with a dedicated management team, operating independently of shareholders and supported by an enlarged board. At the same time, Jeff Rayner has rejoined KEFI as Head of Exploration. Jeff was KEFI's inaugural Managing Director, then focused on grass roots exploration which, under his leadership, led to the Company's Cyprus-based team's early discoveries in Saudi Arabia, Ethiopia and elsewhere within our selected geological terrains, especially the Arabian Nubian Shield.  His skills and experience will now again be used to lead KEFI's exploration initiatives as they are prioritised and to support the Saudi joint venture wherever appropriate.

Independent Assessment of KEFI's GMCO Holding

KEFI's historical investment in GMCO is approximately US$13 million and KEFI's conservative accounting policy has been to write off such exploration expenditure until a positive FID is reached, at which point an appropriate book value is recognised.

Although KEFI has assigned a nil book value to its current 13% interest in GMCO, this does not diminish the significance of the Company's involvement in the project.  The conservative valuation approach reflects KEFI's financial reporting strategy rather than the operational or strategic value of the asset.  GMCO has made notable progress, successfully advancing its activities and strengthening its position within the rapidly expanding Saudi minerals sector.

KEFI is currently taking independent advice on the 'fair market value' of its 13% holding and is also in consultation with its Auditors as to the appropriate carrying value on the Company's balance sheet.

Enquiries

Further information can be viewed at https://www.kefi-goldandcopper.com