Kefi Gold and Copper PLC London Shareholder Forum

TIDMKEFI

Kefi Gold and Copper PLC

18 January 2022

Reach

18 January 2022

KEFI Gold and Copper plc

("KEFI" or the "Company")

London Shareholder Forum

2pm, Monday 7 February 2022

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 it will host a shareholder forum at 2pm on Monday 7 February in London.

The event will take the format of a 15-minute presentation followed by a 15-minute open forum discussion on each of three topics: Tulu Kapi Gold Mines in Ethiopia, Gold and Minerals in Saudi Arabia and KEFI Gold and Copper plc more generally. The forum will be hosted by members of the KEFI Board and senior management, and will be open for attendance by shareholders both virtually and in person. The London venue details and how to access the event online will be announced in due course.

Additionally, KEFI has uploaded to its website (https://www.kefi-minerals.com) a presentation it is making today to the Company's Sydney-based shareholders.

Enquiries

 
 KEFI Gold and Copper plc 
 Harry Anagnostaras-Adams (Managing Director)    [phone] 
 John Leach (Finance Director)                   [phone] 
 SP Angel Corporate Finance LLP (Nominated 
  Adviser and Joint Broker)                      [phone] 
 Jeff Keating, Adam Cowl 
 Tavira Securities Limited (Joint Broker)        [phone] 
 Oliver Stansfield, Jonathan Evans 
 WH Ireland Limited (Joint Broker)               [phone] 
 Adrian Hadden, Andrew de Andrade 
 IFC Advisory Ltd (Financial PR and IR)          [phone] 
 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 December 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 
    10 January 22              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 Limited ("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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January 18, 2022 02:00 ET (07:00 GMT)