KEFI Gold and Copper plc provided an update on project launch preparation activities at the high-grade Tulu Kapi Gold Project in Ethiopia following several days of meetings with senior representatives of the Tulu Kapi stakeholders at Mining Indaba 2024 in Cape Town, South Africa. The Ethiopian Federal Government also attended and reaffirmed its equity capital investment has been fully documented, committed and already partly invested. Whilst the drawdown of the USD 320 million Project funding, KEFI has started the requisite low-cost launch-preparations to enable the Project to move forward safely and efficiently.

These include: Personnel being dispatched into the field to brief the community and carry out required site works; Dismantling the old exploration camp (on the planned open pit) and installing new communication and staging bases along transport route as part of the upgrading of safety systems; and Works by contractors. including: process-plant contractor completing Front End Engineering and Design; mining contractor establishing its local corporate entity and clearing its work rosters with the department of labour; electricity contractor procuring all (and taken delivery of most) of the equipment required for connection to the mains grid; and road contractor completing upgrades to some bridges on existing routes, as well as the surveys of the new additional all-weather access road. The long-agreed USD320 million financing plan (excluding the mining fleet provided by the contractor and excluding historical expenditures of approximately USD 100 million) has been refined as follows: The debt portion of USD190 million remains from lead-lender Southern and Eastern Africa Trade and Development Bank and co-lender Africa Finance Corporation; The USD 40 million from share issues by KEFI subsidiaries remains from the Federal and Regional Government; The USD 70 million Equity Risk Notes remain largely from local subsidiaries of multinational corporations who have been given Government permission to invest local currency and be repaid in hard currency, repayable in cash or equity at KEFI's election as from year 4 at then market prices; and Having received the recent clarifications, the subsidiary-level equity-ranking product-linked funding piece of USD 20 million can now also be finalised.