Announcement • May 03
Kefi Gold and Copper Provides Saudi Arabia Project Pipeline Update Kefi Gold and Copper plc has provided an update in respect of the Company's activities in Saudi Arabia. Kefi's Saudi Arabian portfolio is held through its 13% shareholding in Gold and Minerals SLA (GMCO), the Company's joint venture created with 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 Hancock Prospecting and is formalizing another joint venture with AJ Lan Bros. 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. 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. 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. 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. Areas not previously selected by GMCO subsequently being pegged by a joint venture between Ivanhoe Electric and Ma'aden. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 80% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable next year (UK£8.3m net loss next year). New Risk • Apr 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 80% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 80% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable next year (UK£8.3m net loss next year). 
