PrimaryBid Offer

• The Issue Price for the new Ordinary Shares is 0.6 pence per new Ordinary Share, representing a discount of approximately 24% to the closing mid-price of the Company's existing Ordinary Shares on 1 March 2024;
• Investors can access the PrimaryBid Offer through PrimaryBid's website and on PrimaryBid's app;
• Investors may also be able to take part through PrimaryBid's extensive network of retail brokers, wealth managers and investment platforms, (subject to such partners' participation), which includes AJ Bell and interactive investor;
• The PrimaryBid Offer is available to both existing shareholders and new investors;
• The new Ordinary Shares to be issued pursuant to the PrimaryBid Offer, Firm Placing and Conditional Remuneration Issue will be sold at the Issue Price;
• There is a minimum subscription of £250 per investor in the PrimaryBid Offer;
• No commission will be charged by PrimaryBid on applications to the PrimaryBid Offer.

PrimaryBid Offer

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 announce, an offer for subscription of new ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") via PrimaryBid (the "PrimaryBid Offer") at an issue price of 0.6 pence per new Ordinary Share (the "Issue Price"), being a discount of approximately 24% to the closing mid-price of the Company's existing Ordinary Shares on 1 March 2024. The Company is also conducting a firm placing of new Ordinary Shares at the Issue Price (the "Firm Placing") and a conditional issue of new Ordinary Shares to certain members of the Board and corporate advisers in lieu of cash fees (the "Conditional Remuneration Issue", and together with the PrimaryBid Offer and Firm Placing, the "Capital Raise") as announced earlier today.

The PrimaryBid Offer is conditional on the new Ordinary Shares to be issued pursuant to the PrimaryBid Offer and Firm Placing being admitted to trading on AIM ("Admission"). The PrimaryBid Offer is not conditional on approval of the Conditional Remuneration Issue by shareholders at the General Meeting to be held on or around 26 March 2024. Admission is expected to take place at 8.00 a.m. on 8 March 2024. The PrimaryBid Offer will not be completed without the Firm Placing also being completed.

The Company will use the gross proceeds of the Capital Raise for:

• completion of project financing and launch of the Company's Tulu Kapi Gold Project, which relate to legal and professional fees, preparations of the community, site and district security installation and administrative costs of satisfying the remaining conditions for the project finance package;
• the extinguishing of certain current liabilities and advances to strengthen the Company's balance sheet ahead of proposed project development; and
• general working capital purposes.

Reason for the PrimaryBid Offer

The Company values its retail investor base and is therefore pleased to provide retail investors and other interested investors with the opportunity to participate in the PrimaryBid Offer.

• AJ Bell
• interactive investor.

The PrimaryBid Offer will open to investors resident and physically located in the United Kingdom following the release of this Announcement. The PrimaryBid Offer is expected to close at 9 p.m. on 4 March 2024 and may close early if it is oversubscribed.

There is a minimum subscription amount of £250 per investor in the PrimaryBid Offer.

The new Ordinary Shares to be issued pursuant to the PrimaryBid Offer will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the new Ordinary Shares to be issued pursuant to the Firm Placing and Conditional Remuneration Subscription and the Company's existing Ordinary Shares.