Result of Capital Raise

KEFI Gold and Copper (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 on its Capital Raise, further to the announcements made yesterday.

The Company is pleased to announce that the Retail Offer via PrimaryBid is successfully completed and has now closed. From the Retail Offer, the Company has raised gross proceeds of approximately £495,916 (before expenses) via the issue of 82,652,722 Ordinary Shares at the Placing Price of 0.6 pence per Ordinary Share.

In total the Capital Raise is therefore expected to raise gross proceeds of approximately £5.0 million through the £4.5 million Firm Placing and the £495,916 Retail Offer. The completion of the Conditional Remuneration Issue remains subject to the passing of resolutions at the Company's General Meeting to be convened on 26 March 2024.

Shareholders are reminded that because the Conditional Remuneration Issue is conditional, among other things, on the passing of the share allotment and disapplication of pre-exemption rights resolutions to be proposed at the General Meeting, should the resolutions not be passed, the Conditional Remuneration Issue will not proceed. Further announcements will be made in due course as appropriate.

Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company at 4.35 p.m. on 4 March 2024.

Total Voting Rights

Application has been made to the London Stock Exchange for Admission of the 750,000,000 Firm Placing Shares and the 82,652,722 Retail Shares to trade on AIM and it is expected that Admission will become effective and that dealings in the Firm Placing Shares and the Retail Shares will commence at 8.00 a.m. on or around 8 March 2024. Following Admission of the Firm Placing Shares and the Retail Shares, the total issued share capital of the Company will consist of 5,797,774,122 Ordinary Shares each with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company will be 5,797,774,122 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.