PrimaryBid Offer

• In connection with the proposed institutional placing announced by KEFI today, the Company announces a retail offer for subscription of new Ordinary Shares via PrimaryBid;
• The Issue Price for the new Ordinary Shares is 0.55 pence per new Ordinary Share, representing a discount of approximately 15.4 per cent to the closing mid-price of the Company's existing Ordinary Shares on 2 December 2024;
• The PrimaryBid Offer is available to both existing shareholders and new investors;
• The new Ordinary Shares to be issued pursuant to the PrimaryBid Offer and the Placing 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, a retail offer for subscription of new ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") via PrimaryBid (the "PrimaryBid Shares" and the "PrimaryBid Offer") at an issue price of 0.55 pence per new Ordinary Share (the "Issue Price"), being a discount of approximately 15.4 per cent to the closing mid-price of the Company's existing Ordinary Shares on 2 December 2024. As separately announced today, the Company is also conducting a firm placing and a conditional placing of new Ordinary Shares at the Issue Price (the "Firm Placing" and the "Conditional Placing", together the "Placing") and a conditional subscription ("Conditional Subscription", together with the PrimaryBid Offer and the Placing, the "Capital Raise").

The PrimaryBid Offer is conditional on the PrimaryBid Shares being admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on 6 December 2024 and dealings in the PrimaryBid Shares are expected to take place at 8.00 a.m. on 6 December 2024. The PrimaryBid Offer will not be completed without the Placing also being completed.

The net proceeds of the Capital Raise will be applied to:

• completion of project financing and launch of the Company's Tulu Kapi gold project (the "Project"), including legal and professional fees of the Company and its banks, preparation of the community, site and district security installation and administrative costs of satisfying the remaining conditions for the project finance package;
• the settling of 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

Some partners may only accept applications from existing shareholders and/or existing customers.

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 8 p.m. on 2 December 2024 and may close early if it is oversubscribed.

There is a minimum subscription amount of £250 per investor in the PrimaryBid Offer and aggregate demand under the PrimaryBid Offer will be limited to a maximum of £500,000.

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 passuin all respects with the new Ordinary Shares to be issued pursuant to the Placing and the Company's existing Ordinary Shares.