Material Upgrade to Jibal Qutman Mineral Resources

KEFI (AIM: KEFI), the gold and copper exploration and development company focused on the Arabian-Nubian Shield, is pleased to announce an upgrade to the Mineral Resource Estimates ("MRE") at the Jibal Qutman Gold Project ("Project"), part of the Saudi Arabian joint-venture Gold and Minerals Company Limited ("GMCO").

KEFI Executive Chairman, Harry Anagnostaras-Adams, commented:

"The updated Jibal Qutman resource follows the completion and interpretation of additional RC and Diamond drilling, which now totals in excess of 95,000m.

Updated Jibal Qutman Mineral Resources provide the basis for a long-life mine as substantial Ore Reserves are likely to flow from the 83% (30.5Mt) of the Mineral Resource now in the Indicated category.

With the gold price approaching US$3,000/ounce and with low-cost local development capital, fast tracking an (initially) oxides-focused open-pit, CIL operation at Jibal Qutman is becoming very attractive.

This and other current developments in Saudi Arabia well serve KEFI's strategic review of its GMCO shareholding. We are also very pleased with the ongoing progress in Ethiopia."

Highlights

Metallurgical and other studies have provided the basis for Stage 1 development of Jibal Qutman to commence during 2025 focused on the oxide ore and utilising Carbon-In-Leach ("CIL") processing.

These studies have been conducted over the past two years and refined since GMCO's development leadership was installed in mid-2024 to (a) optimise Stage 1 development plans and (b) consider longer-term potential after the results of exploration along more of the mineralised strike length and once the metallurgical flow-sheet for the sulphides is optimised. Stage 1 development plans will be announced once finalised and reviewed with the relevant Government authorities.

The three Jibal Qutman EL's cover an area of over 270km2, over a strike length of 35km in the prospective Nabitah-Tathlith Fault Zone.

Exploration has primarily focused on the 8km long section of the original Jibal Qutman EL. Systemic exploration of the full 35km mineralised strike length has barely commenced but has already yielded a discovery at the Asfingia prospect where initial drilling intercepted near-surface gold over a 350m strike length with intercepts including:

• JQD_232: 13.9m (9.22m estimated true width ("ETW") at 7.9 g/t gold from 53.6m (including 1.2m at 66.6 g/t gold)
• JQD_265: 25.5m (15.51 ETW) at 1.9 g/t gold from 86.0m (including 7.4m at 5.2 g/t gold)

Geochemical surface programmes are now underway to highlight additional blind targets masked by alluvial cover. This will be coupled with the recently completed licence wide drone magnetic survey, which has been used to assist in the structural framework delineation, to create a powerful vectoring dataset to guide more advanced exploration works and further resource expansion.

Updated Jibal Qutman MRE

GMCO appointed The MSA Group (Pty) Ltd ("MSA") as the Independent Consultants and Competent Person to prepare an updated MRE for Jibal Qutman in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code 2012"). The MRE was recently signed off by MSA and then reviewed by GMCO and KEFI.

The updated Jibal Qutman MRE is detailed in Table 1 below and now totals 37.0Mt at 0.76g/t gold, containing 902,000 ounces of gold.

Key points to note in the updated MRE:

• Indicated Resources total 30.5Mt containing 748,000 ounces (83% of total MRE)
• Oxide Resources total 13.2Mt at 0.75g/t gold, containing 318,000 ounces
• The three zones providing the most ounces are Main and West (292,000 ounces), South Combined (243,000 ounces) and Red Hill (183,000 ounces).

Table 1 - Jibal Qutman Mineral Resource as at 30 November 2024

Notes:

• koz = one thousand ounces (31.10348 grammes to Troy ounce conversion), Mt = one million metric tonnes.
• All tabulated data have been rounded and as a result minor computational errors may occur.
• The Mineral Resource is reported in accordance with the guidelines of the 2012 Edition of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("'the JORC Code").
• Assumed open pit mining with 2 million tonne per annum CIL plant.
• An optimised pit shell was used to report open-pit Mineral Resources. The pit-shells and cut-off grades were derived using the following assumed technical parameters:
• Pit slope angle:
• Oxide: All zones = 49°
• Sulphide: 3K & 4K = 64°, RH & SZ = 62°, Main & West = 58°
• Dilution 10%, Mining Losses 5%
• Carbon in Leach Recovery for Residue Grade (g/t) in Oxide:
• 3K: y=0.0513*ln[head grade (g/t)]+0.1392
• All other zones: y=0.0596*ln[head grade (g/t)]+0.0921
• Carbon in Leach Recovery for Solution Grade in Oxide: For all zones excl. 3K: 91.7%, 3K only: 87.7%
• Carbon in Leach Recovery for Solution Grade in Sulphide for all zones: 69.43%
• Metallurgical factors based on initial metallurgical test-work.
• Cost and revenue assumptions:
• Gold Price: USD 2 300/oz, 99.5% payability for nett of USD 2 254.17/oz after royalty payment
• Total mining cost: 2.1 USD/t, Cost adjustment for open-pit depth USD 0.03 per 10 vertical m.
• Total Processing cost: 9.94 USD/t
• Refining and Transport Cost: USD 0.56/oz
• G&A: 2.87 USD/t ore.
• State Royalty 1.5%

Jibal Qutman MRE Comparison

In May 2015, KEFI released an MRE of 28.4 million tonnes at 0.80g/t gold, containing 733,045 ounces for Jibal Qutman.

Key changes in the updated Jibal Qutman MRE are that:

• Oxide Resources have increased from 287,000 ounces to 318,000 ounces
• Indicated Resources have increased from 18.0Mt to 30.5Mt (to 83% of total MRE)
• Total tonnage has increased 8.6Mt to 37.0Mt (+30%)
• Total ounces have increased 169,000 ounces to 902,000 ounces (+23%)

The upgrading of and increase in the MRE is largely driven by additional drilling extending mineralisation at Red Hill and better defining the resources in key high grade areas, which when coupled with the higher gold price has allowed whittle derived pit shells to access deeper mineralisation and expand along strike.

KEFI Gold and Copper plc

APPENDIX B

Additional Background information on Jibal Qutman Gold Project and MRE

The Jibal Qutman Gold Project is located in the central southern region of the Arabian Shield approximately 110 km east-northeast from Bisha City in Asir Province, Kingdom of Saudi Arabia.

KEFI completed a Pre-Feasibility Study ("PFS") on the Jibal Qutman Project in 2014. The PFS demonstrated a profitable open pit, carbon-in-leach ("CIL") operation.

Following the resolution of regulatory and ground access issues, encouragement from the Saudi authorities facilitated GMCO's recommencement exploration and feasibility studies in 2022.

Gold mineralisation extends for approximately 7km along strike, concentrated in seven discrete zones which outcrop at surface. Near-surface mineralisation occurs intermittently over 500m at the widest zone, comprising a closely stacked series of discrete mineralised zones varying in width from metre-scale to 15m and extending to a depth of approximately 150m below surface.

Drilling has identified gold resources seven zones - 4K Hill, Pyrite Hill, 3K Hill, Main and West, Red Hill and South Combined.

The MRE was based on a total of 1,154 drillholes amounting to 95,096m of RC and diamond drilling, in addition to trench and channel sampling, which were all completed by GMCO since 2012.

Drillhole spacing is on grids of approximately 50m by 50m to approximately 25m by 25m, through the central part of the deposits, and approximately 100m by 50m to 100m by 100m at the peripheries.

Summary of Resource Estimate Parameters and Reporting Criteria

In accordance with the JORC Code (2012 Edition), a summary of the material information used to estimate the Mineral Resource is detailed below (for further information please refer to Table 1 in Appendix D).

Geology and Geological Interpretation

JQ is located in the Asir Terrane, forming part of the Arabian Shield, and the project area is predominantly composed of volcanic, sedimentary and intrusive rocks of Neoproterozoic age. Orogenic events during the convergence of East and West Gondwana amalgamated the terranes, forming fault-bounded micro-plates. The Asir terrane is cut by the major north-south trending Nabitah-Tathlith fault zone. The mineralisation at Jibal Qutman is one of many quartz-vein-hosted gold occurrences in the fault zone.

Several zones of mineralisation occur on the property, seven of which have been sufficiently explored to define Mineral Resources at Jibal Qutman. These are listed as follows (from north to south):

All zones dip moderately to steeply (~35° to 80°) towards the east, except the PH Zone which dips to the west.

Mineral Resource Data

The Mineral Resource estimate was based on a total of 1,154 drillholes amounting to 95,096m of reverse circulation (RC) drilling and diamond drilling, in addition to trench and channel sampling, which were all completed by G&M since 2012. Drillhole spacing is on grids of approximately 50m by 50m to approximately 25m by 25m, through the central part of the deposits, and approximately 100m by 50m to 100m by 100m at the peripheries.

Samples were assayed at ALS Arabia Laboratory, and Al Amri Laboratories was used as the independent check laboratory. Duplicates, blanks and standard reference material (CRM) were used as part of the sampling protocol. The QAQC analysis is adequate for reporting JORC (2012) compliant Mineral Resources and no major concerns were noted.

Diamond drilling was used to twin drill a selection of the RC drillholes which confirmed the RC results within acceptable limits. Drilling immediately below the trench channel samples confirmed local grade trends and the magnitude of the mineralisation.

Density determinations of 2,822 fresh, oxide and transition samples were made, which were used to estimate density into the block models.

Mineral Resource Estimation

Multiple mineralised lodes were modelled within each zone based on a 0.18g/t Au threshold. The mineralisation contacts in the quartz vein dominated zones are sharp but are more diffuse in deposits such as Red Hill where mineralised fracture systems are dominant.

Two oxidation domains were modelled; oxide and sulphide. The irregular narrow transitional zone was included with the sulphide domain as the more conservative option.

The wireframe model volumes were filled with unrotated block model parent cells with dimensions of 10 mX by 10 mY by 1 mZ.

Drillhole samples were composited to 1m and top-caps were applied to each lode within the Main, West, SC, 3K, 4K and RH Zones.

Semi-variograms of all zones except Pyrite Hill were modelled. Single and double structures were modelled with ranges between 24 m and 75 m in the major direction, 20 m to 42 m in the semi-major direction and between 4 m and 10 m in the minor direction. The nugget effect is generally moderate and accounts for between 22 % and 52 % of the total semi-variance. The variogram ranges are fairly typical of this style of gold mineralisation.

The dry oxide and fresh density values in the block model were determined using inverse distance weighting, from measurements on cores applied to similar rock types in the logging data.

Ordinary kriging with the Datamine process of "Dynamic Anisotropy", in order to align search directions with local trends, was used to estimate gold grades into the block model for all zones except Pyrite Hill, for which inverse distance squared was used.

The block model was validated visually, by using swath plots and by comparing the block estimate means with the sample means.

Classification Criteria

The deposits, or portions of, were classified as Inferred or Indicated, based on underlying data quality and quantity and confidence in the geological and grade continuity. The portions of the deposit towards the peripheries tended to be classified as Inferred and the lodes towards the centre, where drilling is more closely spaced, were classified as Indicated.

Mineral Resource Statement Parameters and Cut-off Grade

A variable cut-off grade was applied in the oxide domains which were based on recovery and gold grade. A cut-off grade of 0.22g/t gold was applied in the oxide domain of 4K, RH, SC, and Main and West zone, and a 0.24g/t gold cut-off was applied to 3K's oxide domain. The sulphide fresh domain had a fixed cut-off grade of 0.29g/t for all zones except PH in the Mineral Resource. A cut-off grade of 0.20g/t gold was applied to PH.

Mining and Metallurgical Methods and Parameters

Mining is assumed to be by open-pit methods and processing is assumed to be through a 2 million tonne per annum carbon-in-leach (CIL) plant. A series of NPV Scheduler pit shells were created based on the following cost and revenue assumptions:

Appendix C - Diagrams for Jibal Qutman MRE

Figure 1 - Plan map of the Jabal Qutman Exploration area showing licences and the Primary Resource locations.

Figure 2 - Cross section of the 4K Hill deposit showing the Resource Blockmodel coloured by Resource Classification and the outline of the Whittle open-pit shell

Figure 3 - Plan map of the 4K Hill deposit showing the Resource blockmodel coloured by Resource Classification, drill/trench collars and traces and the outline of the Whittle open-it shell

Figure 4 - Plan map of the 3K Hill deposit showing the Resource blockmodel coloured by Resource Classification, drill/trench collars and traces and the outline of the Whittle open-it shell

Figure 5 - Cross section of the 3K Hill deposit showing the Resource Blockmodel coloured by Resource Classification and the outline of the Whittle open-pit shell

Figure 6 - Plan map of the Main and West deposit showing the Resource blockmodel coloured by Resource Classification, drill/trench collars and traces and the outline of the Whittle open-it shell

Figure 7 - Cross section of the Main and West zone deposit showing the Resource Blockmodel coloured by Resource Classification and the outline of the Whittle open-pit shell

Figure 8 - Plan map of the Red Hill deposit showing the Resource blockmodel coloured by Resource Classification, drill/trench collars and traces and the outline of the Whittle open-it shell

Figure 9 - Cross section of the Red Hill deposit showing the Resource Blockmodel coloured by Resource Classification and the outline of the Whittle open-pit shell

Figure 10 - Plan map of the South Zone deposit showing the Resource blockmodel coloured by Resource Classification, drill/trench collars and traces and the outline of the Whittle open-it shell

Figure 11 - Cross section of the South Zone deposit showing the Resource Blockmodel coloured by Resource Classification and the outline of the Whittle open-pit shell

Appendix D - JORC Table 1 for Jibal Qutman MRE