RetailBook Offer

• The Issue Price for the new Ordinary Shares is 1.3 pence per new Ordinary Share, representing a discount of 10 per cent to the closing mid-price of the Company's existing Ordinary Shares on 22 December 2025;
• The RetailBook Offer is available to both existing shareholders and new investors;
• There is a minimum subscription of £250 per investor in the RetailBook Offer;
• No commission will be charged by RetailBook on applications to the RetailBook Offer;

The RetailBook Offer

KEFI (AIM: KEFI), a gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia is pleased to announce a conditional retail offer of new ordinary shares in the capital of the Company ("Ordinary Shares") via RetailBook (the "RetailBook Offer") at an issue price of 1.3 pence per new Ordinary Share (the "Issue Price"), being a discount of 10 per cent to the closing mid-price of the Company's existing Ordinary Shares on 22 December 2025. The Company is also conducting a placing of new Ordinary Shares to institutional investors (the "Placing", together with the RetailBook Offer, the "Fundraise") as announced by the Company earlier today. For the avoidance of doubt, the RetailBook Offer is not part of the Placing.

The RetailBook Offer is conditional on the new Ordinary Shares to be issued pursuant to the RetailBook Offer and the Placing being admitted to trading on the AIM market of the London Stock Exchange ("Admission"). Admission is expected to take place at 8:00 a.m. on 30 December 2025.

The RetailBook Offer will not be completed without the Placing also being completed.

The Company will use the proceeds from the Fundraise to pay initial costs relating to the launch of the Company' Tulu Kapi Gold Project, including work to secure financing, associated professional costs and costs from service providers to the Company, and to settle working capital facilities utilised to pay for such costs.

Reason for the RetailBook Offer

The RetailBook Offer is open to eligible investors resident and physically located in the United Kingdom following release of this announcement. The RetailBook Offer is expected to close during the evening of 22 December 2025.

Brokers wishing to offer their customers access to the RetailBook Offer and future RetailBook transactions, should contact partners@retailbook.com. UK Investors that wish to receive alerts for future RetailBook transactions should sign up here: https://www.retailbook.com/get-started.

Eligibility for the RetailBook Offer

The RetailBook Offer is available to new investors and existing shareholders of the Company. To be eligible to participate in the RetailBook Offer, applicants must be a customer of a participating partner.

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

There is a minimum subscription of £250 per investor. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges. Note, no commission will be charged to investors by RetailBook in connection with the RetailBook Offer.

It is a term of the RetailBook Offer that the aggregate value of the shares available for subscription at the Issue Price does not exceed £1 million.