RetailBook Offer

• 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 1.2 pence per new Ordinary Share (the "Issue Price"). The issue of the Ordinary Shares pursuant to the RetailBook Offer will be subject to approval by shareholders at a general meeting of the Company to be held on or around 14 April 2026 (the "General Meeting").

As announced by the Company earlier today, the Company is also conducting a firm placing and a conditional placing of new Ordinary Shares to institutional investors by way of an accelerated bookbuilding process at the Issue Price (the "Firm Placing" and the "Conditional Placing", together the "Placing") and a conditional subscription of new Ordinary Shares at the Issue Price (the "Conditional Subscription", together with the RetailBook Offer and the Placing, the "Fundraise"). The Conditional Placing and the Conditional Subscription are also subject to approval by shareholders at the General Meeting. For the avoidance of doubt, the RetailBook Offer is not part of the Placing.

The RetailBook Offer is also 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 16 April 2026.

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

The Company will use the proceeds of the Fundraise to conclude the US$330 million funding requirement for the Tulu Kapi project in Ethiopia. The proceeds will also be used to reinitiate exploration activities for KEFI in Ethiopia enabling the Company to continue to add value for shareholders. Finally, the proceeds will also be used to fund a cost overrun cash reserve as well as general working capital purposes, thus mitigating against any unforeseen cost escalation or delays to the Tulu Kapi project development.

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 at 4:30 p.m. on 23 March 2026 and may close earlier at the discretion of the Company or if it is oversubscribed.

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.