Tulu Kapi Update

KEFI (AIM: KEFI), the gold and copper exploration and development company focussed on the Arabian-Nubian Shield, with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, provides a further update following its announcement on 7 September 2026 regarding the serious security incident at the Company's Tulu Kapi Gold Project ("Tulu Kapi" or the "Project") in Ethiopia.

The Company is pleased to report that all employees who were affected by the incident have been accounted for and there have been no further fatalities or injuries sustained. The colleague who tragically lost his life in the incident has now been laid to rest. The Company's thoughts remain with his family and with all those affected by the incident.

Since Monday's announcement, the Company's senior management and its local management team have held detailed consultations with community representatives, the leaders at all levels of the Ethiopian and Oromia Governments and their relevant agencies, along with other stakeholders in Ethiopia. These discussions have unanimously reiterated the strategic importance of the Project at all levels of Ethiopian society and all parties' full support for both the Project and the Company's careful and considered approach to determining the appropriate conditions for the safe and orderly resumption of development activities.

The Company also remains in close communication with its principal contractors, lenders and the local investors, who remain supportive of the Project and the careful approach being taken. Lycopodium, the Project's lead design and construction contractor for the process plant and all on-site infrastructure, has its project oversight team in Ethiopia working closely with the wider Project team and strong local contractors as the situation is assessed, with plans being reviewed and refined as appropriate.

As part of the Project's established financing strategy, the Company has this week received renewed and increased indications of interest from Ethiopian institutions and high net worth family offices for Ethiopian redeemable preference shares at the subsidiary level. This continued strong local financial support would be non-dilutive to KEFI shareholders and would provide further financial flexibility and additional mitigation of funding risk, should it be required.

As previously announced, the Company will not resume development activities until it has completed a full investigation and appropriate measures have been established to provide a safe and secure operating environment for its personnel and the surrounding communities.

The Company will provide further updates as appropriate.

Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold and Copper, commented: "Our hearts go out to our deceased employee's family and the families of the other people killed in the invasion and destruction of our security force's bush camp and the Company's old exploration camp.

"The Company as a whole is also now hugely relieved that all our other employees have now been accounted for.

"I and a number of colleagues travelled to Ethiopia immediately upon hearing of the incident to be on the ground with our local team and to engage directly with the Government, community representatives and our other stakeholders to work carefully and sensitively through the issues.

"The Government has committed to do whatever it can to overcome this serious setback. The Company will further strengthen and expedite the momentum towards the Ethiopianisation of the Project at all levels: community participation, alliancing between the foreign industry-specialist contractors and strong locals, including contractors entering the industry and through local participation in the funding syndicate."