KEFI, the 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, with the most advanced being the shovel-ready, high-grade Tulu Kapi Gold Project("Tulu Kapi" or the "Project")in Ethiopia. Excellent progress is being made with the intense Early Works programme following Project launch in May 2024 to take Tulu Kapi through to September 2024, and provide the basis for full financial close and commencement of Major Works in October 2024, ahead of commissioning of production in mid-2026. The dismantling of the old exploration camp is progressing and the planned security system is being installed, including private on-site security, with permanent off-site Government protection.

Site inspections confirm progress as expected. Recently appointed Senior Project Manager, Jacques Kruger, has further optimised the overall development schedule with principal contractor Lycopodium in preparation for the final confirmations for fixed-price-lump-sum components, which is a precondition for signing all Project financing definitive documentation. Along with both the Project's banks, KEFI executives are in regular contact with the relevant Government officials to resolve the remaining few administrative issues, having previously successfully dealt with all required regulatory revisions and permissions.

Since the receipt of ground-breaking exemptions from exchange and capital controls, as announced on 5 October 2023, the Government has continued to implement far-reaching reforms of the financial and general regulatory system as part of its drive to generate private sector growth.