KEFI黄金铜业有限公司.pdf

1、kefi-New Gold Mines in the Arabian-Nubian ShieldNovember 2025kefi-2Focused On Arabian-Nubian ShieldARABIAN-NUBIAN SHIEDisclaimerkefi-3Focused On Arabian-Nubian ShieldARABIAN-NUBIAN SHIECorporate SnapshotKEFIGOLD+COPPERETHIOPIA:Substantial investment:Historical spend c.$110M,c.$60M since 2014Deep Val

2、ue of Tulu Kapi,showing a range of values attributable to KEFI:KEFI NPV now$740M at 5%,at$3,000/oz Au,assume 70%beneficial interestKEFI NPV at start of production$2.7B at 5%at$5,000/oz Au,85%beneficial interestMajor Works Launched:Major Works launched with working capitalProject Financing almost Com

3、plete:Total$340M construction project finance packageBank debt package of$240M signed October 2025Equity capital$100M,currently optimising least dilutive equity capital financingHigh Cash Flow Returns from Tulu Kapi,showing range of cashflow attributable to KEFI:Net Cash to KEFI at$3,000/oz gold at

4、70%ownership$157M pa(70%*$1.6B/7)Net Cash to KEFI at$5,000/oz gold at 85%ownership$390M pa(85%*$3.3B/7)Further growth:Tulu Kapi and other Gold,Base and Battery Metals license applicationsSAUDI ARABIA (15%stake in GMCO JV)Two discoveries made and undergoing feasibility studies for development 3.8 Moz

5、 gold-equivalent resource base which is expandingLarge exploration pipeline 16 licenses including new JV with Hancock ProspectingCAPITAL STRUCTURE(AIM:KEFI)52 Week High-Low1.99-0.45pCurrent Share Price(GPp)*1.45Market Cap*and EV(Nil Debt)138M(US$180M)NPV(5%)/share range(GBp/share):70%of Tulu Kapi NP

6、V at US$3,000 at construction start*85%of Tulu Kapi NPV at US$5,000 at production start*6.2-18.3pShares currently on Issue(Billion)*9.53Options&Warrants on Issue(Million)VWAP(0.58p)66Major institutional shareholders:RufferKonwavePhoenix Gold FundRAB CapitalPremier Mitonc.15%*November 7,2025*October