KEFI Gold and Copper Upgrades Jibal Qutman Gold Resource to 902,000 oz

• Jibal Qutman Mineral Resources increased to 902,000 oz gold
• Indicated Resources are up 69% and now represent 83% of upgraded Resources allowing for Ore Reserve development
• Mine Development will now target a multi-stage open-pit operation.

KEFI Gold and Copper (LON:KEFI), the gold and copper exploration and development company focused on the Arabian-Nubian Shield, has announced an upgrade to the Mineral Resource Estimates at the Jibal Qutman Gold Project, part of the Saudi Arabian joint-venture Gold and Minerals Company Limited (“GMCO”).

KEFI Executive Chairman, Harry Anagnostaras-Adams, commented:

“The updated Jibal Qutman resource follows the completion and interpretation of additional RC and Diamond drilling, which now totals in excess of 95,000m.

Updated Jibal Qutman Mineral Resources provide the basis for a long-life mine as substantial Ore Reserves are likely to flow from the 83% (30.5Mt) of the Mineral Resource now in the Indicated  category. 

With the gold price approaching US$3,000/ounce and with low-cost local development capital, fast tracking an (initially) oxides-focused open-pit, CIL operation at Jibal Qutman is becoming very attractive.

This and other current developments in Saudi Arabia well serve KEFI’s strategic review of its GMCO shareholding. We are also very pleased with the ongoing progress in Ethiopia.”

Highlights

·	Jibal Qutman MRE now totals 37.0 million tonnes (“Mt”) at 0.76g/t gold, containing 902,000 ounces of gold
·	Key changes since the previous MRE are that:
o		Oxide gold mineralisation has increased from 287,000 ounces to 318,000 ounces
o		Indicated Resources have increased from 18.0Mt to 30.5Mt (representing 83% of the total MRE)
o		Total tonnage has increased by 8.6Mt to 37.0Mt (+30%)
o		Total ounces have increased by 169,000 ounces to 902,000 ounces (+23%)
·	All of these Jibal Qutman resources are targeted for mining via open-pit methods

Metallurgical and other studies have provided the basis for Stage 1 development of Jibal Qutman to commence during 2025 focused on the oxide ore and utilising Carbon-In-Leach (“CIL”) processing.

These studies have been conducted over the past two years and refined since GMCO’s development leadership was installed in mid-2024 to (a) optimise Stage 1 development plans and (b) consider longer-term potential after the results of exploration along more of the mineralised strike length and once the metallurgical flow-sheet for the sulphides is optimised. Stage 1 development plans will be announced once finalised and reviewed with the relevant Government authorities.

The three Jibal Qutman EL’s cover an area of over 270km², over a strike length of 35km in the prospective Nabitah-Tathlith Fault Zone.

Exploration has primarily focused on the 8km long section of the original Jibal Qutman EL. Systemic exploration of the full 35km mineralised strike length has barely commenced but has already yielded a discovery at the Asfingia prospect where initial drilling intercepted near-surface gold over a 350m strike length with intercepts including:

·    JQD_232: 13.9m (9.22m estimated true width (“ETW”) at 7.9 g/t gold from 53.6m (including 1.2m at 66.6 g/t gold)

·    JQD_265: 25.5m (15.51 ETW) at 1.9 g/t gold from 86.0m (including 7.4m at 5.2 g/t gold)

Geochemical surface programmes are now underway to highlight additional blind targets masked by alluvial cover. This will be coupled with the recently completed licence wide drone magnetic survey, which has been used to assist in the structural framework delineation, to create a powerful vectoring dataset to guide more advanced exploration works and further resource expansion.

Updated Jibal Qutman MRE

GMCO appointed The MSA Group (Pty) Ltd (“MSA”) as the Independent Consultants and Competent Person to prepare an updated MRE for Jibal Qutman in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code 2012”).  The MRE was recently signed off by MSA and then reviewed by GMCO and KEFI.

The updated Jibal Qutman MRE is detailed in Table 1 below and now totals 37.0Mt at 0.76g/t gold, containing 902,000 ounces of gold.

Key points to note in the updated MRE:

·    Indicated Resources total 30.5Mt containing 748,000 ounces (83% of total MRE)

·    Oxide Resources total 13.2Mt at 0.75g/t gold, containing 318,000 ounces

·    The three zones providing the most ounces are Main and West (292,000 ounces), South Combined (243,000 ounces) and Red Hill (183,000 ounces).

Table 1 – Jibal Qutman Mineral Resource as at 30 November 2024

Zone	Oxide State	Cut-off grade (g/t)	Classification	Tonnes (Mt)	Au Grade (g/t)	Au (koz)
3K	Oxide	0.24	Indicated	1.6	1.03	53
			Inferred	0.1	0.62	3
			Subtotal	1.8	0.99	56
	Sulphide	0.29	Indicated	1.2	1.18	44
			Inferred	0.7	0.87	20
			Subtotal	1.9	1.06	64
	Oxide and Sulphide		Total	3.6	1.03	120
4K	Oxide	0.22	Indicated	1.4	0.53	24
			Inferred	0.4	0.41	5
			Subtotal	1.7	0.51	28
	Sulphide	0.29	Indicated	1.7	0.53	29
			Inferred	0.3	0.45	5
			Subtotal	2.0	0.52	34
	Oxide and Sulphide		Total	3.8	0.51	62
SC	Oxide	0.22	Indicated	3.4	0.64	69
			Inferred	0.1	0.50	2
			Subtotal	3.5	0.63	70
	Sulphide	0.29	Indicated	6.3	0.66	133
			Inferred	1.8	0.66	39
			Subtotal	8.1	0.66	172
	Oxide and Sulphide		Total	11.6	0.65	243
RH	Oxide	0.22	Indicated	1.7	0.81	45
			Inferred	0.0	–	0
			Subtotal	1.7	0.81	45
	Sulphide	0.29	Indicated	4.6	0.77	113
			Inferred	1.1	0.72	26
			Subtotal	5.7	0.76	138
	Oxide and Sulphide		Total	7.4	0.77	183
Main & West	Oxide	0.22	Indicated	4.3	0.82	112
			Inferred	0.2	0.62	4
			Subtotal	4.5	0.81	116
	Sulphide	0.29	Indicated	4.5	0.88	128
			Inferred	1.5	1.00	48
			Subtotal	6.0	0.91	176
	Oxide and Sulphide		Total	10.5	0.87	292
PH	Oxide	0.20	Indicated	0	–	0
			Inferred	0.1	0.56	2
			Subtotal	0.1	0.56	2
	Sulphide	0.20	Indicated	0	–	0
			Inferred	0	–	0
			Subtotal	0	–	0
	Oxide and Sulphide		Total	0.1	0.56	2
Total	Oxide		Indicated	12.3	0.76	301
			Inferred	1.0	0.52	16
			Subtotal	13.3	0.75	318
	Sulphide		Indicated	18.2	0.76	446
			Inferred	5.5	0.78	138
			Subtotal	23.7	0.77	585
	Oxide and Sulphide		Indicated	30.5	0.76	748
			Inferred	6.5	0.74	154
			Total	37.0	0.76	902

Notes:

1.       koz = one thousand ounces (31.10348 grammes to Troy ounce conversion), Mt = one million metric tonnes.

2.       All tabulated data have been rounded and as a result minor computational errors may occur.

3.       The Mineral Resource is reported in accordance with the guidelines of the 2012 Edition of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“‘the JORC Code”).

4.       Assumed open pit mining with 2 million tonne per annum CIL plant.

5.       An optimised pit shell was used to report open-pit Mineral Resources. The pit-shells and cut-off grades were derived using the following assumed technical parameters:

i. Pit slope angle:

·     Oxide: All zones = 49°

·     Sulphide: 3K & 4K = 64°, RH & SZ = 62°, Main & West = 58°

ii. Dilution 10%, Mining Losses 5%

iii.             Carbon in Leach Recovery for Residue Grade (g/t) in Oxide:

·     3K: y=0.0513*ln[head grade (g/t)]+0.1392

·     All other zones: y=0.0596*ln[head grade (g/t)]+0.0921  

iv.             Carbon in Leach Recovery for Solution Grade in Oxide: For all zones excl. 3K: 91.7%, 3K only: 87.7%

v.              Carbon in Leach Recovery for Solution Grade in Sulphide for all zones: 69.43%

vi.             Metallurgical factors based on initial metallurgical test-work.

6.       Cost and revenue assumptions:

i. Gold Price: USD 2 300/oz, 99.5% payability for nett of USD 2 254.17/oz after royalty payment

ii. Total mining cost: 2.1 USD/t, Cost adjustment for open-pit depth USD 0.03 per 10 vertical m.

iii.             Total Processing cost: 9.94 USD/t

iv.             Refining and Transport Cost: USD 0.56/oz

v.              G&A: 2.87 USD/t ore.

vi.             State Royalty 1.5%

Jibal Qutman MRE Comparison

In May 2015, KEFI released an MRE of 28.4 million tonnes at 0.80g/t gold, containing 733,045 ounces for Jibal Qutman.

Key changes in the updated Jibal Qutman MRE are that:

·    Oxide Resources have increased from 287,000 ounces to 318,000 ounces

·    Indicated Resources have increased from 18.0Mt to 30.5Mt (to 83% of total MRE)

·    Total tonnage has increased 8.6Mt to 37.0Mt (+30%)

·    Total ounces have increased 169,000 ounces to 902,000 ounces (+23%)

The upgrading of and increase in the MRE is largely driven by additional drilling extending mineralisation at Red Hill and better defining the resources in key high grade areas, which when coupled with the higher gold price has allowed whittle derived pit shells to access deeper mineralisation and expand along strike.