13 January 2022

KEFI Gold and Copper plc

("KEFI" or the "Company")

General Meeting Statement

KEFI Gold and Copper (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces that at today's General Meeting of the Company, Executive Chairman, Harry Anagnostaras-Adams will make the following statement from Riyadh, Saudi Arabia:

"The approval by shareholders of the resolutions at today's General Meeting will mean that KEFI can conclude the £6.4 million placing announced on 21 December 2021, which significantly de-risks the Company's balance sheet by issuing shares to remove liabilities of £5.7 million, adds £0.5 million of net cash to working capital and issues warrants (one warrant for every two shares placed), the exercise of which would complement the Tulu Kapi project finance plan.

The financing we are seeking shareholder approval for today reinforces KEFI progress on our two major fronts: in Ethiopia to launch the Tulu Kapi Gold Project, and in Saudi Arabia to complete the Preliminary Feasibility Study for developing the Hawiah Copper-Gold Project and to receive the Mining Licence for developing the Jibal Qutman Gold Project.

Upon the start-up of all three KEFI-managed projects over the next few years, combined projected revenue at today's metal prices is estimated to approximate US$560 million per annum (comprising each of Tulu Kapi and Hawiah at c.US$250 million and Jibal Qutman at US$60 million). KEFI's share of projected revenue is estimated to be c.US$280 million per annum, and c.US$200 million of EBITDA per annum (approximately 50:50 from Ethiopia and Saudi Arabia).

Our Tulu Kapi finance syndicate sits on standby for when Ethiopia is ready and we note that the widely publicised military hostilities of 2021 have abated and that the Government has announced the formation of a national dialogue commission to be elected with the objective to seek a long-term solution. We are working closely with all relevant government departments to start the development of Tulu Kapi as soon as possible in 2022 once normal conditions can be satisfied.

In Saudi Arabia, notwithstanding some COVID-related delays, KEFI-managed Gold & Minerals LLC completed its large Phase 4 drilling programme and reported expanded resources. As a scale-comparison with the Tulu Kapi Gold Project, Hawiah's recoverable in-situ metal, which we expect will keep getting bigger, is now estimated to be in the order of 2.2 million gold-equivalent ounces versus Tulu Kapi's 1.2 million ounces assumed in the economic appraisals. We have also been granted two new exploration licenses near Hawiah and expect further progress on our Jibal Qutman Gold Project where we plan heap leach gold operation.

We will continue to press forward with our projects in both Ethiopia and Saudi Arabia and bring them online as soon as conditions in each jurisdiction allow. Our work is sometimes in challenging circumstances and we deeply appreciate the support, patience, dedication and understanding shown by our shareholders, employees, suppliers and host communities."

Enquiries

Notes to Editor

KEFI Gold and Copper plc

KEFI is focused primarily on the development of the Tulu Kapi Gold Project in Ethiopia and its pipeline of highly prospective exploration projects in the Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi will generate cash flows for capital repayments, further exploration and dividends to shareholders.

The following tabular summary presents KEFI's estimated share of the project NPV's :

KEFI Gold and Copper in Ethiopia

Ethiopia is currently undergoing a remarkable transformation both politically and economically.

The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.

The Company has now refined contractual terms for project construction and operation. Estimates include open pit gold production of c. 140,000oz pa for a 7-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.

A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI's wholly-owned Ethiopian subsidiaries upon commencement of development by TKGM, with a view to adding satellite deposits to development and production plans.

KEFI Gold and Copper in the Kingdom of Saudi Arabia

In 2009, KEFI formed Gold & Minerals Limited ("G&M") in Saudi Arabia with local Saudi partner, ARTAR, to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 31.2% interest in G&M and is the operating partner.

ARTAR, on behalf of G&M, and G&M directly hold over 16 Exploration Licence (EL) applications pending the introduction of the new Mining Law. These new regulations have recently been proclaimed and G&M now holds 3 EL's.  ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) licence within the area.

In addition, G&M has a Mining Licence Application over the Jibal Qutman Gold Project which recent informal indications by the authorities provide some confidence that the licence will be granted in 2022.