5 May 2026

KEFI Gold and Copper plc

("KEFI" or the "Company")

Award of Options

Issue of Equity

KEFI Gold and Copper plc (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 the award of options under the Company's Share Option Scheme (the "Scheme") to the Company's senior leadership team, including the Executive Directors and other Persons Discharging Managerial Responsibility ("PDMRs"). In addition, equity is conditionally being issued to Jeff Rayner, Head of Exploration, and to a service provider to the Company.

Issue of Options

The Scheme was implemented in March 2014 and all options previously issued to Directors, PDMRs and employees have lapsed. At the Company's 2025 Annual General Meeting shareholder approval was given for the issue of options over KEFI ordinary shares of 0.1p each ("Ordinary Shares") up to an aggregate amount of 928,257,000 Ordinary Shares, being approximately 10% of the Company's then issued share capital. The Company's Remuneration Committee considered it appropriate to wait until the assembly of the project financing package for the Company's Tulu Kapi Gold Project and its full launch before granting options, in order to set what it believed would be a more appropriate exercise price than the prevailing 0.555p share price at the time of the 2025 AGM. The purpose of the Scheme is to align the interests of the Company's senior leadership team with the objective of maximising shareholder value, and to ensure that the structure of their overall remuneration packages supports the delivery of this objective.

The options granted ("Options") will ordinarily vest in three equal annual instalments on 31 December 2027, 31 December 2028 and 31 December 2029 and expire on 31 December 2030. The Options have an exercise price of 2 pence per ordinary share, representing a 48.15% premium to the closing market price on 1 May 2026 of 1.35 pence, and a 67% premium to the price of the equity fundraise announced on 19 March 2026.

The following PDMRs have received Option awards under the Scheme. It is noted that Jeff Rayner, who led KEFI from 2006 to 2014 when its initial discoveries were made, has rejoined the Company as Head of Exploration.

The 649,779,900 Options granted represent approximately 4.74% of the Company's current issued share capital. A further 278,477,100 Options remain to be granted and it is the intention of the Company's Remuneration Committee that they be utilised to incentivise new recruits to the Company and other members of the Company's management team in due course, as appropriate.

Issue of Equity

As part of the remuneration package agreed with Jeff Rayner, the Company's recently appointed Head of Exploration, Mr Rayner is being issued with 22,222,222 Ordinary Shares at 1.35 pence per Ordinary Share ("Remuneration Shares").  Mr Rayner is prohibited from selling any of the Remuneration Shares for at least twelve months from Admission. Further details are contained in the disclosure table below.

A further 22,222,222 Ordinary Shares are being issued to a service provider to the Company at 1.35 pence per Ordinary Share to discharge a contractual liability ("Fee Shares"). The Fee Shares are subject to a selling restriction whereby half of the Fee Shares are released from a prohibition on selling six months from Admission and the remaining half may be sold after twelve months from Admission.

Following the grant of Options and issue of Remuneration Shares and Fee Shares, the interests of the PDMRs in Ordinary Shares are:

*Semarang Enterprises Ltd (a company of which Harry Anagnostaras-Adams is the sole director and sole shareholder) holds 121,394,061 Ordinary Shares and the Adams Superannuation Fund holds 5,416,915 Ordinary Shares in KEFI - a total of 126,810,976 Ordinary Shares. Of the Semarang Enterprises Ltd holding shares of 12,317,760 are held for the beneficial interest of another party.

Further details on the Options granted to PDMRs are contained in the disclosure tables below.

Admission and Total Voting Rights

An application will be made for the 44,444,444 Remuneration Shares and Fee Shares, to be admitted to trading on AIM ("Admission").  It is expected that Admission will become effective on or around 8.00 a.m. on 11 May 2026.

Following Admission, the total issued share capital of the Company will consist of 13,759,618,660 Ordinary Shares each with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company will be 13,759,618,660 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries

Further information can be viewed at https://www.kefi-goldandcopper.com

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM