KEFI GOLD AND COPPER PLC

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  Material uncertainty over going concern

  The Directors have always recognised and highlighted that exploration and development activities in frontier markets are high-risk and that material uncertainty exists at this stage of the Group's development. We have considered a range of possible scenarios, including sensitivities relating to project execution, and we are satisfied that the Group has adequate resources, options and flexibility to meet its obligations as they fall due. That is not to underplay the challenges of managing capital requirements in markets such as ours. These matters, including the material uncertainty in relation to going concern, are explained in the Going Concern Note of the Financial Statements, which shareholders are advised to read.

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  Going-concern uncertainty disclosed

Figures converted to GBP from USD at 0.749 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. KEFI GOLD AND COPPER PLC 2020-08-16 → present
2. KEFI MINERALS PLC 2006-10-24 → 2020-08-16

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

BDG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have always recognised and highlighted that exploration and development activities in frontier markets are high-risk and that material uncertainty exists at this stage of the Group's development. We have considered a range of possible scenarios, including sensitivities relating to project execution, and we are satisfied that the Group has adequate resources, options and flexibility to meet its obligations as they fall due. That is not to underplay the challenges of managing capital requirements in markets such as ours. These matters, including the material uncertainty in relation to going concern, are explained in the Going Concern Note of the Financial Statements, which shareholders are advised to read.”

Group structure

1. KEFI GOLD AND COPPER PLC · parent
   1. Mediterranean Minerals (Bulgaria) EOOD 100% · Bulgaria
   2. KEFI Minerals (Ethiopia) Limited 100% · Ethiopia
   3. KEFI Minerals Marketing and Sales Cyprus Limited 100% · Cyprus
   4. KEFI Minerals (Ethiopia) Holding Share Company 100% · Ethiopia
   5. Tulu Kapi Gold Mine Share Company 95% · Ethiopia
   6. Gold and Minerals Co. Limited (GMCO) 13% · Saudi Arabia

Significant events

• “On 11 February 2026, the Company’s subsidiary Tulu Kapi Gold Mine S.C. ('TKGM') entered into a US$20 million equity-ranking royalty agreement with Chancery Royalty Limited, forming part of the US$340 million Tulu Kapi project finance package.”
• “On 18 February 2026, the Company issued 2,964,194,769 new ordinary shares of 0.1 pence each at 0.55 pence per share following the exercise of broker warrants issued in May 2025, for gross proceeds of US$44,500,000.”
• “On 5 May 2026, the Company issued 44,444,444 ordinary shares of 0.1 pence each at 1.35 pence per share, comprising 22,222,222 remuneration shares to the Company’s Head of Exploration and 22,222,222 fee shares to a service provider in discharge of a contractual liability.”
• “On the same date, the Company granted 649,776,900 options over ordinary shares under its Share Option Scheme to four members of its Key Management Personnel with vesting from 2027-2029. The exercise price is 2.0 pence per share, vesting in three equal annual instalments on 31 December 2027, 2028 and 2029 and expires on 31 December 2030.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

15

last 12 months

Capital events

12

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.