KEFI Gold and Copper announced an upgrade to the Mineral Resource Estimate (æMREÆ) at the HawiahCopper-GoldProject (æHawiahÆ or the æProjectÆ), part of the KEFI-operated Saudi Arabian joint-venture Gold and Minerals Company Limited (æGMCOÆ). Hawiah Mineral Resource Estimate has increased by 4.1 million tonnes (æMtÆ) to 29.0 Mt at 0.89% copper, 0.94% zinc, 0.67 g/t gold and 10.1 g/t silver, representing a tonnage increase of 16%. Total contained metal is now: 258,000 tonnes of copper (up 16% from 223,000 tonnes); 272,000 tonnes of zinc (up 30% from 210,000 tonnes); 620,000 ounces of gold (up 25% from 497,000 ounces); and 9.4 million ounces of silver (up 20% from 7.8 million ounces).

Indicated Resource increased to 12.4Mt (up 14% from 10.9Mt), which now includes 1.2Mt of oxide material (previously all Inferred) containing 80,000 ounces of gold. Total Indicated and Inferred Resources reporting to the Open-Pit Scenario have increased to 11.1Mt (up 32% from 8.4Mt), reaffirming the potential for an initial open-pit mining operation and a lower start-up capital requirement. Drilling commencing in Second Quarter 2023 is aimed at extending planned mine life by further increasing the Hawiah Mineral Resource and converting more Inferred Resources to the Indicated category.

Since the commencement of major exploration works atHawiahin early 2019, KEFI announced a maiden MRE in August 2020 followed by the December 2021 updated MRE of 24.9Mt at a 0.90% copper, 0.85% zinc, 0.62 g/t gold and 9.81 g/t silver. Diamond and reverse circulation (æRCÆ) drilling have since continued with an additional 7,675m of diamond drilling and 4,845m of RC drilling completed over the past year, bringing the Project total to58,194m of drilling. Recentdrilling had three main objectives: Improve the level of geological control in the upper portion of sparsely explored Central Zone and northern portion of the Camp Lode; Explore the Crossroads Extension Lode and further define the deeper portion of the orebody; and Better define the upper oxide and transition zones and increase the known gold resource.

These objectives have been achieved and with the deposit remaining open at depth, the Hawiah orebody has additional potential for further enhancement and expansion. GMCO appointed The MSA Group (Pty) Ltd. (æMSAÆ) as the Independent Consultants and Competent Person to prepare an updated MRE for Hawiah in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (æJORC Code 2012Æ). Looking forward to 2023, work programmes including reverse-circulation and diamond drilling are being planned to upgrade the classification of current Inferred Resources to the Indicated category for use in the Hawiah Definitive Feasibility Study (æDFSÆ).

These programmes are designed to run in parallel with the maiden MRE for the nearby Al Godeyer deposit which is being scheduled for First Quarter 2023. Resources are classified as: Indicated- Open Pit - 9.2 Mt at 0.88% copper, 0.70% zinc, 0.84 g/t gold and 9.9 g/t silver. Indicated- Underground - 3.2 Mt at 0.82% copper, 1.07% zinc, 0.59 g/t gold and 9.5 g/t silver.

Inferred- Open Pit - 1.8 Mt at 0.99% copper, 1.02% zinc, 0.67 g/t gold and 12.4 g/t silver. Inferred- Underground - 14.7 Mt at 0.90% copper, 1.05% zinc, 0.58 g/t gold and 10.1 g/t silver. The updated MRE represents a significant increase in tonnage from 24.9Mt to 29.0Mt, a small decrease in copper grades from 0.90% to 0.89%, with an increase in zinc grades from 0.85% to 0.94% along with an increase in gold and silver grades from 0.62 g/t gold to 0.67 g/t gold and from 9.81 g/t silver to 10.1 g/t silver.

The additional resource tonnage is largely driven by: increased density of the Oxide Zone from 1.7g/cc to 2.32g/cc; expansion of Crossroads Extension Lode at depth; and inclusion of a greater portion of the model across all domains due to increased drill density and confidence. The increase in the Oxide Zone resources from 0.7Mt to 1.2Mt (Inferred to Indicated classification) and contained gold from 35koz to 80koz. This has been due to the increased drilling density within this domain and improved recoveries obtained by switching the sampling method from diamond to reverse circulation drilling.

This drilling, running in combination with a deep trenching programme allowed for improved understanding of density characteristics of the oxide domain. The average oxide gold grade has also increased from 1.49g/t to 2.1g/t, representing a 41% increase. As highlighted in the 2022 MRE, while the limits of the Crossroads Extension contained lower than average copper grade, the zinc, gold and silver grades result in all additional mineralisation defined in this area of the Hawiah deposit reporting to the underground resource estimate.

As predicted by the geological model, drilling this year has shown the Crossroads Extension portion of the orebody has a higher average zinc and gold grades with the final and deepest drillhole into this area (HWD 201) intersected 8.8m (estimated true width of 6.2m) at 2.9% zinc and 0.79g/t gold, demonstrating that this high-grade area of the Hawiah deposit remains open at depth. The early phases of exploration in 2023 will focus on resource classification upgrade drilling throughout the deposit and exploration drilling in deeper areas of the Crossroads Extension. The classification upgrade will then feed into the DFS.

GMCO is also pleased to report that the resources reporting to the Open-Pit Scenario have been expanded from the previous 8.4Mt reported in 2021 to a total of 11.1Mt at 0.90% copper 0.75% zinc, 0.81 g/t gold and 10.30 g/t silver. This Hawiah deposit continues to demonstrate a robust case for a lower cost open-pit development during the early years of the Project, further strengthening the economic case. This Open-Pit Scenario will be fully evaluated during the DFS which will include the upgraded oxide resource and the results of the 2023 drilling programmes.