Kibo Mining : MBEYA COAL TO POWER PROJECT POWER PURCHASE AGREEMENT UPDATE

29 June 2018

Kibo Mining Plc (AIM:KIBO; AltX:KBO), the multi-asset, Africa-focused, energy and resource company, is pleased to announce that, having submitted a reformatted Integrated Bankable Feasibility Study ('IBFS'), it has, in accordance with the agreed amended PPA-process, reached the final phase of discussions regarding the Power Purchase Agreement ('PPA') for the Mbeya Coal to Power Project ('MCPP') with the Tanzania Electric Supply Company ('TANESCO').

The Company previously compiled an extensive IBFS, which has been commended by TANESCO, that consisted of nine chapters with a variety of technical reports, including:

• the financial model and report;
• the definitive feasibility study (power);
• the environmental and social impact assessment report;
• the competent persons report on the MCPP mineral resource;
• an extensive geotechnical report;
• a report on aquifer testing and numerical flow modelling, geohydrological investigation, hydrological study, topographical analyses and digitised topographical mapping;
• the definitive feasibility study (mining); and
• grid inception

However, TANESCO requested that the Company reformat the IBFS into its own preferred structure and format, which added considerable time to the PPA process. Notably, the content remained unchanged. The reformatted IBFS was resubmitted to TANESCO today and the final commercial discussions on the PPA are expected to conclude expeditiously following submission of the reformatted IBFS.

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