KEFIGold and Copper Plc provided confirmation of a new discovery, as well as an operational update, in respect of the Jibal Qutman Gold Project ("Jibal Qutman Gold") in Saudi Arabia in the Company' sminority-owned Gold & Minerals Ltd. ("GMCO") joint venture. Having completed the 13,000m in-fill drilling programme in Q3-2023, GMCO switched to resource expansion drilling which quickly led to the discovery of the Asfingia satellite deposit. Asfingia drilling results include: JQD_232: 13.9m (12.7m estimated true width ("ETW") at 7.9 g/t gold from 53.6m (including 1.2m at 66.6 g/t gold).

JQD_265: 25.5m (37.5m ETW) at 1.9 g/t gold from 86.0m (including 7.4m at 5.2 g/t gold). A 350m strike length has already been established down to a depth of 75m and the deposit remains open down-dip and along strike. Drilling is ongoing to define the limits of gold mineralisation and estimate a Maiden Resource at Asfingia to complement the other deposits at Jibal Qutman.

Systematic exploration is ongoing across the 270km2 of the three contiguous Jibal Qutman Gold Exploration Licences ("EL's") to confirm structural controls on higher-grade gold mineralisation and identify further resource potential. Previous Exploration primarily focused on an 8km section of the original Jibal Qutman EL and the full 35km mineralised strike length will now be tested. Sampling and scout drilling programmes are currently underway across multiple targets including recent shallow alluvial mining areas and are expected to identify further drill targets.

In addition to scout and infill drilling, drone surveying, geological mapping, trenching and geophysical surveying programmes are all underway to help further define the structural framework of the area and assist in target delineation. Two diamond drill rigs and 10 experienced Saudi based exploration geologists are focused on Jibal Qutman Gold. Reverse circulation ("RC") drill rigs will also shortly join the project to further accelerate exploration.

The Definitive Feasibility Study ("DFS") on Jibal Qutman Gold is making excellent progress and release of its conclusions is expected in mid-2024. Work is currently focused on: Incorporating the results of the 13,000m infill drilling program completed in Q3-2023 into preliminary mine design and scheduling across a range of production scenarios; Finalising metallurgical test work, which has already established potential recoveries of 80-93% on the oxide ore (depending on grade) and circa 70% on sulphide fresh ore through CIL processing. Optimisation studies continue for the sulphide fresh ore; GMCO Board approval of the preferred start-up plan; and Finalising and publishing the underlying Mineral Resource Estimate ("MRE"), maiden Ore Reserve and DFS.