KIBO MINING PLC - Kibo mining Plc correction to Kibo RNS dated 24 February 2017

Kibo mining Plc correction to Kibo RNS dated 24 February 2017

Kibo Mining Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
(‘Kibo’ or ‘the Company’)

Dated: 1 March 2018

                           Kibo Mining Plc (‘Kibo’ or the ‘Company’)
                         Correction to Kibo RNS dated 24 February 2017

The Company wishes to inform shareholders that the 10,000,000 warrants at an exercise price of 9p
shown as outstanding to Metal Tiger plc in Kibo’s RNS of 24 February 2017 expire on 23 March 2018
and not on 25 February 2018 as stated in the RNS. The Company apologises for this typographical
error.


                                             **ENDS**

For further information please visit www.kibomining.com or contact:

 Louis Coetzee          louisc@kibomining.com       Kibo Mining Plc           Chief Executive Officer

 Andreas Lianos         +27 (0) 83 4408365          River Group               Corporate Adviser and
                                                                              Designated Adviser on
                                                                              JSE

 Jon Belliss            +44 (0) 20 7382 8300        Beaufort                  Securities Broker
                                                    Limited

 Andrew Thomson          +61 8 9480 2500            RFC Ambrian Limited       NOMAD on AIM

 Isabel de Salis / Priit +44 (0) 20 7236 1177       St Brides Partners Ltd    Investor and Media
 Piip                                                                         Relations Adviser


Notes to editors
Kibo is a multi-asset resource development and energy company with a long-term goal of becoming a
leading power producer in Sub-Saharan Africa. The Company aims to tackle the acute power deficit
which is severely hindering economic development in the region.

Kibo’s flagship asset is the Mbeya Coal to Power Project (‘MCPP’) in Tanzania which comprises of
the development of the Mbeya Coal Mine, a 1.5Mt p/a mining operation and the Mbeya Power Plant, a
300 MW mine-mouth thermal power station.

The Mbeya Coal Mine has a defined 120.8 Mt NI 43 101 thermal coal resource. A Definitive Feasibility
Study has been conducted on the project which underpinned its value and confirmed an initial rate of
return of 69.2%. The 300 MW mouth-of-mine thermal power station has long term scalability with the
potential to become a 1000MW plant. The completed full Power Feasibility Study highlighted an annual
power output target of 1.8 GW based on annual average coal consumption of 1.5 Mt. An Integrated
Bankable Feasibility Study report for the entire project indicated total potential revenues of US$ 7.5-
8.5 billion over an initial 25-year mine life, post tax equity IRR between 21-22%, debt pay-back period
of 11-12 years and a construction period of 36 months.

At the end of 2017 Kibo agreed to acquire 85% of a nearly identical power project in Botswana from
Shumba Energy in an all share transaction. Mabesekwa Coal Independent Power Project (‘MCIPP’)
consists of 300Mt subset of the current in-situ 777 Mt coal resource. Notable synergies between the
projects provide considerable benefits, including economies of scale in equipment, execution, project
finance and strong existing MCPP strategic partnerships. MCIPP already has water and land use
permits and environmental certification in place and Pre-Feasibility Study on the coal mine and a
Scoping Study on the power plant have been completed. The power plant will have a maximum capacity
of 600 MW (4x150MW) and based on a coal delivery rate of 3.2 Mtpa and a Life of Mine of over 30
years.

To assist in the execution of this critical power project of the MCPP, Kibo has assembled an
international team of advisors and partners including Engineering Procurement and Construction
(‘EPC’) contractors and financial teams that are assisting in the advancement and development of the
MCPP. These include ABSA/Barclays as Financial Advisor, China based EPC contractor SEPCO III,
General Electric, Tractebel Engineering (Power), Minxcon Consulting (Mining) and legal advisors
Norton Rose Fulbright.


Johannesburg
1 March 2018
Corporate and Designated Adviser
River Group

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