Change of Holding in Mast Energy Developments PLC

Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')

Dated: 26 October 2023

                          Kibo Energy PLC ('Kibo' or the 'Company')

                    Change of Holding in Mast Energy Developments PLC

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces that further to its RNS announcement of 5 October 2023 on receipt of 31,646,424 shares
(the "Settlement Shares") from Mast Energy Development PLC ("MED"), in lieu of cash for partial
settlement of £469,000 of the total remaining outstanding loan amount owing to Kibo's wholly owned
subsidiary, Kibo Mining (Cyprus) Limited, the Company has decided to realize a portion of said share
payment in cash. To this effect the Company has now realized in cash net proceeds of £259,845
through the sale of 20,250,000 of said Settlement Shares.

As a result of this recent disposal of its MED shares, the Company's beneficial holding in MED now
stands at 48.35% (total holding of 127,561,746 shares) and a TR1 Notification has been sent to MED
notifying it of this change in holding.

The proceeds from the sale of the Settlement Shares will be used for Kibo's on-going working capital
requirements of which it will receive £173,230 of the total proceeds of £259,845, with the balance
going towards funding its group companies and to reduce the outstanding balance on the Company's
reprofiled bridge loan facility with RiverFort Global Opportunities PCC Ltd (refer Kibo RNS
announcements of 11 and 26 April 2023).

Louis Coetzee, CEO of Kibo Energy, says: "After careful consideration of all funding options
available to the Company it was decided that the best funding option under current circumstances,
would be to realize cash for our on-going business requirements from the recent partial share
settlement of our outstanding loan with MED, whilst still maintaining a major equity interest in the
company. Retaining a significant investment in MED remains a strategic component of our business
strategy which we see as a source of significant on-going value creation for Kibo and boosted by
MED's recent announcement of the signing of a joint venture agreement with Proventure Holdings
(UK) Ltd for the funding and development of its reserve power projects. "

                                            **ENDS**
   This announcement contains inside information as stipulated under the Market Abuse Regulations
   (EU) no. 596/2014.

   For further information please visit www.kibo.energy or contact:

Louis Coetzee    info@kibo.energy               Kibo Energy PLC              Chief Executive Officer
Andreas Lianos   +357 99 53 1107                River Group                  JSE Corporate and Designated Adviser
Claire Noyce     +44 (0) 20 3764 2341           Hybridan LLP                 Joint Broker
Damon Heath      +44 207 186 9952               Shard Capital Partners LLP   Joint Broker
James Biddle     +44 207 628 3396               Beaumont Cornish Limited     Nominated Adviser
Roland Cornish
Zainab Slemang   zainab@lifacommunications.co.za Lifa Communications         Investor and Media Relations Consultant
van Rijmenant

Johannesburg
26 October 2023
Corporate and Designated Adviser
River Group

Date: 26-10-2023 08:00:00
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