KEFI Gold and Copper


Market Cap£23m

Last Close 0.58p

KEFI Gold and Copper is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield – principally the Tulu Kapi project in Ethiopia, as well as Hawiah Copper and Gold and Jibal Qutman Gold in KSA.

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Investment summary

Over the past year, KEFI has raised additional equity, while experiencing a turnaround in its working environments in both Ethiopia and Saudi Arabia (KSA). KEFI now has three projects, in which it has a beneficial interest of 2.1Moz AuE. Ministries in both countries are reported to be supportive of the projects with KEFI signing the umbrella agreement for Tulu Kapi funding ahead of imminent anticipated financial closing and project launch by the year’s end. Its Jibal Qutman exploration licence in KSA has also now been extended.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 0.0 (2.7) (2.8) (0.2) N/A N/A
2021A 0.0 (2.3) (3.4) (0.2) N/A N/A
2022E 0.0 (1.4) (8.3) (0.1) N/A N/A
2023E 0.0 (1.4) (3.7) (0.1) N/A N/A
Industry outlook

In March, we calculated that KEFI’s trio of projects were capable of generating free cash flow of c £78.6m pa from 2025 to 2031. This, in turn, drove average (maximum potential) dividends of 0.90p/share for the six years from 2026 to 2031 and valued KEFI at 2.62p/share (fully diluted for US$12.0m/£9.1m in equity issues – of which £8.0m was raised in April). However, at spot metals’ prices, this rises to over 5p in FY27 plus c 1.21p/share for Guji-Komto.

Last updated on 20/10/2022
Content on KEFI Gold and Copper
KEFI – executive interview
Metals & mining | Edison TV | 1 November 2022
KEFI Gold and Copper – Rounding the final bend
Metals & mining | research Flash note | 20 October 2022
gold water
KEFI Gold and Copper – Hawiah developing rapidly behind Tulu Kapi
Metals & mining | research Outlook | 17 March 2022
gold water
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Balance sheet
Forecast net debt (£m) 25.4
Forecast gearing ratio (%) 45
Price performance
Actual (18) (25.7) (69.9)
Relative* (14.2) (22.7) (69.4)
52-week high/low 10.9p/4.1p
*% relative to local index
Key management
Harry Anagnostaras-Adams CEO
Jeff Rayner Managing Director
laki Catsamas Group financial controller