KEFI Gold and Copper


Market Cap£24m

Last Close 0.79p

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 Saudi Arabia.

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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. Compared with three months ago, when it only had one project, it now has three, in which it has a beneficial interest of 2.1Moz AuE. Ministries in both countries are reported to be supportive of its projects and KEFI has therefore refined its sources and applications of funds for Tulu Kapi ahead of anticipated financial closing and definitive project launch mid-year.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 0.0 (2.4) (3.5) (0.5) N/A N/A
2020A 0.0 (2.7) (2.8) (0.2) N/A N/A
2021E 0.0 (1.4) (1.8) (0.1) N/A N/A
2022E 0.0 (1.4) (8.3) (0.1) N/A N/A
Industry outlook

We calculate that KEFI’s trio of projects are capable of generating free cash flow of c £78.6m a year from 2025 to 2031. This, in turn, drives average (maximum potential) dividends of 0.90p/share for the six years from 2026 to 2031 and values KEFI at 2.62p/share (fully diluted to account for US$12.0m/£9.1m in equity issues – of which £8.0m was raised in April). However, at spot metals’ prices, this valuation rises to over 8.27p in FY27 plus c 1.21p/share for Guji-Komto.

Last updated on 06/07/2021
Content on KEFI Gold and Copper
KEFI Gold and Copper – Hawiah developing rapidly behind Tulu Kapi
Metals & mining | research Outlook | 17 March 2022
gold water
KEFI Gold and Copper – On the cusp
Metals & mining | research Outlook | 6 July 2021
gold water
KEFI Gold and Copper – Rose gold
Metals & mining | research Outlook | 30 September 2020
gold water
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Share price graph
Balance sheet
Forecast net cash (£m) 0.5
Forecast gearing ratio (%) N/A
Price performance
Actual 5 (22.5) (58.9)
Relative* 6.2 (23.2) (62.9)
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