KEFI Gold and Copper (AIM: KEFI)

Currency in GBP

Last close As at 09/06/2023

GBP0.01

0.02 (2.30%)

Market capitalisation

GBP33m

KEFI Gold and Copper is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield – namely, the Tulu Kapi project in Ethiopia (projected 70% interest) and the Hawiah and Jibal Qutman projects (both 30%) in Saudi Arabia.

In December, we calculated that KEFI was capable of generating free cash flow of c £84.0m pa from 2026 to 2031, driving average (maximum potential) dividends of 0.63p/share for the six years from 2026 to 2031 and valuing KEFI at 2.19p/share (fully diluted at the warrant exercise price of 1.6p/share to account for US$11.5m/£9.4m in issuance over the next seven months). However, this valuation rises to over 5.88p in FY26 at spot metals prices.

Latest Insights

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Metals & Mining

KEFI Gold and Copper — New timings

Metals & Mining

KEFI Gold and Copper — Counting down to production

Metals & Mining

KEFI – executive interview

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Harry Anagnostaras-Adams

    CEO

  • Jeff Rayner

    Managing Director

  • laki Catsamas

    Group financial controller

Balance Sheet

Forecast net cash (£m)

14.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.2) 16.3 27.6
Relative 0.3 18.8 23.1
52 week high/low 10.9p/4.1p

Financials

Over the past year KEFI Gold and Copper has raised additional equity, while experiencing a turnaround in its working environments in both Ethiopia and Saudi Arabia. The company now has three projects in which it has a beneficial interest of 2.1Moz AuE. Ministries in both countries are reported to be supportive and KEFI announced the signing of the final Umbrella Agreement for Tulu Kapi’s funding at the end of April. As a consequence, project launch is expected imminently. KEFI’s Jibal Qutman exploration licence in Saudi Arabia has also now been extended.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (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 (2.6) (6.9) (0.2) N/A N/A
2023E 0.0 (1.4) (4.0) (0.1) N/A N/A

Research

Metals & Mining

KEFI Gold and Copper — New timings

Metals & Mining

KEFI Gold and Copper — Counting down to production

Metals & Mining

KEFI – executive interview

Metals & Mining

KEFI Gold and Copper — On the cusp

Metals & Mining

KEFI Gold and Copper — Rose gold

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