KEFI Gold and Copper (AIM: KEFI)

Last close As at 28/02/2024

GBP0.01

0.23 (35.94%)

Market capitalisation

GBP32m

KEFI Gold and Copper is an exploration and development company with three projects focused on the Arabian-Nubian Shield – namely, the Tulu Kapi project in Ethiopia (projected 70% interest) and the Hawiah and Jibal Qutman projects (both 25%) in Saudi Arabia.

In December 2022, we calculated that KEFI was capable of generating free cash flow of c £84.0m pa from 2026–31, driving average (maximum potential) dividends of 0.63p/share and valuing the company at 2.19p/share. At spot metal prices however, this valuation rose to c 5.88p in FY26.

Latest Insights

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Metals & Mining | Update

KEFI Gold and Copper — Counting down to launch in H124

Metals & Mining | Flash note

KEFI Gold and Copper — East Africa and Ethiopia attracting investment

Metals & Mining | Flash note

KEFI Gold and Copper — New timings

Metals & Mining | Flash note

KEFI Gold and Copper — New exploration and increased resources

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 debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.8) 6.0 (17.4)
Relative (1.1) 3.2 (14.4)
52 week high/low 10.9p/4.1p

Financials

In its post-Indaba release of 13 February, KEFI announced that the multi-party, subsidiary-level financing of its Tulu Kapi gold project in Ethiopia is now advancing on the back of Ethiopian federal government commitments finally received in October 2023. As a result, the lead lender quickly processed its approval in December 2023 and now all other stakeholders are triggering their respective flow-on processes. At the same time, the Federal Government of Ethiopia has confirmed that its equity capital investment has been fully documented, committed and already partly invested, while the contractors to the project have reaffirmed their intention and readiness to enter into the already drafted agreements to enable full project launch in H124 (as previously indicated by KEFI).

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 0.0 (2.3) (3.4) (0.2) N/A N/A
2022A 0.0 (2.7) (3.3) (0.1) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A

Research

Flash note

Metals & Mining

KEFI Gold and Copper — New exploration and increased resources

Update

Metals & Mining

KEFI Gold and Copper — Counting down to production

edison tv

Metals & Mining

KEFI – executive interview

Outlook

Metals & Mining

KEFI Gold and Copper — On the cusp

Outlook

Metals & Mining

KEFI Gold and Copper — Rose gold

Thematics

thematic

Metals & Mining

Shades of the 1970s

thematic

Metals & Mining

Critical minerals: The investment vacuum

samuel-scrimshaw-kp_87tExCwI-unsplash

thematic

Metals & Mining

Lithium’s adolescence

thematic

Metals & Mining

Lepidico: Offer closes, oversubscribed

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