KEFI Gold and Copper (AIM: KEFI)

Currency in GBP

Last close As at 22/09/2023

GBP0.01

0.11 (17.83%)

Market capitalisation

GBP30m

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 2022, 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 and valuing KEFI at 2.19p/share. At spot metals’ prices however, this valuation rose to over 5.88p in FY26 on the cusp of the company’s (presumed) maiden dividend.

Latest Insights

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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

Metals & Mining | Update

KEFI Gold and Copper — Counting down to production

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) (29.1) 3.7
Relative 3.7 (26.3) 5.7
52 week high/low 10.9p/4.1p

Financials

Three recent developments have served to put KEFI’s Tulu Kapi into the spotlight. The first is Ethiopia’s recent central bank directive exempting certain strategic industries – including mining – from foreign exchange controls, satisfying the last major condition precedent for the issuance of final approval by the project finance lenders. The second is Allied Gold’s listing on the TSX, including its decision to raise US$250m (US$160m in equity), of which 80% is to be invested in developing the Kurmuk mine, also in Ethiopia, on the border with Sudan, west of Tulu Kapi. The third is the takeover of early-stage OreCorp by Silvercorp at a price equivalent to 24.5% of attributable NPV5% or US$46.14 per resource ounce.

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

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

Update

Metals & Mining

Kefi Minerals — Convertible loan note restructuring

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