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KEFI Gold and Copper (AIM: KEFI)

Last close As at 18/04/2024

GBP0.01

▲ −0.02 (−2.78%)

Market capitalisation

GBP28m

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 the wake of its March equity fund-raising, we calculate that KEFI is capable of generating free cash flow of c £82.3m pa from 2027–32, driving average (maximum potential) dividends of 0.59p/share and valuing the company at 2.21p/share. At spot metal prices however, this valuation rises to as high as 5.58p in FY27 (plus c 1.95p/share for Guji-Komto).

Latest Insights

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Metals & Mining | Update

KEFI Gold and Copper — The penultimate piece of the puzzle

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
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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director of Content, Mining

Key Management

  • Harry Anagnostaras-Adams

    CEO

  • Jeff Rayner

    Managing Director

  • laki Catsamas

    Group financial controller

Balance Sheet

Forecast net debt (£m)

1.5

Forecast gearing ratio (%)

6

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 37.88 27.94 16.78
Relative 37.35 24.48 19.8
52 week high/low 10.9p/4.1p

Financials

Since 2022, KEFI Gold and Copper has experienced a turnaround in its working environments in both Ethiopia and Saudi Arabia. As a result, it is now making progress with all three of its projects, with stakeholders at Tulu Kapi, in particular, now triggering their flow-on processes after the lead lender processed its loan approvals in December. Full project launch and funding drawdown remain on track for H124 ahead of production in late 2025. In the meantime, KEFI has completed a pre-feasibility study at Hawiah and is working on a definitive feasibility study and a mineral resource update at Jibal Qutman (both in Saudi Arabia).

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 0.0 (3.0) (3.5) (0.1) N/A N/A
2024E 0.0 (1.0) (11.4) (0.1) N/A N/A

Research

Update

Metals & Mining

KEFI Gold and Copper — Counting down to launch in H124

Flash note

Metals & Mining

KEFI Gold and Copper — East Africa and Ethiopia attracting investment

Metals & Mining

Update

KEFI Gold and Copper — The penultimate piece of the puzzle

Flash note

Metals & Mining

KEFI Gold and Copper — New timings

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

Flash note

KEFI Gold and Copper — Rounding the final bend

Outlook

Metals & Mining

KEFI Gold and Copper — Hawiah developing rapidly behind Tulu Kapi

Outlook

Metals & Mining

KEFI Gold and Copper — On the cusp

Outlook

Metals & Mining

KEFI Gold and Copper — Rose gold
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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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