KEFI Gold and Copper (AIM: KEFI)

Currency in GBP

Last close As at 25/01/2023


0.00 (0.00%)

Market capitalisation


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 KSA.

In March, we calculated that KEFI was capable of generating free cash flow of c £78.6m pa from 2025 to 2031. In turn, driving average (maximum potential) dividends of 0.90p/share for the six years from 2026 to 2031 and valued KEFI at 2.62p/share (fully diluted for US$12.0m/£9.1m in equity issues – of which £8.0m was raised in April). However, this valuation rises to over 5p in FY26 at spot metals prices. We will update our forecasts and valuation shortly.

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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Harry Anagnostaras-Adams


  • Jeff Rayner

    Managing Director

  • laki Catsamas

    Group financial controller

Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 40 40.7 (19.2)
Relative 31 44.2 (17.6)
52 week high/low 10.9p/4.1p


This week, KEFI Gold and Copper (KEFI) released two updates pertaining to its exploration and development in Saudi Arabia. First, it announced an increase in the mineral resource estimate (MRE) and indicated resource at the Hawiah project. The MRE increased by 16%, boasting an additional 4.1Mt and generating a new total of 29.0Mt, with the indicated resource up 14% from 10.9Mt to 12.4Mt, inclusive of oxide material (previously inferred) containing 80,000oz of gold. Second, KEFI announced the award of five additional exploration licences via its Gold and Minerals (GMCO) joint venture in Saudi Arabia, which has since started comprehensive mapping and sampling campaigns over these new licences.

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


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