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.
Metals & Mining
Metals & Mining
Metals & Mining
Harry Anagnostaras-Adams
CEO
Jeff Rayner
Managing Director
laki Catsamas
Group financial controller
Forecast net cash (£m)
14.1
Forecast gearing ratio (%)
N/A
% | 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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