KEFI Gold and Copper (AIM: KEFI)

Currency in GBP

Last close As at 30/03/2023

GBP0.01

0.00 (0.00%)

Market capitalisation

GBP33m

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, 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 for the six years from 2026 to 2031 and valuing KEFI at 2.19p/share (fully diluted at the warrant exercise price of 1.6p/share to account for US$11.5m/£9.4m in issuance over the next seven months). However, this valuation rises to over 5.88p in FY26 at spot metals prices.

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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 40 40.7 (19.2)
Relative 31 44.2 (17.6)
52 week high/low 10.9p/4.1p

Financials

Over the past year, KEFI has raised additional equity, while experiencing a turnaround in its working environments in both Ethiopia and Saudi Arabia. KEFI now has three projects, in which it has a beneficial interest of 2.1Moz AuE. Ministries in both countries are reported to be supportive of the projects with KEFI having an agreed costing and finance plan for Tulu Kapi ahead of imminent anticipated financial closing and project launch in early 2023. Its Jibal Qutman exploration licence in Saudi Arabia has also now been extended.

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

Metals & Mining

KEFI Minerals — Final government approvals granted

Metals & Mining

KEFI Minerals — Honing in on production

Metals & Mining

Kefi Minerals — Counting down to production

Metals & Mining

Kefi Minerals — Blue sky and beyond

Metals & Mining

Executive interview – KEFI Minerals

Metals & Mining

Kefi Minerals — Plant capacity expansion beckons

Metals & Mining

Kefi Minerals — Update 13 February 2017

Metals & Mining

Kefi Minerals — Update 21 December 2016

Metals & Mining

KEFI Minerals — Update 21 November 2016

Metals & Mining

KEFI Minerals — Update 27 July 2016

Metals & Mining

KEFI Minerals — Update 7 June 2016

Metals & Mining

KEFI Minerals — Update 9 March 2016

Metals & Mining

KEFI Minerals — Update 10 February 2016

Metals & Mining

KEFI Minerals — Update 10 November 2015

Metals & Mining

KEFI Minerals — Update 30 September 2015

Metals & Mining

Executive Interview – KEFI Minerals