“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
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.
Metals & Mining
Metals & Mining
Metals & Mining
Director, Energy & Resources
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 |
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 |
