KEFI Gold and Copper (AIM: KEFI)

Last close As at 13/04/2024

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

View More

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

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 Minerals — Convertible loan note restructuring

Outlook

Metals & Mining

KEFI Minerals — Final government approvals granted

Update

Metals & Mining

KEFI Minerals — Honing in on production

Update

Metals & Mining

Kefi Minerals — Counting down to production

Outlook

Metals & Mining

Kefi Minerals — Blue sky and beyond

Update

Metals & Mining

Kefi Minerals — Greater exposure to gold price beckons

edison tv

Metals & Mining

Executive interview – KEFI Minerals

Update

Metals & Mining

Kefi Minerals — Tulu Kapi financial projections update

Update

Metals & Mining

Kefi Minerals — Plant capacity expansion beckons

Update

Metals & Mining

KEFI Minerals — Small refinements and robust numbers

Update

Metals & Mining

Kefi Minerals — Update 13 February 2017

Update

Metals & Mining

Kefi Minerals — Update 21 December 2016

Update

Metals & Mining

KEFI Minerals — Update 21 November 2016

Update

Metals & Mining

KEFI Minerals — Update 27 July 2016

Update

Metals & Mining

KEFI Minerals — Update 7 June 2016

Update

Metals & Mining

KEFI Minerals — Update 9 March 2016

Update

Metals & Mining

KEFI Minerals — Update 10 February 2016

Update

Metals & Mining

KEFI Minerals — Update 10 November 2015

Update

Metals & Mining

KEFI Minerals — Update 30 September 2015

edison tv

Metals & Mining

Executive Interview – KEFI Minerals

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

Metals & Mining

The PGM markets – Outlook and price forecasts

thematic

Metals & Mining

Piedmont Lithium increases its mineral resource estimate by 21%

thematic

Metals & Mining

Gold stars and black holes

thematic

Metals & Mining

Mining sector report: Gold: The value of gold and other metals

thematic

Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

thematic

Metals & Mining

Making a case for uranium: Life after Fukushima

thematic

Metals & Mining

Indaba special, 2014

thematic

Energy & Resources

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

Energy & Resources

Asia-Pacific resources quarterly: February 2013 edition

thematic

Metals & Mining

Indaba special, 2013

thematic

Metals & Mining

Edison mining quarterly: October 2012

thematic

Metals & Mining

Mining catalyst: China’s new stimulus

thematic

Energy & Resources

Asia-Pacific resources quarterly: August edition

thematic

Energy & Resources

Asia-Pacific resources quarterly

thematic

Metals & Mining

Edison mining quarterly: April 2012

thematic

Metals & Mining

Macro Outlook – Price weakness on the cards

thematic

Metals & Mining

Indium and gallium overview

thematic

Metals & Mining

Switzerland: Global Resources Investing Conference