Last close As at 05/08/2026
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Market capitalisation
GBP166m
Research: Metals & Mining
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.
KEFI Gold and Copper |
New exploration and increased resources |
Saudi Arabia update |
Metals and mining |
10 January 2023 |
Share price performance
Business description
Analysts
KEFI Gold and Copper is a research client of Edison Investment Research Limited |
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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.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
0.0 |
(2.8) |
(0.2) |
0.0 |
N/A |
N/A |
12/21 |
0.0 |
(3.4) |
(0.2) |
0.0 |
N/A |
N/A |
12/22e |
0.0 |
(6.9) |
(0.2) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(4.0) |
(0.1) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
As KEFI continues to progress its preliminary feasibility study at Hawiah and plans further drilling in 2023, it has provided an update on the project’s resource estimate. It reported an increase in tonnages and grades across the MRE, with the overall resource growing 16% to 29.0Mt (new estimates include 258,000t at 0.89% copper, 272,000t at 0.94% zinc, 620,000oz at 0.67g/t gold and 9.4moz at 10.1g/t silver). Indicated resources were up 14% to 12.4Mt and total indicated and inferred resources grew 32% to 11.1Mt. The latter suggests the potential for an initial open pit mining operation and a lower capex requirement. Additional drilling is set to start in Q223 with the aim of extending the planned mine life at Hawiah as KEFI continues to convert inferred resources into indicated.
Two of the five new licences (Wadi Na’afa and Al Awja), now accessible by recently installed roadways, cover 112.82km² of prospective ground in the south-west area of the Arabian Shield and target underexplored, strike-extensive (up to 3.5km), prospective altercation zones containing grades of 11.65g/t identified in recent rock chip samples. Mapping and sampling campaigns are undertaken by GMCO, aiming to assess the surface grade limits of mineralisation and describe the structural framework controlling mineralisation. Early exploration is expected to be followed by more advanced works such as geophysics and trenching. Furthermore, the Abu Salal North and Umm Al Khabath exploration licences span 80.13km², located in the same VMS horizon as Hawiah, which similarly remained untested at depth before GMCO ownership. Historical sampling, undertaken by the US Geological Survey, identified grades of 8.8g/t along strike-extensive mineralised horizons (up to 2km) within the exploration licences. Finally, the Jabal Selm licence remains largely underexplored compared to the other areas. Current documented mineral occurrences are present along a north-north-west-trending, prospective iron-oxide quartz breccia exposed intermittently over 2km. All licences will run on an initial five-year basis.
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Research: Healthcare
AFT Pharmaceuticals has presented its key CY22 highlights and strategic priorities for CY23 in a letter to investors. In addition to new product launches in its domestic markets, we expect further international market expansion following focused investments across the UK, Europe and China. Maxigesic remains the main commercial driver with plans to launch new variants internationally, including Maxigesic IV in the US, which was unexpectedly delayed due to FDA observations on product packaging. The R&D pipeline remains full, with multiple projects under development, including the NanoSURF nasal nebuliser, targeting FDA submission by the end of CY24. Importantly, despite its revised guidance in November 2022 (reflecting the investment in new launches and promotional expenses), AFT remains on track to pay a maiden dividend at the end of FY23. We will update our valuation once the full-year results are released.