KEFI Gold and Copper (AIM: KEFI)

Last close As at 12/07/2024

GBP0.01

0.11 (20.00%)

Market capitalisation

GBP38m

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 calculated that KEFI was capable of generating free cash flow of c £82m pa from 2027 to 2032, driving average (maximum potential) dividends of 0.59p/share and valuing the company at 2.21p/share. However, at spot metal prices, this valuation rose to in excess of 5.50p/share in FY27.

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

On 20 May, KEFI announced that the board of its operating subsidiary had formally launched the Tulu Kapi gold project in Ethiopia, following an initiative for dedicated on-site policing and conditional confirmations from all members of the project’s finance syndicate. As such, we are continuing to expect plant commissioning in late 2025 and commercial production shortly thereafter. Since 2022, KEFI has experienced a turnaround in its working environments in both Ethiopia and Saudi Arabia, where it has completed a pre-feasibility study at Hawiah and is working on a definitive feasibility study and a mineral resource update at Jibal Qutman.

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

Flash note

Metals & Mining

KEFI Gold and Copper — New timings

Flash note

Metals & Mining

KEFI Gold and Copper — New exploration and increased resources

Update

Metals & Mining

KEFI Gold and Copper — Counting down to production

edison tv

Metals & Mining

KEFI – executive interview

Outlook

Metals & Mining

KEFI Gold and Copper — On the cusp

Outlook

Metals & Mining

KEFI Gold and Copper — Rose gold

Thematics

thematic

Metals & Mining

Shades of the 1970s

thematic

Metals & Mining

Critical minerals: The investment vacuum

samuel-scrimshaw-kp_87tExCwI-unsplash

thematic

Metals & Mining

Lithium’s adolescence

thematic

Metals & Mining

Lepidico: Offer closes, oversubscribed

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