KEFI Gold and Copper

Overview
Price performance
Financials
Research
Thematics

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

Metals & Mining |
Update

13.11.24

KEFI Gold and Copper — Swapping assets for cash

Metals & Mining |
Update

07.03.24

KEFI Gold and Copper — The penultimate piece of the puzzle

Metals & Mining |
Update

13.02.24

KEFI Gold and Copper — Counting down to launch in H124

Metals & Mining |
Flash note

18.09.23

KEFI Gold and Copper — East Africa and Ethiopia attracting investment

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Sector

Metals & Mining

Equity Analyst

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)

0.2

Forecast gearing ratio (%)

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

This morning, KEFI Gold and Copper (KEFI) announced it is in talks with its Saudi joint venture partner, ARTAR, to exit its Saudi Arabian joint venture, G&M. The exit will remove KEFI’s obligation to pay US$10m to maintain its beneficial interest in G&M at 25% (cf 15% otherwise).