KEFI Secures Final Tulu Kapi Funding as Project Moves to Construction

An update from KEFI Minerals ( (GB:KEFI) ) is now available.

KEFI Gold and Copper has secured a US$20 million equity-ranking royalty investment from Chancery Royalty for its Tulu Kapi gold project, effectively completing coverage of a US$340 million development financing package. The balance of US$30 million in equity-risk capital is being finalised via KEFI share-settled development costs and additional royalties, while optional Ethiopian birr-denominated preference shares may be raised to fund cost overruns, exploration and social projects.

With bank loans, Ethiopian government equity and KEFI’s prior placings underpinning the funding, the company has mobilised contractors, advanced resettlement compensation and scheduled a groundbreaking ceremony this month. Key project contracts for infrastructure, housing, plant construction and mining services are being closed, supporting a two-year build programme that targets initial production from 2028 at all-in sustaining costs of roughly US$1,000–1,150/oz and an estimated break-even gold price of about US$1,400/oz after all capital servicing.

KEFI estimates that its 83% beneficial stake in Tulu Kapi could generate a post-capital-servicing NPV (5%) of US$700 million to US$1.5 billion at construction start, rising further at production start depending on gold prices between US$3,000 and US$5,000 per ounce. Including an initial valuation of its 13% interest in Saudi-based GMCO, the company pegs its fully diluted per-share value in a range of 7 to 17 pence, positioning the group as a leveraged play on higher gold prices with limited additional default risk from its royalty and preference share structures.

The most recent analyst rating on (GB:KEFI) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on KEFI Minerals stock, see the GB:KEFI Stock Forecast page.

Spark’s Take on GB:KEFI Stock

According to Spark, TipRanks’ AI Analyst, GB:KEFI is a Neutral.

The score is held down primarily by weak financial performance (no revenue, ongoing losses, and sustained cash burn). Technical indicators are a relative positive with price above key moving averages and a positive MACD, but valuation remains challenged due to negative earnings and no stated dividend yield.

To see Spark’s full report on GB:KEFI stock, click here.

More about KEFI Minerals

KEFI Gold and Copper is a mineral exploration and development company focused on gold and copper projects, principally in Ethiopia and Saudi Arabia. Its flagship asset is the high-grade Tulu Kapi gold project in Ethiopia, complemented by interests in Saudi joint venture GMCO, where it is advancing several gold and base metals deposits toward development.

Average Trading Volume: 75,097,179

Technical Sentiment Signal: Buy

Current Market Cap: £155.7M

See more data about KEFI stock on TipRanks’ Stock Analysis page.