KEFI Minerals PLC (GB:KEFI)
LSE:KEFI
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KEFI Minerals
(LSE:KEFI)
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Rating:50Neutral
Price Target:
1.50 p
▲(12.78% Upside)
Action:ReiteratedDate:01/31/26
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.
Positive Factors
Low leverage / strong balance sheet
Low debt levels provide durable financial flexibility for a developer needing to fund permitting, feasibility and early construction phases. A modest debt burden reduces default risk and preserves room to raise project finance or equity, supporting long-term project advancement.
Negative Factors
No revenue base
Absent any operating revenue, the company remains fully dependent on external financing and project milestones for value creation. This structural lack of cash-generating operations raises dilution and financing execution risk and delays any sustainable return to investors until production.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Low debt levels provide durable financial flexibility for a developer needing to fund permitting, feasibility and early construction phases. A modest debt burden reduces default risk and preserves room to raise project finance or equity, supporting long-term project advancement.
Read all positive factors
KEFI Minerals (KEFI) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£149.69M
Dividend YieldN/A
Average Volume (3M)99.22M
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees60
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.00
Shares Outstanding11,339,979,500
10 Day Avg. Volume36,294,659
30 Day Avg. Volume99,220,217
Financial Highlights & Ratios
PEG Ratio107.33
Price to Book (P/B)0.91
Price to Sales (P/S)0.00
P/FCF Ratio-4.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£4.20Price Target Upside215.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)N/A
KEFI Minerals Business Overview & Revenue Model
Company Description
KEFI Gold and Copper Plc engages in the exploration and development of gold and copper deposits in the Arabian-Nubian Shield. The company primarily focuses on developing the Tulu Kapi Gold Project with a probable ore reserve of 1.05 million ounces...
How the Company Makes Money
KEFI’s intended revenue model is to generate cash flow from producing and selling gold (and any associated by-product metals, if applicable) from mining projects it develops and operates, and to create value through the delineation and development...
KEFI Minerals Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
63
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -5.26K | -260.00 | -29.00K | -24.00K | -17.00K | -43.00K |
| EBITDA | -2.61M | -6.51K | -3.69M | -3.01M | -3.07M | -2.49M |
| Net Income | -3.80M | -5.23K | -7.90M | -6.36M | -4.92M | -3.72M |
Balance Sheet | ||||||
| Total Assets | 44.73M | 39.10M | 35.54M | 32.16M | 29.11M | 26.36M |
| Cash, Cash Equivalents and Short-Term Investments | 1.05M | 185.00K | 192.00K | 220.00K | 374.00K | 1.35M |
| Total Debt | 0.00 | 739.00K | 2.21M | 1.29M | 1.33M | 134.00K |
| Total Liabilities | 3.74M | 6.45M | 9.42M | 5.18M | 6.79M | 3.13M |
| Stockholders Equity | 38.94M | 30.74M | 24.41M | 25.42M | 20.94M | 22.03M |
Cash Flow | ||||||
| Free Cash Flow | -6.96M | -6.79M | -4.32M | -6.72M | -4.00M | -5.26M |
| Operating Cash Flow | -6.95M | -2.75M | -1.86M | -3.16M | -1.45M | -2.19M |
| Investing Cash Flow | -3.99M | -4.03M | -3.26M | -5.25M | -3.01M | -4.39M |
| Financing Cash Flow | 11.49M | 6.78M | 5.09M | 8.23M | 3.54M | 7.75M |
KEFI Minerals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £227.96M | 4.30 | 34.96% | ― | 44.89% | 120.82% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | £13.89M | -3.27 | -17.24% | ― | ― | ― | |
51 Neutral | £52.92M | -9.45 | -32.61% | ― | ― | 7.69% | |
50 Neutral | £149.69M | -2.70 | -10.90% | ― | ― | ― | |
46 Neutral | £52.33M | 57.47 | 5.02% | ― | ― | ― |
* Basic Materials Sector Average
GB:KEFI
KEFI Minerals
1.32
0.84
173.86%
GB:AAU
Ariana Resources
1.97
0.90
83.26%
GB:SRB
Serabi Gold
301.00
163.50
118.91%
GB:ORR
Oriole Resources PLC
0.29
0.13
90.00%
GB:CORA
Cora Gold
9.00
3.25
56.52%
GB:PAT
Panthera Resources Plc
20.50
9.70
89.81%
KEFI Minerals Corporate Events
Business Operations and StrategyPrivate Placements and Financing
KEFI Secures Key Contracts and Funding Milestones for Ethiopia’s Tulu Kapi Gold Project
Positive
Mar 9, 2026
KEFI Gold and Copper said contractor Lycopodium has been awarded an engineering, supply and labour hire contract for Ethiopia’s Tulu Kapi gold project, confirming that physical development and associated financing are progressing in line wit...
Business Operations and StrategyPrivate Placements and Financing
KEFI Breaks Ground on Flagship Tulu Kapi Gold Project in Ethiopia
Positive
Feb 18, 2026
KEFI Gold and Copper has marked the formal start of construction at its high-grade, high-recovery Tulu Kapi Gold Project in Ethiopia with a groundbreaking ceremony. The event, attended by Ethiopia’s Prime Minister Abiy Ahmed and the Presiden...
Private Placements and FinancingRegulatory Filings and Compliance
KEFI Gold and Copper Issues New Shares on Broker Warrant Exercise
Neutral
Feb 18, 2026
KEFI Gold and Copper has issued 9,818,182 new ordinary shares to broker Jonathan Evans following the exercise of broker warrants at 0.55 pence per share, raising gross proceeds of £54,000. The new Broker Warrant Shares are expected to be admi...
Business Operations and StrategyPrivate Placements and Financing
KEFI Secures Final Tulu Kapi Funding as Project Moves to Construction
Positive
Feb 11, 2026
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 millio...
Business Operations and Strategy
KEFI’s GMCO Unit Pursues New Saudi Exploration JV With AJ Lan Group
Positive
Jan 23, 2026
KEFI Gold and Copper has clarified that its 13%-owned affiliate GMCO is working with Saudi conglomerate AJ Lan Group on a proposed exploration joint venture in an area outside GMCO’s existing portfolio, as recently advertised at the Future M...
Business Operations and StrategyPrivate Placements and Financing
KEFI Finalises US$240m Loan as Tulu Kapi Build-Out Accelerates in Ethiopia
Positive
Jan 21, 2026
KEFI Gold and Copper has completed the signing of final documentation for a US$240 million loan facility to fund development of its Tulu Kapi Gold Project in Ethiopia, following the arrangement of US$100 million in equity funding, of which the rem...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
KEFI Accelerates Tulu Kapi Build-Out and Sharpens Saudi Strategy in Bid for Rerating
Positive
Jan 6, 2026
KEFI Gold and Copper has confirmed the full launch and detailed development plan for its flagship Tulu Kapi gold project in Ethiopia, activating EPC and mining contracts, ramping up site works with national power and roads authorities, and assembl...
Business Operations and StrategyPrivate Placements and Financing
KEFI Gold and Copper Raises £6.9m and Retires £8.9m in Liabilities Through Fundraise
Positive
Dec 23, 2025
KEFI Gold and Copper has completed its RetailBook offer, raising £774,245.63 before expenses through the issue of 59,557,356 new ordinary shares at 1.3 pence each, as part of a wider fundraising. Combined with an institutional placing and a s...
Business Operations and StrategyPrivate Placements and Financing
KEFI Gold and Copper Launches Discounted Retail Share Offer to Help Fund Tulu Kapi Project
Positive
Dec 22, 2025
KEFI Gold and Copper has launched a conditional retail offer of new ordinary shares via the RetailBook platform at 1.3 pence per share, a 10% discount to its latest closing mid-price, alongside a separate institutional placing as part of a wider f...
Business Operations and StrategyPrivate Placements and Financing
KEFI Secures US$340m Financing to Launch Tulu Kapi Gold Project
Positive
Dec 22, 2025
KEFI Gold and Copper has formally launched the development of its high-grade Tulu Kapi gold project in Ethiopia after assembling a US$340 million financing package comprising US$240 million in long-term project debt and US$100 million in equity-ri...
Business Operations and StrategyPrivate Placements and Financing
KEFI Secures US$30m Gold Stream Term Sheet for Tulu Kapi Project
Positive
Dec 22, 2025
KEFI Gold and Copper has confirmed it has signed a term sheet with a funding provider for US$30 million of equity-ranking gold streams to support development of its high-grade Tulu Kapi Gold Project in Ethiopia. The gold streaming agreement, which...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
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