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KEFI Minerals
(LSE:KEFI)
KEFI Minerals (KEFI) vs. iShares MSCI United Kingdom ETF (EWC)
KEFI Minerals Business Overview & Revenue Model
KEFI Minerals Financial Statement Overview
| 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
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £224.93M | 4.30 | 34.96% | ― | 44.89% | 120.82% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | £52.86M | 57.47 | 5.02% | ― | ― | ― | |
54 Neutral | £15.35M | -3.27 | -17.24% | ― | ― | ― | |
51 Neutral | £50.34M | -9.45 | -32.61% | ― | ― | 7.69% | |
50 Neutral | £179.00M | -2.70 | -10.90% | ― | ― | ― |
KEFI Minerals Corporate Events
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 with plans for a first gold pour in early 2028 and full production by mid-2028. The company reported that key project agreements, including loan facilities, have been finalised and largely executed, with remaining documents expected within weeks, and that it has commitments for US$310 million of the US$330 million development budget, underscoring strong funding support and momentum toward construction.
KEFI highlighted coordinated progress by major project partners, including Ethiopian Electric Power Company for grid connection, Ethiopian Roads Authority for new access roads, Lycopodium for the process plant and infrastructure, Dashen for resettlement housing, and BCM for bulk earthworks and mining. The near-completion of the interdependent financing and construction package positions Tulu Kapi as moving from planning into implementation, reducing financing risk for stakeholders while reinforcing KEFI’s strategic push to bring the long-planned Ethiopian gold asset into production.
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.
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 President of the Oromia Regional State, underscores strong government support for the flagship mine.
The ceremony was held at a new precinct in the village of Genji, being built to resettle farmers from the Tulu Kapi licence area as part of a broader livelihood restoration and development programme. KEFI says the project, financed by major African development institutions and mining-focused investors, is being implemented to high international and Ethiopian standards, with resettlement measures including financial compensation, new farmlands, and expanded social services.
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.
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 admitted to trading on AIM around 23 February 2026, modestly expanding KEFI’s equity base and potentially increasing market liquidity.
Following this issuance, KEFI’s total issued share capital now stands at 10,750,979,447 ordinary shares with voting rights, with no treasury shares held. The updated share count sets a new reference point for investors assessing their holdings and disclosure thresholds under UK transparency rules, reflecting ongoing capital activity as the company advances its projects.
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.
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.
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 Minerals Forum in Riyadh. While the JV has not yet been confirmed or formalised, KEFI’s chairman framed the initiative as complementary to GMCO’s recent partnership with Hancock Prospecting and its wholly owned exploration ground, highlighting both GMCO’s discovery track record and the broader growth momentum in Saudi Arabia’s minerals industry.
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.
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 remaining US$50 million in subordinated streams, royalties and Ethiopian preference shares is in final documentation and expected to be signed in February 2026. With US$20 million of equity placed in December 2025, the company has begun key on-the-ground activities including compensation payments and land clearing for community resettlement, mobilisation of the plant construction contractor, and commencement of electricity transmission works, while also considering an additional US$36 million of non-dilutive funding to bolster cash reserves for exploration and social programmes, underscoring a transition into full financial close and project execution at a time of record gold prices and robust Ethiopian growth forecasts.
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.
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 assembling a US$430 million funding package including debt, equity, mining fleet financing and non‑dilutive capital, with commissioning targeted for late 2027 and full production in 2028. The company’s strategic review underscores Tulu Kapi as the core near-term value driver while highlighting the growing importance of its Saudi joint venture GMCO—where resources were expanded, new licences won and a joint venture with Hancock Prospecting secured—supporting KEFI’s ambition to transform its US$100 million historic investment into a diversified portfolio of producing assets, enhance its valuation relative to project NPVs at current gold prices, and ultimately justify a move from AIM to the London Stock Exchange’s Main Market.
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.
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 subscription to settle outstanding obligations, the overall fundraise is expected to generate about £6.9 million in new cash and extinguish approximately £8.9 million of liabilities, strengthening the company’s balance sheet ahead of project development. Following admission of the new and retail offer shares to trading on AIM, scheduled for around 30 December 2025, KEFI’s issued share capital will rise to 10,741,161,265 ordinary shares, increasing the free float and recalibrating voting rights for existing and new shareholders under UK disclosure rules.
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 fundraising of up to £1 million through the retail component. The offer, open to eligible UK-based investors through participating brokers and platforms such as AJ Bell, Hargreaves Lansdown and interactive investor, aims to fund initial costs associated with the launch and financing of the Tulu Kapi Gold Project and to repay working capital facilities, while also giving retail shareholders and new investors the opportunity to participate on similar terms and potentially broaden and deepen KEFI’s shareholder base ahead of a key development phase.
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-risk capital. The equity component includes US$20 million of Ethiopian government equity in project company TKGM, US$26 million of redeemable preference shares aimed at Ethiopian investors, US$30 million in gold streams, US$10 million of existing KEFI capital, and a new US$20 million equity issue, alongside a retail offer of up to £1 million and broker warrants linked to the placing. The structure is designed to fully fund budgeted development costs, preserve around 83% project ownership for KEFI, broaden local participation, and potentially secure a further US$30 million in non-dilutive funding for exploration and cost overruns. Company projections at gold prices between US$3,000 and US$5,000 per ounce indicate strong economics, with high net cash flows and rapid potential debt repayment, which, if realised, would materially improve KEFI’s cash generation profile and strengthen its strategic position in Ethiopian and Saudi gold development.
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 remains subject to final documentation and approval from the project’s senior lenders, is intended to form part of the project’s required equity risk capital, and KEFI continues to expect to assemble the full project finance package within the month to enable the full launch of Tulu Kapi.