KEFI Gold and Copper: Hawiah Developing Rapidly Behind Tulu Kapi
![KEFI Gold and Copper: Hawiah Developing Rapidly Behind Tulu Kapi](https://www.goldseiten.de/media/goldseiten-news.jpg)
We calculate that KEFI's trio of projects are capable of generating free cash flow of c £78.6m a year for seven years, from 2025 to 2031 (inclusive). This, in turn, drives average (maximum potential) dividends of 0.90p/share for the six years from 2026 to 2031 and values KEFI at 2.62p/share (cf 4.35p/share previously) fully diluted at the prevailing share price to account for a further assumed US$12.0m/£9.1m equity issue over the course of the next two years. This suggests a projected dividend-based value for KEFI of £77.0m or US$101.2m. The valuation reduces to 2.46p/share in the event that all convertible instruments involved in the funding are converted at our valuation of the shares in two to three years' time. At current metals' spot prices however, it increases to 8.27p in FY27 plus c 1.21p/share for Guji-Komto.
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SOURCE: Edison Investment Research Limited