Kefi Gold & Copper PLC on Friday reported that pretax loss narrowed in 2024, as it approaches the launch of its flagship project in Ethiopia.
The Nicosia, Cyprus-based mining company posted a pretax loss of £5.2 million in 2024, compared to £7.9 million on-year. Both revenue and exploration costs were nil, unchanged from the year prior.
The basic loss per share was 0.09 pence, versus 1.18p in 2023. Basic and diluted figures were the same in 2024, Kefi said, noting that all share options and warrants were excluded from the dilutive share calculation, as they would have had an anti-dilutive effect.
The company’s share price was down 4.8% to 0.56p each on Friday afternoon in London.
Kefi said its primary focus in 2024 was bringing its Tulu Kapi project in Ethiopia to production, a process which the company says is nearing completion. Kefi must still close a $320 million financing package and invest ‘substantial capital’ into the site’s development.
The company’s targeted 80% beneficial interest in Tulu Kapi has a net present value at construction start of $1.1 million, or roughly £804 million. As of Friday, the firm’s market capitalisation stood at £53.1 million. During Tulu Kapi’s first year of production, Kefi is targeting net operating cash flow after tax of $304 million at a gold price of $3,000 per ounce. This is intended to cover the $240 million debt expected in the first year.
The company is reviewing its other assets in light of the decision to focus on Ethiopia, specifically Gold and Minerals Ltd. This is a joint venture with Abdul Rahman Saad Al-Rashid Co, which has been operating in Saudi Arabia since 2008. Kefi previously indicated it did not consider the cost of retaining its 15% stake to be in shareholders’ interests. The company said it continues discussions to determine the course of action.
‘We will further build the team and systems as Kefi moves towards production and as we expand our project pipeline, which we are well-positioned to do,’ commented Kefi’s Chair Harry Anagnostaras-Adams.
‘Going forward, one would normally expect that as milestones are achieved, the company’s share price should redress the gap between our stock market capitalisation and the company’s underlying intrinsic value.’
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