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Kibo Energy KIBO.L Initiation ACF Equity Research 26102021

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with stakes in energy and critical metals assets. In order to be highly conservative, we exclude Kibo’s sub-saharan power assets from our valuation, leaving 7x upside. Kibo is transitioning rapidly to a renewable (WTE) and reserve power (symbiotic with renewable power generation) plus critical metals exploration business. Kibo’s assets are in the UK (reserve power) and sub-saharan Africa (power and critical minerals assets). Both UK and South African power markets are subject to strong growth drivers over the next decade. Critical metals exploration and production is a global market subject to super cycle pricing dynamics. Our aggressively conservative valuation scenario suggests an ‘instant’ 150% upside is available – MAST.L stake valued at 2.5x Kibo MCAP.

Kibo Energy

Kibo Energy PLC Formerly known as Kibo Mining PLC. Kibo Energy PLC, formerly Kibo Mining PLC, is engaged in exploration for and development of coal and other minerals in Tanzania. The Company operates through two segments: mining and corporate. The mining segment operates in Tanzania. The corporate segment operates in Ireland, Cyprus, South Africa, Canada and the United Kingdom. Its projects include Mbeya Coal to Power Project, which is located in southern Tanzania, over 70 kilometers north of the regional town of Mbeya; Lake Victoria Project, which Imweru Mineral Resource located in northern Tanzania at the western side of the Geita Greenstone Belt within the Lake Victoria gold field, and Morogoro Gold and Pinewood Uranium Projects, which are located in central and southern Tanzania. It also holds a portfolio of earlier stage gold licenses and applications located within gold productive greenstone belts in the Lake Victoria Gold project. Through its subsidiary, Mast Energy Developments Ltd, it constructs power and communication line.

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