Edison Investment Research - Kefi Gold And Copper (KMSA) Update: Beyond Tulu Kapi

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Edison Investment Research

Update: Beyond Tulu Kapi

KEFIâ€™s announcement that it has conditionally placed 877.2m shares at 0.3p/share to raise US$4.0m (Â£2.6m) substantially completes the companyâ€™s planned equity funding ahead of the development of the Tulu Kapi project. The fund-raising was notable for the commitment shown by directors, management, contractors (Ausdrill) and Odey Asset Management (which has now increased its shareholding in KEFI to 26%).

01/12/2015 3 EN

Underlying

Kefi Gold And Copper

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GB00B1HNYB75 Berlin Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Edison Investment Research

Securing Lanstead: Tulu Kapi financing underway

This morning, KEFI announced it is to raise £5.62m (gross) via the issue of 1.7bn shares at a price of 0.33p, including £4.62m from Lanstead. The majority of the funds raised will be expended on the development of Tulu Kapi over the next 12 months, with the next largest segment being directed towards exploration and the balance to corporate costs. Directors and contractors have supported the fund-raising by subscribing for c £0.4m. Afterwards, a 17:1 consolidation of the shares has been proposed (to be voted on, among other things, at a General Meeting of the company’s shareholders on 1 March)...

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Edison Investment Research

Still aiming high

Since our last note in July, KEFI has updated its capex forecast for Tulu Kapi as well as the consequential funding mix. KEFI has also advised that the start of Tulu Kapi gold production is now expected to be mid-2018 (vs late 2017) due to recent events in Ethiopia and subsequent mitigating actions by the government. Finally, Edison has also updated our long-term gold price forecasts which have reduced our valuations.

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Update: Beyond Tulu Kapi

Securing Lanstead: Tulu Kapi financing underway

Ford Equity International Rating and Forecast Report

Still aiming high

Games Workshop Group - A notable acceleration in Q225

Altron - Further margin expansion in H125

Sayona Mining - Catching up with majors

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