KEFI

Kefi Gold And Copper PLC

Basic Resources First-pass screen £193m

220/1000 Overall fit

AI beneficiary 35% 15

Operating leverage 25% 25

Valuation 25% 30

Downside protection 15% 20

First-pass take

Pure commodity gold developer with zero AI exposure. Pre-revenue, dependent on securing $160m+ financing. While project economics appear sound (25-36% IRR), equity story is highly dilutive and heavily dependent on flawless execution of Ethiopia's first major international mining project.

Flags

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