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KZG

Kazera Global PLC

Basic Resources First-pass screen £13m
280/1000 Overall fit
AI beneficiary 35% 12
Operating leverage 25% 45
Valuation 25% 30
Downside protection 15% 32

First-pass take

Pre-revenue mining play with zero AI exposure, focused on heavy mineral sands and diamonds in South Africa. Early operational traction (first HMS production Dec 2024, DBM recovery 3x forecast) offset by material going concern uncertainty, net debt, single-customer concentration, and minimal downside protection.

Flags

pre-revenueloss-makinggoing-concern-uncertaintynet-debtsingle-customer-concentrationcommodity-cyclicalregulatory-dependencyno-valuation-datamicro-capexecution-risk