KEFI Gold is set to become “AIM’s next gold producer” according to house broker WH Ireland, following the signing of the announcement of the final umbrella agreement for financing its Tula Kapi project in Ethiopia.
Construction is expected to start later this year, with the first gold production and cash flow coming as early as 2025, the broker said.
“In operation, Tulu Kapi will provide a foothold (and funds) to explore the Arabian Nubian Shield (NBS) in Ethiopia properly – perhaps the most significant greenstone belt globally yet to undergo extensive and systematic modern exploration,” WH Ireland added.
KEFI also has an interest in two advanced projects, with further mine developments a real possibility.
A target price was set by the broker of 3.9p, compared to a current trading price of 0.55p.