KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF)'s executive chairman Harry Adams believes the junior has just come through a "watershed quarter" with excellent progress achieved on its three main projects in Ethiopia and Saudi Arabia.
“This is in stark contrast to our situation only months ago when our priority was simply to preserve the Ethiopian project finance syndicate against security challenges and to prove up sufficient resources in Saudi Arabia to warrant development,“ he added.
Tulu Kapi in Ethiopia is the most advanced project, while Jibal Qutman and Hawiah are in Saudi.
"I believe this recent pivot means that the first quarter of 2022 represents KEFI's watershed quarter and the most important since the IPO in 2006."
"KEFI's beneficial interest in gold-equivalent mineral resources has grown from 1.2 million ounces in mid-2020 to 2.1mln oz at the end of 2021 with growth anticipated for 2022 and subsequent years," Adams added.
At current gold prices, he noted “estimated potential net operating cash flow is £137mln (US$185 mln) per annum from the combination of all three development projects at their targeted start-up production rates.”