KEFI Gold and Copper (LSE:KEFI) reported strong progress across its Saudi Arabian assets, with the Definitive Feasibility Study for the Jibal Qutman gold project nearing completion and a mining licence application already submitted ahead of a potential development decision in 2026.
At the Hawiah project, total resources have grown to 36.2 million tonnes across copper, gold, silver, and zinc. Expansion of the Umm Hijlan licence has doubled the project’s strike length, while a new joint venture with Hancock Prospecting covering the Al Hajar North belt highlights increasing industry interest in the region.
Strategic restructuring supports Saudi growth platform
The KEFI Gold and Copper has reorganised its structure by separating the financing and management of its Saudi operations and other growth initiatives from the recently completed Tulu Kapi funding.
Its Saudi joint venture vehicle, GMCO, is now being positioned for standalone financing through a combination of project finance and partnerships, supported by a dedicated management team and an expanded board. The company has also reappointed Jeff Rayner as head of exploration.
In addition, KEFI is seeking independent advice to assess the fair market value of its 13% stake in GMCO, which is currently carried at zero book value despite its increasing strategic importance within Saudi Arabia’s developing mining sector.
Financial constraints remain despite operational progress
While project developments continue to advance, KEFI’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses, and continued cash burn.
Technical indicators offer some support, with the stock trading above key moving averages and showing positive momentum. However, valuation remains challenging due to negative earnings and the lack of a dividend.
More about KEFI Minerals
KEFI Gold and Copper is an AIM-listed exploration and development company focused on gold and copper projects in Ethiopia and Saudi Arabia, particularly within the Arabian Nubian Shield. Through its 13% interest in the GMCO joint venture with ARTAR, the company holds multiple exploration licences and a JORC-compliant resource base of approximately 3.8 million ounces of gold equivalent. Additional partnerships with Hancock Prospecting and AJ Lan Bros further strengthen its presence in the region.
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