KEFI Gold and Copper (LON:KEFI) trades at 1.19p as of 29 May 2026, with a market cap of £169.79m and a 52-week range of 0.48p–2.05p. The stock’s trajectory hinges on securing financing for its flagship Tulu Kapi gold project in Ethiopia, a high‑risk, high‑reward catalyst that could transform the company from a development‑stage miner into a producer.

4 related posts

Current share price (latest close): 1.19p (as of 29 May 2026)52‑week range: 0.48p – 2.05pMarket capitalisation: £169.79mTicker: KEFI.L (London Stock Exchange)Volume (last trading day): 67,698,982 shares

Current Snapshot

  • Share price: 1.19p (London Stock Exchange data)
  • Market cap: £169.79m (LSE)
  • 52‑week range: 0.48p – 2.05p (LSE)

Key Catalyst

Risk Factors

Analyst Consensus

  • Stockopedia target: 3.90p (+188.89% from 1.35p) (Stockopedia)
  • StockScan (OTC: KFFLF) target: $0.7613 (+4,780% from $0.0156) (StockScan)
  • Investors Chronicle 12‑month target: 3.90p (Investors Chronicle)
KEFI Gold and Copper – Key Facts
Company name KEFI Gold and Copper Plc
Ticker KEFI.L
Exchange London Stock Exchange (AIM)
Share price (last close) 1.19p (29 May 2026)
52‑week high 2.05p
52‑week low 0.48p
Market capitalisation £169.79m
Volume (latest day) 67,698,982
Core asset Tulu Kapi gold project, Ethiopia

Is KEFI Gold and Copper a good investment?

Key financial metrics

KEFI reported a loss of -0.089 per share for the 2024 full year (filed June 2025), according to Investors Chronicle. The company did not record any revenue in the same period, a pattern typical for a pre‑production miner. Its market cap of £169.79m reflects speculative expectations tied to the successful development of Tulu Kapi.

Tulu Kapi project status

The Tulu Kapi gold project in Ethiopia is KEFI’s sole material asset. The company has completed a feasibility study and is now assembling the final financing package. Stockopedia rates the stock a ‘Momentum Trap’, indicating that the share price rise (+151.4% over 365 days) may not be supported by fundamentals until production commences.

Risks and challenges

Investors face project execution risk (delays in Ethiopian approvals), financing risk (remainder of $320m needed), and commodity price volatility. The lack of revenue means the stock is valued almost entirely on future cash flows – a binary outcome that could see the share price rise severalfold or fall sharply.

Bottom line: KEFI is a high‑risk, high‑potential pre‑production gold miner. The investment case rests on whether Tulu Kapi reaches production within the next 24 months.

What is the outlook for KEFI’s future?

Tulu Kapi financing update

The company has confirmed it is strengthening the Tulu Kapi financing package. In 2025 KEFI announced its intention to apply for a London Main Market listing, which could improve liquidity and attract institutional investors. Stockopedia notes the stock trades 6.7% above its 200‑day moving average.

Production timeline

According to management guidance, construction at Tulu Kapi is expected to begin in H2 2026, with first gold pour targeted for 2028 and full production by 2030. The timeline remains contingent on finalising financing.

London Main Market listing plans

A move from AIM to the Main Market would enhance visibility and allow inclusion in indices. If successful, it could broaden the shareholder base and reduce the cost of capital.

What this means: KEFI’s future depends on closing the Tulu Kapi financing package. The Main Market listing, if achieved, could act as a significant share price catalyst.

What is the price prediction for KEFI Gold and Copper?

Analyst targets from StockScan and Stockopedia

StockScan gives a 30‑day average analyst price target of $0.7613 for KEFI’s OTC‑traded shares (KFFLF), implying a +4,780% increase from the current $0.0156. The highest target is $0.869, the lowest $0.6536. Long‑term projections from StockScan show an average KFFLF price of $1.2118 in 2028, $1.4182 in 2029, $1.6367 in 2030, and $2.5824 in 2035. Stockopedia reports a consensus target of 3.90p for the London‑listed shares, 188.89% above the last closing price of 1.35p (the snapshot used on Stockopedia).

Historical price range

The 52‑week range is 0.48p (low) to 2.05p (high), showing the stock’s volatility. Over the past 365 days, the share price moved +151.4% on London, according to Stockopedia.

Forecast for 2030

StockScan’s 2030 forecast of $1.6367 (≈13p at current exchange rates) would represent a roughly 10‑fold increase from today’s price. However, these are purely model‑driven projections with no guarantee of achievement.

The pattern: Analyst targets are extremely bullish, but they assume successful Tulu Kapi development. The wide spread between high and low targets reflects the binary nature of the project.

What is the target price for KEFI Gold and Copper?

Current analyst consensus

The Stockopedia consensus target of 3.90p is derived from one analyst covering the stock. On the OTC exchange, StockScan’s 30‑day target is $0.7613. The Investors Chronicle also shows a 12‑month target of 3.90p for the London shares.

Range of target prices

StockScan lists a high of $0.869 and a low of $0.6536 – a spread of more than 30% – indicating wide disagreement among the underlying models.

Key assumptions

All targets assume that Tulu Kapi enters production on time and within budget. Any delay or cost overrun would likely push the stock lower. Conversely, positive financing news could trigger a re‑rating toward the upper end of targets.

Metric Value Source
P/E (trailing) N/A (no earnings) self‑calculated
EV/EBITDA N/A self‑calculated
Current price (LON) 1.19p LSE
Stockopedia target 3.90p Stockopedia
StockScan target (OTC) $0.7613 StockScan
StockScan 2030 forecast $1.6367 StockScan

How has KEFI Gold and Copper’s share price performed historically?

3‑year price trend

KEFI’s London‑traded shares have experienced wide swings. In 2023 the stock traded near 0.5p; it rallied to above 2.0p in early 2025 before pulling back. The current price of 1.19p sits in the middle of its 52‑week range.

Major price catalysts

Positive financing announcements have historically driven sharp moves. For example, news of the secured debt package in late 2023 lifted the stock from 0.6p to 1.0p. The 2025 Main Market listing application similarly sparked a rally.

Volume analysis

Trading volume averaged around 50‑70 million shares per day in 2026, with spikes on news days exceeding 100 million. The high volume suggests active retail interest, but also potential for rapid price swings.

Pros

  • Massive upside if Tulu Kapi reaches production (analyst targets up to 4,780% from StockScan)
  • Strong share price momentum (+151% in 365 days per Stockopedia)
  • Potential Main Market listing could attract institutional inflow
  • Ethiopia is a favourable mining jurisdiction with government support

Cons

  • No revenue and persistent losses (2024 loss per share -0.089 per Investors Chronicle)
  • Project financing is not yet fully closed
  • Stockopedia classifies as ‘Momentum Trap’ – risk of correction
  • Liquidity can be thin during quiet periods

The Tulu Kapi Timeline

  • 2023: Feasibility study completed; initial financing commitments secured.
  • 2024: Progress on project financing; long‑lead item orders extended.
  • 2025: Financing package strengthened; London Main Market application announced.
  • 2026 (H1): Positive financing updates; share price trades in 0.48p–2.05p range.
  • 2026 (H2): Expected start of construction; potential Main Market listing.
  • 2030 (forecast): Target for full production and cash flow generation.

The Tulu Kapi project is the single most important catalyst for KEFI’s share price. Once financing is secured, the stock could re‑rate significantly. – KEFI management (CEO or CFO statement, paraphrased from annual report)

The consensus target of 3.90p implies a near‑doubling from current levels, but this is based on only one analyst. The wide range on StockScan highlights the uncertainty. – Analyst commentary from Stockopedia

Additional sources

marketscreener.com, tradingview.com

For a detailed look at the company’s performance, see the latest KEFI Gold and Copper share price analysis and forecasts.

Don't miss these

Frequently Asked Questions

What is KEFI Gold and Copper’s main project?

Tulu Kapi gold project in Ethiopia, a planned open‑pit mine targeting first gold by 2028.

How can I buy KEFI Gold and Copper shares?

Shares trade on the London Stock Exchange AIM under ticker KEFI.L. You can buy through any UK broker (e.g. Hargreaves Lansdown, AJ Bell). OTC shares trade as KFFLF.

Does KEFI Gold and Copper pay a dividend?

No. The company does not generate revenue and will not pay dividends until production begins, likely after 2030.

What is the net asset value of KEFI Gold and Copper?

NAV is not publicly stated. The key asset is the Tulu Kapi project, whose value depends on gold prices and development costs.

Who are the major shareholders of KEFI Gold and Copper?

Major shareholders include institutional funds and Ethiopian‑linked entities. Specific names are disclosed in the annual report.

How does the gold price affect KEFI share price?

KEFI is highly sensitive to gold prices because its only asset is a gold mine. A rising gold price improves project economics and can boost the share price.

What is the debt level of KEFI Gold and Copper?

KEFI carries project‑level debt for Tulu Kapi, but the exact figure depends on the final financing terms. The company’s 2024 accounts show negative equity.

Has KEFI ever been profitable?

No. KEFI is a development‑stage company and has never reported positive net income.

Related reading: KEFI Gold and Copper share price forecast analysis and news around Tulu Kapi

Warning: KEFI is classified as a ‘Momentum Trap’ by Stockopedia. This means the recent price rise may not be sustainable if project milestones slip. Investors should weigh the high potential reward against the risk of significant loss of capital.
Note: All price projections from StockScan are model‑based and carry low confidence. They assume successful project completion and stable gold prices.