Kibo Mining - Strong Developments Across Exploration Portfolio

Kibo Mining Strong Developments Across Exploration Portfolio Kibo Mining has delivered some positive announcements recently that we believe show real progress across its exploration portfolio. The company has signed a MOU with a major Korean power company over its Rukwa coal project, acquired two brownfield assets with 798Koz Au JORC resources at Lake Victoria, identified priority drill targets at its Haneti JV, and delivered positive sampling results at Morogoro. We believe the shares are materially undervalued relative to the potential of this portfolio. Our stance is Speculative Buy with a 9.7p target price. Click to Download Full Report Table: Financial overview Year to 30th Sep. 2009A* 2010A 2011A 2012A** Revenue (£000) 0 0 0 0 EBITDA*** (£000) (56) (478) (2,030) (3,193) PBT*** (£000) (56) (475) (2,024) (3,193) EPS**** (p) (0.39) (3.38) (11.10) (12.42) Source: GECR and company Notes: * Six months to 30th September 2009, ** 15 months to 31st December 2012, *** Excluding non-cash movements, **** All EPS restated for 15:1 share consolidation Speculative Buy Target price 9.7p Key data Price 5.00p 52 week high/low 23.25p / 2.38p Primary exchange AIM EPIC KIBO Shares in issue 138.8 m Market Cap £6.9m Sector Mining Valuation SOTP Valuation £13.5m Important: All disclaimer information can be found on the last page of the document

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