Africa Resources (AFRI) Q1 2025 earnings summary

Executive summary

• Operations remained small-scale due to heavy rainfall, with 559.5 carats extracted and sold for $43,030 (77 USD/carat) during Q1 2025.

• Production is expected to increase as the dry season approaches, with improved conditions anticipated.

• Discussions are ongoing for potential partnerships in DRC and small-scale gold projects in West Africa.

Financial highlights

• Revenue for Q1 2025 was 460 TSEK, down from 1,057 TSEK in Q1 2024.

• Net loss after tax was -576 TSEK, compared to -77 TSEK in the same quarter last year.

• Earnings per share were -0.05 SEK, compared to -0.007 SEK year-over-year.

• Cash and cash equivalents at quarter-end were 36 TSEK, down from 258 TSEK a year earlier.

• Total assets at quarter-end were 11,136 TSEK, compared to 12,767 TSEK in Q1 2024.

Outlook and guidance

• Anticipates increased production as the dry season begins, leveraging confirmed diamond-bearing areas.

• Board emphasizes the need for growth and additional resources, with careful evaluation of new initiatives.