Africa Resources (AFRI) Q1 2026 earnings summary

Executive summary

• Maintained small-scale diamond production in DRC, extracting 1,127 carats sold for 720 TSEK (78,800 USD) at 70 USD/carat during a challenging rainy season.

• Broadened operations with the acquisition of Holmasjön Prospektering AB, adding iron and copper exploration rights in Sweden.

• Focused on cost control and preparing for improved production as the dry season begins in DRC.

• Completed a rights issue post-period, raising 2.67 MSEK in cash and converting 5.42 MSEK in debt to equity.

Financial highlights

• Revenue for Q1 2026 was 720 TSEK, up from 460 TSEK year-over-year.

• Net loss after tax improved to -134 TSEK from -576 TSEK year-over-year.

• Result per share was -0.004 SEK, compared to -0.05 SEK in Q1 2025.

• Total assets at quarter-end were 32,243 TSEK, up from 11,136 TSEK a year earlier.

• Cash and cash equivalents at period end were 18 TSEK (36 TSEK in Q1 2025).

Outlook and guidance

• Anticipates stronger diamond production and sales in Q2 2026 as the dry season improves mining conditions in DRC.

• Plans to use new capital for further exploration in Sweden and to establish a diamond trading business in Africa.