Africa Resources (AFRI) Q2 2025 earnings summary

Executive summary

• Diamond extraction in southern DRC continued at a small scale, with 838.2 carats produced and sold for $69,989 during Q2 2025.

• Extraction grades remain below 0.5 carats/ton, making current operations unprofitable; efforts are ongoing to access higher-grade zones.

• Discussions are underway regarding potential mergers with other mineral projects to diversify revenue streams.

Financial highlights

• Q2 2025 revenue was 692 TSEK, down from 880 TSEK in Q2 2024; net loss after tax was -345 TSEK versus -236 TSEK year-over-year.

• H1 2025 revenue totaled 1,151 TSEK, with a net loss of -880 TSEK, compared to 1,937 TSEK and -313 TSEK in H1 2024.

• Cash and cash equivalents at June 30, 2025, were 35 TSEK, down from 120 TSEK a year earlier.

• Result per share for Q2 2025 was -0.03 SEK, compared to -0.02 SEK in Q2 2024.

Outlook and guidance

• Management sees potential for higher diamond grades as operations move to deeper parts of the Longatshimofloden basin.

• Current diamond output does not cover ongoing costs; strategic alternatives, including mergers, are being considered.