Africa Resources (AFRI) Q3 2025 earnings summary

Executive summary

• Operations continued at a small scale in Q3 2025, with 736 carats extracted and sold for $51,506 (average $70/carat).

• Frequent relocations of equipment and staff affected extraction continuity; processed ore deposits were too small for stable volumes.

• Post-period, operations resumed at a previously promising site, aiming for higher volumes and grades by year-end.

• Ongoing discussions about mergers with other mineral projects to diversify beyond diamond extraction.

Financial highlights

• Q3 2025 revenue was 556 TSEK (0 in Q3 2024); net loss after tax was -685 TSEK (-239 TSEK in Q3 2024).

• For Jan–Sep 2025, revenue was 1,707 TSEK (1,930 TSEK in Jan–Sep 2024); net loss after tax was -1,565 TSEK (-552 TSEK in Jan–Sep 2024).

• Cash and cash equivalents at period end were 4 TSEK (37 TSEK at Sep 2024).

• Total assets at period end were 10,446 TSEK (11,646 TSEK at Sep 2024).

Outlook and guidance

• Resumption at a previously high-grade site is expected to improve volumes and grades for the remainder of 2025.

• Potential mergers or project combinations are under discussion to reduce reliance on diamond mining.