New Risk • Mar 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$531k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$531k free cash flow). Earnings have declined by 6.2% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$5.80m market cap, or US$4.25m). Ankündigung • Dec 25
Chatham Rock Phosphate Limited announced that it has received CAD 0.15815 million in funding On December 23, 2025, Chatham Rock Phosphate Limited closed the transaction. The company issued 3,162,995 units at a price of CAD 0.05 per unit for aggregate gross proceeds of CAD 158,149.75. The securities underlying the Units are subject to a hold period under applicable Canadian securities laws until April 24, 2026. The Offering is still subject to final approval of the Exchange. No finders fees were paid in connection with the Offering. Certain insiders of the Company acquired Units under the Offering. Such participation was considered to be “related party transactions” within the meaning of Exchange Policy 5.9 (“Policy 5.9”) and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in Policy 5.9. Board Change • Nov 28
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Georg Hochwimmer was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Ankündigung • Oct 28
Chatham Rock Phosphate Limited announced that it expects to receive CAD 0.5 million in funding Chatham Rock Phosphate Limited announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.05 per unit for gross proceed of CAD 5000,000 on October 27, 2025. Each unit will consist of one common share in the capital of the company and one share purchase warrant, which shall be transferable subject to applicable securities legislation. Each warrant will entitle the holder thereof to acquire one common share at a price of CAD 0.12 per share at any time prior to the date that is 12 months from the date of issuance. The common shares and warrants issued pursuant to this proposed offering are subject to a hold period of four months plus one day after the closing date of the private placement as provided by securities legislation. Finders' fees may be payable in cash to arm's-length parties in connection with the private placement as permitted under the policies of the TSX Venture Exchange. The private placement is subject to the acceptance by the TSX Venture Exchange and is expected to close on or before December 5, 2025. Ankündigung • Sep 12
Chatham Rock Phosphate Limited, Annual General Meeting, Nov 13, 2025 Chatham Rock Phosphate Limited, Annual General Meeting, Nov 13, 2025. Board Change • Aug 29
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Georg Hochwimmer was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Aug 04
Chatham Rock Phosphate Limited Provides RailPhos Project Update Chatham Rock Phosphate Limited announced on June 18, 2025 that have commenced a Feasibility Study to develop a railway to connect 100% owned Korella North Mine and its planned phosphate export facility in the Port of Karumba. The RailPhos project connecting the Korella North Mine, NW Queensland to the Port of Karumba involves the building of the long-mooted Cloncurry to Normanton rail line with an extension to Karumba. The Feasibility Study, under the leadership of Australia-based Executive Director Colin Randall, is now well underway and as at 1 August had advanced through the following stages: The company has identified the relevant native title holders and landholders along the route on either side of the Burke Development Road. Initial meetings with the elder of native title holder, Cloncurry based Mitakoodi Mayi, with the Cloncurry based landholder who covers some 70km of rail line route and an Australian rail construction company. A discussion has occurred with the local quarry owner who is the potential supplier of ballast, formation material, concrete sleepers and pre-stressed bridge beams. The company has met with the Queensland Department of Transport and Main Roads (TMR) regarding existing rail corridors from Cloncurry to Kajabbi as well as from Duchess to Dajarra. The company in the process of arranging a meeting with Queensland Rail to determine the connection point between RailPhos and the Mt Isa - Townsville rail line. The company has mandated a party to identify Chinese State-Owned Enterprises interested in either buying phosphate or in railway construction. The company obtained comparative Mine to Market costs based on road transport from Korella North to Port of Karumba. Ankündigung • Jul 26
Chatham Rock Phosphate Limited announced that it has received NZD 0.16584 million in funding from General Research GmbH and other investor. On July 24, 2025, the Chatham Rock Phosphate Limited closed the transaction by issuing 2,764,003 units at an issue price of NZD 0.06 for the proceeds of NZD 165,840.18. The securities have hold period until November 25, 2025. The offering is still subject to final approval of the exchange. No finders fees were paid in connection with the offering Certain insiders of the company acquired units under the offering. In connection with the closing of the offering, General Research GmbH acquired 1,581,670 units. Board Change • Jul 11
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Georg Hochwimmer was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Jun 20
Chatham Rock Phosphate Limited Commences Feasibility Study to Develop A Railway to Connect Its 100% Owned Korella North Mine and Its Planned Phosphate Export Facility to the Port of Karumba Chatham Rock Phosphate Limited announced that it has commenced a Feasibility Study to develop a railway to connect its 100% owned Korella North Mine and its planned phosphate export facility to the Port of Karumba. The RailPhos project connecting the Korella North Mine, NW Queensland to the Port of Karumb a involves the building of the long-mooted Cloncurry to Normanton rail line with an extension to Karumba. The Korella North Mine is adjacent the existing Phosphate Hill to Port of Townsville rail line which would connect at Cloncurry to the new Cloncurry- Karumba rail line. Korella North is the only phosphate mine capable of loading directly in bulk onto rail. Phosphate companies with currently no access to bulk phosphate rail transport options are NW Phosphate, Centrex, Avenira, Australia Venus Resources and Golden Cross Resources. Transport in bulk by rail and transshipment of phosphate through the Port of Karumba into Panamax and larger ocean-going vessels anchored in the Gulf of Carpentaria, provides the only economical means of exporting phosphate. RailPhos. would provide a bulk rail solution for CRP's Korella North Mine and Korella South projects at Phosphate Hill in NW Queensland which will also enable other phosphate miners to export in bulk utilising the common-user facility in the Port of Karumba; RailPhos. will be privately funded and operated. RailPhos's. Cloncurry to Karumba rail line is designed to be an all-weather operation to enable export of up to 10 million tonnes per annum of phosphate through a common-use facility in the Port of Karmba. Chatham is engaging with potential customers in China/Indonesia, rail construction companies, railway operators, landowners, construction material providers and existing /potential phosphate miners inviting them to participate as potential Joint Venture partners in RailPhos. The feasibility study will establish the scope, cost and programme for delivery of railway track and rolling stock to build and operate RailPhos and will include consideration of government approvals, funding and title requirements for the rail corridor and other assets. To enable third party users of RailPhos the feasibility study will also consider the establishment of common user bulk rail loading facilities at Mirri (at Korella North, Phosphate Hill), Mt Isa and Duchess. Ankündigung • Jun 13
Chatham Rock Phosphate Limited announced that it expects to receive NZD 0.21 million in funding Chatham Rock Phosphate Limited announced a non-brokered private placement consisting of up to 3,500,000 units at a price of CAD 0.05 per Unit (NZD 0.06 or AUD 0.057) for aggregate gross proceeds of up to CAD 175,000, NZD$210,000 or AUD 199,500 on June 12, 2025. Each Unit will consist of one common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable for one common share of the Company at a price of NZD 0.10 for two years from the date of issuance. The closing date will be on such later date as the Company may determine and is subject to the receipt of all necessary approvals, including the approval of the Exchange. The Units to be issued under the Offering will be subject to a hold period under applicable Canadian securities laws until four months and one day after the closing of the Offering. It is anticipated that certain directors, officers and other insiders of the Company will acquire Units under the Offering. Ankündigung • Jun 05
Chatham Rock Phosphate Limited Announces Port of Karumba Chatham Rock Phosphate Limited advised that the Company has continued to progress its plans to export Korella North Mine lump phosphate through the Port of Karumba. CRP has been negotiating with Ports North for the lease of port side land at the Port of Karumba to enable the export of 200,000 tonnes per annum of lump phosphate from the Korella North Mine. The port side land will enable the delivery of phosphate by road to the on-ground storage area. Up to 30,000 tonnes of storage is planned with product then conveyed to barges for movement from the port by tugs to vessels anchored in deep water in the Gulf of Carpentaria. While the Korella North Mine was initially intended to sell into the domestic market, the rapidly developing market in China and Vietnam for lump phosphate (for manufacture of yellow phosphorus) has provided further impetus to CRP's plans for export of lump phosphate through Karumba. Yellow phosphorus is used in the production of thermal grade phosphoric acid (purified phosphoric acid) for use in Lithium- Iron- Phosphorus batteries. CRP will keep shareholders updated as it progresses towards obtaining the lease from Ports North on the important port side land for the Korella phosphate export facility. Ankündigung • Jan 22
Chatham Rock Phosphate Limited announced that it expects to receive NZD 0.43 million in funding CHATHAM ROCK PHOSPHATE LIMITED announced a non-brokered private placement to issue 5,000,000 units at an issue price of NZD 0.086 per unit for the gross proceeds of NZD 430,000 on January 21, 2025. Each Unit will consist of one common share in the capital of the Company and one transferable share purchase warrant, transferable subject to applicable securities legislation. Each Warrant will entitle the holder thereof to acquire one common share at a price of NZD 0.35511 per share at any time prior to the date that is twelve months from the date of issuance. The common shares and Warrants issued pursuant to this proposed offering are subject to a hold period of four months plus one day after the closing date of the Private Placement as provided by securities legislation. Finders’ fees may be payable in cash to arm’s length parties in connection with the Private Placement as permitted under the policies of the TSX Venture Exchange. The Private Placement is subject to the acceptance by the TSX Venture Exchange and is expected to close on or before February 28, 2025. Board Change • Dec 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Director Georg Hochwimmer was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Oct 16
Chatham Rock Phosphate Limited announced that it expects to receive NZD 0.59375 million in funding Chatham Rock Phosphate Limited announced a non-brokered private placement to issue 6,250,000 shares at a price of NZD 0.095 per share for the gross proceeds of NZD 593,750 on October 15, 2024. The common shares issued pursuant to this proposed offering are subject to a hold period of four months plus one day after the closing date of the Private Placement as provided by securities legislation. Finders’ fees may be payable in cash to arm’s length parties in connection with the Private Placement as permitted under the policies of the TSX Venture Exchange. The Private Placement is subject to the acceptance by the TSX Venture Exchange and is expected to close on or before October 31, 2024. Ankündigung • Sep 18
Chatham Rock Phosphate Limited, Annual General Meeting, Nov 15, 2024 Chatham Rock Phosphate Limited, Annual General Meeting, Nov 15, 2024. Ankündigung • Sep 11
Chatham Rock Phosphate Limited announced that it has received NZD 0.140556 million in funding Chatham Rock Phosphate Limited announced a private placement of 1,405,555 common shares at a price of NZD 0.10 per share for the gross proceeds of NZD 140,555.50 on September 10, 2024. All securities issued are subject to a hold period until January 11, 2025. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Colin Randall was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Third quarter 2024 earnings released: CA$0.004 loss per share (vs CA$0.003 loss in 3Q 2023) Third quarter 2024 results: CA$0.004 loss per share (further deteriorated from CA$0.003 loss in 3Q 2023). Net loss: CA$342.5k (loss widened 15% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • Dec 01
First half 2024 earnings released: CA$0.011 loss per share (vs CA$0.01 loss in 1H 2023) First half 2024 results: CA$0.011 loss per share (further deteriorated from CA$0.01 loss in 1H 2023). Net loss: CA$971.4k (loss widened 21% from 1H 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Ankündigung • Nov 18
Chatham Rock Phosphate Limited announced that it expects to receive CAD 0.7 million in funding Chatham Rock Phosphate Limited announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.07 (NZD 0.086 or AUD 0.08) per unit for gross proceeds of up to CAD 700,000 (NZD 860,000 or AUD 800,000) on November 16, 2023. Each Unit will consist of one common share in the capital of the Company and one transferable share purchase warrant, transferable subject to applicable securities legislation. Each Warrant will entitle the holder thereof to acquire one common share at a price of CAD 0.45 per share at any time prior to the date that is three years from the date of issuance. The common shares and Warrants issued pursuant to this proposed offering are subject to a hold period of four months plus one day after the closing date of the Private Placement as provided by securities legislation. Finders’ fees may be payable in cash to arm’s length parties in connection with the Private Placement as permitted under the policies of the TSX Venture Exchange. The Private Placement is subject to the acceptance by the TSX Venture Exchange and is expected to close on or before December 21, 2023. Ankündigung • Sep 21
Chatham Rock Phosphate Limited Provides Update on Its Lead Project Korella North Chatham Rock Phosphate Limited announced that its Queensland based lead project Korella North is advancing steadily towards becoming an operating phosphate mine. The company is currently preparing the Mining Lease Application for Korella North, a step that can be undertaken now that the NI43-101 independent report, announced last week, reported 600,000 tonnes of Indicated Resources and 2.1 million tonnes of Inferred rock phosphate Resources within EPM28589. The confirmation of this resource base has now enabled the definition of the proposed location of the initial Mining Lease Application. The area the company have selected is a block containing 395,625 tonnes of phosphate. The area selected is where the 22m thick Monastery Creek Phosphorite Member outcrops and has minimal overburden to be removed to enable phosphate production. Only 96,448 bank cubic metres of overburden is required to be removed to enable production of 197,813 bank cubic metres of phosphate. This low overburden ratio should result in reduced mining costs. The phosphate mining method will involve the selective recovery of individual plies and groups of plies in order to produce a 20% P2O5 direct shipping phosphate product. While phosphate sales will be directed initially into the domestic market, several enquiries for export of this soft rock low cadmium direct application 20% P2O5 have already been received. Lodgment of the draft Mining Lease Application is planned for late September. While there is no fixed timetable for granting Mining Leases in Queensland, the company is working to achieve first production from Korella North by the start of H2 2024. In addition, to extend the Korella North exploration area EPM28589, an application has made for two additional two sub-blocks to the west of the existing tenement. These two sub-blocks registered as EPM 28882 are designated Korella North 2. The company anticipated that in due course additional rock phosphate resources will be identified within both EPM 28589 and EPM 28882. New Risk • Aug 03
New major risk - Revenue and earnings growth Earnings have declined by 9.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 9.0% per year over the past 5 years. Revenue is less than US$1m (CA$412 revenue, or US$308). Market cap is less than US$10m (CA$11.7m market cap, or US$8.74m). Minor Risk Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Reported Earnings • Aug 02
Full year 2023 earnings released: CA$0.021 loss per share (vs CA$0.016 loss in FY 2022) Full year 2023 results: CA$0.021 loss per share (further deteriorated from CA$0.016 loss in FY 2022). Net loss: CA$1.77m (loss widened 71% from FY 2022). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue is less than US$1m (CA$1.9k revenue, or US$1.4k). Market cap is less than US$10m (CA$12.7m market cap, or US$9.62m). Minor Risk Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Ankündigung • Jul 15
Chatham Rock Phosphate Limited announced that it has received NZD 0.828591 million in funding On July 14, 2023, Chatham Rock Phosphate Limited closed the transaction. The company issued 5,380,464 units for gross proceeds of NZD 828,591. All securities issued pursuant to the private placement are subject to a hold period and may not be traded until November 15, 2023. Ankündigung • May 30
Chatham Rock Phosphate Limited Announces the Korella North Mine Planning and Marketing Advances Chatham Rock Phosphate Limited announced that the Korella North mine development is advancing rapidly with both mine planning and marketing activities well underway. Following preparation of the geological model for Korella North, first mine plans to produce 250,000 tonnes per annum from the now defined 5 million tonne deposit have been completed. Detailed topographic mapping of Korella North will commence this week, to enable the design of on-site roads as well as the rail crossing to connect the mine site to the paved Phosphate Hill to Cloncurry Road. At the Cloncurry phosphate distribution hub, the contract with Ergon Energy has been signed to relocate a major power line clearing the way for unfettered access for on-site storage and processing operations. Reported Earnings • Mar 06
Third quarter 2023 earnings released: CA$0.003 loss per share (vs CA$0.006 loss in 3Q 2022) Third quarter 2023 results: CA$0.003 loss per share (improved from CA$0.006 loss in 3Q 2022). Net loss: CA$298.6k (loss narrowed 28% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Feb 08
Chatham Rock Phosphate Limited Announces Work Programme Approve for CRP's Pacific Rare Earths Selenium Exploration Permit At Gunnerside Chatham Rock Phosphate Limited has moved another step forward with its selenium prospect EPM 28676 as the Queensland Department of Resources has approved the exploration work program for this prospect. Exploration area EPM28606, near Hughenden in northern Queensland, with outcropping beds of the seleniferous Toolebuc Formation limestones, is one of only two recognised hotspots in Australia for highly seleniferous soils. The other hotspot is at Tambo where the company already holds EPM28606 covering 196 sq km. Exploration Licence EMP28676 covers an area of 19.6 sq km in the Richmond-Hughenden region of North Queensland nominating selenium as the target. The area that is centred on the local grazing/farming property of "Gunnerside" Station, is transected by the Flinders. Highway and the Townsville - Mt Isa rail line and is well served by local infrastructure in the town of Hughenden 20km east of the area. The shallow dipping and outcropping beds of Toolebuc limestone are up to 20m thick. There is extensive existing geological data to the north and west of its EMP28676, mostly from current and past vanadium exploration. The exploration program will commence with soil sampling to identify drill sites. Reported Earnings • Dec 02
Second quarter 2023 earnings released: CA$0.005 loss per share (vs CA$0.003 loss in 2Q 2022) Second quarter 2023 results: CA$0.005 loss per share (further deteriorated from CA$0.003 loss in 2Q 2022). Net loss: CA$394.0k (loss widened 114% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 02
First quarter 2023 earnings released: CA$0.005 loss per share (vs CA$0.004 loss in 1Q 2022) First quarter 2023 results: CA$0.005 loss per share (down from CA$0.004 loss in 1Q 2022). Net loss: CA$409.0k (loss widened 153% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 03
Full year 2022 earnings released: CA$0.016 loss per share (vs CA$0.017 loss in FY 2021) Full year 2022 results: CA$0.016 loss per share. Net loss: CA$1.03m (loss widened 80% from FY 2021). Reported Earnings • Mar 04
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: CA$0.006 loss per share (down from CA$0.003 loss in 3Q 2021). Net loss: CA$415.0k (loss widened 298% from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 02
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: CA$0.006 loss per share (down from CA$0.004 loss in 2Q 2021). Net loss: CA$183.8k (loss widened 42% from 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 02
First quarter 2022 earnings released: CA$0.004 loss per share (vs CA$0.004 loss in 1Q 2021) First quarter 2022 results: Net loss: CA$161.5k (loss widened 38% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Jul 31
High number of new directors Director Colin Randall was the last director to join the board, commencing their role in 2021. Reported Earnings • Jul 30
Full year 2021 earnings released: CA$0.017 loss per share (vs CA$0.025 loss in FY 2020) Full year 2021 results: Net loss: CA$572.9k (loss narrowed 11% from FY 2020). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 04
Third quarter 2021 earnings released: CA$0.003 loss per share (vs CA$0.005 loss in 3Q 2020) Third quarter 2021 results: Net loss: CA$104.4k (loss narrowed 18% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 01
Second quarter 2021 earnings released: CA$0.004 loss per share Second quarter 2021 results: Net loss: CA$129.2k (loss widened 27% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. 
