New Risk • May 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 72% per year over the past 5 years. Market cap is less than US$10m (₦1.98b market cap, or US$1.44m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Revenue is less than US$5m (₦1.7b revenue, or US$1.2m). Board Change • May 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 31
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 03
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Feb 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 26
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 01
Second quarter 2024 earnings released: ₦0.21 loss per share (vs ₦0.17 loss in 2Q 2023) Second quarter 2024 results: ₦0.21 loss per share (further deteriorated from ₦0.17 loss in 2Q 2023). Revenue: ₦806.4m (up 63% from 2Q 2023). Net loss: ₦41.9m (loss widened 14% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 121 percentage points per year, which is a significant difference in performance. Reported Earnings • May 05
First quarter 2024 earnings released: EPS: ₦0.04 (vs ₦0.20 loss in 1Q 2023) First quarter 2024 results: EPS: ₦0.04 (up from ₦0.20 loss in 1Q 2023). Revenue: ₦838.1m (up 69% from 1Q 2023). Net income: ₦9.84m (up ₦54.1m from 1Q 2023). Profit margin: 1.2% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 01
Full year 2023 earnings released: ₦1.08 loss per share (vs ₦0.22 profit in FY 2022) Full year 2023 results: ₦1.08 loss per share (down from ₦0.22 profit in FY 2022). Revenue: ₦2.09b (down 21% from FY 2022). Net loss: ₦258.8m (down ₦307.4m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 02
Third quarter 2023 earnings released: ₦0.57 loss per share (vs ₦0.02 profit in 3Q 2022) Third quarter 2023 results: ₦0.57 loss per share (down from ₦0.02 profit in 3Q 2022). Revenue: ₦463.3m (down 31% from 3Q 2022). Net loss: ₦125.5m (down ₦128.7m from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 30
Second quarter 2023 earnings released: ₦0.20 loss per share (vs ₦0.075 profit in 2Q 2022) Second quarter 2023 results: ₦0.20 loss per share (down from ₦0.075 profit in 2Q 2022). Revenue: ₦495.6m (down 19% from 2Q 2022). Net loss: ₦44.3m (down 368% from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. New Risk • Jun 16
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₦2.6b (US$4.2m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (₦1.43b market cap, or US$2.32m). Minor Risk Revenue is less than US$5m (₦2.6b revenue, or US$4.2m). Reported Earnings • May 02
First quarter 2023 earnings released: ₦0.26 loss per share (vs ₦0.05 profit in 1Q 2022) First quarter 2023 results: ₦0.26 loss per share (down from ₦0.05 profit in 1Q 2022). Revenue: ₦484.3m (down 9.0% from 1Q 2022). Net loss: ₦57.3m (down ₦68.6m from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 04
Full year 2022 earnings released: EPS: ₦0.16 (vs ₦0.23 in FY 2021) Full year 2022 results: EPS: ₦0.16 (down from ₦0.23 in FY 2021). Revenue: ₦2.64b (flat on FY 2021). Net income: ₦35.9m (down 27% from FY 2021). Profit margin: 1.4% (down from 1.9% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: ₦0.075 (vs ₦0.16 in 2Q 2021) Second quarter 2022 results: EPS: ₦0.075 (down from ₦0.16 in 2Q 2021). Revenue: ₦608.4m (down 11% from 2Q 2021). Net income: ₦16.5m (down 51% from 2Q 2021). Profit margin: 2.7% (down from 4.9% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₦0.23 (down from ₦0.68 in FY 2020). Revenue: ₦2.64b (up 13% from FY 2020). Net income: ₦49.5m (down 67% from FY 2020). Profit margin: 1.9% (down from 6.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS ₦0.16 (vs ₦0.17 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and revenues, although profit margins were improved. Second quarter 2021 results: Revenue: ₦682.1m (down 34% from 2Q 2020). Net income: ₦34.2m (down 4.6% from 2Q 2020). Profit margin: 5.0% (up from 3.5% in 2Q 2020). The increase in margin was driven by lower expenses. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS ₦0.68 (vs ₦0.29 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₦2.33b (down 11% from FY 2019). Net income: ₦149.4m (up 134% from FY 2019). Profit margin: 6.4% (up from 2.5% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Oct 08
New 90-day low: ₦8.00 The company is down 1.0% from its price of ₦8.10 on 10 July 2020. The Nigerien market is up 17% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Metals and Mining industry, which is also down 1.0% over the same period.