EGR Exploration（Z0R）株式概要EGR Exploration Ltd.はカナダで金鉱の買収と探鉱を行っている。 詳細Z0R ファンダメンタル分析スノーフレーク・スコア評価0/6将来の成長0/6過去の実績0/6財務の健全性4/6配当金0/6リスク分析収益が 100 万ドル未満 ( CA$0 )意味のある時価総額がありません ( €910K )German市場と比較して、過去 3 か月間の株価の変動が非常に大きいキャッシュランウェイが1年未満である すべてのリスクチェックを見るZ0R Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value€Current Price€0.016該当なし内在価値ディスカウントEst. Revenue$PastFuture-3m12016201920222025202620282031Revenue CA$1.0Earnings CA$0.1AdvancedSet Fair ValueView all narrativesEGR Exploration Ltd. 競合他社Pearl GoldSymbol: DB:02PMarket cap: €8.0mAltech Advanced MaterialsSymbol: DB:AMA0Market cap: €3.1mSilicon MetalsSymbol: CNSX:SIMarket cap: CA$1.5mAurum Lake MiningSymbol: TSXV:ARLMarket cap: CA$1.4m価格と性能株価の高値、安値、推移の概要EGR Exploration過去の株価現在の株価CA$0.01652週高値CA$0.03552週安値CA$0.0075ベータ1.71ヶ月の変化6.67%3ヶ月変化14.29%1年変化0%3年間の変化-61.45%5年間の変化-96.73%IPOからの変化-99.90%最新ニュースお知らせ • Jul 02EGR Exploration Ltd., Annual General Meeting, Sep 03, 2025EGR Exploration Ltd., Annual General Meeting, Sep 03, 2025.お知らせ • Nov 20EGR Exploration Ltd. announced that it expects to receive CAD 0.7498 million in fundingEGR Exploration Ltd announced a non-brokered private placement of 5,000,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 274,990, 8,330,000 flow-through shares at an issue price of CAD 0.06 per share for the gross proceeds of CAD 499,800; aggregate gross proceeds of CAD 774,790 on November 19, 2024. Each Unit shall consist of one common share and one half of one Common Share purchase warrant. Each Warrant will be exercisable by the holder thereof to acquire one Common Share at a price of CAD 0.10 for a period of 24 months following the closing date of the Offering. All securities issued with respect to the Offering will be subject to a hold period of four months and one day in accordance with applicable securities laws. The closing of the Offering is expected to occur in mid-December 2024 and is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange. Finder's fees of up to 7% in cash and 7% in finder’s warrants will be paid to eligible parties. Each finder’s warrant is exercisable at CAD 0.10 for a period of 24 months following the closing date of the Offering.New Risk • Oct 22New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.9% 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 Less than 1 year of cash runway based on free cash flow trend (-CA$389k free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (€1.27m market cap, or US$1.37m). Minor Risk Shareholders have been diluted in the past year (4.9% increase in shares outstanding).お知らせ • Sep 18EGR Exploration Ltd. Announces Owen Garfield Will Not Stand for Re-Election to Board of DirectorsEGR Exploration Ltd. announced that at the AGM, Owen Garfield did not stand for re-election to the company's board of directors.New Risk • Sep 16New major risk - Financial data availabilityThe company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (€1.20m market cap, or US$1.33m).お知らせ • Jul 09EGR Exploration Ltd., Annual General Meeting, Sep 10, 2024EGR Exploration Ltd., Annual General Meeting, Sep 10, 2024.最新情報をもっと見るRecent updatesお知らせ • Jul 02EGR Exploration Ltd., Annual General Meeting, Sep 03, 2025EGR Exploration Ltd., Annual General Meeting, Sep 03, 2025.お知らせ • Nov 20EGR Exploration Ltd. announced that it expects to receive CAD 0.7498 million in fundingEGR Exploration Ltd announced a non-brokered private placement of 5,000,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 274,990, 8,330,000 flow-through shares at an issue price of CAD 0.06 per share for the gross proceeds of CAD 499,800; aggregate gross proceeds of CAD 774,790 on November 19, 2024. Each Unit shall consist of one common share and one half of one Common Share purchase warrant. Each Warrant will be exercisable by the holder thereof to acquire one Common Share at a price of CAD 0.10 for a period of 24 months following the closing date of the Offering. All securities issued with respect to the Offering will be subject to a hold period of four months and one day in accordance with applicable securities laws. The closing of the Offering is expected to occur in mid-December 2024 and is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange. Finder's fees of up to 7% in cash and 7% in finder’s warrants will be paid to eligible parties. Each finder’s warrant is exercisable at CAD 0.10 for a period of 24 months following the closing date of the Offering.New Risk • Oct 22New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.9% 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 Less than 1 year of cash runway based on free cash flow trend (-CA$389k free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (€1.27m market cap, or US$1.37m). Minor Risk Shareholders have been diluted in the past year (4.9% increase in shares outstanding).お知らせ • Sep 18EGR Exploration Ltd. Announces Owen Garfield Will Not Stand for Re-Election to Board of DirectorsEGR Exploration Ltd. announced that at the AGM, Owen Garfield did not stand for re-election to the company's board of directors.New Risk • Sep 16New major risk - Financial data availabilityThe company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (€1.20m market cap, or US$1.33m).お知らせ • Jul 09EGR Exploration Ltd., Annual General Meeting, Sep 10, 2024EGR Exploration Ltd., Annual General Meeting, Sep 10, 2024.お知らせ • Sep 28EGR Exploration Ltd. Announces Changes to its Board of DirectorsEGR Exploration Ltd. announced the appointment of Ashley Kirwan to the Board of Directors with immediate effect and she will join the Audit Committee. The Company also announced the resignation of Sven Gollan, who will transition to an advisory role at EGR. Ashley Kirwan is a co-founder and President &CEO of Orix Geoscience Inc., an award-winning geological consulting firm recognized for their technical excellence, industry partnerships, and workplace culture. Ashley is a professional geologist (PGO), with over 15 years of experience in the mining industry. She has worked throughout North and South America; as an Exploration Geologist with Bridgeport Ventures Inc. in Nevada, and on both exploration and underground projects with Quadra FNX Mining Ltd. (now KGHM International) in Sudbury, Ontario. In 2020, Ashley was recognized with the Young Mining Professionals Eira Thomas Award as one of the top mining industry leaders under the age of 40. Ms. Kirwan received a Bachelor of Science (Honours) in Geology and a Master of Science in Mineral Exploration from Laurentian University, and completed the ICD Rotman Directors Education Program.お知らせ • Jun 30EGR Exploration Ltd., Annual General Meeting, Sep 01, 2023EGR Exploration Ltd., Annual General Meeting, Sep 01, 2023.お知らせ • May 16EGR Exploration Ltd. announced that it has received CAD 0.95 million in fundingOn May 15, 2023, EGR Exploration Ltd. closed the transaction. The company amended the terms of the transaction. The company has issued 6,818,182 units at a price of CAD 0.11 per unit and 1,428,572 flow-through units at a price of CAD 0.14 per Flow-Through Unit for gross proceeds of CAD 950,000 . Each Unit consists of one common share of the Company and one half of one Common Share purchase warrant (each whole warrant and each Flow-Through Unit consists of one flow-through common share of the Company and a half Warrant. Each Warrant is exercisable by the holder thereof to acquire one Common Share at a price of CAD 0.22 for a period of 36 months expiring on May 15, 2026. Finder's fees of CAD14,649 was paid in cash and 129,900 finder's warrants were issued to certain eligible parties. Each finder's warrant is exercisable at CAD 0.11 for a period of 12 months expiring on May 15, 2024. Insiders are participating in the Offering for CAD 116,950. The Company is relying upon exemptions from the valuation and minority shareholder approval requirements contained in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. All securities issued with respect to the Offering will be subject to a hold period expiring on September 16, 2023.Board Change • Nov 16No independent directorsThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Owen Garfield is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors.Board Change • Apr 27No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director James Forward was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.株主還元Z0RDE Metals and MiningDE 市場7D-36.0%0.05%3.2%1Y0%84.0%2.5%株主還元を見る業界別リターン: Z0R過去 1 年間で84 % の収益を上げたGerman Metals and Mining業界を下回りました。リターン対市場: Z0Rは、過去 1 年間で2.5 % のリターンを上げたGerman市場を下回りました。価格変動Is Z0R's price volatile compared to industry and market?Z0R volatilityZ0R Average Weekly Movement64.0%Metals and Mining Industry Average Movement9.8%Market Average Movement6.1%10% most volatile stocks in DE Market13.3%10% least volatile stocks in DE Market2.7%安定した株価: Z0Rの株価は、 German市場と比較して過去 3 か月間で変動しています。時間の経過による変動: Z0Rの 週次ボラティリティ は、過去 1 年間で45%から64%に増加しました。会社概要設立従業員CEO（最高経営責任者ウェブサイトn/an/aDaniel Rodriguezegrexploration.comEGR Exploration Ltd.はカナダで金鉱の買収と探鉱を行っている。同社は、オンタリオ州スペリオール州南部に位置する40,255ヘクタール、912鉱区からなるデトゥール・ウエスト鉱区の100％権益を保有している。また、ケベック州アーバン・バリー／ウィンドフォールに位置する、6,879ヘクタールに及ぶ122の鉱区からなるアーバン・ベリー鉱区の100％権益を取得するオプションも保有している。同社は以前、ガンビエ・ゴールド社（Gambier Gold Corp）として知られていたが、2022年10月にEGRエクスプロレーション社（EGR Exploration Ltd.）に社名を変更した。EGR Exploration Ltd.はカナダのバンクーバーを拠点としている。もっと見るEGR Exploration Ltd. 基礎のまとめEGR Exploration の収益と売上を時価総額と比較するとどうか。Z0R 基礎統計学時価総額€910.26k収益（TTM）-€115.58k売上高(TTM)n/a0.0xP/Sレシオ-7.9xPER（株価収益率Z0R は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計Z0R 損益計算書（TTM）収益CA$0売上原価CA$0売上総利益CA$0その他の費用CA$185.32k収益-CA$185.32k直近の収益報告Dec 31, 2025次回決算日該当なし一株当たり利益（EPS）-0.0044グロス・マージン0.00%純利益率0.00%有利子負債／自己資本比率0%Z0R の長期的なパフォーマンスは？過去の実績と比較を見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/24 21:45終値2026/05/22 00:00収益2025/12/31年間収益2025/03/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋EGR Exploration Ltd. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
お知らせ • Jul 02EGR Exploration Ltd., Annual General Meeting, Sep 03, 2025EGR Exploration Ltd., Annual General Meeting, Sep 03, 2025.
お知らせ • Nov 20EGR Exploration Ltd. announced that it expects to receive CAD 0.7498 million in fundingEGR Exploration Ltd announced a non-brokered private placement of 5,000,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 274,990, 8,330,000 flow-through shares at an issue price of CAD 0.06 per share for the gross proceeds of CAD 499,800; aggregate gross proceeds of CAD 774,790 on November 19, 2024. Each Unit shall consist of one common share and one half of one Common Share purchase warrant. Each Warrant will be exercisable by the holder thereof to acquire one Common Share at a price of CAD 0.10 for a period of 24 months following the closing date of the Offering. All securities issued with respect to the Offering will be subject to a hold period of four months and one day in accordance with applicable securities laws. The closing of the Offering is expected to occur in mid-December 2024 and is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange. Finder's fees of up to 7% in cash and 7% in finder’s warrants will be paid to eligible parties. Each finder’s warrant is exercisable at CAD 0.10 for a period of 24 months following the closing date of the Offering.
New Risk • Oct 22New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.9% 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 Less than 1 year of cash runway based on free cash flow trend (-CA$389k free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (€1.27m market cap, or US$1.37m). Minor Risk Shareholders have been diluted in the past year (4.9% increase in shares outstanding).
お知らせ • Sep 18EGR Exploration Ltd. Announces Owen Garfield Will Not Stand for Re-Election to Board of DirectorsEGR Exploration Ltd. announced that at the AGM, Owen Garfield did not stand for re-election to the company's board of directors.
New Risk • Sep 16New major risk - Financial data availabilityThe company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (€1.20m market cap, or US$1.33m).
お知らせ • Jul 09EGR Exploration Ltd., Annual General Meeting, Sep 10, 2024EGR Exploration Ltd., Annual General Meeting, Sep 10, 2024.
お知らせ • Jul 02EGR Exploration Ltd., Annual General Meeting, Sep 03, 2025EGR Exploration Ltd., Annual General Meeting, Sep 03, 2025.
お知らせ • Nov 20EGR Exploration Ltd. announced that it expects to receive CAD 0.7498 million in fundingEGR Exploration Ltd announced a non-brokered private placement of 5,000,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 274,990, 8,330,000 flow-through shares at an issue price of CAD 0.06 per share for the gross proceeds of CAD 499,800; aggregate gross proceeds of CAD 774,790 on November 19, 2024. Each Unit shall consist of one common share and one half of one Common Share purchase warrant. Each Warrant will be exercisable by the holder thereof to acquire one Common Share at a price of CAD 0.10 for a period of 24 months following the closing date of the Offering. All securities issued with respect to the Offering will be subject to a hold period of four months and one day in accordance with applicable securities laws. The closing of the Offering is expected to occur in mid-December 2024 and is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange. Finder's fees of up to 7% in cash and 7% in finder’s warrants will be paid to eligible parties. Each finder’s warrant is exercisable at CAD 0.10 for a period of 24 months following the closing date of the Offering.
New Risk • Oct 22New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.9% 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 Less than 1 year of cash runway based on free cash flow trend (-CA$389k free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (€1.27m market cap, or US$1.37m). Minor Risk Shareholders have been diluted in the past year (4.9% increase in shares outstanding).
お知らせ • Sep 18EGR Exploration Ltd. Announces Owen Garfield Will Not Stand for Re-Election to Board of DirectorsEGR Exploration Ltd. announced that at the AGM, Owen Garfield did not stand for re-election to the company's board of directors.
New Risk • Sep 16New major risk - Financial data availabilityThe company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (€1.20m market cap, or US$1.33m).
お知らせ • Jul 09EGR Exploration Ltd., Annual General Meeting, Sep 10, 2024EGR Exploration Ltd., Annual General Meeting, Sep 10, 2024.
お知らせ • Sep 28EGR Exploration Ltd. Announces Changes to its Board of DirectorsEGR Exploration Ltd. announced the appointment of Ashley Kirwan to the Board of Directors with immediate effect and she will join the Audit Committee. The Company also announced the resignation of Sven Gollan, who will transition to an advisory role at EGR. Ashley Kirwan is a co-founder and President &CEO of Orix Geoscience Inc., an award-winning geological consulting firm recognized for their technical excellence, industry partnerships, and workplace culture. Ashley is a professional geologist (PGO), with over 15 years of experience in the mining industry. She has worked throughout North and South America; as an Exploration Geologist with Bridgeport Ventures Inc. in Nevada, and on both exploration and underground projects with Quadra FNX Mining Ltd. (now KGHM International) in Sudbury, Ontario. In 2020, Ashley was recognized with the Young Mining Professionals Eira Thomas Award as one of the top mining industry leaders under the age of 40. Ms. Kirwan received a Bachelor of Science (Honours) in Geology and a Master of Science in Mineral Exploration from Laurentian University, and completed the ICD Rotman Directors Education Program.
お知らせ • Jun 30EGR Exploration Ltd., Annual General Meeting, Sep 01, 2023EGR Exploration Ltd., Annual General Meeting, Sep 01, 2023.
お知らせ • May 16EGR Exploration Ltd. announced that it has received CAD 0.95 million in fundingOn May 15, 2023, EGR Exploration Ltd. closed the transaction. The company amended the terms of the transaction. The company has issued 6,818,182 units at a price of CAD 0.11 per unit and 1,428,572 flow-through units at a price of CAD 0.14 per Flow-Through Unit for gross proceeds of CAD 950,000 . Each Unit consists of one common share of the Company and one half of one Common Share purchase warrant (each whole warrant and each Flow-Through Unit consists of one flow-through common share of the Company and a half Warrant. Each Warrant is exercisable by the holder thereof to acquire one Common Share at a price of CAD 0.22 for a period of 36 months expiring on May 15, 2026. Finder's fees of CAD14,649 was paid in cash and 129,900 finder's warrants were issued to certain eligible parties. Each finder's warrant is exercisable at CAD 0.11 for a period of 12 months expiring on May 15, 2024. Insiders are participating in the Offering for CAD 116,950. The Company is relying upon exemptions from the valuation and minority shareholder approval requirements contained in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. All securities issued with respect to the Offering will be subject to a hold period expiring on September 16, 2023.
Board Change • Nov 16No independent directorsThere are 8 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Owen Garfield is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors.
Board Change • Apr 27No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director James Forward was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
