New Risk • Jul 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (29% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (UK£14.8m market cap, or US$20.1m). Announcement • Jul 15
Kropz plc Announces Operational Update Kropz plc announced operational Update. The Elandsfontein mine continues to progress through its production ramp-up phase. As previously announced, record monthly production was achieved in March with over 40,000 tonnes of production. However, mining operations continue to be materially affected by variability in the ore body, including the nature and volume of slimes material, hard bank and pink ore encountered within the deposit. These conditions have resulted in slower mining rates and lower concentrate output in the quarter ended 30 June 2026. Production was also disrupted in the quarter due to availability of the mining contractor, which interrupted ore flow to the processing plant and constrained the operational flexibility required to sustain more stable production levels. Geopolitical tensions have created additional commercial headwinds with higher energy and consumable costs, and an increase in freight rates. Elandsfontein produced 95 956 tonnes of phosphate concentrate in quarter ended 30 June 2026 (115,686: quarter to 31 March 2026) representing a 17% decrease compared quarter to quarter. Sales for the period totalled 183,714 tonnes, and stock at the quarter end was higher than anticipated being approximately 94,000 tonnes. The operational issues, combined with the market factors described above, has given rise to a further working capital funding requirement. Consequently, the Company has entered into the Loan with UBI to support the group. The Loan will be used by Elandsfontein to fund its cashflow and operational expenditure needs. New Risk • Jul 06
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (29% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Market cap is less than US$100m (UK£20.6m market cap, or US$27.5m). 
