New Risk • Mar 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 42% This is considered a major 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. Negative equity (-CA$378k). Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$1.14m market cap, or US$843.4k). Announcement • Mar 07
AFR NuVenture Resources Inc. announced that it has received CAD 0.15 million in funding On March 6, 2026, AFR NuVenture Resources Inc. closed the transaction. Board Change • Jan 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Doug Hunter was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 06
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. 1 experienced director. 3 highly experienced directors. Independent Director Doug Hunter 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. Announcement • Oct 02
AFR NuVenture Resources Inc. Announces Resignation of Errol Farr as CFO AFR NuVenture Resources Inc. announced that Errol Farr, the company's CFO, has submitted his resignation and has indicted that he is willing to assist with a) any transition and/or b) the completion of the audit and other financial reporting (Q1) or other future work on a fee for service basis as maybe arranged when a financing/business plan is worked out. The Company has not completed and filed its audited financial statements for the fiscal year ended May 31, 2025. The Company is commencing a search for a replacement CFO and would consider submissions from prospective candidates. New Risk • Apr 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major 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. Negative equity (-CA$160k). Earnings have declined by 71% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$484.2k market cap, or US$340.3k). Announcement • Apr 02
AFR NuVenture Resources Inc. announced that it has received CAD 0.041 million in funding On April 1, 2025. AFR NuVenture Resources Inc. has closed the transaction. it has issued 1,171,430 common shares of the Company were issued at a price of CAD 0.035 per share for gross proceeds of CAD 41,000. Announcement • Mar 25
AFR NuVenture Resources Inc., Annual General Meeting, May 21, 2025 AFR NuVenture Resources Inc., Annual General Meeting, May 21, 2025. Location: ontario, toronto Canada Announcement • Feb 13
AFR NuVenture Resources Inc. announced that it expects to receive CAD 0.175 million in funding AFR NuVenture Resources Inc announced a non brokered private placement basis, up to 5,000,000 common shares consisting of shares of the Company at a price of CAD 0.035 per share for aggregate gross proceeds of up to CAD 175,000 on February 13, 2025. The Offering is subject to the receipt of all necessary approvals, including approval of the Toronto Venture Exchange as well as the satisfaction of other customary closing conditions. All securities issued in connection with the Offering will be subject to a hold period which expires four months and one day after the date the securities are issued. It is anticipated that the closing of the Offering will occur on or about February 27, 2025. New Risk • Feb 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% 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$239k free cash flow). Shares are highly illiquid. Negative equity (-CA$160k). Earnings have declined by 71% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$921.5k market cap, or US$644.1k). Minor Risk Shareholders have been diluted in the past year (28% increase in shares outstanding). New Risk • Jan 30
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$239k 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$239k free cash flow). Shares are highly illiquid. Negative equity (-CA$160k). Earnings have declined by 71% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$360.8k market cap, or US$250.3k). Announcement • Nov 19
AFR NuVenture Resources Inc., Annual General Meeting, Jan 16, 2025 AFR NuVenture Resources Inc., Annual General Meeting, Jan 16, 2025. Location: ontario, toronto Canada New Risk • Nov 01
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CA$65k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-CA$65k). Earnings have declined by 81% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$270.6k market cap, or US$194.3k). Announcement • Sep 16
AFR NuVenture Resources Inc. announced that it expects to receive CAD 0.180387 million in funding AFR NuVenture Resources Inc. announced that it intends to offer for sale, on a non brokered private placement basis, securities of the company consisting of 18,038,681 shares at a price of CAD 0.01 per share for aggregate gross proceeds of up to CAD 0.18038681 million on September 16, 2024. The Offering is subject to the receipt of all necessary approvals, including the approval of the Toronto Venture Exchange. In connection with the Offering, the Company may pay finder’s fees equal to 6% of the gross proceeds in cash and issue 6% to various registered dealers or finder’s, representing up to 6% of the shares sold through such registered dealers or finders in the Offering. All of the securities issuable in connection with the Offering will be subject to a hold period expiring four months and one day after the date of issuance of the securities. It is anticipated that the first closing of the Offering will occur on or about September 30, 2024,with a final closing no later than October 28, 2024. Board Change • Jun 02
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. 3 experienced directors. 1 highly experienced director. Independent Director Doug Hunter 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. New Risk • Jan 30
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$268k 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$268k free cash flow). Shares are highly illiquid. Earnings have declined by 72% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$270.6k market cap, or US$201.8k). Announcement • Jan 06
AFR NuVenture Resources Inc., Annual General Meeting, Mar 06, 2024 AFR NuVenture Resources Inc., Annual General Meeting, Mar 06, 2024. Announcement • Jul 20
AFR Provides Update on Exploration in New Brunswick AFR NuVenture Resources Inc. provided a preliminary update on the ongoing diamond drilling program on its Utopia (Dam Lake) gold property in southwestern New Brunswick. A program of approximately 600 meters over several holes is testing a gold in overburden anomaly, which is defined over a 1 km strike length in an area previously surveyed by 34 overburden drill holes. The assay results from the previous overburden holes had values ranging up to 1.8 and 5.5 g/t in basal till. The significance of these results is that gold in till and soil have largely guided the discovery of gold and the exploration success of neighboring Galway Metals Inc. The subject area is a mirror image geologically to the setting at Clarence Stream where Galway Metals is conducting a major program of diamond drilling. The current updated resource by Galway Metals is now stated at more than 2 million ounces gold. There is little to no bedrock exposed at surface in the area of the drilling. The holes are being targeted on interpreted lithologies and structures known from regional geological mapping and historic airborne geophysics. There is no record of previous core drilling for the site. Initial exploration plans also include drill testing the Mactaquac property where placer gold wasdiscovered in a stream in 2017. Noranda reported up to 405 ppb gold in soils near the Mactaquaclocation and subsequent MMI and standard soil survey results show the presence of anomalousgold. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director David Mason was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director David Mason was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 07
AFR NuVenture Resources Inc. Completes the Field Work on Its Geophysical Program At the Silver Bell-St. Lawrence Project Near Virginia City, Montana AFR NuVenture Resources Inc. announced that it has completed the field work on its geophysical program at the Silver Bell-St. Lawrence project near Virginia City, Montana. The program, being conducted by Clark Jorgensen of Big Sky Geophysics, Bozeman, Montana in consultation with Dr. John Childs, included magnetic and resistivity/induced polarization (IP) surveys. The purpose of the program is to attempt to identify and define mineralized veins and establish drill targets on the Project. The Company is awaiting the processing of the data obtained from the field work and will provide an update when the results are received. Announcement • Dec 12
AFR NuVenture Resources Inc. Commences IP and Mag Survey AFR NuVenture Resources Inc. announced that it has commenced a geophysical program at the Silver Bell-St. Lawrence ("SBSL") project (the "Project") near Virginia City, Montana. The program will include magnetic and resistivity/induced polarization (IP) surveys. The purpose of the program is to attempt to identify and define additional sulfide-bearing veins or other mineralization, and establish drill targets. As has been reported earlier, the Project hosts two past producing gold-silver mines, the Silver Bell Mine on the west and the St. Lawrence Mine on the east. Both mines operated in the early 1900s and the St. Lawrence was reactivated and operated in the early 1980s. Historical production records are incomplete but available information suggests that historical production at the St. Lawrence was approximately 0.22 ounces per ton ("opt") gold and 3.8 opt silver. Smelterreceipts for small shipments from the St. Lawrence indicate that some ore with much higher grades was shipped. For example, a smelter receipt from October 30, 1964, states that 8.027 tons were received grading 0.76 opt gold and 20.0 opt silver. Historical production at the Silver Bell averaged approximately 0.2 opt gold and 15.1 opt silver. The shafts for each of the former mines are located 3,600 feet apart and the exploration hypothesis is that the two mines shared mineralized systems that may in part be contiguous. A VLF geophysical survey and surface sampling in 2011, and follow-on surface sampling in 2019 support this initial hypothesis and indicate an offset extension of the vein system farther east along strike from the St. Lawrence mine. In November 2019 a total of 2,111.5 feet of core drilling was completed in 12 holes sited east and west along strike from the headframe of the former St. Lawrence mine and results of this program were reported in a NI-43-101 technical report. The holes were designed to test the depth, extent, thickness, and grade of the vein system that was worked previously on at least two levels from an inclined shaft at the headframe. In addition, geologic mapping, and surface sampling of veins, wall rocks, and dumps was completed. This was the first drilling program conducted on SBSL by the Company. Nine (9) vein intercepts were encountered ranging from 0.21 meters in core width to 2.8 meters and an average thickness of 1.17 meters. Average weighted values for the 9 intercepts were 4.94 g/T Au and 65.35 g/T Ag. A 34.4 g/T Au intercept was encountered 40 meters down the dip of the veins from the 150 Level of the old workings demonstrating both the potential for grade and the potential at depth. A 34.4 g/T Au over 0.61 meters (core width) intercept was encountered at the western limit of the 2019 drill pattern and should be tested for the potential of a high-grade ore shoot based on that drill result and recent geologic mapping. An untested mineralized fault zone east of the mine was identified through geologic mapping and is coincident with the strongest VLF geophysical response on the property. This is a high priority drill target. Drilling in 2019 tested only 150 meters of the approximately 1,100 meters of known strike length along the SBSL vein system. Additional geologic mapping, surfacesampling and drilling is recommended along the undrilled sections of the veins. Several of the holes, including SL 19-4C and SL 19-12C intercepted additional veins that do not appear to correlate with the two veins in the historical workings, opening the possibility of a multiple-vein system.These vein intercepts also reported strongly anomalous base metal values up to 460 ppm copper, 2060 ppm zinc, and 7400 ppm lead. Board Change • Sep 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director David Mason was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 22
African Metals Corporation announced that it has received CAD 0.3 million in funding On May 21, 2021, African Metals Corporation (TSXV:AFR.H) closed the transaction. The transaction included participation from officers and directors for an aggregate of 3,000,000 shares for proceeds of CAD 225,000 including Simeon Tshisangama, CEO subscribed for 1,230,000 common shares, John F. O’Donnell,
Chairman of the Board subscribed for 1,000,000 common shares, DVM Finance Inc for 700,000 common shares and Errol Farr, CEO subscribed for 70,000 common shares. Announcement • Mar 25
African Metals Corporation announced that it expects to receive CAD 0.3 million in funding African Metals Corporation (TSXV:AFR.H) announced a private placement of 4,000,000 shares at CAD 0.075 per share for gross proceeds of CAD 300,000 on March 23, 2021. The shares are issued on discount to current market price. The transaction may include participation from the directors of the Company. The transaction is subject to the approval of all necessary regulatory approvals, including that of the TSX venture exchange, and other usual closing conditions. In connection with the transaction, the company may pay finder's fee. All common shares issued under the transaction will be subject to a four-month plus one day hold period. The transaction is expected to close within 45 days. The Company will not be paying a finder's fee or commissions in connection with the proposed transaction. Announcement • Feb 17
African Metals Corporation, Annual General Meeting, Mar 17, 2021 African Metals Corporation, Annual General Meeting, Mar 17, 2021, at 11:00 Pacific Standard Time. Agenda: To receive and consider the audited financial statements of the Company for the financial years ended May 31, 2016, May 31, 2017, May 31, 2018, May 31, 2019 and May 31, 2020, and the auditor's reports thereon; to re-appoint Davidson & Company LLP, Chartered Professional Accountants, as the Company's auditor for the upcoming year, at a remuneration to be fixed by the directors of the Company ; to set the number of directors of the Company for the upcoming year at three; to elect directors of the Company to hold office for the upcoming year; to approve, ratifying and confirming amendments to the "rolling" stock option plan of the Company; and to transact such other business as may properly come before the Meeting or at any adjournment thereof. Announcement • Feb 12
African Metals Corporation Appoints Simeon Tshisangama as President The board of directors of the African Metals Corporation confirmed the appointment of Simeon Tshisangama as President of the company effective July 18, 2016. Mr. Tshisangama has been a director of the company since September 20, 2010 and Chief Executive Officer (CEO) of the company since July 18, 2016. The appointment as President is meant to recognize the intention of the company at the time of Mr. Tshisangamas previous appointment as CEO. Announcement • Feb 06
African Metals Corporation Appoints John F. O'donnell as Chairman of the Board African Metals Corporation announced that John F. O'Donnell has been appointed as Chairman of the Board of the Company. Mr. O'Donnell has been a director of the Company since July 18, 2016. 
