New Risk • Apr 16
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 Canadian stocks, typically moving 15% 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 Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$129.3m market cap, or US$94.3m). Announcement • Apr 14
Falcon Energy Materials plc, Annual General Meeting, Jun 18, 2026 Falcon Energy Materials plc, Annual General Meeting, Jun 18, 2026. Announcement • Apr 10
Falcon Energy Materials plc announced that it expects to receive $70 million in funding Falcon Energy Materials plc entered into a non-binding term sheet with a Tier 1 strategic and financial partner for a private placement to issue common shares for the proceeds of $70 million on April 9, 2026. The completion of the transaction remains subject to the negotiation and execution of agreements, completion of due diligence and receipt of all applicable approvals, including approval of the TSX Venture Exchange and receipt of all required regulatory New Risk • Feb 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% 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 Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Revenue is less than US$1m. Announcement • Feb 10
Falcon Energy Materials plc announced that it expects to receive CAD 25 million in funding Falcon Energy Materials plc announced a non-brokered private placement to issue 41,666,667 units at a price of CAD 0.60 per Unit for gross proceeds of CAD 25,000,000.2 on February 9, 2026. Each Unit will be comprised of one ordinary share and one non-transferable share purchase warrant. Each Warrant grants the holder the right to purchase, for a period of 36 months from the date of closing, one additional Share at a price of CAD 0.75 per Warrant Share. The Private Placement will be subject to standard regulatory approvals and conditions, including but not limited to, the receipt of all necessary approvals of the TSX Venture Exchange (the “TSXV”). All securities issued under the Private Placement will be subject to a statutory four-month hold period in accordance with applicable Canadian securities laws. No commissions will be payable in connection with the Private Placement. The Company expects that insiders of the Company may participate in the Private Placement. Breakeven Date Change • Dec 31
Forecast to breakeven in 2028 The analyst covering Falcon Energy Materials expects the company to break even for the first time. New forecast suggests the company will make a profit of CA$143.0m in 2028. Average annual earnings growth of 107% is required to achieve expected profit on schedule. New Risk • Nov 20
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$7.8m 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$7.8m free cash flow). Earnings have declined by 21% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$82.2m market cap, or US$58.5m). Board Change • Jul 02
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. 3 experienced directors. 3 highly experienced directors. Non-Independent Director Emma Le Ster 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. New Risk • May 29
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$5.5m 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$5.5m free cash flow). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$64.6m market cap, or US$46.8m). New Risk • May 12
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 Canadian stocks, typically moving 14% 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 Earnings have declined by 4.2% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (CA$69.6m market cap, or US$49.7m). New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 1.8% 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 Earnings have declined by 1.8% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$73.3m market cap, or US$53.2m). Announcement • Apr 09
Falcon Energy Materials plc, Annual General Meeting, Jun 09, 2025 Falcon Energy Materials plc, Annual General Meeting, Jun 09, 2025. Location: abu dhabi United Arab Emirates Announcement • Mar 25
Falcon Energy Materials plc announced that it has received CAD 6.524899 million in funding On March 4, 2025, Falcon Energy Materials plc closed the transaction. The company announced that it has issued 10,874,832 Units at an issue price of CAD 0.60 for gross proceeds of CAD 6,524,899.2. Each unit will be comprised of one ordinary share of the company and one non-transferable share purchase warrant . Each warrant grants the holder the right to purchase, for a period of 36 months from the date of closing, one additional share at a price of CAD 0.75 per warrant share. All securities issued under the Private Placement will be subject to a statutory four-month hold period in accordance with applicable Canadian securities laws until July 25, 2025. Notably, no commissions were paid in connection with the Private Placement. The participation of La Mancha Fund SCSp (acting via its wholly owned subsidiary, “La Mancha”) in the Private Placement is irrevocable and has been closed in escrow, subject only to the approval of the disinterested Company shareholders (the “Shareholders’ Approval”) at the Company’s next
annual general meeting of shareholders. The Private Placement remains subject to receipt of the final approval from the TSX Venture Exchange. Announcement • Mar 17
Falcon Energy Materials plc announced that it expects to receive CAD 6 million in funding Falcon Energy Materials plc announced a non-brokered private placement to issue 10,000,000 units at an issue price of CAD 0.60 per unit for aggregate gross proceeds of CAD 6,000,000 on March 17,2025.Each unit will be comprised of one ordinary share of the company and one non-transferable share purchase warrant . Each warrant grants the holder the right to purchase, for a period of 36 months from the date of closing, one additional share at a price of CAD 0.75 per warrant share. The transaction involves the participation of largest shareholders and industry partners. Securities issued are subject to regulatory body approval and will have four month hold period. The transaction is expected to close on, or before, March 24, 2025. Recent Insider Transactions Derivative • Oct 09
Independent Director exercised options to buy CA$53k worth of stock. On the 4th of October, Olivier Colom exercised options to buy 78k shares at a strike price of around CA$0.68, costing a total of CA$53k. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. As of today, Olivier currently holds no shares directly. This was the only transaction from an insider over the last 12 months. Announcement • Oct 07
Falcon Energy Materials plc Announces Boards Changes Falcon Energy Materials plc announced the appointment of Mrs. Emma Le Ster to the Company's Board of Directors effective October 7, 2024. Additionally, the Company has accepted the resignation of Mr. Olivier Colom from the Board also effective October 7, 2024. New Risk • Jul 30
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 Canadian stocks, typically moving 12% 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 Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Market cap is less than US$100m (CA$57.5m market cap, or US$41.5m). Announcement • Mar 16
SRG Mining Inc., Annual General Meeting, May 17, 2024 SRG Mining Inc., Annual General Meeting, May 17, 2024. New Risk • Jul 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% 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 Risk Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (CA$86.6m market cap, or US$65.4m). Price Target Changed • Jul 14
Price target increased by 25% to CA$1.25 Up from CA$1.00, the current price target is provided by 1 analyst. New target price is 44% above last closing price of CA$0.87. Stock is up 14% over the past year. The company posted a net loss per share of CA$0.054 last year. Announcement • Jul 12
SRG Mining Inc. announced that it expects to receive CAD 16.933428 million in funding from Carbon ONE New Energy Group Co., Ltd SRG Mining Inc. announced that it has entered into agreement for a private placement of 28,222,380 shares at an issue price of CAD 0.60 per share for proceeds of CAD 16,933,428 on July 10, 2023. The transaction will include participation from new investor Carbon ONE New Energy Group Co., Ltd for 19.4% stake. The transaction is subject to approval by the TSX Venture Exchange, other customary closing conditions, recordals and registration with certain Chinese regulatory agencies as well as the Canadian Government, namely pursuant to a voluntary notification filing pursuant to the Investment Canada Act. Completion of the transaction is expected to occur by Q1 2024. The common shares will be subject to a four month and one day hold period from the date of their issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Board Change • May 13
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. 6 experienced directors. No highly experienced directors. Independent Director Alhamdou Diagne was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Feb 10
New 90-day high: CA$0.85 The company is up 91% from its price of CA$0.45 on 11 November 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: CA$0.66 The company is up 32% from its price of CA$0.50 on 04 September 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 8.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: CA$0.45 The company is down 37% from its price of CA$0.71 on 16 July 2020. The Canadian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period.