KROPZ PLC

• ⚠

  Material uncertainty over going concern

  We drew attention to note 2(e) in the financial statements, which indicates that the group will require additional funding in the coming twelve months to meet their ongoing cash requirements. Production remains in the ramp up phase and operations will not yet net cash generative. Whilst the directors anticipate there will be sufficient funds through a number of sources, including a convertible loan note, a loan facility from ARC and the capital raising, a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We drew attention to note 2(e) in the financial statements, which indicates that the group will require additional funding in the coming twelve months to meet their ongoing cash requirements. Production remains in the ramp up phase and operations will not yet net cash generative. Whilst the directors anticipate there will be sufficient funds through a number of sources, including a convertible loan note, a loan facility from ARC and the capital raising, a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern.”

Group structure

1. KROPZ PLC · parent
   1. Kropz SA (Pty) Limited 100% · South Africa · Intermediate holding company
   2. Elandsfontein Land Holdings (Pty) Ltd 66.63% · South Africa · Property owner
   3. Kropz Elandsfontein (Pty) Ltd 69.68% · South Africa · Phosphate exploration and mining
   4. Cominco Resources Limited 100% · BVI · Intermediate holding company
   5. Cominco S.A. 100% · RoC · Development
   6. Cominco Resources (UK) Ltd 100% · England and Wales · Service company

Significant events

• “Elandsfontein mine continues in trial production with challenges expected as it progresses towards full production.”
• “Elandsfontein achieved record production of 33,000 tonnes in January 2025, contributing to 309,959 tonnes for the year ended 31 March 2025.”
• “Sales volumes were below expectations due to stock on hand, ore variability, and lower production yields.”
• “A significant write-down in declared Ore Reserves from 2018 to 2022 was partially reversed in the 2023 Ore Reserve estimate due to additional infill drilling.”
• “The Company is actively identifying funding solutions and optimizing development plans for the Hinda Project.”
• “Kropz Elandsfontein (Pty) Ltd and ARC Fund agreed to ZAR 170 million (US$ 9 million) bridge loan facility, drawn at 31 March 2025.”
• “On 11 July 2024, Kropz Elandsfontein and ARC Fund agreed to a further ZAR 140 million (US$ 8 million) loan facility, drawn at 31 March 2025.”
• “On 21 May 2025, Kropz announced a legal stay with THE and Meridian regarding ongoing litigation, extended to 31 December 2025.”
• “On 21 May 2025, Kropz Elandsfontein and ARC Fund agreed to a further ZAR 130 million (US$ 6.7 million) loan facility, drawn at 30 May 2025.”
• “On 12 July 2025, Kropz Elandsfontein and ARC Fund agreed to a further ZAR 200 million (US$ 11.4 million) loan facility, with ZAR 170 million drawn at the report date.”
• “A second draw-down of ZAR 75 million of the bridge loan facility was made on 2 April 2024 and the third and final draw down of ZAR 37 million was made on 22 April 2024. The loan was fully drawn and settled as part of the group restructuring.”
• “The first draw down on the ZAR 140 million bridge loan facility was ZAR 80 million on 4 July 2024, with a second draw down of ZAR 60 million on 22 August 2024. The loan was fully drawn and settled as part of the group restructuring.”
• “To settle remaining ARC bridge and term loans, Kropz issued a convertible loan note (CLN) of ZAR 821,250,125.”
• “The first draw down on the ZAR 130 million bridge loan facility was ZAR 50 million on 25 April 2025, with subsequent drawdowns of ZAR 30 million on 9 May 2025 and ZAR 50 million on 30 May 2025.”
• “The first draw down on the ZAR 200 million bridge loan facility was ZAR 60 million on 15 July 2025, with subsequent drawdowns of ZAR 30 million on 13 August 2025 and ZAR 80 million on 27 August 2025.”
• “The 2024 AGM for the shareholders of the Company was held on 27 September 2024 to consider five ordinary resolutions and two special resolutions.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.