WorldStage– Critical Minerals Financing Corp Plc (CMFC), previously Deap Capital Management & Trust Plc, released its unaudited condensed interim financial statements for the nine months ended 30 June 2026 with a significantly wider loss, even as fee income rose sharply.
The deterioration was driven primarily by a steep increase in administrative expenses that far outpaced revenue growth.
Fee and commission income improved markedly compared with the same period in 2025 and the full prior financial year (which recorded only ₦3.1 million in income).
This reflects better activity in the company’s funds management, advisory, and related services.However, administrative expenses ballooned to ₦230.6 million for the nine months — more than 14 times the ₦15.4 million recorded in the comparative period.
These elevated operating costs more than absorbed the higher fee income, producing a pre-tax loss of ₦148.1 million versus a much smaller ₦15.4 million loss a year earlier. After modest investment income and fair-value gains, the bottom-line loss settled at ₦141.7 million.
The cost surge appears linked to the company’s ongoing repositioning (including the March 2026 board overhaul and strategic shift toward critical minerals financing), though the interim statements do not provide a detailed breakdown of the administrative expense increase.
While the income-statement performance was weak, the balance sheet strengthened dramatically thanks to a ₦6 billion deposit for shares. Cash jumped from ₦2.4 million to over ₦6.08 billion, and total equity swung from a deficit of about ₦2.33 billion to a positive ₦4.30 billion. This capital injection provides a stronger liquidity cushion as the company continues its transition.
Higher fee income was a positive development, but it was overwhelmed by sharply elevated administrative costs, resulting in substantially wider losses for both the third quarter and the nine-month period.
The results highlight the cost of the company’s strategic reset even as its balance sheet has been significantly reinforced.
Major balance-sheet development
The standout feature is a large Deposit for Shares of ₦6 billion, which drove cash balances from just ₦2.4 million to over ₦6.08 billion and flipped total equity from a deficit of ~₦2.33 billion to a positive ₦4.30 billion. Share capital and premium also increased substantially. This reflects a significant capital injection supporting the company’s repositioning.Other notes
New directors were appointed on 12 March 2026 (including Chairman Mr. Lamon Rutten and President/CEO Dr. Israel Ovirih), with several previous directors retiring the same day.
The company remains engaged in funds management, portfolio management, capital market/financial advisory services, and leasing, with a strategic shift toward critical minerals financing.
Key numbers (₦’000) Nine months ended 30 June
| Item | 2026 | 2025 | Change |
| Fees & commission / Total income | 82,641 | Low base (prior-period income was minimal) | Strong rise |
| Administrative expenses | (230,596) | (15,429) | Sharp increase |
| Finance costs | (166) | (15) | — |
| Loss before taxation | (148,121) | (15,444) | Much wider |
| Other income (investment + fair value) | ~6,863 | — | — |
| Loss for the period | (141,694) | +436 (small profit after other items) | Turned to substantial loss |
| Basic EPS | (6) kobo | 0 kobo | — |
Third quarter alone (3 months to 30 June 2026)
- Total income: ₦63.6 million
- Administrative expenses: ₦113.4 million
- Loss for the quarter: ₦49.8 million (EPS: –2 kobo)
- resulting in a wider loss.
Statement of Financial Position (as at 30 June 2026 vs 30 September 2025)
| Item | 30 Jun 2026 | 30 Sep 2025 |
| Cash and cash equivalents | 6,078,352 | 2,415 |
| Total assets | 6,540,435 | 303,479 |
| Ordinary share capital | 1,284,820 | 750,330 |
| Share premium | 1,720,571 | 448,484 |
| Retained earnings/(loss) | ~ (4.7 billion) | ~ (5.2 billion) |
| Deposit for shares | 6,000,000 | 1,689,104 |
| Total equity | 4,299,555 | (2,325,697) |
| Total liabilities | 2,240,880 | 2,629,175 |
