CMFC Shows Bright Prospects Three Months after Transformation

Three months after shareholders approved the transformation from Deap Capital Management & Trust Plc to Critical Minerals Financing Corp Plc (CMFC), the company has begun demonstrating promising prospects as evidenced by its latest financial results for the nine months ended June 30, 2026. Following the entry of Banklink Africa Private Equities Limited as a core investor, CMFC has emerged as a specialized financing and investment banking institution dedicated to fostering Africa's critical minerals, metals, and commodities sectors.

The unaudited interim financial statements of CMFC, submitted to the NGX on August 5, revealed that the company has started earning income and closing the period with a substantial cash position. In contrast to the zero income recorded for the nine months ended June 2025, CMFC ended September 2026 with an income of N82.641 million.

Notably, 90% of this earnings were generated between March and June 2026. Moreover, CMFC closed the period with a robust cash position exceeding N6 billion, providing a favorable opportunity for additional income generation in the coming months.

In addition to the improved financial position, CMFC has successfully paid off the AMCON negotiated debt of N430 million, which previously required a payment of N2.5 billion. AMCON, which previously held 16% of the paid-up capital, is no longer a shareholder in the company, relieving the financial impact of its troubled past. Banklink Africa Private Equities Limited, now the majority shareholder, has committed a total of N6 billion to facilitate the company's corporate transition.

Traders on the Nigeria Exchange Limited (NGX) have responded positively to these developments, with more than 1.44 billion shares of CMFC having been traded since August 2025, representing a turnover of 97% compared to 946 million shares traded between May 2023 and July 2025. The stock has also become highly liquid, with daily trades exceeding 190 transactions since the influx of new investors.

The share price has risen from N1.35 per share in the first week of August 2025 to N11.43 on January 31, 2026 before declining to the current level of N3.01 on August 5, 2026.

CMFC's financial turnaround has been extraordinary, with the company's shareholders' funds improving from a negative N2.3 billion as of September 30, 2025 to a positive N4.3 billion as of June 30, 2026 – a remarkable increase of 272%. This asset base enhancement has led to a positive net asset per share, which has risen from negative 155 kobo as of September 30, 2025 to positive 167 kobo as of June 2026 – a favorable change of 208%.

The Chairman of CMFC, Mr. Lamon Rutten, who assumed his position in March 2026, has emphasized the company's sharpened focus on capital structuring, investment banking, transaction advisory, project development support, and financing solutions for stakeholders across various critical mineral sectors. Rutten, a globally recognized expert in commodity markets, structured commodity finance, and exchange development, has led several prominent exchanges, including the Saudi Mining Exchange and Mumbai Commodity Exchange (MCX).

His appointment reflects a strategic shift towards delivering world-class solutions to mining and metals companies operating in Africa.

Market analysts view the transformation of CMFC as an exciting development for shareholders going forward. The new board members and management are seen as instrumental in addressing the significant financing and transaction-structuring gap within Africa's mining industry, combining global financial expertise, sector-specific knowledge, and strategic partnerships to drive growth and innovation.