Ellah Lakes Cash Flow Statement

Financials in millions NGN. Fiscal year is August - July.

Millions NGN. Fiscal year is Aug - Jul.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Jul '25 Jul 31, 2025	Jul '24 Jul 31, 2024	Jul '23 Jul 31, 2023	Jul '22 Jul 31, 2022	Jul '21 Jul 31, 2021
Net Income	-1,324	-1,596	-893.72	-849.32	-1,004	-562.92
Depreciation & Amortization	1.1	4.62	3.85	4.41	4.22	2.03
Asset Writedown & Restructuring Costs	-247.48	-44.15	164.6	-	-	-
Other Operating Activities	867.43	-11.76	834.62	-255.66	15.86	0.9
Change in Accounts Receivable	-44.37	-54.88	-15.26	-0.19	151.24	-384.97
Change in Inventory	-	96.26	-96.26	4.08	0.3	-4.38
Change in Accounts Payable	-27.1	-444.12	-19.41	747.9	169.88	17.35
Change in Other Net Operating Assets	-13.24	570.51	-264.55	-142.07	118.33	-212.31
Operating Cash Flow	-787.18	-1,480	-286.14	-490.85	-544.46	-1,144
Capital Expenditures	-130.24	-1,649	-212.03	-16.75	-	-2,236
Investment in Securities	-	-	-	1.83	-	-
Other Investing Activities	-1,130	-	147.5	-10.05	-	-
Investing Cash Flow	-1,260	-1,649	-64.53	-24.97	-	-2,236
Short-Term Debt Issued	-	-	-	-	368.58	556.47
Long-Term Debt Issued	-	7,056	-	38.3	28.64	940
Total Debt Issued	1.28	7,056	-	38.3	397.22	1,496
Short-Term Debt Repaid	-	-713.32	-245.77	-699.52	-	-
Long-Term Debt Repaid	-	-210.58	-550.33	-94	-	-29.14
Total Debt Repaid	-53.06	-923.9	-796.09	-793.52	-	-29.14
Net Debt Issued (Repaid)	-51.78	6,132	-796.09	-755.21	397.22	1,467
Issuance of Common Stock	-	3,092	2,186	1,187	100	2,200
Other Financing Activities	-0	-438.47	-802.16	-	-149.72	-0.28
Financing Cash Flow	-51.78	8,786	587.72	431.64	347.5	3,667
Miscellaneous Cash Flow Adjustments	-0	-0	-	-	-	-
Net Cash Flow	-2,099	5,657	237.05	-84.18	-196.97	287.26
Free Cash Flow	-917.42	-3,129	-498.17	-507.6	-544.46	-3,380
Free Cash Flow Margin	-886.20%	-4662.29%	-63868.08%	-	-	-
Free Cash Flow Per Share	-0.29	-0.80	-0.18	-0.26	-0.28	-1.68
Levered Free Cash Flow	-	-2,942	-757.94	-15.2	-19.23	-2,954
Unlevered Free Cash Flow	-	-2,910	-665.68	126.6	336.14	-2,810
Change in Working Capital	-84.72	167.77	-395.48	609.73	439.76	-584.31

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.