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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

ReconAfrica

REC · Namibian Stock Exchange · Consolidated statements

On this page
Company details
Legal name
Reconnaissance Energy Africa Ltd.
Listing
REC on the Namibian Stock Exchange, active (observed 2026-10-06)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 March

Overview

Year ended 31 March 2024 · audited financial statements, signed / final · source

Read with these figures

  • Going-concern warning. The auditor's report for the year ended 31 March 2024 states a material uncertainty about whether the company can continue as a going concern.
Full wording and sources

  • Auditor's report, year to 2024-03-31: material uncertainty related to going concern

    Material Uncertainty Related to Going Concern: We draw attention to Note 1 of the consolidated financial statements, which indicates that the Company does not have revenues sufficient to fund ongoing operations and the Company may be required to raise new financing through the sale of shares or issuance of debt to continue with its operations and to develop its assets. ... As stated in Note 1, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

    Source: Reconnaissance Energy Africa Ltd. Consolidated Financial Statements March 31, 2024 and March 31, 2023, p2 (dated 2024-07-29)

  • Revenue

    Not reported in this filing

  • Operating profit / (loss)

    Not reported in this filing

  • Profit / (loss) for the year

    CAD 41.1 million

    41,111,791 CAD units · p7

    Moved from loss to profit (FY to 31 Mar 2023: 72,948,141 CAD units)

  • Total assets

    CAD 142 million

    142,301,073 CAD units · p6

    −24.7% vs 2023

  • Total equity

    CAD 137 million

    136,854,884 CAD units · p6

    +64.2% vs 2023

  • Cash from operations

    −CAD 14.5 million

    (14,538,497) CAD units · p9

    Change not shown.

Large amounts are rounded for reading (CAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in CAD units unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 31 Mar 2024 — audited financial statements, signed / final; reported for the year · source
  • FY to 31 Mar 2023 — audited financial statements, signed / final; comparative in the FY to 31 Mar 2024 filing · source

Income statement

Income statement, CAD units. Columns: FY to 31 Mar 2024 — audited financial statements (signed / final), as reported for the year; FY to 31 Mar 2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY to 31 Mar 2024Audited financial statementsreported for the yearFY to 31 Mar 2023Audited financial statementscomparative in FY to 31 Mar 2024 filing
Resource property costs $12 (372,535) (2,288,332)
General and administration (Note 12) (14,966,878) (22,400,460)
Repairs and maintenance3 –4 (318,376)
Accretion (Note 10)5 (67,394) (14,424)
Share-based payments (Notes 9, 11)6 (5,866,146) (21,268,745)
Total expenses7 (21,272,953) (46,290,337)
Other income8 120,540 804,279
Exchange gain 69,282 (176,053)
Gain on sale of Renaissance Oil Corp. (Note 5)9 85,487,547 –10
Other items11 85,677,369 628,226
Deferred tax expense (Note 15) (123,918) (2,221)
(Income) loss from continued operations12 64,280,498 (45,664,332)
Loss from discontinued operations (Note 5)13 (23,168,707) (27,283,809)
(Income) loss 41,111,791 (72,948,141)
Translation adjustment (1,550,966) 2,526,550
(Income) loss and comprehensive (income) loss $14 39,560,825 (70,421,591)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_9ssevkhfekp4.total_expenses.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_9ssevkhfekp4.other_items_total.
Notes and alternative reported figures (12)
  1. “Resource property costs $” is an issuer-specific line, not mapped to a shared definition: Expense (stored negative).
  2. Printed under different labels across filings: “Resource property costs”; “Resource property costs $”.
  3. “Repairs and maintenance” is an issuer-specific line, not mapped to a shared definition: Expense; '-' for the year to March 31, 2024.
  4. “Accretion (Note 10)” is an issuer-specific line, not mapped to a shared definition: Note 10; accretion of decommissioning liabilities (expense).
  5. “Share-based payments (Notes 9, 11)” is an issuer-specific line, not mapped to a shared definition: Notes 9, 11 (expense).
  6. “Total expenses” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of the expenses.
  7. “Other income” is an issuer-specific line, not mapped to a shared definition: Within other items.
  8. “Gain on sale of Renaissance Oil Corp. (Note 5)” is an issuer-specific line, not mapped to a shared definition: Note 5; within other items.
  9. “Other items” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of other items.
  10. “(Income) loss from continued operations” is an issuer-specific line, not mapped to a shared definition: Printed '(Income) loss from continued operations'; stored with income positive.
  11. “Loss from discontinued operations (Note 5)” is an issuer-specific line, not mapped to a shared definition: Note 5; stored negative (a loss).
  12. Printed under different labels across filings: “(Income) loss and comprehensive (income) loss”; “(Income) loss and comprehensive (income) loss $”.

Balance sheet

Balance sheet, CAD units. Columns: FY to 31 Mar 2024 — audited financial statements (signed / final), as reported for the year; FY to 31 Mar 2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY to 31 Mar 2024Audited financial statementsreported for the yearFY to 31 Mar 2023Audited financial statementscomparative in FY to 31 Mar 2024 filing
Cash $1 2,076,749 38,814,806
Restricted cash2 –3 17,147,713
Trade receivables –3 7,587,176
Other receivables4 420,869 5,172,348
Prepaid expenses5 551,059 849,622
Current assets 3,048,677 69,571,665
Value-added tax receivable6 5,068,049 –7
Exploration and evaluation assets (Note 6)8 129,036,639 113,753,023
Property, plant and equipment (Note 7) 5,147,708 5,603,719
Total Assets $9 142,301,073 188,928,407
Accounts payable and accrued liabilities $10 3,350,163 7,807,604
Subscription received in advance (Note 17)11 472,190 –12
Royalties payable (Note 8)13 –12 94,948,453
Decommissioning liabilities (Note 10)14 586,397 730,443
Current liabilities 4,408,750 103,486,500
Decommissioning liabilities (Note 10)14 596,378 1,799,329
Deferred tax liability (Note 15) 441,061 316,168
Total Liabilities 5,446,189 105,601,997
Share capital (Note 11) 360,536,864 355,031,053
Reserves (Note 11)15 81,542,509 73,080,671
Deficit (305,998,519) (347,110,310)
Accumulated other comprehensive income ("AOCI")16 774,030 2,324,996
Total Shareholders' Equity 136,854,884 83,326,410
Total Liabilities and Shareholders' Equity $17 142,301,073 188,928,407
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (14)
  1. Printed under different labels across filings: “Cash”; “Cash $”.
  2. “Restricted cash” is an issuer-specific line, not mapped to a shared definition: Within current assets; printed '-' at March 31, 2024.
  3. “Other receivables” is an issuer-specific line, not mapped to a shared definition: Within current assets.
  4. “Prepaid expenses” is an issuer-specific line, not mapped to a shared definition: Within current assets.
  5. “Value-added tax receivable” is an issuer-specific line, not mapped to a shared definition: Printed after the current-asset subtotal (non-current); '-' at March 31, 2023.
  6. “Exploration and evaluation assets (Note 6)” is an issuer-specific line, not mapped to a shared definition: Note 6; non-current.
  7. Printed under different labels across filings: “Total Assets”; “Total Assets $”.
  8. Printed under different labels across filings: “Accounts payable and accrued liabilities”; “Accounts payable and accrued liabilities $”.
  9. “Subscription received in advance (Note 17)” is an issuer-specific line, not mapped to a shared definition: Note 17; current liability; '-' at March 31, 2023.
  10. “Royalties payable (Note 8)” is an issuer-specific line, not mapped to a shared definition: Note 8; current liability; '-' at March 31, 2024.
  11. “Decommissioning liabilities (Note 10)” is an issuer-specific line, not mapped to a shared definition: Note 10.
  12. “Reserves (Note 11)” is an issuer-specific line, not mapped to a shared definition: Note 11; share-based payment and other reserves.
  13. “Accumulated other comprehensive income ("AOCI")” is an issuer-specific line, not mapped to a shared definition: AOCI (cumulative translation).
  14. Printed under different labels across filings: “Total Liabilities and Shareholders' Equity”; “Total Liabilities and Shareholders' Equity $”.

Cash flow

Cash flow, CAD units. Columns: FY to 31 Mar 2024 — audited financial statements (signed / final), as reported for the year; FY to 31 Mar 2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY to 31 Mar 2024Audited financial statementsreported for the yearFY to 31 Mar 2023Audited financial statementscomparative in FY to 31 Mar 2024 filing
Income (loss) $12 64,280,498 (45,664,332)
Deferred tax expense (Note 15)3 123,918 2,221
Gain on sale of Renaissance Oil Corp. (Note 5)4 (85,487,547) –5
Accretion on decommissioning liabilities6 67,394 14,424
Share-based payments7 5,866,146 21,268,745
Unrealized foreign exchange8 132,670 216,405
Receivables9 (849,397) (3,192,414)
Prepaid expenses10 (170,600) 146,724
Accounts payable and accrued liabilities11 1,498,421 (654,112)
Net cash used in operating activities (14,538,497) (27,862,339)
Finder fees for sale of Renaissance Oil Corp. (Note 5)12 (276,400) –13
Investment in property, plant and equipment (284,686) (375,492)
Investment in exploration and evaluation assets14 (16,823,677) (50,927,456)
Net cash used in investing activities (17,384,763) (51,302,948)
Proceeds from the issuance of shares15 9,471,304 50,649,812
Share issue costs16 (1,369,801) (3,395,277)
Subscription received in advance17 472,190 –18
Net cash provided by financing activities 8,573,693 47,254,535
Impact of exchange rate changes on cash19 (17,120) 4,484
Net change in cash - continuing operations (23,366,687) (31,906,268)
Net change in cash - discontinued operations (Note 5)20 (8,755,727) 9,567,083
Cash - discontinued operations21 (4,615,643) (28,036,221)
Cash, beginning of period 38,814,806 61,153,991
Cash, end of period $22 2,076,749 10,778,585
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (19)
  1. “Income (loss) $” is an issuer-specific line, not mapped to a shared definition: Starting point of operating activities: income (loss) from continued operations.
  2. Printed under different labels across filings: “Income (loss)”; “Income (loss) $”.
  3. “Deferred tax expense (Note 15)” is an issuer-specific line, not mapped to a shared definition: Item not involving cash.
  4. “Gain on sale of Renaissance Oil Corp. (Note 5)” is an issuer-specific line, not mapped to a shared definition: Item not involving cash.
  5. “Accretion on decommissioning liabilities” is an issuer-specific line, not mapped to a shared definition: Item not involving cash.
  6. “Share-based payments” is an issuer-specific line, not mapped to a shared definition: Item not involving cash.
  7. “Unrealized foreign exchange” is an issuer-specific line, not mapped to a shared definition: Item not involving cash.
  8. “Receivables” is an issuer-specific line, not mapped to a shared definition: Change in non-cash working capital.
  9. “Prepaid expenses” is an issuer-specific line, not mapped to a shared definition: Change in non-cash working capital.
  10. “Accounts payable and accrued liabilities” is an issuer-specific line, not mapped to a shared definition: Change in non-cash working capital.
  11. “Finder fees for sale of Renaissance Oil Corp. (Note 5)” is an issuer-specific line, not mapped to a shared definition: Investing activities; '-' in the comparative period.
  12. “Investment in exploration and evaluation assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  13. “Proceeds from the issuance of shares” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  14. “Share issue costs” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  15. “Subscription received in advance” is an issuer-specific line, not mapped to a shared definition: Financing activities; '-' in the comparative period.
  16. “Impact of exchange rate changes on cash” is an issuer-specific line, not mapped to a shared definition: Included in the printed net change in cash of continuing operations.
  17. “Net change in cash - discontinued operations (Note 5)” is an issuer-specific line, not mapped to a shared definition: Note 5.
  18. “Cash - discontinued operations” is an issuer-specific line, not mapped to a shared definition: Cash of the discontinued operations removed.
  19. Printed under different labels across filings: “Cash, end of period”; “Cash, end of period $”.

Per share and shares

Per share and shares. Columns: FY to 31 Mar 2024 — audited financial statements (signed / final), as reported for the year; FY to 31 Mar 2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY to 31 Mar 2024Audited financial statementsreported for the yearFY to 31 Mar 2023Audited financial statementscomparative in FY to 31 Mar 2024 filing
Weighted average shares (shares)1 208,067,450 199,739,230
Notes and alternative reported figures (1)
  1. Weighted average shares: printed as “shares outstanding - basic and diluted”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Reconnaissance Energy Africa Ltd. Consolidated Financial Statements March 31, 2024 and March 31, 2023

    Year ended 31 March 2024 · Audited financial statements · signed / final

    Audit: Davidson & Company LLP (Vancouver, Canada), unmodified opinion · signed · includes a material-uncertainty paragraph

    Auditor's sign-off: Davidson & Company LLP; engagement partner Carmen Newnham

    Final status: Independent auditor's report to the shareholders of Reconnaissance Energy Africa Ltd. (PDF pp2-5): unmodified opinion on the consolidated financial statements (p2) with a material uncertainty related to going concern (p2); signed 'Davidson & Company LLP' (script signature), Chartered Professional Accountants, Vancouver, Canada, July 29, 2024; engagement partner Carmen Newnham (p5, page image). The statements were authorized for issue by the Board on July 29, 2024, approved by D. Jeffrey Harder and Joseph Davis, directors, whose names are typeset in quotation marks (name_printed_unsigned; p6, page image).

    Document date
    29 Jul 2024
    Auditor's report
    29 Jul 2024
    Board approval
    29 Jul 2024
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2024, FY to 31 Mar 2023
    Basis
    consolidated statements · CAD units (printed “Expressed in Canadian Dollars, unless otherwise stated”)
    • Printed 'Reconnaissance Energy Africa Ltd.' (pp1-10); the directory lists the Namibian Stock Exchange listing as 'Reconnaissance En Afr Ltd NM' (NSX REC), an abbreviation of the same name.
    • The comparative period is the 15-month period ended March 31, 2023 (columns 'Year Ended March 31, 2024' and '15-Month Period Ended March 31, 2023'). The income statement is printed as '(Income) loss' (expenses positive, income in brackets) and stored with the sign reversed. No total EPS is printed: basic & diluted (income) loss per share is printed separately for continued and discontinued operations. The cash-flow statement's cash at the end of the 15-month period (10,778,585) excludes the cash of the discontinued operations shown on the line above (28,036,221); together they equal cash in the statement of financial position at March 31, 2023 (38,814,806) and the cash at the beginning of the year to March 31, 2024. The cash checks for March 31, 2023 therefore fail as printed, and the closing-cash checks of both periods fail because the discontinued operations' net change and cash lines (printed below 'Net change in cash - continuing operations') are not part of the standard formula. Non-current assets and liabilities print no totals.
    Technical details
    File
    29 pages, with a text layer
    SHA-256
    e645a1ecf6505a9ec55f958aa29d20c19d3b15c4e67755934ba3ae9df9956c21
    Entity as printed
    Reconnaissance Energy Africa Ltd. ("ReconAfrica" or the "Company"), incorporated June 22, 1978 (note 1, p10)
    Issuer copy
    retrieved 2026-10-08T18:47:49Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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