BAOBAB STEEL LIMITED

• ◆

  Material uncertainty over going concern

  The Directors have therefore concluded that it is appropriate to prepare the Group's financial statements on a going concern basis. However, in the absence of the additional funding being in place these conditions indicate the existence of a material uncertainty which may cast significant doubt over the Group's and Company's ability to continue as a going concern.

• ·

  Going-concern uncertainty disclosed

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  Negative shareholders' funds

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

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.

1. BAOBAB STEEL LIMITED 2021-08-27 → present
2. BAOBAB RESOURCES LIMITED 2015-07-15 → 2021-08-27
3. BAOBAB RESOURCES PLC 2005-11-11 → 2015-07-15
4. BOABAB RESOURCES PLC 2005-10-12 → 2005-11-11

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

RPG Crouch Chapman LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have therefore concluded that it is appropriate to prepare the Group's financial statements on a going concern basis. However, in the absence of the additional funding being in place these conditions indicate the existence of a material uncertainty which may cast significant doubt over the Group's and Company's ability to continue as a going concern.”

Group structure

1. BAOBAB STEEL LIMITED · parent
   1. Maputo Minerals Limited 100% · British Virgin Islands · Corporate shareholder of Capitol Resources Lda
   2. Mocambique Resources Limited 100% · British Virgin Islands · Corporate shareholder of Capitol Resources Lda
   3. Capitol Resources Lda 100% · Mozambique · Holds mining assets and interests in Mozambique
   4. Mayfair Mineral Exploration Lda 100% · Mozambique · Holds mining assets and interests in Mozambique
   5. Capitol Iron and Steel Lda 100% · Mozambique · Incorporated to hold the Group's Iron & Steel operations
   6. Baobab Global Trading FZE 100% · United Arab Emirates · Incorporated to manage future marketing activities

Significant events

• “The Group drew down US$100,000 on 17 July 2025, US$150,000 on 23 September 2025, US$150,000 on 29 January 2026 and US$125,000 on 28 May 2026 against the bridge facility with AMED Fund I, as described in note 11 in the consolidated accounts, to meet ongoing working capital requirements.”
• “The board approved the issue of news shares totaling 3,768,657 on 19 December 2025.”

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

Filings

2

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.