Background: The impact of International Financial Reporting Standards (IFRS) on financial reporting quality and investor decision-making has been a subject of significant academic interest. Understanding the unique attributes and dynamics of these markets is crucial for optimizing investment strategies and achieving financial goals. 

Aim: Considering this, this study assessed the impact of IFRS 6 on investors' returns by focusing on African firms engaged in exploration and evaluation activities. 

Methodology: The study employed an ex-post facto research design, and data were collected from secondary sources, specifically the financial reports of the investigated firms. The study population included 76 African-listed extractive firms as of December 31, 2022. A purposive sampling technique was used to select 59 firms based on data availability. The study covered a period of 11 years spanning from 2012-2022. This period was chosen to ensure robust analysis. Secondary data collected from the annual reports of the investigated firms were analyzed using descriptive statistics and robust regression. 

Findings: The findings revealed that IFRS 6 positively and significantly affected debt repayment but negatively impacted return on equity (ROE) and return on sales (ROS). The analysis also showed a positive but statistically insignificant relationship between IFRS 6 and the share price. Finally, IFRS 6 had a negative but statistically insignificant effect on equity capital raised.

Contributions: This study makes significant contributions to government regulations by providing empirical evidence on the impact of IFRS 6 on investor returns in African extractive firms. The findings can help policymakers tailor regulations to ensure that the application of IFRS 6 in the extractive sector promotes transparency, improves financial outcomes, and enhances debt repayment abilities. By understanding how IFRS 6 affects key financial metrics, regulatory bodies can better design policies to ensure that firms are held accountable for their exploration and evaluation activities, fostering a more stable and well-regulated investment environment. Secondly, the study offers insights into the practical effects of IFRS 6 on financial reporting and profitability metrics such as ROE and ROS. 

Recommendations
Regulators: Regulatory bodies in Africa should revise or provide guidelines on IFRS 6 to ensure its implementation enhances financial performance and investor outcomes, potentially by incorporating measures to improve profitability recognition.

Stakeholders: Stakeholders, including investors and financial analysts, should be educated on IFRS 6 to better understand its impact on financial reporting and decision-making. 

Researchers: Future studies should explore the underlying factors influencing the negative impact of IFRS 6 on ROE and ROS, as well as the insignificant effects on equity capital raised. Investigating other relevant financial standards and their interactions with IFRS 6 may yield deeper insights into financial performance in the extractive sector. Lastly, the regulatory bodies in Africa should consider revising or providing guidelines on the application of IFRS 6 to ensure that its implementation supports better financial performance and investor outcomes, potentially by including additional measures that enhance profitability recognition.