Results for the Year Ended 31 December 2025

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Bruce Garlick	Executive Chairman	Appointed 21 January 2026 Served as Non-Executive Director from 11 September 2025
Elizabeth Henson	Non-executive Director	Appointed 4 August 2023
Michael Carter	Non-executive Director	Appointed 16 December 2025
Belinda Murray	Non-executive Director	Appointed 11 September 2025; Resigned 21 February 2026
Guy Robertson	Executive Chairman	Appointed 26 April 2023; Resigned 1 October 2025
Robert Mosig	Non-Executive Director	Appointed 15 March 2024; Resigned 1 October 2025

Director	Ordinary shares at 31 December 2025	Options at 31 December 2025
Bruce Garlick	-	-
Elizabeth Henson	14,455,722	65,000,000
Belinda Murray	-	-
Michael Carter	-	-

	Percentage
HARGREAVES LANSDOWN (NOMINEES) LIMITED	22.54%
INTERACTIVE INVESTOR SERVICES NOMINEES LIMITED	15.35%
HSDL NOMINEES LIMITED	8.59%
VIDACOS NOMINEES LIMITED	6.78%
JIM NOMINEES LIMITED	6.58%
LAWSHARE NOMINEES LIMITED	5.60%
PERSHING NOMINEES LIMITED	5.49%
BARCLAYS DIRECT INVESTING NOMINEES LIMITED	3.84%
FISKE NOMINEES LIMITED	3.75%

Grant date	Expiry date	Exercise price Pence	Number under option
26-Sep-22	26-Sep-26	0.80	65,000,000
26-Sep-22	26-Sep-26	1.00	72,500,000
26-Sep-22	26-Sep-26	1.20	80,000,000
26-Sep-22	26-Sep-26	1.40	72,500,000
07-Jul-23	31-Jul-27	0.72	22,500,000
07-Jul-23	31-Jul-27	0.90	30,000,000
07-Jul-23	31-Jul-27	1.08	37,500,000
07-Jul-23	31-Jul-27	1.26	37,500,000
			420,000,000

Grant date	Expiry date	Exercise price pence	Number under warrant
26-Sep-22	07-Jul-26	0.70	10,000,000
01-Apr-24	18-Apr-27	0.1675	25,000,000
26-Jul-24	06-Aug-27	0.11	27,272,727
16-Dec-25	16-Dec-26	0.135	639,629,628
16-Dec-25	16-Dec-28	0.09	200,000,000
16-Dec-25	16-Dec-28	0.135	302,777,777
			1,204,680,132

Summary by AI ^BETAClose X

CHAIRMAN'S STATEMENT

OPERATING AND FINANCIAL REVIEW

DIRECTORS' REPORT

STATEMENT OF DIRECTORS' RESPONSIBILITIES

CORPORATE GOVERNANCE REPORT

INDEPENDENT AUDITOR'S REPORT

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

GLOSSARY

Companies

UK 100

Latest directors dealings

	2025	2024
	$'000	$'000
Cash and cash equivalents ($)	1,950	224
Other financial assets	5,191	-
Administrative expenses as a percentage of total assets (%)	9%	8%
Exploration costs capitalised during the year ($)	739	1,268

KEY RISK	DESCRIPTION OF RISK	MITIGATING FACTORS
STRATEGIC RISKS
Exploration, development and future acquisitions	The Group's operations are subject to all the hazards and risks incidental to exploration, development and the production of minerals, including damage to life or property, environmental damage and legal liability, which could have a material adverse impact on the business and its financial performance. The Group may seek to acquire additional mining concessions or projects in Australia or elsewhere. There can be no assurance that suitable opportunities will be available on acceptable terms or that any acquired projects will ultimately prove to be economically viable. Exploration and development programmes entail risks relating to the identification of economic ore bodies, metallurgical performance, mine design, permitting, construction and commissioning. If the Group's existing concessions are deemed by management not to warrant further exploration or development, and the Group is unsuccessful in identifying or acquiring suitable new projects, the Group may have limited growth opportunities.	Mineral concessions and project opportunities are evaluated carefully by qualified geologists and management, with independent technical, legal and other advisors engaged where appropriate. The Board and management team have significant experience operating in Australia and assessing resource sector opportunities.
Reserve and resource estimation	The Group has announced its maiden mining reserve and associated mining inventory. There can be no assurance that future exploration programmes will result in the delineation of additional mineral resources or reserves, or that existing estimates will prove to be accurate. Reserve and resource estimates are based on assumptions regarding geological continuity, grade, mining methods, metallurgical recovery, commodity prices, costs and other modifying factors. Changes to these assumptions, or new information obtained through exploration, drilling, mining or test work, may result in revisions to reported resources and reserves and could have a material adverse effect on the Group's operations, financial position and prospects.	The Group has received an independent assessment of the reserve and resource potential of the Hancock project and believes there is potential to delineate additional mineral resources in accordance with the JORC Code. Estimates are prepared and reviewed by appropriately qualified personnel, with independent advisors engaged where appropriate. Ongoing drilling, sampling and technical studies are undertaken to refine the Group's geological understanding and supporting assumptions.

Mineral concessions and title risk	In relation to exploration and mining concessions over which the Group holds legal rights, failure to comply with the specific terms of those concessions or with applicable mining law may result in fines, suspension, revocation or other penalties, any of which could have a material adverse effect on the Group's operations and proposed operations. There can also be no assurance that applications for new tenements, renewals, conversions, transfers or other rights will be granted as expected or within the required timeframe	The Group is aware of minimum expenditure, reporting and rental obligations associated with its exploration and mining permits and seeks to maintain compliance with those obligations. Prior to entering into agreements relating to mineral concessions, formal searches and reviews of legal documentation are undertaken, with legal and tenement due diligence outsourced to specialist practitioners where appropriate.
Joint venture and counterparty risk	The Group has joint ventured certain projects and may in future enter into additional joint ventures, earn-in arrangements, royalties, farm-in agreements or other strategic transactions. Such arrangements expose the Group to counterparty risks, including failure to fund committed expenditure, non-performance, disputes regarding work programmes or ownership interests, differing strategic objectives, insolvency of a counterparty, or delays in project execution and decision-making. Any such event may delay exploration or development activities, increase costs, dilute the Group's interest or adversely affect the Group's ability to realise value from its projects.	The Group undertakes commercial, legal and technical due diligence before entering into material agreements and seeks to document clearly the parties' rights and obligations. The Board and management team have experience negotiating and managing joint venture and commercial arrangements in the mining sector. Counterparty performance and compliance with key contractual obligations are actively monitored.
FINANCIAL RISKS
Requirement for additional funding	Failure to obtain sufficient financing for the Group's projects may result in delays or the indefinite postponement of exploration, development or production activities, or even the loss of interests in concessions or projects. Additional financing may not be available when required or, if available, may only be obtainable on terms that are unfavourable to the Group and potentially dilutive to shareholders. In the absence of adequate funding or cost reductions, the Group may not be able to continue as a going concern.	The Group has an experienced Board and management team with significant experience in financing mining activities. The Group has been successful in raising funds in the past and intends to raise additional funds in future to support the ongoing development of the business, where required.

Liquidity risk	The Group's approach to managing liquidity risk is to seek to ensure that it has sufficient liquidity to meet liabilities when due. Accounts payable are generally subject to normal trade terms and short contractual maturities. In the short term, liabilities are expected to be funded by available cash resources and, where necessary, additional funding.	Cash balances and cash flow projections are reviewed by the Board on a regular basis. The Board does not commit to material expenditure unless it is satisfied that sufficient funding is available or reasonably expected to be available.
Capital management risk	The Group's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain access to adequate funding for its exploration and development projects so that it can provide returns for shareholders and benefits for other stakeholders. The Group manages its capital structure in light of changes in economic conditions and the risk characteristics of its underlying assets.	To maintain or adjust the capital structure, the Group may issue new shares, obtain debt funding, amend expenditure programmes or sell assets. Management regularly reviews cash flow forecasts to assess whether the Group has sufficient cash reserves to meet future working capital requirements and take advantage of business opportunities.
Financial instrument market risk	The Group may be exposed to market risk in relation to certain financial instruments, including convertible instruments, options, warrants and investments. Changes in market conditions may affect the fair value of such instruments and could impact the Group's financial results.	The Group monitors the nature and extent of its exposure to market movements in relation to financial instruments. The Group does not currently consider this exposure to be material.
Foreign currency risk	The Group's exploration and administration expenditure is principally incurred in Australian dollars, and it is therefore exposed to movements in exchange rates. In addition, movements in pounds sterling, Australian dollars and other relevant currencies may affect the presentation of the consolidated statement of financial position when the net assets of subsidiaries and the parent company are translated into the Group's reporting currency.	The Group does not currently hedge foreign exchange risk. At year end, most of the Group's cash resources were held in Australian dollars, which reduced transactional foreign exchange exposure. Management monitors foreign currency exposures on an ongoing basis.
Credit risk	The Group's credit risk is primarily attributable to cash balances and the financial stability of the institutions holding those funds. The Group's maximum exposure to credit risk is therefore largely limited to its cash deposits.	The Group seeks to place cash deposits with well-capitalised financial institutions with appropriate credit standing and monitors its exposure to financial counterparties on an ongoing basis.

Investment risk	The Group may from time to time hold shares or other interests in listed or unlisted mining companies or resource sector investments. There may not always be a liquid market for such investments, and it may not always be possible to realise value at the optimum time or price.	The Group monitors the performance and liquidity of its investments and has previously been successful in realising value from investments where appropriate.
EXTERNAL RISKS
Commodity price risk	The Group's ability to obtain further financing and the economic viability of its projects may depend in part on the market prices of commodities including iron ore, copper, silver, lead and zinc. The Group's resources, reserves and financial results may be materially affected by fluctuations in commodity prices, over which the Group has no control. A sustained reduction in commodity prices may prevent the Group's properties from being economically mined, result in the curtailment of activities, or lead to the impairment or write-off of assets.	The Group monitors commodity price trends and market conditions as part of its project evaluation, budgeting and capital allocation processes. The Group does not currently hedge its exposure to commodity prices.
Regulatory, fiscal and legal change risk	The Group may be adversely affected by changes in mining, environmental, heritage, employment, taxation, royalties, foreign investment or other laws and regulations in the jurisdictions in which it operates. Such changes could affect the Group's costs, project timing, ability to obtain approvals and overall project economics.	The Board and management monitor legal and regulatory developments relevant to the Group's activities and seek external advice where appropriate. The Directors consider Australia to be a relatively stable jurisdiction for responsible resource development, although regulatory policy changes may still affect the Group's operations and project economics.
Geopolitical and macroeconomic risk	Although the Group operates in Australia, it may be adversely affected by broader geopolitical instability, including war, armed conflict, sanctions, trade disputes, terrorism or significant international political tensions. Such events may impact commodity prices, investor sentiment, capital availability, inflation, foreign exchange rates, fuel and energy prices, supply chains, shipping and the availability or cost of contractors, consumables and equipment. Global economic uncertainty may also adversely affect the Group's ability to finance and develop its projects.	The Group monitors macroeconomic and geopolitical developments as part of its planning and funding activities and seeks to maintain financial and operational flexibility where practicable. The Group's assets are located in Australia, which reduces direct sovereign exposure relative to some other mining jurisdictions.

Climate change and severe weather risk	The Group's operations and projects may be adversely affected by climate-related risks, including acute physical risks such as cyclones, flooding, bushfires, storms, extreme heat and other severe weather events, as well as chronic changes in climatic conditions. Such events may disrupt access to project areas, damage infrastructure, delay exploration and development activities, affect the availability or cost of water and energy, and increase rehabilitation and operating costs. The Group may also be exposed to transition risks arising from evolving regulation, stakeholder expectations, reporting obligations and market requirements relating to greenhouse gas emissions, environmental performance and decarbonisation.	The Group considers climatic and environmental factors in project planning and operational decision-making and seeks to maintain appropriate health, safety and environmental controls. The Board and management monitor regulatory developments and stakeholder expectations relevant to climate and environmental matters. Site activities and work programmes are planned with regard to seasonal and weather-related conditions where practicable.
OPERATIONAL RISKS
Reliance on contractors and service providers	The Group relies on contractors and third-party service providers to implement exploration and development programmes. Failure by a contractor or service provider to perform its services properly, safely, on time or within budget could delay operations, increase costs or have a materially adverse effect on the Group.	The Group has operated in Australia for several years and has established relationships with a range of contractors and service providers. Contractor performance is monitored as part of project execution and management oversight.
Key personnel	The Group's business is dependent on retaining the services of a relatively small number of key personnel of the appropriate calibre as the business develops. The success of the Group is and will continue to be dependent to a significant extent on the expertise and experience of its directors and senior management. The loss of one or more of these individuals could have a materially adverse effect on the Group. The Group does not currently maintain key person insurance.	The Board effectively operates as the Nomination and Remuneration Committee and is responsible for succession planning and ensuring remuneration is sufficient to attract and retain personnel of the necessary calibre. The Group has demonstrated an ability to attract new directors and personnel when required.

Native title, heritage, land access and community relations risk	The Group's exploration and development activities may be affected by native title rights and interests, Aboriginal heritage protections, pastoral and land access arrangements, and the need to maintain constructive relationships with traditional owners, landholders, local communities and other stakeholders. Delays in obtaining heritage clearances, negotiating access arrangements or securing stakeholder support may restrict or delay the Group's ability to undertake exploration, development or mining activities. Changes in applicable laws, regulations or stakeholder expectations may also increase costs or impose additional obligations.	The Group seeks to engage with relevant stakeholders in a timely and respectful manner and to comply with applicable native title, heritage and land access requirements. Specialist legal, heritage and other advisers are engaged where appropriate. The Group aims to maintain appropriate policies and procedures to support responsible engagement, access planning and compliance.
Environmental risk	The Group's operations are subject to environmental regulation in the jurisdictions in which it operates. Such regulation covers a wide variety of matters including prevention of waste, pollution control, land disturbance, environmental protection, labour matters and health and safety. The Group may be subject to clean-up costs and liability for toxic or hazardous substances that may exist on or under properties covered by its concessions or that may be produced in the course of its operations. Failure to comply with environmental laws, regulations or licence conditions, or failure to obtain or maintain environmental approvals, may result in penalties, suspension of activities, closure of operations and/or revocation of concessions.	The Group has an experienced Board and management team with awareness of these risks. Concessions are evaluated carefully prior to acquisition for environmental issues and consultants are engaged to advise on specific risks where appropriate. The Group seeks to maintain appropriate environmental controls and procedures and has a strong environmental compliance record.
Rehabilitation, closure and environmental liability risk	The Group may incur significant costs and liabilities associated with environmental rehabilitation, mine closure obligations, legacy issues and compliance with environmental conditions attached to its concessions and approvals. Estimates of rehabilitation and closure costs are inherently uncertain and may change over time as a result of changes in laws, operating plans, disturbance footprints, technical assumptions, environmental conditions or stakeholder expectations. Any increase in such liabilities may have a material adverse effect on the Group's financial position and results.	The Group considers rehabilitation and environmental obligations in project planning and operational activities and seeks to comply with applicable environmental laws, licence conditions and reporting requirements. Management reviews environmental obligations on an ongoing basis and engages specialist advisers when appropriate.

Regulatory approvals and permitting	The operations of the Group require approvals, licences and permits from various regulatory and governmental authorities. There can be no guarantee that the Group will be able to obtain, maintain or renew all necessary approvals, licences and permits required to explore, develop or operate its projects, or that these will be granted within the timeframe anticipated by the Group. Delays or failures in obtaining such approvals may adversely affect project timing, costs and viability.	The Group has significant experience operating in Australia and believes that it holds, or will be able to obtain, the approvals, licences and permits required under applicable laws and regulations in respect of its current projects. The Group uses internal and external expertise to support permitting processes where appropriate.
Infrastructure, logistics and supply chain risk	The Group's activities may depend on the availability of contractors, equipment, transport, fuel, power, water and other infrastructure and services. Disruptions to supply chains, shortages of labour or equipment, transport constraints, power interruptions, fuel price increases or other infrastructure limitations may delay exploration, development or production activities and increase costs.	The Group seeks to use experienced contractors and service providers and to plan procurement and logistics requirements in advance where practicable. Management monitors key supply, access and infrastructure dependencies as part of project planning and budgeting.
Competition	The Group competes with numerous other companies and individuals in the search for and acquisition of mineral claims, leases and other mineral interests, as well as for the recruitment and retention of qualified employees and contractors. There is significant competition for mineral opportunities and skilled personnel and, as a result, the Group may be unable to acquire further mineral concessions or retain key resources on acceptable terms.	The Group and its management team have significant experience in mining operations in Australia. Through its experience, relationships and track record, the Group seeks to position itself as a credible and lower-risk counterparty in competitive situations.
Conflicts of interest	Certain directors and officers of the Group may also serve as directors or officers of other companies involved in mineral exploration and development, including entities that may be involved in joint venture arrangements with the Group. Consequently, there is the potential for conflicts of interest to arise, including in relation to joint venture negotiations, funding decisions, operational matters, project opportunities or transactions. Any such conflicts may affect decision-making or the allocation of opportunities between the Group and other entities.	The Group's Articles of Association set out the framework for dealing with conflicts of interest. Directors are required to disclose relevant interests and, where appropriate, abstain from voting on the relevant matter. The Board considers potential conflicts as part of its review of material arrangements, including joint venture arrangements.
Health and safety	The Group operates in an environment with work-related hazards and risks of injury and accident. Its activities therefore require a comprehensive health and safety programme and a commitment to continuous improvement, including learning from incidents, updating procedures and encouraging staff and contractor participation in identifying and reporting unsafe conditions. Failure to manage health and safety risks effectively may result in injury, operational disruption, legal liability, reputational damage and financial loss.	The Group has established and published health, safety, environmental and community relations policies and seeks to maintain clear safe operating procedures covering its activities. Active participation of staff and contractors in the development, implementation and improvement of these procedures is encouraged.
Cybersecurity and information systems risk	The Group relies on information technology systems and third-party service providers for financial reporting, communications, document management, geological and operational data, regulatory compliance and other business processes. Cyber-attack, phishing, ransomware, unauthorised access, system failure, data corruption or data loss, or disruption affecting the Group or its service providers could lead to operational interruption, loss of confidential or commercially sensitive information, financial loss, reputational damage, regulatory consequences and delays to project activities.	The Group seeks to maintain IT security measures, access controls, backup procedures and third-party protections proportionate to the size and nature of the business. Management monitors cyber and information security risks and may engage specialist advisers where appropriate. Staff awareness and responsible use of systems are encouraged through internal procedures and controls.
Payment obligations	Under mineral property concessions and certain other contractual arrangements to which a member of the Group is or may become a party, the Group is or may become subject to payment and other obligations. Failure to comply with such obligations when due could, in addition to any other remedies available to counterparties, result in penalties, dilution or forfeiture of the Group's interests.	The Directors maintain internal controls and monitoring procedures designed to ensure payment and other contractual obligations are identified and complied with in a timely manner.

		2025	2024
	Note	$'000	$'000
Exploration and evaluation expenditure written off	15	(411)	(10)
Loss on disposal of exploration and evaluation assets	5	(1,211)	-
Marketing and business development costs		(120)	(94)
Personnel expenses	7	(313)	(366)
Professional fees	6	(1,265)	(763)
Other general and administration expenses		(314)	(144)
Fair value gain / (loss) on finance assets	4	3,892	(3)
Fair value loss on finance liabilities		(634)	(37)
Other losses		-	(52)
Foreign exchange loss		(79)	(28)
Finance income	9	4	6
Finance costs	9	(243)	(64)
Loss before income tax		(694)	(1,555)

Income tax expense	10	-	-
Loss for the year		(694)	(1,555)

Other comprehensive income/ (loss)
Items which may be reclassified to profit or loss
Foreign currency translation difference of foreign operations		1,324	(1,405)
Total comprehensive income / (loss) for the year		630	(2,960)

Loss per share (cents per share)
Basic	11	(0.00814)	(0.02248)
Diluted	11	(0.00814)	(0.02248)

	Share capital	Warrants reserve	Share-based payments reserve	Foreign exchange translation reserve	Accumulated losses	Total equity
	$'000	$'000	$'000	$'000	$'000	$'000
Balance on 1 January 2024	82,097	834	854	279	(67,368)	16,696
Loss for the year	-	-	-	-	(1,555)	(1,555)
Foreign exchange translation difference on foreign operations	-	-	-	(1,404)	-	(1,404)
Total comprehensive loss for the year	-	-	-	(1,404)	(1,555)	(2,959)
Transactions with owners in their capacity as owners	-	-	-	-	-	-
Contributions of equity, net of transaction costs	1,751	-	-	-	-	1,751
Transfer to accumulated losses on exercise of warrants or options	-	(436)	(272)	-	708	-
Share-based payment transactions		60	168	-	-	228
Balance on 31 December 2024	83,848	458	750	(1,125)	(68,215)	15,716

	UK	Australia	Total
2025	$'000	$'000	$'000
Reportable segment assets	-	15,952	15,952
Reportable segment liabilities	-	-	-
Reportable net segment assets	-	15,952	15,952
Corporate assets	1,983	4,673	6,656
Corporate liabilities	(1,400)	(147)	(1,547)
	583	20,478	21,061

2024
Reportable segment assets	-	16,796	16,796
Reportable segment liabilities	-	(12)	(12)
Reportable net segment assets	-	16,784	16,784
Corporate assets	285	110	395
Corporate liabilities	(1,038)	(426)	(1,464)
	(753)	16,468	15,715

	2025	2024
	$'000	$'000
Current	4,586	-
Non-current	5	8
	4,591	8

Listed ordinary shares - designated at fair value through profit or loss	4,586	-
Deposits and bonds	5	8
	4,591	8

	Note	M47/342
		$'000
M47/342 and headframe		3,164

Portion disposed		2,317
Cash consideration received		(322)
Share consideration received	4	(772)
Foreign exchange differences		(12)
Loss on sale of exploration assets		1,211

	2025	2024
	$'000	$'000

Audit fees	99	89
Legal fees	228	169
Accounting fees	131	142
Tax consulting fees	84	-
NOMAD and Investor relation fees	123	83
Other consulting and administration fees	600	280
	1,265	763

	Listed shares		Deposits and bonds		Total
	$'000		$'000		$'000
Balance on 1 January 2024	-		7		7
Additions	-		1		1
Balance on 31 December 2024	-		8		8
Issue of 44,500,000 WCE shares at A$0.027 per share	772		-		772
Gain on initial recognition of WCE shares	602		-		602
Sale of 14,000,000 WCE shares at A$0.027 per share	(244)		-		(244)
Fair value revaluation of 30,500,000 WCE shares	3,290		-		3,290
Effects of foreign exchange	166		(3)		163
Balance on 31 December 2025	4,586		5		4,591

		2025		2024
		$'000		$'000
Fair value movement on revaluation of financial assets		3,892		-

	Short-term benefits		Share- based payments ⁽¹⁾
	Cash salary and fees	Termination benefits	Options	Total
2025	$'000	$'000	$'000	$'000
Non-Executive Directors
Elizabeth Henson	72	-	16	88
Bruce Garlick	13	-	-	13
Michael Carter	2	-	-	2
Executive Directors
Belinda Murray	57	-	-	57
Former Directors
Guy Robertson	59	13	-	72
Robert Mosig	42	12	-	54
	245	25	16	286
2024
Non-Executive Directors
Elizabeth Henson	64	-	84	148
Former Directors
Guy Robertson	77	-	-	77
Robert Mosig	49	-	-	49
Alwyn Vorster	23	-	-	23
	213	-	84	297

	Fixed Remuneration		At risk - LTI
	2025	2024	2025	2024
2025	%	%	%	%
Non-Executive Directors
Elizabeth Henson	82	43	18	57
Bruce Garlick	100	-	-	-
Michael Carter	100	-	-	-
Executive Directors
Belinda Murray	100	-	-	100
Former Directors
Guy Robertson	100	100	-	-
Robert Mosig	100	100	-	-
Alwyn Vorster	-	100	-	-

	Other short term loans	Convertible loan	Total
	$'000	$'000	$'000

Balance on 1 January 2024	-	500	500
Loan drawdown	-	66	66
Transaction costs	-	56	56
Interest expense	-	112	112
Transfer to equity - conversion and commitment warrants	-	57	57
Transfer to equity - conversion shares	-	5	5
Foreign currency differences	-	(121)	(121)
Balance on 31 December 2024	-	675	675
Interest expense	7	181	188
Interest paid	(7)	-	(7)
Transfer to equity - partial loan conversion in shares	-	(330)	(330)
Convertible loan modification adjustment	-	272	272
Transfer to equity - conversion warrants	-	(247)	(247)
Transfer to equity - rollover warrants		(22)	(22)
Foreign currency differences	-	9	9
Balance on 31 December 2025		538	538

	Book value 2025	Book value 2024
	$'000	$'000
Current
Convertible note - Host	538	675
Potential conversion warrants	236	28
Conversion feature	170	5
Total borrowings	944	708

	Ordinary shares
	Number of shares		Amount in $'000
	2025	2024	2025	2024

Balance on 1 January	7,509,915,386	6,361,794,174	83,848	82,097
Issue of fully paid shares for cash	3,250,000,000	1,142,121,212	3,719	1,895
Issue of fully paid shares converted from warrants	373,531,570	-	555	-
Issue of fully paid shares in lieu of fees	136,706,941	6,000,000	193	15
Issue of fully paid shares in partial settlement of convertible note	277,777,777	-	330	-
Capital raising costs	-	-	(762)	(159)
Balance on 31 December	11,547,931,674	7,509,915,386	87,883	83,848

	Warrants	Options	Share-based payments	Foreign Currency	Total
	$'000	$'000	$'000	$'000	$'000
Balance on 1 January 2025	458	730	20	(1,125)	83
Issue of 27,272,727 broker warrants issued on 26-Jul-24, exercisable at 0.11 pence, expiring 06-Aug-27	30	-	-	-	30
Expiry of 7,200,000 Sep-22 warrants	(25)	-	-	-	(25)
Expiry of 100,000,000 Dec-22 warrants	(209)	-	-	-	(209)
Issue of 212,500,000 broker warrants, exercisable at 0.08 pence, expiring 30-May-28	158				158
Issue of 200,000,000 broker warrants, exercisable at 0.09 pence, expiring 16-Dec-29	218				218
Exercise of 43,816,404 Aug-23 warrants at 0.2 pence each	(18)				(18)
Exercise of 181,425,000 May-25 warrants at 0.08 pence each	(136)				(136)
Issue of 277,777,777 convertible loan conversion warrants, exercisable at 0.135 pence, expiring 16-Dec-28	247				247
Issue of 25,000,000 convertible loan rollover warrants, exercisable at 0.135 pence, expiring 16-Dec-28	22				22
Fair value of director options expensed over vesting period	-	16	-	-	16
Expiry of 55,000,000 director unvested options issued 26-Sep-22, lapsed on resignation	-	(49)			(49)
Issue of shares to settle supplier debts	-	-	(20)	-	(20)
Shares to be issued to suppliers to settle debts	-	-	8	-	8
Foreign currency translation during the period	-	-	-	1,324	1,324
Balance on 31 December 2025	745	697	8	199	1,649

Grant date	Vesting date	Expiry date	Exercise Price (pence)	Balance at the start of the year	Granted during the year	Exercised during the year	Expired / forfeited during the year	Balance at the end of the year	Vested and exercisable at the end of the year
26-Sep-22	26-Mar-23	26-Sep-26	0.80	67,500,000	-	-	(12,500,000)	55,000,000	55,000,000
26-Sep-22	26-Sep-23	26-Sep-26	1.00	67,500,000	-	-	(12,500,000)	55,000,000	55,000,000
26-Sep-22	26-Sep-23	26-Sep-26	1.20	75,000,000	-	-	(15,000,000)	60,000,000	60,000,000
26-Sep-22	26-Sep-23	26-Sep-26	1.40	75,000,000	-	-	(15,000,000)	60,000,000	60,000,000
07-Jul-23	01-Aug-24	31-Jul-27	0.72	5,000,000	-	-	-	5,000,000	5,000,000
07-Jul-23	01-Aug-24	31-Jul-27	0.90	7,500,000	-	-	-	7,500,000	7,500,000
07-Jul-23	01-Aug-24	31-Jul-27	1.08	10,000,000	-	-	-	10,000,000	10,000,000
07-Jul-23	01-Aug-24	31-Jul-27	1.26	10,000,000	-	-	-	10,000,000	10,000,000
07-Jul-23	01-Aug-25	31-Jul-27	0.72	5,000,000	-	-	-	5,000,000	5,000,000
07-Jul-23	01-Aug-25	31-Jul-27	0.90	7,500,000	-	-	-	7,500,000	7,500,000
07-Jul-23	01-Aug-25	31-Jul-27	1.08	10,000,000	-	-	-	10,000,000	10,000,000
07-Jul-23	01-Aug-25	31-Jul-27	1.26	10,000,000	-	-	-	10,000,000	10,000,000
				350,000,000	-	-	(55,000,000)	295,000,000	295,000,000

	Number of options	Exercise Price (pence)	Grant Date	Vesting Date	Expiry Date	Life of the options (years)	Volatility %	Risk free rate %	Fair value at grant date (pence)	Share price at grant date (pence)
1	55,000,000	0.80	26-Sep-22	26-Mar-23	26-Sep-26	4.00	95	4.43	0.0856	0.23
2	55,000,000	1.00	26-Sep-22	26-Sep-23	26-Sep-26	4.00	95	4.43	0.0755	0.23
3	60,000,000	1.20	26-Sep-22	26-Sep-23	26-Sep-26	4.00	95	4.43	0.0675	0.23
4	60,000,000	1.40	26-Sep-22	26-Sep-23	26-Sep-26	4.00	95	4.43	0.0611	0.23
5	5,000,000	0.72	07-Jul-23	01-Aug-24	31-Jul-27	4.07	102	4.10	0.2171	0.72
6	7,500,000	0.90	07-Jul-23	01-Aug-24	31-Jul-27	4.07	102	4.10	0.2031	0.72
7	10,000,000	1.08	07-Jul-23	01-Aug-24	31-Jul-27	4.07	102	4.10	0.1914	0.72
8	10,000,000	1.26	07-Jul-23	01-Aug-24	31-Jul-27	4.07	102	4.10	0.1814	0.72
9	5,000,000	0.72	07-Jul-23	01-Aug-25	31-Jul-27	4.07	102	4.10	0.2171	0.72
10	7,500,000	0.90	07-Jul-23	01-Aug-25	31-Jul-27	4.07	102	4.10	0.2031	0.72
11	10,000,000	1.08	07-Jul-23	01-Aug-25	31-Jul-27	4.07	102	4.10	0.1914	0.72
12	10,000,000	1.26	07-Jul-23	01-Aug-25	31-Jul-27	4.07	102	4.10	0.1875	0.72

	Assets		Liabilities
	2025	2024	2025	2024
2025	$'000	$'000	$'000	$'000

Pounds Sterling	1,755	207	326	310
Australian Dollar	4,838	157	273	451