Unaudited Interim Results
Summary by AI BETAClose X
2 June 2026
ALT RESOURCES PLC
("ALTR" or the "Company")
Unaudited Interim Results
ALT Resources Plc (ALTR.L), a company formed to capture value accretive opportunities in the natural resources industry, announces its unaudited Interim Results for the period ended 31 December 2025.
Director's Statement
I am pleased to report on the unaudited interim financial statements to shareholders for the period ending 31 December 2025.
On 18 November 2025, the Company announced the signing of two Letters of Intent with Tartana Minerals Ltd ("Tartana"), an ASX-listed copper producer and critical minerals exploration and development company.
The Letters of Intent relate to:
1) Proposed Financing Transaction - ALTR intends to provide financing to Tartana to support the optimisation of commercial copper sulphate production at its project located in the Chillagoe region of North Queensland.
2) Joint Venture Formation - ALTR and Tartana propose to form a joint venture to explore and develop a portfolio of assets in Queensland with potential for tin, copper, and other critical minerals.
The proposed transactions are consistent with ALTR's stated strategy of originating differentiated royalty and streaming investments in assets that are either in production or approaching production. Royalty financing provides an alternative to conventional debt and equity funding, enabling operators to access capital while maintaining operational control and upside. In addition, the Company intends to incubate the joint venture assets, advancing resource development and monetisation while retaining a royalty interest.
Post Period
On 23 April 2026, the Company announced that it was in discussions with prospective investors to raise the necessary capital to consummate the proposed transactions and facilitate the Company's proposed admission to trading on AIM ("Admission"). In connection with the proposed fundraising, the Company announced that it had received commitments for £208,750 in advance of its planned Admission.
These commitments comprise:
1) committed subscriptions of £100,000 to support Admission; and
2) the issue of £108,750 unsecured convertible loan notes ("CLNs") to certain investors ("CLN holders").
The CLNs are be convertible into shares in the capital of the Company, calculated by dividing the nominal value of the CLNs by the price per share of the Company placed with new investors as part of the Admission process. If Admission has not occurred by 4 February 2027, the CLNs will need to be redeemed at their nominal value.
The Company is progressing the proposed transactions and looks forward to providing further updates.
Prad Mazumder
Director
2 June 2026
For further information:
ALT Resources plc
Prad Mazumder
Paris Christofides
Joint-CEOs +44 207 193 2376 / stacey@altresources.co.uk
Responsibility statement
This statement is being made by the Director, Mr. Prad Mazumder, and to the best of his knowledge.
a. The financial statements, prepared in accordance with IAS 34 'Interim financial reporting' as adopted by the United Kingdom, give an accurate and fair view of the assets, liabilities, financial position, and profit or loss of the issuer, and
b. The management report includes a fair review of the business's development and performance and the issuer's position, together with a description of the principal risks and uncertainties it faces.
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR ALT RESOURCES PLC FOR THE 6 MONTHS TO 31 DECEMBER 2025
Unaudited statement of comprehensive income
The statements of comprehensive income of ALT Resources PLC for the periods ended 31 December 2025 and 31 December 2024 are set out below:
|
|
|
|
Unaudited 6 months ended 31 Dec 2025
£ |
Unaudited 6 months ended 31 Dec 2024 as restated £ |
|
|
|
|
|
|
|
Administrative expenses |
|
|
(67,921) |
(342,047) |
|
Operating loss |
|
|
(67,921) |
(342,047) |
|
|
|
|
|
|
|
Income tax |
|
|
- |
- |
|
Loss and total comprehensive loss for the period |
|
|
(67,921) |
(342,047) |
|
Earnings per share |
|
|
|
Basic loss per share |
(0.1458p) |
(0.7340p) |
|
Diluted loss per share |
(0.1458p) |
(0.7340p) |
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
Unaudited statement of financial position
The statements of financial position of ALT Resources PLC as at 31 December 2025 and 30 June 2025 are set out below:
|
ASSETS Current assets |
Notes |
Unaudited as at 31 Dec 2025 £
|
Audited as at 30 Jun 2025 £ |
|
Trade and other receivables |
2 |
21,284 |
82,803 |
|
Cash and cash equivalents |
|
40,423 |
61,744 |
|
|
|
61,707 |
144,547 |
|
Total assets |
|
61,707 |
144,547 |
|
EQUITY |
|
|
|
|
Called up share capital |
|
93,200 |
93,200 492,580 |
|
Share premium account |
|
492,580 |
492,580 863,856 |
|
Other reserves |
|
863,856 |
863,856 |
|
Retained earnings |
|
(1,993,510) |
(1,925,589) |
|
Total equity |
|
(543,874) |
(475,953) |
|
LIABILITIES |
|
|
|
|
Non-current liabilities |
|
|
|
|
Borrowings |
3 |
268,855 |
- |
|
Current liabilities |
|
|
|
|
Trade and other payables |
4 |
306,726 |
359,145 |
|
Borrowings |
3 |
30,000 |
261,355 |
|
Total liabilities |
|
605,581 |
620,500 |
|
Total equity and liabilities |
|
61,707 |
144,547 |
|
|
|
|
|
Unaudited statement of changes in equity
The statement of changes in equity of ALT Resources PLC for the 18-month period ended 31 December 2025 is set out below:
|
|
Share capital
£ |
Share premium account
£ |
£ |
Retained earnings as restated £ |
Total
£ |
|
Balance at 1 July 2024 as restated |
93,200 |
492,580 |
863,856 |
(1,757,207) |
(307,571) |
|
Loss for the period and total comprehensive loss for the period |
- |
- |
- |
(342,047) |
(342,047) |
|
Balance at 31 December 2024 as restated |
93,200 |
492,580 |
863,856 |
(2,099,254) |
(649,618) |
|
Profit for the period and total comprehensive income for the period |
- |
- |
- |
173,665 |
173,665 |
|
Balance at 30 June 2025 |
93,200 |
492,580 |
863,856 |
(1,925,589) |
(475,953) |
|
Loss for the period and total comprehensive loss for the period |
- |
- |
- |
(67,921) |
(67,921) |
|
Balance at 31 December 2025 |
93,200 |
492,580 |
863,856 |
(1,993,510) |
(543,874) |
Unaudited statement of cash flows
The statements of cash flows of ALT Resources PLC for the six months ended 31 December 2025 and 31 December 2024 are set out below:
|
|
|
Unaudited 6 months ended 31 Dec 2025 £ |
Unaudited 6 months ended 31 Dec 2024 £ |
|
Cash flows from operating activities |
|
|
|
|
Cash absorbed by operations |
|
(51,321) |
(139,349) |
|
Net cash outflow from operating activities |
|
(51,321) |
(139,349) |
|
Financing activities |
|
|
|
|
Proceeds from borrowings |
|
30,000 |
200,000 |
|
Net cash generated from financing activities |
|
30,000 |
200,000 |
|
Net (decrease)/increase in cash and cash equivalents |
|
(21,321) |
60,651 |
|
Cash and cash equivalents at beginning of period |
|
61,744 |
35,706 |
|
Cash and cash equivalents at end of period |
|
40,423 |
96,357 |
Notes to the unaudited interim financial statements
|
1 |
Accounting policies |
|
|
|
|
|
Company information |
|
|
ALT Resources PLC is a public company limited by shares incorporated in England and Wales. The registered office is 13 Hanover Square, London, W1S 1HL. The Company will focus on royalty and exploration opportunities within the natural resources industry, particularly projects with identified reserves and/or resources that are near production or producing. The Company will target opportunities that have a funding requirement to develop and/or increase production volumes. |
|
|
|
|
1.1 |
Basis of preparation |
|
|
These unaudited interim financial statements present the results of the Company for the six months ended 31 December 2025 and the financial position as at that date, together with comparative information for the six months ended 31 December 2024 and the year ended 30 June 2025. |
|
|
|
|
|
The accounting policies set out in the financial statements for the period ended 30 June 2025 have been applied consistently to all periods presented in these unaudited interim financial statements. |
|
|
|
|
|
The unaudited interim financial statements have been prepared in accordance with the IAS 34 'Interim financial reporting' as adopted by the United Kingdom. They should be read in conjunction with the financial statements for the period ended 30 June 2025, which are prepared in accordance with IFRS as adopted by the United Kingdom and with the Companies Act 2006.
The unaudited interim financial statements for the six months ended 31 December 2024 and for the six months ended 31 December 2025 do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.
The unaudited interim financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these unaudited interim financial statements are rounded to the nearest £.
The unaudited interim financial statements have been prepared on the historical cost basis. |
|
|
|
|
1.2 Going concern
The going concern disclosure within the financial statements for the year ended 30 June 2025 included reference to a material uncertainty in respect of the ability of the Company to continue to operate as a going concern. In preparing the 2025 financial statements, the Directors concluded that, taking into account the information that they had at the time, in their judgement it was appropriate that the Company continue as a going concern despite there being a material uncertainty that may cause significant doubt about the ability of the Company to continue to operate as a going concern.
In preparing these interim financial statements, the Directors have reviewed the latest information available to them and concluded that there is no significant change in circumstances since the date of signing the 2025 financial statements. Therefore, it is their view that it is appropriate for the Company to continue as a going concern and these interim financial statements have consequently been prepared on a going concern basis.
|
|
|
|
1.3 |
Significant accounting policies
|
|
|
|
The unaudited interim financial statements have been prepared on the basis of accounting policies adopted in the financial statements for the year ended 30 June 2025 and expected to be adopted in the financial statements for the period ending 30 June 2026. Where new IFRS standards, amendments or interpretations became effective in the six months to 31 December 2025 there has been no material impact on the net assets or results of the Company.
|
|
|
Notes to the unaudited interim financial statements (continued)
|
2 |
Trade and other receivables |
|
|
|
|
|
Unaudited as at 31 Dec 2025 £ |
Audited as at 30 Jun 2025 £ |
|
|
VAT recoverable |
21,194 |
57,618 |
|
|
Other receivables |
90 |
19,685 |
|
|
Prepayments |
- |
5,500 |
|
|
|
|
|
|
|
|
21,284 |
82,803 |
|
|
|
|
|
|
3 |
Borrowings |
|
|
|
|
Unaudited as at 31 Dec 2025 £ |
Audited as at 30 Jun 2025 £ |
|
|
Borrowings held at amortised cost: |
|
|
|
|
|
|
|
|
|
Current |
|
|
|
|
Loans from parent undertaking |
- |
261,355 |
|
|
Other loans |
30,000 |
- |
|
|
|
30,000 |
261,355 |
|
|
|
|
|
|
|
Non-current |
|
|
|
|
Loans from parent undertaking |
268,855 |
- |
|
|
|
298,855 |
261,355 |
|
At 30 June 2025, the loan from the Company's parent undertaking was contractually repayable on demand as a result of a breach of the terms of the facility agreement. Accordingly, the loan was classified as a current liability at 30 June 2025. Subsequently, the parent undertaking granted a waiver of the breach. As a result, at the interim reporting date, the loan was repayable at the earlier of 13 September 2034 and such earlier date as may be agreed between the borrower and the lender. Therefore, the loan was classified as a non-current liability at 31 December 2025.
The other loans of £30,000 relate to advance share subscriptions from a number of subscribers. The subscription agreements state that the issue of shares is conditional on Admission occurring before the Listing Date, a date which is to be communicated separately to the investors and was yet to be determined at the date of authorisation of these interim financial statements.
|
4 |
Trade and other payables |
|
|
|
|
|
Unaudited as at 31 Dec 2025 £ |
Audited as at 30 Jun 2025 £ |
|
|
Current |
|
|
|
|
|
|
|
|
|
Trade payables |
249,102 |
298,348 |
|
|
Accruals |
44,966 |
51,902 |
|
|
Accrued interest payable |
12,658 |
8,895 |
|
|
|
|
|
|
|
|
306,726 |
359,145 |
Notes to the unaudited interim financial statements (continued)
|
5 |
Prior period adjustment |
|
|
|
|
|
|
|
|
|
Changes to the statement of comprehensive income |
||
|
|
Notes |
6 months ended 31 December 2024 |
||
|
|
|
Previously reported |
Adjustment |
As restated |
|
|
|
£ |
£ |
£ |
|
|
|
|
|
|
|
Other income |
(i) |
29,940 |
(29,940) |
- |
|
Administrative expenses |
(i) |
(371,987) |
29,940 |
(342,047) |
|
Loss and total comprehensive loss for the period |
|
(342,047) |
- |
(342,047) |
|
|
Reconciliation of changes in equity |
|
|
|
|
1 Jul 2024 |
31 Dec 2024 |
|
|
|
Notes |
£ |
£ |
|
|
|
|
|
|
|
Equity as previously reported |
|
|
(99,840) |
(441,887) |
|
|
|
|
|
|
|
Adjustments to prior year |
|
|
|
|
|
Correction of under accrual for costs |
|
(ii) |
(207,731) |
(207,731) |
|
|
|
|
|
|
|
Equity as adjusted |
|
|
(307,571) |
(649,618) |
|
|
|
|
|
|
|
Analysis of the effect upon equity |
|
|
|
|
|
Retained earnings |
|
|
(207,731) |
(207,731) |
Notes to reconciliation
(i) Reclassification of comparatives in statement of comprehensive income
In preparing the financial statements for the year ended 30 June 2025, the directors concluded that £29,940 of other income in the interim financial statements for the period ended 31 December 2024 had been incorrectly classified. These items were reclassified against administrative expenses in the financial statements for the year ended 30 June 2025 and in the comparative period for these interim financial statements.
(ii) Under accrual for costs
A prior year adjustment was made in the financial statements for the year ended 30 June 2025 to correct for an under accrual for legal and audit costs amounting to £207,731 in total. Comparative information in these interim financial statements has been restated where necessary to ensure consistency with the corrected opening equity position. Comparative information previously restated in the annual financial statements has not been further adjusted.
Notes to the unaudited interim financial statements (continued)
|
6 |
Events after the reporting date |
|
Subsequent to 31 December 2025, the Company announced progress in relation to its proposed transactions and admission to trading on AIM, including fundraising commitments. Further details are set out in the Post Period section of these interim financial statements. The Directors are not aware of any other material events requiring disclosure.
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