Interim Results for Six Months Ended 30 June 2025

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	Notes	Unaudited Six months ended 30 June 2025 £'000	Unaudited Six months ended 30 June 2024 £'000

CONTINUING OPERATIONS

Group revenue		-	-
Cost of sales		-	-

Gross profit		-	-

Operating expenses		(344)	(294)
Share based payments	4	-	(53)
Group operating loss		(344)	(347)

Other gains/(losses)	8	4,348	(28)
Finance Costs		62	(64)
Impairment of assets		-	(48)

Profit / (Loss) before taxation		4,066	(487)
Taxation		-	-

Profit / (Loss) for the period		4,066	(487)

Attributable to: Owners of the Company		4,066	(487)
- Continuing operations		4,000	(487)
- Discontinued operations		66	-
Non-controlling interest		-	-
		4,066	(487)
Profit / (Loss) per share (pence)
Basic profit /(loss) per share from continuing operations	5	0.027	(0.004)
Diluted profit / (loss) per share from continuing operations	5	0.018	(0.004)

	Unaudited Six months ended 30 June 2025 £'000	Unaudited Six months ended 30 June 2024 £'000
Other comprehensive income:
Profit /(loss) for the period	4,066	(487)
Items that may be reclassified to profit or loss:
Foreign currency reserve movement	(5)	(22)
Total comprehensive profit /(loss) for the period	4,061	(509)

	Share Capital £'000	Share Premium £'000	Other Reserves¹ £'000	Retained Losses £'000	Total Equity £'000
Unaudited - six months ended 30 June 2025
Balance at 1 January 2025	2,224	41,663	3,659	(42,447)	5,099
Current period profit	-	-	-	4,066	4,066
Foreign currency reserve	-	-	(5)	-	(5)

Total comprehensive loss for the period	-	-	(5)	4,066	4,061
Proceeds from shares issued	56	504	-	-	560
Share issue costs	-	(275)	-	-	(275)
Shares issued - in lieu of fees	16	223	-	-	239
Warrants issued	-	-	249	-	249
Warrants expired	-	-	(20)	20	-
Equity component of borrowings	-	-	2	-	2
Balance at 30 June 2025	2,296	42,115	3,885	(38,361)	9,935

	Share Capital £'000	Share Premium £'000	Other Reserves¹ £'000	Retained Losses £'000	Total Equity £'000
Unaudited - six months ended 30 June 2024
Balance at 1 January 2024	2,205	41,431	4,127	(41,788)	5,975
Current period loss	-	-	-	(487)	(487)
Foreign currency reserve	-	-	(22)	-	(22)

Total comprehensive loss for the period	-	-	(22)	(487)	(509)
Proceeds from shares issued	-	-	-	-	-
Share issue costs	-	(51)	-	-	(51)
Share based payments -options	-	-	53	-	53
Equity component of borrowings	-	-		-	-
Balance at 30 June 2024	2,205	42,115	4,158	(42,275)	5,468

		Unaudited	Audited
		30 June 2025	31 December 2024
	Notes	£'000	£'000

ASSETS
Non-current assets
Investments	7	6,093	1,993
Exploration and evaluation assets	8	4,602	4,192
Total non-current assets		10,695	6,185

Current assets
Trade and other receivables		34	56
Cash and cash equivalents		113	88
Total current assets		147	144

TOTAL ASSETS		10,842	6,329

LIABILITIES

Current liabilities
Trade and other payables		355	614
Borrowings	10	552	616
Total current liabilities		907	1,230

NET ASSETS		9,935	5,099

EQUITY
Share capital	11	2,296	2,224
Share premium	11	42,115	41,663
Share-based payment reserve		1,402	1,173
Foreign exchange reserve		458	463
Merger reserve		1,831	1,831
Other reserves		194	192
Retained losses		(38,361)	(42,447)
TOTAL EQUITY		9,935	5,099

Summary by AI ^BETAClose X

For the six months ended 30 June 2025

Group Balance Sheet

Companies

UK 100

Latest directors dealings

		Unaudited	Unaudited
		Six months ended 30 June 2025	Six months ended 30 June 2024
	Notes	£'000	£'000

Net cash outflow from operating activities	12	(188)	(90)

Cash flows from/(used) in investing activities
Deferred exploration expenditure		(479)	(263)
		(479)	(263)
Cash flows from financing activities
Proceeds from sale of equity investments		181	-
Payments from disposal of subsidiaries		(23)	-
Proceeds from issue of ordinary shares		560	-
Costs re issuance of ordinary shares		(26)	(51)
Borrowings		-	-
		692	(51)
Increase/(decrease) in cash		25	(404)

Cash and cash equivalents at beginning of period		88	560
Foreign exchange movement		-	-

Cash and cash equivalents at end of period		113	156

	Share-based payment transactions:
	The Group measures the cost of equity-settled transactions with directors, consultants and employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using a Black and Scholes model which takes into account expected share volatility, strike price, term of the option and the dividend policy.

	Impairment of investments, options and deferred exploration expenditure:
	The Group determines whether investments (including those acquired during the period), options and deferred exploration expenditure are impaired when indicators, based on facts and circumstances, suggest that the carrying amount may exceed its recoverable amount. Such indicators include the point at which a determination is made as to whether or not commercial mining reserves exist in the subsidiary or associate in which the investment is held or whether exploration expenditure capitalised is recoverable by way of future exploitation or sale, obviously pending completion of the exploration activities associated with any specific project in each segment.
	Fair value of assets and liabilities acquired on acquisition of subsidiaries
	The Group determines the fair value of assets and liabilities acquired on acquisition of subsidiaries by reference to the carrying value at the date of acquisition and by reference to exploration activities undertaken and/or information that the Directors become aware of post acquisition (note 8).
	Investments at fair value through profit and loss ('Equity investments')
	Equity investments are initially measured at cost, including transaction costs. At each reporting date, the fair value is assessed and any resultant gains and losses are included directly in the Consolidated Statement of Profit and Loss under IFRS 9. Valuation of Equity Instruments Convertible Loan (Borrowings) Convertible instruments can be complex, containing a number of features which can have a significant impact on the accounting under IFRS 9 Financial Instruments and IAS 32 Presentation of Financial Instruments. The Company determined that the £700,000 convertible note drawn down announced on 30 June 2022 ("Facility") (note 10) was an equity instrument as the conversion feature results in the conversion of a fixed amount of stated principal into a fixed number of shares, it satisfies the 'fixed for fixed' criterion and, therefore, it is classified as an equity instrument which requires the valuation of the liability component and the equity conversion component. The fair value of the liability component, included in current borrowings, at inception was calculated using a market interest rate for an equivalent instrument without conversion option. The discount rate applied was 25%. As detailed in Note 10 there have been modifications to the Facility in 2023, 2024 and 2025 and on each occasion the Company has determined that the modifications were in accordance with IFRS 9 substantially different from the pre-existing terms of the Facility and that therefore the equity instrument comprising the pre-existing facility was deemed to be repaid on the date of the modifications.


For the six months ended 30 June 2025 - unaudited	Continuing operations			Discontinued	Total
	UK	Botswana	Namibia	Argentina
	£'000	£'000	£'000	£'000	£'000
Consolidated profit before tax	4,000	-	-	66	4,066
Included in the consolidated profit before tax are the following income/(expense) items:
Foreign currency loss	-	-	-	-	-
At 30 June 2025
Total Assets	6,240	1,172	3,430	-	10,842
Total Liabilities	(907)	-	-	-	(907)


For the six months ended 30 June 2024 - unaudited	Continuing operations			Discontinued	Total
	UK	Botswana	Namibia	Argentina
	£'000	£'000	£'000	£'000	£'000
Consolidated loss before tax	(451)	-	-	(36)	(487)
Included in the consolidated loss before tax are the following income/(expense) items:
Foreign currency loss	-	-	-	-	-
At 31 December 2024
Total Assets	2,120	1,151	3,042	17	6,329
Total Liabilities	(1,144)	-	-	(86)	(1,230)

4.	Share based payments
		6 months ended 30 June 2025	6 months ended 30 June 2024
		£'000	£'000

	Share option expense - Directors	-	20
	Share option expense - Management	-	33
		-	53

8.	Other gains / (losses)
		Unaudited	Unaudited
		30 June 2025	30 June 2024
		£'000	£'000

	Gain on IDM Merger (note 7.1)	4,096	-
	(Decrease) / Increase in fair value during period IDM Shares (note 7.1)	(14)	(28)
	Blackstone Shares	199	-
	Gain on sale of discontinued operations ***	67
	Gain / (loss) for period	4,349	(28)

Allotted ordinary shares, called up and fully paid
As at beginning of the period	246	227
Share subscription for cash	56	15
Shares issued in lieu of directors' fees	6	-
Shares issued to settle consultants fees	10	4
Total ordinary shares at end of period	318	246

Allotted deferred shares, called up and fully paid ⁽²⁾
As at beginning of the period	1,978	1,978
Total deferred shares at end of period	1,978	1,978
Ordinary and deferred as at end of period	2,296	2,224

	Number of shares 30 June 2025	Number of shares 31 December 2024
Ordinary share capital is summarised below:
As at beginning of the period	12,304,059,682	11,380,918,869
Share subscription for cash ⁽¹⁾	2,800,000,000	714,285,714
Shares issued to settle Directors' and PDMR fees ⁽²⁾	648,719,997	-
Shares issued to settle consultants' fees ⁽³⁾	167,809,490	208,855,099
As at end of period	15,920,589,169	12,304,059,682

Deferred share capital is summarised below:
As at beginning of the year ⁽¹⁾	998,773,038	998,773,038
As at end of period	998,773,038	998,773,038

Notes re shares issued during the year ⁽¹⁾ On 2 January 2025 the Company issued 2,800,000,000 shares in relation to a placement raising £560,000. ⁽²⁾ On 2 January 2025 the Company issued 648,719,997 shares to settle fees due to Directors and persons discharging managerial responsibilities under Market Abuse Regulations (PDMRS) of £196,616. ⁽³⁾ On 19 May 2025 the Company issued 167,809,490 shares to settle fees due to Consultants of £44,940.

12.	Reconciliation of operating loss to net cash outflow from operating activities
		Unaudited	Unaudited
		Six months ended 30 June 2025	Six months ended 30 June 2024
		£'000	£'000

	Operating profit/(loss) from all operations	(343)	(487)


	Share based payments	-	53
	Impairments	-	75
	Finance Charge - non cash	-	64
	Foreign exchange movement	(21)	(21)
	Shares issued - Directors fees	87	-
	Share issued - Consultants	153	-
	(Increase)/decrease in receivables	22	182
	Increase/(decrease) in payables	(78)	44
	Net cash outflow from operating activities	(188)	(90)

14.	Availability of Interim Report
	A copy of these interim results will be available from the Company's registered office during normal business hours on any weekday at Floor 6, Quadrant House, 4 Thomas More Square, London E1W 1YW and can also be downloaded from the Company's website at www.bezantresources.com. Bezant Resources Plc is registered in England and Wales with company number 02918391.