Interim Statement for period ended 30 June 2026
Summary by AI BETAClose X
15 September 2026
Clontarf Energy plc
("Clontarf" or the "Company")
Interim Statement for the period ended 30 June 2026
Clontarf Energy plc (AIM: CLON), the energy company focused on clean Bolivian Lithium brines, as well as petroleum in Australia and Africa, announces its unaudited financial results for the six months ended 30 June 2026:
Overview
Recent months have seen continued progress and significant changes in the political, commodity and energy environment in which Clontarf operates.
Our principal focus remains the development of our lithium interests in Bolivia, particularly through Direct Lithium Extraction ("DLE"), while maintaining our oil and gas interest in Ghana and continuing to evaluate appropriate new opportunities.
Our Strategy
Clontarf's principal operational focus continues to be Bolivia, where we are seeking to advance:
· access to representative bulk brine samples;
· pilot-scale testing of NEXT-ChemX's ion-Targeting Direct Extraction ("iTDE") technology;
· technical optimisation of lithium and magnesium recoveries;
· engagement with Yacimientos de Litio Bolivianos ("YLB");
· discussions with potential offtakers and financing partners; and
· ultimately, subject to agreements, permitting, technical verification and financing, deployment of commercial-scale DLE facilities.
Bolivia - Political and Commercial Environment
President Rodrigo Paz Pereira took office in November 2025 promising greater private-sector participation and increased international investment in Bolivia's mining, lithium, energy and hydrocarbon industries.
During 2026, the new administration has continued work towards reform of Bolivia's investment framework.
In May 2026 President Paz announced the creation of a commission to examine a partial reform of Bolivia's Constitution, with the stated aim of improving the legal framework for investment. The Government has also been preparing new legislation covering areas including hydrocarbons, electricity, mining, investment and the green economy.
These reforms remain a work in progress. It would therefore be premature to assume that all of the proposed changes affecting foreign participation in lithium have been enacted.
Nevertheless, the direction of government policy is encouraging for international operators able to provide appropriate technology, financing and markets.
YLB
On 2 June 2026 Guillermo Trigo Nagel became interim Executive President of YLB, replacing Sergio Soliz Gómez.
Mr Trigo is a Petroleum and Natural Gas Engineer with international experience in energy, electric mobility, lithium supply chains, business strategy and international commerce. His background includes work associated with Tata Motors, clean-energy strategy and postgraduate study at INCAE Business School and the University of Warwick.
Clontarf continues to engage with YLB and seeks to establish the necessary arrangements to obtain larger bulk samples from Bolivian salares (salt flats) for processing through our partner's pilot facilities in India. Our immediate objective remains to establish an appropriate formal framework with YLB under applicable Bolivian law.
Technology & Process
Clontarf works with NEXT-ChemX through a 50:50 joint venture established to develop opportunities involving NEXT-ChemX's iTDE technology in Bolivia. The technology is designed to extract selected metallic ions from brines using purpose-designed membranes. Unlike conventional evaporation ponds, the technology is intended to operate as a continuous process and avoid extensive evaporation, high temperatures and high-pressure processing.
The potential advantages include:
· high targeted-ion recovery;
· continuous processing;
· relatively low energy requirements;
· reduced fresh-water requirements;
· modular scalability;
· reduced reliance on evaporation ponds;
· recovery of valuable secondary products, particularly magnesium; and
· the potential production of high-purity lithium compounds.
These advantages remain subject to successful technical demonstration and commercial-scale verification.
Pilot Testing
Previous laboratory work on Bolivian brines produced encouraging results and has informed subsequent engineering and process development. The next important step remains processing substantially larger representative bulk samples.
These larger samples are required to confirm:
· recovery rates;
· throughput;
· membrane performance;
· operating costs;
· brine chemistry;
· magnesium recovery;
· product purity; and
· commercial scalability.
The Company has previously sourced Intermediate Bulk Containers for shipment of samples to the pilot facility in India. The timing of bulk shipment remains dependent on reaching the necessary arrangements with YLB and complying with applicable Bolivian permits and regulations. Accordingly, previously stated deployment schedules should now be treated as indicative objectives rather than fixed dates.
Commercial Development
Subject to successful pilot testing, permitting, financing and agreements with the Bolivian authorities, the longer-term concept remains to move progressively from pilot-scale production towards modular commercial facilities. The Company's earlier development concept envisaged an initial scalable plant followed by larger modular facilities at suitable locations.
Any future production targets will, however, depend on technical results, access to brines, project agreements, financing, permitting and construction schedules. The Company therefore considers staged development to be the prudent approach.
Funding
Clontarf intends, where practical, to minimise shareholder dilution through strategic partnerships, project finance and offtake-linked arrangements. The Company's ability to advance commercial production will depend on successful technical verification, securing suitable rights and agreements, permitting and access to adequate finance.
The Board believes that growing international competition for clean, diversified supplies of lithium and other critical minerals should broaden the potential range of financing and offtake partners available to viable projects.
Ghana
Clontarf continues to engage with the relevant Ghanaian authorities concerning prospective acreage in the Tano Basin. The Company's longstanding Tano interest claim remains strategically located within one of Ghana's established petroleum provinces.
Any future exploration activity remains dependent upon satisfactory agreements with the Ghanaian authorities, applicable approvals and financing.
New Opportunities
The Board continues to evaluate additional opportunities consistent with Clontarf's technical experience and financial capacity and business strategy.
Our principal interests remain:
· lithium and critical/transition minerals;
· technologies capable of improving extraction economics;
· suitable opportunities within the Lithium Triangle;
· selected African critical-mineral opportunities; and
· oil and gas projects where existing technical knowledge and relationships provide a competitive advantage.
The Company will continue to exercise discipline when assessing new projects and will only pursue opportunities which the Board believes offer an appropriate balance between risk, capital requirements and potential shareholder return.
Outlook
Our immediate priority is therefore clear: continue engagement with YLB, secure access to representative bulk samples, demonstrate the NEXT-ChemX iTDE technology at meaningful scale and establish the technical and commercial information required for subsequent project development.
At the same time, the unprecedented disruption of global energy markets has reinforced the strategic value of Clontarf's oil and gas experience and its Ghanaian interests.
The Board remains encouraged by the opportunities available to the Company and looks forward to updating shareholders as discussions in Bolivia and Ghana progress.
James Finn
Interim Chairman
14 September 2026
For further information please visit http://clontarfenergy.com or contact:
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Clontarf Energy Jim Finn, Director Peter O'Toole
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+353 (0) 1 833 2833 |
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Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer |
+44 (0) 20 7409 3494 |
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Broker AlbR Capital Limited Colin Rowbury |
+44 (0) 207 399 9400 |
|
|
|
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Public Relations BlytheRay Megan Ray |
+44 (0) 207 138 3204
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Teneo Ciara McNamee Molly Mooney
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+353 (1) 661 4055 |
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
Six Months Ended |
Year Ended |
|
|
|
30 June 26 |
30 June 25 |
31 Dec 25 |
|
|
unaudited |
unaudited |
audited |
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Administrative expenses |
(169) |
(158) |
(85) |
|
Impairment of exploration and evaluation assets |
(87) |
(87) |
(174) |
|
|
|
|
|
|
LOSS BEFORE TAXATION |
(256) |
(245) |
(259) |
|
|
|
|
|
|
Income Tax |
- |
- |
- |
|
|
|
|
|
|
COMPREHENSIVE INCOME FOR THE PERIOD |
(256) |
(245) |
(259) |
|
|
|
|
|
|
LOSS PER SHARE - basic and diluted |
(0.003p) |
(0.003p) |
(0.003p) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET |
30 June 26 |
30 June 25 |
31 Dec 25 |
|
|
unaudited |
unaudited |
audited |
|
|
£'000 |
£'000 |
£'000 |
|
ASSETS: |
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
Intangible assets |
260 |
434 |
347 |
|
Investment in Joint Venture |
888 |
888 |
888 |
|
|
1,148 |
1,322 |
1,235 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Other receivables |
- |
39 |
- |
|
Cash and cash equivalents |
248 |
579 |
375 |
|
|
248 |
618 |
375 |
|
|
|
|
|
|
TOTAL ASSETS |
1,396 |
1,940 |
1,610 |
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Trade and other liabilities |
(1,362) |
(1,356) |
(1,320) |
|
|
(1,362) |
(1,356) |
(1,320) |
|
|
|
|
|
|
TOTAL LIABILITIES |
(1,362) |
(1,356) |
(1,320) |
|
NET LIABILITES |
34 |
584 |
290 |
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
Called-up share capital |
6,509 |
6,509 |
6,509 |
|
Share premium |
13,517 |
13,517 |
13,517 |
|
Share based payment reserve |
545 |
825 |
545 |
|
Retained deficit |
(20,537) |
(20,267) |
(20,281) |
|
TOTAL EQUITY |
34 |
584 |
290 |
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
|
|
|||
|
|
|
|
|
|
|
|
|
Called-up |
|
Share based |
|
|
|
|
Share |
Share |
Payment |
Retained |
|
|
|
Capital |
Premium |
Reserves |
Deficit |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
As at 1 January 2025 |
6,509 |
13,517 |
825 |
(20,022) |
829 |
|
Total comprehensive income |
|
|
|
(245) |
(245) |
|
As at 30 June 2025 |
6,509 |
13,517 |
825 |
(20,267) |
584 |
|
|
|
|
|
|
|
|
Share based payment charge |
|
|
(280) |
|
(280) |
|
Total comprehensive income |
|
|
- |
(14) |
(14) |
|
As at 31 December 2025 |
6,509 |
13,517 |
545 |
(20,281) |
290 |
|
|
|
|
|
|
|
|
Total comprehensive income |
- |
- |
- |
(256) |
(256) |
|
As at 30 June 2026 |
6,509 |
13,517 |
545 |
(20,537) |
34 |
|
CONDENSED CONSOLIDATED CASH FLOW |
Six Months Ended |
Year Ended |
|
|
|
30 June 26 |
30 June 25 |
31 Dec 25 |
|
|
unaudited |
unaudited |
audited |
|
|
£'000 |
£'000 |
£'000 |
|
CASH FLOW USED IN OPERATING ACTIVITIES |
|
|
|
|
Loss for the period |
(256) |
(245) |
(259) |
|
Impairment of exploration and evaluation assets |
87 |
87 |
174 |
|
Share based payment charge |
- |
- |
(280) |
|
Exchange movements |
1 |
- |
1 |
|
|
(168) |
(158) |
(364) |
|
|
|
|
|
|
Decrease/(increase) in other receivables |
- |
(26) |
13 |
|
Increase/(decrease) in trade and other payables |
42 |
(55) |
(91) |
|
CASH USED BY OPERATIONS |
(126) |
(239) |
(442) |
|
|
|
|
|
|
NET CASH USED IN OPERATING ACTIVITIES |
(126) |
(239) |
(442) |
|
|
|
|
|
|
CASH FLOWS USED IN INVESTING ACTIVITIES |
|
|
|
|
Payments for intangible assets |
- |
- |
- |
|
NET CASH USED IN INVESTING ACTIVITIES |
- |
- |
- |
|
|
|
|
|
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
|
Issue of shares |
- |
- |
- |
|
Share issue expenses |
- |
- |
- |
|
NET CASH GENERATED FROM FINANCING ACTIVITIES |
- |
- |
- |
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
(126) |
(239) |
(442) |
|
|
|
|
|
|
Cash and cash equivalents at beginning of the period |
375 |
818 |
818 |
|
|
|
|
|
|
Exchange loss on cash and cash equivalents |
(1) |
- |
(1) |
|
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD |
248 |
579 |
375 |
|
|
|
|
|
Notes:
1. INFORMATION
The financial information for the six months ended 30 June 2026 and the comparative amounts for the six months ended 30 June 2025 are unaudited. The financial information above does not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006.
The Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the U.K. The accounting policies and methods of computation used in the preparation of the Interim Financial Report are consistent with those used in the Group 2025 Annual Report, which is available at www.clontarfenergy.com
The interim financial statements have not been audited or reviewed by the auditors of the Group pursuant to the Auditing Practices board guidance on Review of Interim Financial Information.
2. DIVIDEND
No dividend is proposed in respect of the period.
3. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after taxation for the year attributable to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the year. Diluted earnings per share is computed by dividing the loss after taxation for the year by the weighted average number of ordinary shares in issue, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the year.
The following table sets out the computation for basic and diluted earnings per share ("EPS"):
|
|
Six Months Ended |
Year Ended |
|
|
|
30 June 26 |
30 June 25 |
31 Dec 25 |
|
Numerator |
£'000 |
£'000 |
£'000 |
|
Loss for the year |
(256) |
(245) |
(259) |
|
|
|
|
|
|
Denominator |
Number |
Number |
Number |
|
For basic and diluted EPS |
8,193,326,117 |
8,193,326,117 |
8,193,326,117 |
|
|
|
|
|
|
Basic and diluted EPS |
(0.003p) |
(0.003p) |
(0.003p) |
The following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of shares for the purposes of the diluted earnings per share
|
|
30 June 26 |
30 June 25 |
31 Dec 25 |
|
|
Number |
Number |
Number |
|
|
'000 |
'000 |
'000 |
|
|
|
|
|
|
Share options |
(615) |
(980) |
(615) |
|
|
|
|
|
4. INTANGIBLE ASSETS
|
|
30 June 26 |
30 June 25 |
31 Dec 25 |
|
|
£'000 |
£'000 |
£'000 |
|
Exploration and evaluation assets |
|
|
|
|
Cost: |
|
|
|
|
At 1 January |
12,735 |
12,735 |
12,735 |
|
Additions |
- |
- |
- |
|
Closing Balance |
12,735 |
12,735 |
12,735 |
|
|
|
|
|
|
Impairment: |
|
|
|
|
At 1 January |
12,388 |
12,214 |
12,214 |
|
Provision for impairment |
87 |
87 |
174 |
|
Closing Balance |
12,475 |
12,301 |
12,388 |
|
|
|
|
|
|
Carrying value: |
|
|
|
|
At 1 January |
347 |
521 |
521 |
|
At period end |
260 |
434 |
347 |
Exploration and evaluation assets relate to expenditure incurred in prospecting and exploration for lithium, oil and gas in Bolivia and Ghana. The directors are aware that by its nature there is an inherent uncertainty in exploration and evaluation assets and therefore inherent uncertainty in relation to the carrying value of capitalised exploration and evaluation assets.
During 2018 the Group resolved the outstanding issues with the Ghana National Petroleum Company (GNPC) regarding a contract for the development of the Tano 2A Block. The Group has signed a Petroleum Agreement in relation to the block and this agreement awaits ratification by the Ghanian government.
As ratification has not yet been achieved, as a matter of prudence, the directors opted to write down 20% of the carrying value of the Tano 2A Block historic expenditure. Accordingly, an impairment charge of £173,609 was recorded in the prior and £86,805 in the current period.
The directors believe that there were no facts or circumstances indicating that the carrying value of the remaining intangible assets may exceed their recoverable amount and thus no impairment review was deemed necessary by the directors. The realisation of these intangibles assets is dependent on the successful discovery and development of economic deposit resources and the ability of the Group to raise sufficient finance to develop the projects. It is subject to a number of potential significant risks, as set out below.
The Group's activities are subject to a number of significant potential risks including:
· licence obligations;
· exchange rate risks;
· uncertainties over development and operational costs;
· political and legal risks, including agreements with Governments for licences, profit sharing and taxation;
· foreign investment risks including increases in taxes, royalties and renegotiation of contracts;
· title to assets;
· financial risk management;
· going concern; and
· ability to raise finance.
5. INVESTMENT IN JOINT VENTURE
|
|
30 June 26 |
30 June 25 |
31 Dec 25 |
|
|
£'000 |
£'000 |
£'000 |
|
Cost: |
|
|
|
|
At 1 January |
888 |
888 |
888 |
|
Additions |
- |
- |
- |
|
Closing Balance |
888 |
888 |
888 |
|
Carrying value: |
|
|
|
|
At period end |
888 |
888 |
888 |
|
|
|
|
|
On 15 February 2023 the Group announced a heads of agreement around the potential formation of a 50:50 Joint Venture with US based, OTC Markets traded, technology company, NEXT-ChemX Corporation ("NCX") covering testing, marketing, and deploying of NCX's proprietary (patent pending) ion-Targeting Direct Extraction ("iTDE") technology in Bolivia. Formation of the JV was subject to final due diligence and the parties entering into formal documentation.
The terms of the JV are:
· A 50:50 joint venture company to be formed on completion of due diligence covering the exclusive rights to the marketing, testing and deployment of the NCX DLE technology in Bolivia.
· Clontarf Energy plc to contribute $500,000 in cash towards the pilot plant construction and testing as an exclusivity fee for the use of the NCX technology.
· NCX will then issue shares equal to $500,000 at its next financing (CHMX:OTC) to Clontarf Energy plc.
· Clontarf Energy plc will issue shares as follows to NCX:
i. 385 million new Ordinary Shares on proceeding with the Pilot Plant;
ii. 250 million new Ordinary Shares after successful pilot processing of Bolivian brines through the NCX pilot plant; and
iii. 250 million new Ordinary Shares after entry into a construction and processing contract between the JV and the Bolivian authorities on processing of Bolivian brines utilising NCX processing technology.
On 5 May 2023 the Company announced that all conditions had been satisfied with respect to the JV with NCX coming into force. In this regard, Clontarf paid NCX US$500,000 and issued 385 million new Ordinary Shares in the capital of Clontarf of which half was subjected to a 12-month lock in requirement.
The Group's investment in the NEXT‑ChemX joint venture in Bolivia is at an early-stage pre-licence and pre-development phase. As at 30 June 2026, the Group has not yet secured extraction licences or contractual rights to exploit lithium resources in Bolivia, and the joint venture has not commenced commercial operations.
The recoverability of the carrying value of £887,655 is subject to significant uncertainties and is dependent on a number of critical factors, including:
· successful negotiation and execution of agreements with Yacimientos de Litio Bolivianos (YLB);
· receipt of bulk brine samples and completion of pilot testing;
· technical validation and commercial scalability of the direct lithium extraction (DLE) technology;
· access to funding to progress development stages; and
· the broader regulatory and political environment in Bolivia.
The outcome of the project is inherently binary in nature. If the Group is unable to secure the necessary licences or if pilot testing does not demonstrate commercial viability, the carrying value of the asset may be subject to material impairment, potentially to nil. Due to the early-stage nature of the project, the Group has not prepared a detailed discounted cash flow model, as there are currently no reliable cash flow projections. Accordingly, the impairment assessment has been performed by reference to the indicators set out in IFRS 6 and management's assessment of the project's prospects. Management has considered industry benchmarks for the cost of comparable pilot plant developments; however, these benchmarks are used only as an indication of relative cost levels and do not constitute evidence of recoverable value. The ability to realise value from the investment is also dependent on the Group's capacity to raise sufficient funding to progress the project through development stages.
6. SHARE CAPITAL
|
Deferred Shares - nominal value of 0.24p |
|
|
|
|
|
Number
|
Share Capital £'000 |
Share Premium £'000 |
|
At 1 January 2025 |
2,370,826,117 |
5,690 |
- |
|
At 31 December 2025 and 30 June 2026 |
2,370,826,117 |
5,690 |
- |
|
|
|
|
|
|
Ordinary Shares - nominal value of 0.01p |
|
|
|
|
Allotted, called-up and fully paid: |
|
|
|
|
|
Number |
Share Capital |
Share Premium |
|
|
|
£'000 |
£'000 |
|
|
|
|
|
|
At 1 January 2025 |
8,193,326,117 |
819 |
13,517 |
|
Issued during the period |
- |
|
- |
|
At 30 June 2025 |
8,193,326,117 |
819 |
13,517 |
|
|
|
|
|
|
Issued during the period |
- |
- |
- |
|
At 31 December 2025 |
8,193,326,117 |
819 |
13,517 |
|
|
|
|
|
|
Issued during the period |
- |
- |
- |
|
At 30 June 2026 |
8,193,326,117 |
819 |
13,517 |
|
|
|
|
|
Movements in issued share capital
There was no movement in the issued share capital in the six months to 30 June 2026.
7. SHARE BASED PAYMENTS
SHARE OPTIONS
The Group issues equity-settled share-based payments to certain Directors and individuals who have performed services for the Group. Equity-settled share-based payments are measured at fair value at the date of grant.
Fair value is measured by the use of a Black-Scholes model.
The Group plan provides for a grant price equal to the average quoted market price of the ordinary shares on the date of grant.
|
|
30 Jun 26 |
30 Jun 25 |
31 Dec 25 |
|||
|
|
Options Number '000 |
Weighted average exercise price in pence |
Options Number '000 |
Weighted average exercise price in pence |
Options Number '000 |
Weighted average exercise price in pence |
|
At 1 January |
615,500 |
0.01 |
980,500 |
0.035 |
980,500 |
0.035 |
|
Expired |
- |
- |
- |
- |
(365,000) |
0.045 |
|
Outstanding at end of period |
615,500 |
0.01 |
980,500 |
0.035 |
615,500 |
0.01 |
|
Exercisable at end of period |
615,500 |
0.01 |
980,500 |
0.035 |
615,500 |
0.01 |
There was no movement in the issued share options in the six months to 30 June 2026.
8. POST BALANCE SHEET EVENTS
There are no significant post balance sheet events affecting the Company.
9. The Interim Report for the six months to 30 June 2026 was approved by the Directors on 14 September 2026.
10. The Interim Report will be available on the Company's website at www.clontarfenergy.com.
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