Preliminary Results

Clontarf Energy PLC

25 June 2026

 

25 June 2026

Clontarf Energy plc

("Clontarf" or "the Company")

Preliminary Results for the Year Ended 31 December 2025

Clontarf Energy, the oil and gas exploration company focused on Bolivia and Ghana today announces its preliminary results for the year ending 31 December 2025.

The Company expects to shortly publish its 2025 Annual Report & Accounts and a further update will be made in this regard as and when appropriate.

For further information please visit http://clontarfenergy.com or contact:

Clontarf Energy Jim Finn, Director	[phone]
Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer	[phone]
Broker AlbR Capital Limited Colin Rowbury	[phone]
Public Relations BlytheRay Megan Ray	[phone]
Teneo Luke Hogg Molly Mooney	[phone]

Chair's Review

David Horgan

On 28 October 2025, we lost David Horgan, Chairman and co-founder of Clontarf Energy plc. David alongside fellow directors James Finn and Peter O'Toole, was instrumental in shaping its strategy across lithium, oil, and gas exploration.

A man of immense charm, intellect, and energy, David brought nearly thirty years of experience in mineral exploration to his work, beginning with Kenmare Resources. At the time of his passing, he served as Chairman of two listed companies - Clontarf Energy plc and Petrel Resources plc - and as an active director of Botswana Minerals plc. He was equally at home in the field across Africa and South America as in the boardrooms of banks and stockbrokers in London. His early passing is a profound loss to the exploration sector and a deep personal loss to his colleagues.

Following David's passing, the Board has provisionally appointed James Finn as Interim Chairman (who also continues in his role as Finance Director) while a formal search for a permanent Chairperson is undertaken.

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Overview

Recent months have seen accelerated progress across Clontarf's key projects. We are operating in an environment of heightened global demand for critical minerals, shifting geopolitical priorities, and rapidly improving commercial conditions for direct lithium extraction. This review sets out our current position and near-term objectives.

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Why Lithium?

Critical minerals have emerged as strategic assets central to both economic and national security. Lithium, cobalt, nickel, and copper are used in everyday products such as batteries and electrical wiring, as well as industrial applications including energy storage systems (ESS) and military electronics. Demand for these materials is growing rapidly, driven by the global energy transition.

J.P. Morgan Global Research forecasts global lithium demand to grow 16% year-over-year in 2026, with approximately 58% of incremental demand projected to come from electric vehicles (EVs) and 30% from ESS - a share expected to rise to 36% by 2030. Under an accelerated energy transition scenario, global lithium demand could exceed 13 million tonnes by 2050, more than double base-case projections. Without significant new investment, structural supply deficits could emerge as early as 2028.

Total 2026 global lithium demand is currently estimated at 1.8 to 2.2 million tonnes of lithium carbonate equivalent (LCE), driven primarily by the automotive sector and surging energy storage installations.

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Our Strategy

Our principal activities during this period focused on advancing Clontarf's lithium interests in Bolivia: refining extraction technologies, negotiating with offtakers, and developing financing structures.

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Bolivia: Political Developments & Engagement

In November 2025 Rodrigo Paz Pereira was elected as President of Bolivia. Paz rose to the presidency on pledges to open Bolivia to foreign private investment in projects ⁠related to mining, hydrocarbons, lithium, and energy.

He took office as Bolivia contended with acute shortages of fuel and dwindling foreign currency reserves.

The new administration has outlined plans to reform key legislation affecting foreign investment in strategic sectors, including oil exploration, renewable energy, and lithium - all areas overseen by the Hydrocarbons and Energy Ministry.

Guillermo Trigo Nagel, a Petroleum and Natural Gas Engineer with MBAs from both INCAE Business School in Costa Rica and Warwick University in the UK was appointed President of Yacimientos de Litio Bolivianos (YLB) in early June and the Company is actively engaging with the new President and his team

Our immediate objective is to enter into a Memorandum of Understanding with YLB to obtain large bulk samples from the Coipasa and Uyuni brine deposits for shipment to our partner's pilot plant in India. We expect reform of Bolivia's lithium strategy to accelerate under the new administration, creating improved conditions for operators such as Clontarf.

Bolivia holds the world's largest known lithium reserves - estimated at approximately 21 million tonnes of LCE beneath the Salar de Uyuni - yet remains the only member of the Lithium Triangle not currently deemed commercially viable by the US Geological Survey. The new administration's reform agenda is aimed squarely at changing that.

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Technology & Process

Clontarf uses Direct Lithium Extraction (DLE) - a continuous-flow, environmentally responsible technology that does not rely on significant volumes of fresh water, high electricity consumption, or toxic chemicals.

In March 2023, Clontarf entered into a joint venture with NEXT-ChemX, a specialist in ion-separation technology, for the processing of Bolivian brines under applicable law. The 50:50 joint venture holds exclusive rights to deploy and commercialise NEXT-ChemX's ion-Targeting Direct Extraction (iTDE) technology in Bolivia, and is governed by the laws of Texas.

How iTDE Works

iTDE concentrates targeted ions by drawing them out of solution across a purpose-built membrane. It can extract metallic ions - such as lithium - from liquids including brines, even at very low concentrations. The feed liquid does not touch or mix with the extracting solution; instead, an ultra-high surface area membrane uses a specific extractant for each targeted ion, keeping the brine feed within a closed system until a high percentage of valued commodities has been extracted.

Unlike conventional evaporation ponds and chemical precipitation - which are only 40-60% efficient and generate chemical waste - iTDE requires no high pressure, high temperatures, or electrolysis. It does not employ traditional solvent extraction, ion exchange resins, or high-pressure reverse osmosis membranes.

The technology has already been used to extract lithium, magnesium, calcium, strontium, nickel, and copper, among other ions.

Advantages of iTDE

·      Higher efficiency: Capable of extracting close to 100% of targeted ions, even from low-concentration solutions

·      Continuous process: Avoids the inefficiencies of batch processing found in solvent or resin-based extraction

·      Low energy consumption: No requirement for high pressure or high temperature

·      Cost-effectiveness: Lower infrastructure requirements and operating costs than traditional methods

·      Environmental benefits: Eliminates evaporation ponds, reducing water loss and chemical waste

·      Water efficiency: Operates primarily from brine feedstock with minimal need for fresh water; post-extraction brine can be reinjected into the salar or further purified to produce agricultural or potable water

·      Scalability: Modular by design - additional membranes can be added to increase output

·      Flexibility: Applicable to a wide range of ions and liquid types

·      Valuable by-products: Enables simultaneous extraction of magnesium, potassium, and other economically valuable ions, offsetting primary extraction costs

·      High purity output: Supports production of lithium carbonate, lithium hydroxide, lithium phosphate, lithium metal, and high-purity magnesium metal

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Progress to Date

Large laboratory samples (approximately 200 kg) were prepared by YLB in September 2023 and sent for preliminary testing in NEXT-ChemX's laboratory pilot systems.

Following technical breakthroughs at our pilot facilities, we have completed the chemical and operational engineering work required to scale the process while maintaining high quality and competitive costs.

Bolivian authorities have focused particularly on the maturity of technology offered by applicants - specifically whether an operating pilot plant is already commissioned - as well as financial capability. We believe our position on both counts is strong. Larger bulk samples will allow us to optimise recovery and throughput for lithium, magnesium, and other economically valuable minerals. Positive test results have already encouraged expansion of bulk testing, particularly for improved magnesium extraction.

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Operational Timeline

The Company has sourced the required Intermediate Bulk Containers (IBCs) to ship bulk samples to Gujarat in volumes to be agreed with YLB. On arrival at our Indian partner's plant - expected approximately two months after export - samples will be expedited through the production process.

Subject to permitting and applicable rules, our planned schedule is as follows:

·      Bulk samples shipped to India and processed at pilot plant

·      500 tonne/year scalable pilot plant deployed to a Bolivian site

·      Plant commissioned and connected to power and brine sources upon arrival

·      Additional production plants, approx. 5000 tonne/year scalable capacity deployed across up to five separate locations, at six-month intervals

·      Long-term target: 150,000 tonnes of LCE per year by 2030

The Company remains in discussions with YLB about putting this planned schedule into place, which it hopes will be later in 2026.

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Global Critical Minerals Landscape

Attitudes towards the procurement and management of critical minerals are being transformed worldwide. Offtakers globally are acutely aware of the need to secure reliable, clean, and competitively priced materials. The scale and pace of this shift - driven in part by decades of effective Chinese industrial policy - has prompted rapid policy responses from both Europe and the United States.

The US Inflation Reduction Act and the EU's Critical Raw Materials Act demonstrate how quickly policy can move when strategic vulnerability becomes clear. The EU Commission has assembled a 'Team Europe' - bringing together explorers, miners, processors, and financiers - to deliver meaningful diversification of materials supply.

Bolivia has committed to becoming a key supplier to all major markets. Achieving this will require urgent improvements in licensing, clearer legal title, better financing structures, and high-throughput production of battery-grade lithium salts.

EU Global Gateway funds, for example, can provide 20-year financing at approximately 3% interest for state-allocated infrastructure projects - potentially covering a significant portion of total capital expenditure while respecting Bolivian sovereignty. The Board believes operators such as Clontarf are central to delivering on these objectives.

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Funding

Clontarf has a consistent track record of accessing financial markets when required. Subject to technical verification and permitting of its exploration projects, the Company is confident in its ability to secure adequate funding for near- to medium-term activities.

Where possible, our preference is to minimise shareholder dilution through offtaker arrangements. We believe that anticipated global offtaker demand for clean, high-purity lithium cannot be met without Bolivian supply - a conviction that underpins our strategic focus.

Please refer to the going concern section for further information.

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Oil & Gas: Middle East Conflict and Market Impact

Global Markets

The ongoing conflict in the Middle East has introduced extreme volatility into global oil and gas markets. Disruption to key transit infrastructure - including the Strait of Hormuz, through which approximately 20 million barrels per day, or roughly one-fifth of global petroleum supply, normally flows - has triggered significant supply shocks. Brent crude surged to nearly $120 per barrel in the weeks following the escalation, with some analysts warning of $150 or more in a sustained disruption scenario.

While a short-term ceasefire provided temporary relief, the prospects for a lasting settlement remain unclear. In the interim, emergency releases from IEA strategic reserves have helped stabilise some markets, but spot prices remain elevated.

The physical-futures price disconnect has become increasingly acute, as oil-importing nations compete for replacement barrels from a shrinking pool of available supply. Resuming flows through the Strait of Hormuz remains the single most important variable in easing pressure on global energy supplies and the wider economy.

Consumers and refiners alike are drawing down inventories to manage immediate supply disruptions. Global observed oil stocks fell by 85 million barrels in March. Crude oil stocks in oil-importing Asian economies dropped by 31 million barrels, with further declines anticipated. Where inventories could not bridge the gap, demand has contracted - most notably among Asian petrochemical producers, LPG consumers, and the aviation sector. As a result, global oil demand is now projected to decline by approximately 80,000 barrels per day on average over 2026, compared to growth of 730,000 barrels per day projected prior to the conflict.

The conflict has impacted lithium-related markets through two indirect channels: higher oil prices have accelerated consumer interest in electric vehicles, and rising logistics and freight costs have increased the operational costs of mining projects globally, though direct brine extraction methods in the Lithium Triangle are partially shielding producers from the most severe cost pressures.

Bolivia

The conflict has had no direct operational impact on Bolivia's lithium sector, owing to the country's localised economic structure and its status as a pre-commercial producer. Bolivia contributes a negligible share of active global lithium supply compared to Chile and Argentina, limiting its immediate exposure to trade disruptions.

The strategic significance of Bolivian lithium has, however, been materially enhanced by the conflict. Bolivia has moved to reverse nearly two decades of anti-Western policy by restoring diplomatic ties with Washington and signing a memorandum of understanding on critical minerals. To attract Western investment and technical expertise, the new administration has introduced a three-year profit tax holiday for new projects and has committed to fast-tracking regulatory approvals. Under President Rodrigo Paz, Bolivia is also pursuing constitutional reforms that would permit foreign and private firms to extract lithium, moving away from the strict state control that previously constrained industry development.

Ghana

While Clontarf has no direct exposure to Iranian or Israeli trade, the conflict is reshaping the economics of the operating environment in West Africa. Ghana pumps crude oil - approximately 206,000 barrels per day in 2024 - but lacks the domestic refining capacity to convert it into usable fuel. It therefore exports crude and reimports expensive refined products. In 2024, crude exports earned approximately $3.87 billion, while refined petroleum imports cost around $4.48 billion, leaving a net oil trade deficit of approximately $610 million. A sustained oil price spike widens that deficit materially.

Clontarf remains committed to Ghana and has been actively engaging with the relevant authorities in 2025 and 2026. We hope to finalise the acreage available for exploration in the Tano Basin, potentially covering acreage from the existing Tano 2A Block as well as additional acreage that has since become available.

We also continue to monitor prospective opportunities in North Africa - both in oil and gas, and in under-explored critical mineral deposits where our advances in extraction technique may offer a meaningful advantage.

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Outlook

The Board continues to evaluate new opportunities in line with its strategic objectives, having reviewed and declined a number of proposals in recent months that were not considered suitable.

We remain highly encouraged by the progress made across our technical, operational, and commercial workstreams, and look forward to updating shareholders as our engagement with YLB and the new Bolivian administration progresses.

James Finn

Interim Chairman

25 June 2026

CLONTARF ENERGY PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025 £	2024 £
Share of net profit of associates and joint ventures	-	-
Administrative expenses	(85,219)	(591,823)
Impairment of exploration and evaluation assets	(173,609)	(173,609)
Loss from operations	(258,828)	(765,432)
Loss before tax	(258,828)	(765,432)
Income tax	-	-
Total comprehensive income	(258,828)	(765,432)
Earnings per share attributable to the ordinary equity holders of the parent
	2025	2024
	Pence	Pence
Loss per share - basic and diluted	(0.003)	(0.01)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

	2025 £	2024 £
Assets
Non-current assets
Intangible assets	347,216	520,825
Investment in Joint Venture	887,655	887,655
	1,234,871	1,408,480
Current assets
Other receivables	-	13,483
Cash and cash equivalents	374,874	818,212
	374,874	831,695
Total assets	1,609,745	2,240,175
Liabilities
Current liabilities
Trade and other liabilities	(1,319,710)	(1,410,957)
Total liabilities	(1,319,710)	(1,410,957)
Net assets	290,035	829,218
Equity
Share capital	6,509,315	6,509,315
Share premium reserve	13,517,495	13,517,495
Share based payment reserve	544,776	825,131
Retained deficit	(20,281,551)	(20,022,723)
Total equity	290,035	829,218

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Share Capital £	Share Premium Reserve £	Share Based Payment Reserve £	Retained Deficit £	Total Equity £
At 1 January 2024	6,209,315	12,737,395	615,296	(19,257,291)	304,715
Issue of share capital	300,000	850,000	-	-	1,150,000
Share issue expenses	-	(69,900)	-	-	(69,900)
Share based payment charge	-	-	209,835	-	209,835
Total comprehensive loss for the year	-	-	-	(765,432)	(765,432)
At 31 December 2024	6,509,315	13,517,495	825,131	(20,022,723)	829,218
Share based payment charge	-	-	(280,355)	-	(280,355)
Total comprehensive loss for the year	-	-	-	(258,828)	(258,828)
At 31 December 2025	6,509,315	13,517,495	544,776	(20,281,551)	290,035

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025 £	2024 £
Cash flows from operating activities
Loss for the year	(258,828)	(765,432)
Adjustments for
Share based payment charge	(280,355)	209,835
Foreign exchange (profit)/loss	1,329	2,652
Impairment of exploration and evaluation assets	173,609	173,609
	(364,245)	(379,336)
Movements in working capital:
Decrease/(Increase) in other receivables	13,483	(13,483)
Decrease in trade and other payables	(91,247)	(48,933)
Net cash used in operating activities	(442,009)	(441,752)
Cash flows from investing activities
Additions to investment in Joint Venture	-	-
Additions to exploration and evaluation assets	-	-
Net cash used in investing activities	-	-
Cash flows from financing activities
Issue of ordinary shares	-	1,150,000
Share issue expenses	-	(69,900)
Net cash generated from financing activities	-	1,080,100
Net cash (decrease)/increase in cash and cash equivalents	(442,009)	638,348
Cash and cash equivalents at the beginning of year	818,212	182,516
Exchange loss on cash and cash equivalents	(1,329)	(2,652)
Cash and cash equivalents at the end of the year	374,874	818,212

Notes:

1.    ACCOUNTING POLICIES

There were no changes in accounting policies from those used to prepare the Group's Annual Report for financial year ended 31 December 2025. The financial statements have been prepared in accordance with the Companies Act 2006.

2.    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 profit or 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.

	2025 £	2024 £
Numerator
For basic and diluted EPS Loss after taxation	(258,828)	(765,432)
Denominator	No.	No.
For basic and diluted EPS	8,193,326,117	6,884,911,244
Basic EPS	(0.003p)	(0.01p)
Diluted EPS	(0.003p)	(0.01p)
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:
	No.	No.
Share options	615,500,000	980,500,000

3.    GOING CONCERN

The Group incurred a loss for the year of £258,828 (2024: £765,432) and had net current liabilities of £944,836 (2024: £579,262) at the balance sheet date. These conditions, as well as those noted below, represent a material uncertainty that may cast doubt on the Group's ability to continue as a going concern.

Included in current liabilities is an amount of £425,824 (2024: £455,824) owed to directors in respect of directors' remuneration due at the balance sheet date. The Group had a cash balance of £374,874 (2024: £818,212) at the balance sheet date. The directors have prepared cashflow projections for a period of at least 12 months from the date of approval of the financial statements which indicate that the group has sufficient cash, and expected access to additional cash if needed, to fund working capital requirements and develop existing projects / project pipeline. As the Group is not revenue or cash generating it relies on raising capital from the public market. During the prior year the Company raised £1,150,000 (before expenses) via placing of shares.

As in previous years the Directors have given careful consideration to the appropriateness of the going concern basis in the preparation of the financial statements and believe the going concern basis is appropriate for these financial statements. The financial statements do not include the adjustments that would result if the Group and Company were unable to continue as a going concern.

4.    INTANGIBLE ASSETS

	Group 2025 £	Group 2024 £
Cost
At 1 January	12,735,623	12,735,623
Additions	-	-
At 31 December	12,735,623	12,735,623
Impairment
At 1 January	12,214,798	12,041,189
Impairment	173,609	173,609
At 31 December	12,388,407	12,214,798
Carrying Value:
At 1 January	520,825	694,434
At 31 December	347,216	520,825
Segmental analysis
	Group 2025 £	Group 2024 £
Bolivia	-	-
Ghana	347,216	520,825
	347,216	520,825

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 in the current year the directors, as a matter of prudence, 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 current year.

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:

·        licence obligations;

·        exchange rate risks;

·        uncertainties over development and operational costs;

·        political and legal risks, including arrangements 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.

Included in the additions for the year are £Nil (2024: £Nil) of directors' remuneration.

5.    INVESTMENT IN JOINT VENTURE

	Group 2025 £	Group 2024 £
Cost
At 1 January	887,655	887,655
Additions	-	-
At 31 December	887,655	887,655
Carrying Value:
At 1 January	887,655	887,655
At 31 December	887,655	887,655

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) direct lithium ion extraction ("DLE") 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 precedent 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 will be subject 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 31 December 2025, 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.    TRADE AND OTHER PAYABLES

	Group 2025 £	Group 2024 £
Trade payables	49,101	34,503
Other accruals	25,000	25,000
Other payables	1,245,609	1,351,454
Amounts owed to group companies	-	-
	1,319,710	1,410,957

It is the Company's normal practice to agree terms of transactions, including payment terms, with suppliers and provided suppliers perform in accordance with the agreed terms, payment is made accordingly. In the absence of agreed terms it is the Company's policy that the majority of payments are made between 30 to 40 days. The carrying amount of trade and other payables approximates to their fair value.

Other payables include amounts due for directors' remuneration of £425,824 (2024: £455,824) accrued but not paid at year end.

7.    SHARE CAPITAL

Deferred Shares - nominal value of 0.24p
	Number	Share Capital £	Share Premium £
At 1 January 2024 and 2025	2,370,826,117	5,689,982	-
	-	-	-
At 31 December 2024 and 2025	2,370,826,117	5,689,982	-
Ordinary Shares - nominal value of 0.01p
Allotted, called-up and fully paid:
	Number	Share Capital	Share Premium
		£	£
At 1 January 2024	5,193,326,117	519,333	12,737,395
Issued during the year	3,000,000,000	300,000	850,000
Share issue expenses	-	-	(69,900)
At 31 December 2024	8,193,326,117	819,333	13,517,495
Issued during the year	-	-	-
Share issue expenses	-	-	-
At 31 December 2025	8,193,326,117	819,333	13,517,495

Movements in issued share capital

There was no movement in the issued share capital in the current year.

8.    SHARE BASED PAYMENTS

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. Shares granted to individuals and directors will vest immediately.

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.

Share Options

	31 December 2025		31 December 2024
	Options	Weighted average exercise price in pence	Options	Weighted average exercise price in pence
Outstanding at beginning of year	980,500,000	0.035	500,500,000	0.035
Issued		0.045	480,000,000	0.045
Expired	(365,000,000)	-	-	-
Outstanding at end of year	615,500,000	0.01	980,500,000	0.09
Exercisable at end of year	615,500,000	0.01	980,500,000	0.09

In the current year 365,000,000 options for David Horgan were cancelled.  The fair value of £280,355 was recorded in the Statement of Comprehensive Income.

Warrants

	31 December 2025		31 December 2024
	Warrants	Weighted average exercise price in pence	Warrants	Weighted average exercise price in pence
Outstanding at beginning of year	435,683,300	0.25	533,183,300	0.22
Issued			-	-
Expired	(435,683,300)	0.25	(97,500,000)	0.065
Outstanding at end of year	-	-	435,683,300	0.25

On 12 January 2022 the Company had issued 435,683,300 warrants over ordinary shares to the directors who have accrued salary not paid to them since 2010. The Warrants were exercisable at 0.25p at any time until 11 January 2025. These warrants expired in the current year.

9.    OTHER RESERVES

	Share Based Payment Reserve £
Balance at 1 January 2024	615,296
Vested during the year	209,835
Balance at 31 December 2024	825,131
Cancelled during the year	(280,355)
Balance at 31 December 2025	544,776

 Share Based Payment Reserve

The share based payment reserve arises on the grant of share options under the share option plan as detailed in Note 8.

10.  POST BALANCE SHEET EVENTS

There were no material post balance sheet events affecting the Company or Group

11.  ANNUAL GENERAL MEETING

The Company's Annual General Meeting will be held on at Canal Court Hotel, Merchants Quay, Newry, BT35 8HF, United Kingdom on 28 July 2026 at 12.00pm.

12.  GENERAL INFORMATION

The financial information set out above does not constitute the Company's audited financial statements for the year ended 31 December 2025 or the year ended 31 December 2024. The financial information for 2024 is derived from the financial statements for 2024 which have been delivered to Companies House. The auditors had reported on the 2024 statements; their report was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The financial statements for 2025 will be delivered to Companies House.

A copy of the Company's Annual Report and Accounts for 2025 will be mailed shortly only to those shareholders who have elected to receive it. Otherwise, shareholders will be notified that the Annual Report will be available on the website  www.clontarfenergy.com . Copies of the Annual Report will also be available for collection from the Company's registered office, Dept 4046A, 126 East Ferry Road, Canary Wharf, London, E14 9FP, United Kingdom

 

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