Half-year Financial Report
Summary by AI BETAClose X
Critical Mineral Resources PLC
('CMR' or the 'Company')
Interim Results
Critical Mineral Resources plc (LON:CMRS), the Morocco-focused mining exploration and development company, is pleased to announce its unaudited interim results for the six months ended 30 June 2026 ('H1 2026' or the 'Period').
Key Investment highlights in H1 2026
· Drilling programme that started in September 2025 performed well throughout H1 2026.
· Drilling rates ramped up in 2026, with some Zone 1 intercepts averaging >5m true width - more than double the Company's 2m average-width assumption - supporting an open-pit development scenario, with less than 5% of the project area drill-tested to date.
· Excellent near surface drill results include 5.0m at 1.20% copper, 0.77g/t Au and 1.4g/t silver from 24m, 3.7m at 1.76% copper and 8.6g/t silver from 6.3m, 4.0m at 1.20% Cu and 0.9g/t Ag from 18m, and 3.6m at 0.98% Cu and 6.22g/t Ag from 29.3m.
· Appointment of Géraud Moussarie as Chairman of the Board in February 2026 brought significant additional leadership experience in the management of natural resources and infrastructure projects across North and West Africa. Géraud chaired a board meeting in Casablanca in June 2026 following a site visit, and met JV partners and key local stakeholders, further strengthening our strategy.
· The Company raised total gross funds of approximately £3.1m through equity placings and warrant exercises. This enabled the acceleration of our drilling and exploration work on site as well as further contiguous bolt-on acquistions to expand beyond the 65km2 landpackage.
· As a result CMR's balance sheet evolved positively from net liabilities of £1.02m at 31 December 2025, to net assets of £3.35m at 30 June 2026, with cash of £1.20m (31 December 2025: £0.09m), following the equity raise and the conversion of convertible loan notes by strategic investors, which reduced total liabilities by £2.3m to £0.88m.
· The business is well positioned to deliver on our H2 milestones, including a maiden Mineral Resource Estimate in Q4 2026.
Post period
· Step-out drilling at Zone 1 North made a new high grade silver discovery associated with a NNW trending fault.
· Hole 174 returned 1.6 m at 1.67% Cu, 695 g/t Ag and 0.40 g/t Au, including an exceptionally high-grade 0.2m interval 10.24% Cu, 5,390 g/t Ag and 2.80 g/t Au.
· Hole 175, 50m east of 174 returned 1.0m at 0.72% Cu, 402 g/t Ag and 0.36 g/t Au.
· The Company appointed Brett Capper (ex-GM of Project Development of Asia Pacific & Global Project Shaping at Rio Tinto) as the Chair of the Company's Technical Committee.
Charles Long, Chief Executive Officer of CMR PLC, commented:
"The first half of 2026 saw excellent progress on the ground as we prioritised the development of Agadir Melloul, our new copper silver discovery in the Western Anti Atlas. Significant value was added through the ongoing diamond drilling programme and further key development milestones. Notably in Q1, both a mining license and environmental permit for extraction were awarded, and in June we began the processing plant development work. This includes a second phase of metallurgical testwork, building on a successful first phase, a pilot plant metallurgical programme, and a survey to determine the optimal plant and tailings dam locations, all being led by the Marrakech based laboratory and metallurgical consultants Afrilab Group.
In terms of personnel, our team is in a great place. Géraud Moussarie joined as Chairman in February and just recently Brett Capper joined as Chair of our Technical Committee. Both are already making a meaningful contribution to CMR and its projects, adding value and reducing risks across the Company and its projects. Géraud's experience at larger companies and specifically in the north African resources industry has given CMR a welcome boost on a number of fronts, not least leveraging his long-term relationships with certain institutional investors and development banks, strong in-country government relations and a step-up in our governance. Brett will be leading the feasibility study, ensuring that the planning and engineering work for Agadir Melloul, and other future projects, continue to meet the standards expected by our partners and current and future stakeholders.
On the drilling front, during H1 we received some of the best assays results since drilling started in September 2025, and we now have sufficient data to publish our maiden mineral resource estimate this year, as planned. Once this is in place, we intend to accelerate the Agadir Melloul feasibility study and advance to a construction decision as soon as possible.
Approximately 25% of holes drilled to date have intersected good widths and copper grades and critically these are within large continuous zones, which is characteristic of the nature of this deposit. Our drill hole locations are selected by extending known areas of mineralisation identified by previous holes, channel samples, trenching and mapping, what our resource consultants call 'walk-up targets'. Some of the mineralised areas extend for hundreds of metres, whilst some are smaller.
In practice this means the maiden resource is expected to be more than sufficient to support an initial mine development, and more importantly, provide a strong foundation for growing Agadir Melloul into a strategically important asset over the medium to longer term. We have a pipeline of walk-up targets that we expect to sustain our drilling programme for at least two to three years, potentially longer. As we gather more data, our understanding of the mineral systems will improve, enabling us to target hidden areas of mineralisation. I use the term mineral systems, because alongside the Zone 1 sedimentary copper, we have also found an igneous copper-silver mineralisation in Zone 2 north, and most recently what appears to be a silver structure with our first intercept of massive sulphides.
Whilst it is still early days, this is a highly encouraging development. The massive sulphide intercept in hole 174 assayed grades of 5.4kg/t silver, 10.24% copper and 2.80g/t gold. This is extremely valuable rock, on a gross metal value basis, the silver content alone is worth US$10,000/t. This has the potential to add a separate high-grade deposit at Agadir Melloul."
Chairman's Statement
I joined the CMR Board in February 2026 with real excitement. Agadir Melloul has the hallmarks of a project that can define a company: shallow, laterally extensive copper-silver mineralisation in a mining-friendly jurisdiction. CMR is led by a management team that works hard and with deep passion, with the support of its long-term investors and partners. Much of the hard initial work of securing the ground and preparing to explore has been accomplished, and a maiden JORC Mineral Resource Estimate is expected in Q4 2026. Eight months on, it is worth pausing to look back at how far CMR has come in a remarkably short period.
From explorer to developer
In 2023 the Company became Critical Mineral Resources and committed itself to Morocco, acquiring an 80% stake in Atlantic Research Minerals, providing an experienced in-country technical team from the outset. With the backing of its historical and new investors from early 2025, the Team moved forward decisively.
In May 2025 a joint venture agreement was signed with Coppernicus Mining Company, and the CMR team swiftly secured further permits and exclusivity over additional ground, consolidating a district-scale land package of c.65km² ahead of competition. Drilling began in September 2025, a second rig followed in December, with results beating expectations, including gold discoveries in certain areas and a new igneous-hosted copper-silver mineralisation in the rhyolite.
In the first quarter of 2026, a mining licence and an environmental permit for extraction were awarded - a milestone that exploration companies sometimes take years to reach. By April, drilling was running at approximately 1,200m per month and returning intercepts of c.5m true width in places, more than double the base-case assumption. In June, the planning of the initial processing plant work began. Since the end of the Period, Addison Mining Services has been appointed to deliver our maiden JORC Mineral Resource Estimate, and step-out drilling has identified what may be a separate high-grade silver structure, a reminder that Agadir Melloul is still revealing its potential.
Stronger foundations
Operational progress has been supported by a stronger financial position. The Company raised approximately £3.1m during the Period and, together with the conversion of loan notes by our strategic investors, this has improved the balance sheet from net liabilities of £1.0m at the year end to net assets of £3.3m at 30 June 2026. In 2026, the Team has strengthened its governance processes and technical oversight. I was thrilled to recently welcome Brett Capper as Chair of the Technical Committee, with a mission to lead our efforts with the feasibility study.
Looking ahead
The coming months are among the most important in the Company's history. The maiden Mineral Resource Estimate, expected in Q4 2026, will provide the first independent measure of what we have explored to date, covering only around 5-6% of our permit area. Metallurgical, engineering and environmental workstreams are advancing in parallel towards a feasibility study and, in turn, a construction decision. Alongside this, the Board will remain disciplined in evaluating further opportunities, pursuing them only where they are material and value-accretive for shareholders.
On behalf of the Board, I would like to thank our shareholders for their continued support, our joint venture partner Coppernicus, the Moroccan authorities, and Charlie and the team, whose persistence has taken Agadir Melloul from an opportunity to a project with a clear path to development.
Géraud Moussarie
Chairman
For further information, please contact:
|
Critical Mineral Resources PLC Charles Long, Chief Executive Officer |
|
|
Shard Capital LLP Erik Woolgar Damon Heath
|
+44 (0) 207 186 9952 |
Notes To Editors
Critical Mineral Resources (CMR) PLC is an exploration and development company focused on developing assets that produce critical minerals for the global economy, including those essential for electrification and the clean energy revolution. Many of these commodities are widely recognised as being at the start of a supply and demand super cycle.
CMR's flagship asset is the Agadir Melloul copper-silver project in the Western Anti-Atlas of Morocco. It lies approximately 250km south-west of Marrakech and 240km from the deep-water port and industrial zone of Agadir. In August 2025, CMR signed a definitive joint venture agreement with Coppernicus Mining Company SARL AU to earn a 60% interest in six permits covering approximately 65km². CMR currently holds a 50% contractual interest in three of these permits and 20% in the remaining three. A mining licence and an environmental permit for extraction were awarded in Q1 2026. A maiden JORC Mineral Resource Estimate is expected in Q4 2026. It will cover only around 5-6% of the current permit area, and CMR also holds exclusivity over additional ground for future acquisitions.
CMR is building a diversified portfolio of high-quality metals exploration and development projects in Morocco, focusing on copper, silver and potentially other critical minerals and metals. CMR identified Morocco as an ideal mining-friendly jurisdiction that meets its acquisition and operational criteria. The country is perfectly located to supply raw materials to Europe and possesses excellent prospective geology, good infrastructure and attractive permitting, tax and royalty conditions. In 2023, the Company acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL.
The Company is listed on the London Stock Exchange (LON:CMRS). More information regarding the Company can be found at www.cmrplc.com
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
|
|
|
Six months to 30 June 2026 (unaudited) |
Six months to 30 June 2025 (unaudited) |
|
|
Note |
£ |
£ |
|
Continuing operations: |
|
|
|
|
Administrative expenses |
4 |
(551,735) |
(390,591) |
|
Operating loss |
|
(551,735) |
(390,591) |
|
|
|
|
|
|
Finance gains/(costs) |
5 |
625,901 |
(54,934) |
|
Share of net loss of investments accounted for using the equity method |
7 |
(8,688) |
- |
|
Profit/(loss) before taxation |
|
65,478 |
(445,525) |
|
|
|
|
|
|
Income tax expense |
|
- |
- |
|
Profit/(loss) for the period |
|
65,478 |
(445,525) |
|
|
|
|
|
|
Total profit/(loss) attributable to: |
|
|
|
|
Owners of Critical Mineral Resources plc |
|
78,440 |
(439,040) |
|
Non-controlling interests |
|
(12,962) |
(6,485) |
|
|
|
65,478 |
(445,525) |
|
Other comprehensive income: |
|
|
|
|
Items that may be reclassified subsequently to profit and loss: |
|
|
|
|
Exchange differences on translation of foreign operations |
|
(7,614) |
1,496 |
|
Total comprehensive profit/(loss) for the period |
|
57,864 |
(444,029) |
|
|
|
|
|
|
Total comprehensive profit/(loss) attributable to: |
|
|
|
|
Owners of Critical Mineral Resources plc |
|
70,337 |
(436,599) |
|
Non-controlling interests |
|
(12,473) |
(7,430) |
|
|
|
57,864 |
(444,029) |
|
Earnings per share: |
|
|
|
|
Total basic and diluted profit/(loss) per share (£) |
6 |
0.0002 |
(0.003) |
|
|
|
|
|
The above condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
Condensed Consolidated Statement of Financial Position
|
|
|
As at 30 June |
As at 31 December |
|
|
|
2026 |
2025 |
|
ASSETS |
Note |
£ |
£ |
|
Non-current assets |
|
|
|
|
Intangible fixed assets |
|
2,331 |
2,331 |
|
Tangible fixed assets |
|
16,260 |
29,073 |
|
Equity account investees |
7 |
2,925,941 |
1,961,183 |
|
Total non-current assets |
|
2,944,532 |
1,992,587 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Other receivables |
|
80,243 |
67,854 |
|
Cash and cash equivalents |
|
1,199,540 |
88,929 |
|
Total current assets |
|
1,279,783 |
156,783 |
|
|
|
|
|
|
Total assets |
|
4,224,315 |
2,149,370 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-current liabilities |
|
|
|
|
Convertible loan notes |
9 |
(379,913) |
(495,370) |
|
Derivative financial liabilities |
9 |
(349,521) |
(1,953,403) |
|
Lease liabilities |
|
(10,221) |
(21,589) |
|
Total non-current liabilities |
|
(739,655) |
(2,470,362) |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
8 |
(117,499) |
(209,890) |
|
Convertible loan notes |
9 |
- |
(466,378) |
|
Lease liabilities |
|
(21,867) |
(19,410) |
|
Total current liabilities |
|
(139,366) |
(695,678) |
|
|
|
|
|
|
Total liabilities |
|
(879,021) |
(3,166,040) |
|
|
|
|
|
|
Net assets/(liabilities) |
|
3,345,294 |
(1,016,670) |
|
|
|
|
|
|
EQUITY |
|
|
|
|
Share capital |
10 |
3,766,992 |
1,922,881 |
|
Share premium |
10 |
7,933,333 |
6,189,575 |
|
Shares to be issued |
|
1,031,003 |
296,765 |
|
Other equity |
|
206,525 |
263,721 |
|
Share-based payment reserve |
|
89,837 |
50,648 |
|
Foreign exchange reserve |
|
(3,437) |
4,666 |
|
Retained earnings |
|
(9,635,802) |
(9,714,242) |
|
Capital and reserves attributable to owners of Critical Mineral Resources plc |
|
3,388,451 |
(985,986) |
|
|
|
|
|
|
Non-controlling interests |
|
(43,157) |
(30,684) |
|
Total equity |
|
3,345,294 |
(1,016,670) |
The above condensed Consolidated Financial Statements should be read in conjunction with the accompanying notes.
Condensed Consolidated Statement of Cash Flows
|
|
|
|
6 month period ended 30 June 2026 |
6 month period ended 30 June 2025 |
|
|
Notes |
£ |
£ |
|
|
|
|
|
|
|
|
Cash flow from operating activities |
|
|
|
|
|
Profit/(loss) for the period before taxation |
|
65,478 |
(445,525) |
|
|
Adjustments for: |
|
|
|
|
|
Finance (gain)/cost |
5 |
(625,901) |
54,934 |
|
|
Share of joint venture losses |
7 |
8,688 |
- |
|
|
Depreciation |
|
12,813 |
12,813 |
|
|
Foreign exchange movements |
|
(7,428) |
1,497 |
|
|
Operating cash flows before movements in working capital |
|
(546,350) |
(376,281) |
|
|
(Increase)/Decrease in trade and other receivables |
|
(12,392) |
19,324 |
|
|
(Decrease) in trade and other payables* |
|
(48,391) |
(119,087) |
|
|
Net cash flow used in operating activities |
|
(607,133) |
(476,044) |
|
|
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
|
Advances to associates and joint ventures |
7 |
(973,445) |
(1,123,138) |
|
|
Net cash flow from investing activities |
|
(973,445) |
(1,123,138) |
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
Proceeds from issuance of equity securities* |
|
2,849,430 |
825,000 |
|
|
Share issue costs |
|
(146,350) |
- |
|
|
Interest paid |
|
(2,981) |
(3,031) |
|
|
Finance lease payments |
|
(8,910) |
(8,863) |
|
|
Proceeds from CLN |
|
- |
1,387,474 |
|
|
Net cash flow from financing activities |
|
2,691,189 |
2,200,580 |
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
1,110,611 |
601,398 |
|
|
|
|
|
|
|
|
Cash and cash equivalent at beginning of the half year |
|
88,929 |
70,073 |
|
|
Cash and cash equivalent at end of the half year |
|
1,199,540 |
671,471 |
|
The above condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
*Excludes a non-cash transaction of payables settled in shares of £47,747.
Condensed Consolidated Statement of Changes In Equity
|
|
Share capital |
Share premium |
Paid in Share capital |
Other equity |
Share-based payment reserve |
Retained earnings |
Foreign exchange reserve |
Non-controlling interest |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
Balance as at 31 December 2025 |
1,922,881 |
6,189,575 |
296,765 |
263,721 |
50,648 |
(9,714,242) |
4,666 |
(30,684) |
(1,016,670) |
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
Profit for the 6 months |
- |
- |
- |
- |
- |
78,440 |
- |
(12,962) |
65,478 |
|
Exchange differences on translation of foreign operations |
- |
- |
- |
- |
- |
- |
(8,103) |
489 |
(7,614) |
|
Total comprehensive income for the 6 months |
- |
- |
- |
- |
- |
78,440 |
(8,103) |
(12,473) |
57,864 |
|
Transactions with owners recognised directly in equity |
|
|
|
|
|
|
|
|
|
|
Issue of shares |
1,844,111 |
1,872,101 |
(296,765) |
- |
- |
- |
- |
- |
3,419,447 |
|
Cost of shares issued |
- |
(146,350) |
- |
- |
- |
- |
- |
- |
(146,350) |
|
Shares to be issued |
- |
- |
1,031,003 |
- |
- |
- |
- |
- |
1,031,003 |
|
Warrant charge |
- |
(39,189) |
- |
- |
39,189 |
- |
- |
- |
- |
|
Movement from CLN Reserve |
- |
57,196 |
- |
(57,196) |
- |
- |
- |
- |
- |
|
Total transactions with owners recognised directly in equity |
1,844,111 |
1,743,758 |
734,238 |
(57,196) |
39,189 |
- |
- |
- |
4,304,100 |
|
Balance as at 30 June 2026 |
3,766,992 |
7,933,333 |
1,031,003 |
206,525 |
89,837 |
(9,635,802) |
(3,437) |
(43,157) |
3,345,294 |
|
|
Share capital |
Share premium |
Other equity |
Share-based payment reserve |
Retained earnings |
Foreign exchange reserve |
Non-controlling interest |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
Balance as at 31 December 2024 |
1,149,318 |
5,913,081 |
117,141 |
39,222 |
(7,467,704) |
(6,358) |
(19,171) |
(274,471) |
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
Loss for the 6 months |
- |
- |
- |
- |
(439,040) |
- |
(6,485) |
(445,525) |
|
Exchange differences on translation of foreign operations |
- |
- |
- |
- |
- |
2,441 |
(945) |
1,496 |
|
Total comprehensive income for the 6 months |
- |
- |
- |
- |
(439,040) |
2,441 |
(7,430) |
(444,029) |
|
Transactions with owners recognised directly in equity |
|
|
|
|
|
|
|
|
|
Issue of shares |
773,563 |
276,891 |
12,425 |
- |
- |
- |
- |
1,062,879 |
|
Total transactions with owners recognised directly in equity |
773,563 |
276,891 |
12,425 |
- |
- |
- |
- |
1,062,879 |
|
Balance as at 30 June 2025 |
1,922,881 |
6,189,972 |
129,566 |
39,222 |
(7,906,744) |
(3,917) |
(26,601) |
344,379 |
The above condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Notes to the condensed interim financial statements
1. General information
The principal activity of the Company and its subsidiaries (the Group) is in mineral exploration and the development of appropriate exploration projects. The Company's registered office is at Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF. Its shares are listed on the Main Market of the London Stock Exchange under the ticker "LON:CMRS", in the "Equity Shares - Transition" category. On 17 August 2023 the Company changed its name from Caerus Mineral Resources PLC to Critical Mineral Resources PLC.
2. BASIS of PREPARATION
These condensed interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with UK-adopted IAS 34 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, using the accounting policies adopted in the Group's annual financial statements for the year ended 31 December 2025. They do not include all the information required for full annual financial statements and should be read in conjunction with those financial statements and any public announcements made by the Company during the period.
These condensed interim financial statements, and the comparatives for the six months ended 30 June 2025, are unaudited and have not been reviewed by the auditor. They do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The comparatives for the year ended 31 December 2025 are extracted from the Group's statutory financial statements for that year, which have been delivered to the Registrar of Companies. The auditor's report on those financial statements was unqualified, included a material uncertainty related to going concern without modifying its opinion, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The business is not considered to be seasonal in nature.
The condensed interim financial statements have been approved for issue by the Board of Directors
on 28 September 2026.
New standards, amendments and interpretations adopted by the Group.
During the current period the Group adopted all the new and revised standards, amendments and interpretations that are relevant to its operations and are effective for accounting periods beginning on 1 January 2026. This adoption did not have a material effect on the accounting policies of the Group.
New standards, amendments and interpretations not yet adopted by the Group.
The standards and interpretations that are relevant to the Group, issued, but not yet effective, up to the date of these interim Financial Statements have been evaluated by the Directors and they do not consider that there will be a material impact of transition on the financial statements.
Going concern
The condensed interim financial statements have been prepared on the going concern basis. Under this basis, an entity is ordinarily viewed as continuing in business for at least 12 months from the date of Board approval of the financial statements, with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations. The Group is not currently generating revenues and therefore an operating loss has been reported and is expected in the 12 months following the date of these condensed interim financial statements.
During the period the Company received substantial funds through the issue of equity. The Group is reliant on the continuation of such funding and will need to secure further financing within the 12 months following the approval of these condensed interim financial statements in order to fund working capital requirements and project investment. These conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's and the Company's ability to continue as a going concern.
The Directors have prepared cash flow projections for the 12 months from the date of approval of these condensed interim financial statements, which include the expected further financing. Based on these projections, and after considering reasonably possible downside sensitivities, the Board, whilst acknowledging this material uncertainty, remains confident that the required financing will be secured. The Directors have therefore concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and have adopted the going concern basis in preparing these condensed interim financial statements.
Risks and uncertainties
The Directors continuously assess and monitor the key risks of the business. The key risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's most recent annual financial statements for the year ended 31 December 2025.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Group's most recent annual financial statements for the year ended 31 December 2025. The nature and amounts of such estimates have not changed during the interim period.
3. SEGMENTAL REPORTING
For the purpose of IFRS 8, the Chief Operating Decision Maker "CODM" takes the form of the board of directors. The Directors are of the opinion that the business of the Group focused on two reportable segments as follows:
· Head office, corporate and administrative, including parent company activities of raising finance and seeking new investment opportunities, all based in the UK and
· Mineral exploration, all based in Morocco
The geographical information is the same as the operational segmental information shown below.
|
Period ending 30 June 2026 |
Corporate and Administrative (UK) £ |
Mineral exploration (MOROCCO) £ |
TOTAL
£ |
|
Operating profit/(loss) before and after taxation |
137,914 |
(72,436) |
65,478 |
|
|
|
|
|
|
Segment total assets - (net of investments in subsidiaries) |
1,255,332 |
2,968,983 |
4,224,315 |
|
|
|
|
|
|
Segment liabilities |
(857,006) |
(22,015) |
(879,021) |
|
|
|
|
|
|
|
|
|
|
|
Period ending 30 June 2025 |
Corporate and Administrative (UK) £ |
Mineral exploration (MOROCCO) £ |
TOTAL
£ |
|
Operating loss from total operations before and after taxation |
(413,100) |
(32,425) |
(445,525) |
|
|
|
|
|
|
Segment total assets - (net of investments in subsidiaries) |
1,860,580 |
76,453 |
1,937,033 |
|
|
|
|
|
|
Segment liabilities |
(1,575,521) |
(17,133) |
(1,592,654) |
4. ADMINISTRATIVE EXPENSES
|
|
6 months to 30 June 2026 |
6 months to 30 June 2025 |
|
|
£ |
£ |
|
Wages and salaries |
259,820 |
192,285 |
|
Regulatory fees |
31,635 |
45,193 |
|
Depreciation |
12,813 |
12,813 |
|
Legal and professional fees |
179,936 |
115,824 |
|
Other |
67,531 |
24,476 |
|
|
551,735 |
390,591 |
5. FINANCE (GAINS)/COSTS
|
|
6 months to 30 June 2026 |
6 months to 30 June 2025 |
|
|
£ |
£ |
|
Finance costs - effective interest rate on host debt |
77,103 |
51,903 |
|
Fair value gain on embedded conversion options |
(709,942) |
- |
|
Other interest payable |
6,938 |
3,031 |
|
|
(625,901) |
54,934 |
6. EARNINGS PER SHARE
The calculation for earnings per Ordinary Share (basic and diluted) is based on the consolidated profit/(loss) attributable to the equity shareholders of the Company is as follows:
|
Continuing operations: |
6 months to 30 June 2026 |
6 months to 30 June 2025 |
|
|
|
|
|
Total profit/(loss) for the period (£) |
65,478 |
(445,525) |
|
|
|
|
|
Weighted average number of Ordinary shares |
325,653,106 |
164,178,445 |
|
|
|
|
|
Total profit/(loss) per Ordinary share (£) |
0.0002 |
(0.003) |
Earnings per Ordinary share are calculated using the weighted average number of Ordinary shares in issue during the period. Diluted earnings per share have not been calculated as the difference in value would be negligible and the shares to be issued are not included in the above calculation.
7. EQUITY ACCOUNTED INVESTEES
Agamel Minerals SARL is a Moroccan SPV established to hold the permits and manage the Agadir Melloul Project. The Group has joint control over the relevant activities of Agamel Minerals SARL because key decisions are subject to unanimous shareholder approval. Accordingly, the arrangement is classified as a joint venture and is accounted for using the equity method. The Group currently holds a 20% economic interest in the SPV.
The Group's carrying amount of the investment includes shareholder advances provided to fund project activities, including exploration expenditure and permit acquisition costs, which form part of the Group's net investment in the joint venture.
Summarised financial information
Summarised financial information of the joint venture (100%) and the Group's share are presented below using the most recent financial statements of Agamel Minerals SARL available at the reporting date.
|
|
30 June 2026 |
|
31 December 2025 |
||||
|
|
MAD |
GBP |
|
MAD |
GBP |
||
|
Total assets |
30,037,734 |
2,414,609 |
|
18,669,482 |
1,508,036 |
||
|
Total liabilities |
(29,898,203) |
(2,403,393) |
|
(17,989,577) |
(1,453,116) |
||
|
Net assets |
139,531 |
11,216 |
|
679,905 |
54,920 |
||
|
|
|
|
|
|
|
||
|
Net expenses |
(540,375) |
(43,438) |
|
(320,094) |
(26,003) |
||
|
Loss for the period |
(540,375) |
(43,438) |
|
(320,094) |
(26,003) |
||
|
Group's share of Joint Venture: |
||
|
|
30 June 2026 |
31 December 2025 |
|
Income statement - share of losses |
£ |
£ |
|
Period to 31 October 2025 - 10% |
- |
(1,134) |
|
Period to 31 December 2025 - 20% |
- |
(2,987) |
|
6 month period ending 30 June 2026 - 20% |
(8,688) |
- |
|
Share of Joint Venture losses |
(8,688) |
(4,121) |
|
|
Group |
|
|
|
£ |
|
|
Investments brought forward |
1,961,183 |
|
|
Additions in the period |
973,445 |
|
|
Less share of joint venture losses |
(8,688) |
|
|
|
2,925,941 |
|
8. TRADE AND OTHER PAYABLES
|
|
30 June 2026 |
31 December 2025 |
|
|
£ |
£ |
|
Trade creditors |
60,637 |
76,952 |
|
Accruals and other payables |
56,266 |
83,920 |
|
Taxes and social security |
596 |
49,019 |
|
|
117,499 |
209,891 |
9. CONVERTIBLE LOAN NOTES
|
|
Convertible loan note due within one year |
Convertible loan notes due after one year |
Derivative financial liabilities |
|
|
£ |
£ |
£ |
|
As at 31 December 2025 |
466,378 |
495,370 |
1,953,403 |
|
Finance cost |
22,577 |
54,526 |
- |
|
Derivative fair value movement |
- |
- |
(709,942) |
|
Conversion and extinguishment |
(488,955) |
(169,983) |
(893,939) |
|
|
- |
379,913 |
349,521 |
On the 28th April 2026, the Company converted two CLNs of £425,000 and £462,474 respectively and interest was paid in ordinary shares.
The following table sets out the remaining CLNs as at 30 June 2026:
|
|
|
Amount |
Interest rate |
Exercise price (pence) |
Expiry |
|
Issued on 23 May 2025 |
|
£500,000 |
5% |
1.45p |
31/12/28 |
|
Issued on 3 October 2025 |
|
£350,000 |
5% |
1.45p |
31/12/28 |
10. SHARE CAPITAL AND SHARE PREMIUM
|
|
Number of shares - Ordinary |
Share Capital
£ |
Share Premium
£ |
Total
£ |
|
As at 31 December 2025 |
192,288,051 |
1,922,881 |
6,189,575 |
8,112,456 |
|
Issue 3 February 2026 |
147,045,450 |
1,470,454 |
1,676,136 |
3,146,590 |
|
Issue 24 February 2026 |
2,243,778 |
22,438 |
25,309 |
47,747 |
|
Issue 1 May 2026 |
35,121,879 |
351,219 |
227,852 |
579,071 |
|
Less (share issue costs) |
- |
- |
(185,539) |
(185,539) |
|
As at 30 June 2026 |
376,699,158 |
3,766,992 |
7,933,333 |
11,700,325 |
|
|
Paid in Share Capital |
|
|
£ |
|
As at 31 December 2025 |
296,765 |
|
Issued in the period |
(296,765) |
|
Converted CLNs, shares to be issued |
1,031,003 |
|
As at 30 June 2026 |
1,031,003 |
At 30 June 2026, 43,872,531 Ordinary shares remained to be issued following the conversion of the £425,000 CLN on 28 April 2026.
11. WARRANTS
The following table sets out the movement of warrants during the period:
|
|
|
Number of warrants |
|
Exercise price (pence) |
Expiry |
|
As at 30 June 2025 |
|
47,641,107 |
|
1.1p to 1.3p |
3/2027-12/2028 |
|
As at 31 December 2025 |
|
47,641,107 |
|
1.1p to 1.3p |
3/2027-12/2028 |
|
Exercised 03/02/2026 |
|
(17,045,454) |
|
1.30p |
N/A |
|
Issued 03/02/2026 |
|
5,444,444 |
|
2.25p |
03/02/2029 |
|
Issued 03/02/2026 |
|
129,999,995 |
|
4.50p |
03/02/2029 |
|
As at 30 June 2026 |
|
166,040,092 |
|
1.1p to 4.5p |
03/2027-02/2029 |
12. RELATED PARTIES
Other than Directors' remuneration in the normal course of business, the related party transactions during the period were the advances to the joint venture, Agamel Minerals SARL (note 7), and the share issues to Gilini Holdings Limited, of which Russell Tucker, a Director, is an employee (notes 9 and 10). Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation.
13. SUBSEQUENT EVENTS
The Directors confirm that there have been no events subsequent to the interim period end of 30 June 2026 which would have a material impact on these financial statements.
14. DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that these condensed interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
· An indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· Material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund