Half-year Report

Standard	Amendment Focus	References
IFRS 1 - First-time Adoption of IFRS	Clarifies hedge accounting aspects for consistency with IFRS 9; improves understandability for first-time adopters on hedge designations and reliefs.	IFRS 1.B5, B6
IFRS 7 - Financial Instruments: Disclosures	Updates obsolete references; aligns terminology with IFRS 13 Fair Value Measurement.	IFRS 7.44NN, B38
IFRS 7 - Implementation Guidance	Clarifies guidance does not cover every disclosure requirement; updates wording for consistency with IFRS 7, IFRS 9, IFRS 13.	IG1, IG14, IG20B
IFRS 9 - Financial Instruments	Clarifies lease liability derecognition under IFRS 9 must be recognised in P&L (not retrospectively); enhances consistency with IFRS 15 for initial measurement of receivables.	IFRS 9.2.1(b)(ii), 5.1.3, Appendix A
IFRS 10 - Consolidated Financial Statements	Clarifies use of "de facto agent" concept; stresses judgement required to assess whether other parties act on behalf of the investor.	IFRS 10.B7

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		Unaudited Period ending 30 June 2025	Unaudited Period ending 30 June 2024
	Note	£'000	£'000
Continuing Operations
Administrative expenses		(291)	(232)
Share based payments		(30)	(22)
Foreign exchange gain / (loss)		(435)	(131)
Other income	5	-	394
Operating profit /(loss)		(756)	9
Profit / (loss) before taxation		(756)	9
Taxation		-	-
Profit / (loss) for the period from continuing operations		(756)	9
Other comprehensive income		213	21
Total comprehensive profit/(loss) for the period		(543)	30

Basic & dilutive earnings per share - (£ pence)	6	(0.19)	0.004

		Unaudited	Unaudited	Audited
		As At 30 June 2025	As At 30 June 2024	As At 31 December 2024
	Note	£'000	£'000	£'000
NON-CURRENT ASSETS
Exploration assets	7	2,503	2,431	2,448
Property, plant and equipment		29	14	35
TOTAL NON-CURRENT ASSETS		2,532	2,445	2,483
CURRENT ASSETS
Cash and cash equivalents		737	411	678
Trade and other receivables		59	104	110
TOTAL CURRENT ASSETS		796	515	787
TOTAL ASSETS		3,328	2,960	3,271

CURRENT LIABILITIES
Trade and other payables		83	69	116
TOTAL CURRENT LIABILITIES		83	69	116
TOTAL LIABILITIES		83	69	116

NET ASSETS		3,245	2,892	3,155

EQUITY
Share capital	9	4,454	2,196	3,975
Share premium	9	9,302	6,069	9,178
Share based payment reserve	10	384	329	354
Share capital to be issued		-	3,750	-
Foreign exchange reserve		477	52	264
Reverse acquisition reserve		(4,795)	(4,795)	(4,795)
Retained earnings		(6,577)	(4,710)	(5,821)
Non-controlling interest		(0.10)	(0.03)	(0.20)

TOTAL EQUITY		3,245	2,892	3,155

	Share capital	Share Premium	SBP Reserve	Foreign Exchange Reserve	Reverse acquisition reserve	Share Capital to issue	Retained earnings	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 December 2023	2,187	6,052	307	31	(4,795)	3,750	(4,719)	2,813

Loss for period	-	-	-	-	-	-	9	9
Other comprehensive income	-	-	-	21	-	-	-	21
Total comprehensive loss for period	-	-	-	21	-	-	9	30
Transactions with owners in own capacity
Ordinary shares issued in the period	9	17	-	-	-	-	-	26
Share based payments	-	-	22	-	-	-	-	22
Transactions with owners in own capacity	9	17	22	-	-	-	-	48
Balance at 30 June 2024	2,196	6,069	329	52	(4,795)	3,750	(4,710)	2,892

Loss for period	-	-	-	-	-	-	(1,111)	(1,111)
Other comprehensive income	-	-	-	212	-	-	-	212
Total comprehensive loss for period	-	-	-	212	-	-	(1,111)	(899)
Transactions with owners in own capacity
Ordinary shares issued in the period	1,779	3,161	-	-	-	(3,750)	-	1,190
Share Issue Costs	-	(52)	-	-	-	-	-	(52)
Share based payments	-	-	25	-	-	-	-	25
Transactions with owners in own capacity	1,779	3,109	25	-	-	(3,750)	-	1,163
Balance at 31 December 2024	3,975	9,178	354	264	(4,795)	-	(5,821)	3,155

Loss for period	-	-	-	-	-	-	(756)	(756)
Other comprehensive income	-	-	-	213	-	-	-	213
Total comprehensive loss for period	-	-	-	213	-	-	(756)	(543)
Transactions with owners in own capacity
Ordinary shares issued in the period	479	124	-	-	-	-	-	603
Share based payments	-	-	30	-	-	-	-	30
Transactions with owners in own capacity	479	124	30	-	-	-	-	633
Balance at 30 June 2025	4,454	9,302	384	477	(4,795)	-	(6,577)	3,245

	Unaudited	Unaudited
	Period ended 30 June 2025	Period ended 30 June 2024
	£'000	£'000
Cash flow from operating activities
Profit / (loss) before taxation for the period	(756)	9
Adjustments for:
Depreciation	4	5
Share based payments	30	22
Foreign exchange loss	338	36
Changes in working capital:
Decrease in trade and other receivables	35	14
(Decrease) in trade and other payables	(31)	(38)
Net cash outflow from operating activities	(380)	48

Cash flows from investing activities
Investment in fixed assets	-	(2)
Spend on exploration assets	(246)	(300)
Net cash flow from investing activities	(246)	(302)

Cash flows from financing activities
Proceeds from issue of shares	622	-
Proceeds from exercise of warrants	-	26
Share issue costs	(19)	-
Net cash flow from financing activities	603	26

Net (decrease) in cash and cash equivalents	(23)	(228)
Cash and cash equivalents at beginning of the period	678	635
Foreign exchange impact on cash	82	4
Cash and cash equivalents at end of the period	737	411

	United Kingdom	Kazakhstan	Total
	£'000	£'000	£'000
Administrative expenses	(179)	(112)	(291)
Share based payments	(30)	-	(30)
Foreign exchange gain / (loss)	-	(435)	(435)
Operating loss from continued operations per reportable segment	(209)	(547)	(756)

Reportable segment assets	686	2,642	3,328
Reportable segment liabilities	(43)	(40)	(83)
Total	643	2,554	3,245

Summary by AI ^BETAClose X

Companies

UK 100

Latest directors dealings

	£'000
Opening balance - 30 June 2024	2,431
Exploration expenditure across licenses	278
FX impact on additions	(261)
As at 31 December 2024	2,448

Opening balance - 1 January 2025	2,448
Exploration expenditure across licenses	246
FX impact on additions	(191)
As at 30 June 2025	2,503

Name	Business Activity	Country of Incorporation	Registered Address	Percentage Holding
Discovery Ventures Kazakhstan Limited	Mineral exploration	Kazakhstan	Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G, Kazakhstan	100%
Chu Lli Resources ltd*	Mineral exploration	Kazakhstan	Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G , Kazakhstan	80%
Rudny Resources ltd*	Mineral exploration	Kazakhstan	Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G, Kazakhstan	80%
Copperland Resources *	Mineral exploration	Kazakhstan	Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G, Kazakhstan	100%
MVLKAZ Holdings Limited	Holding company	England and Wales	Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF	100%
MVLKAZ Limited **	Mineral exploration	Kazakhstan	Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G, Kazakhstan	100%

	Ordinary Shares	Share Capital	Share Premium	Total
	#	£'000	£'000	£'000
As at 30 June 2024	219,517,164	2,196	6,069	8,265
Shares issue upon exercise of warrants	333,333	3	7	10
Issue of ordinary shares	102,665,422	1,026	102	1,128
Issue of performance shares	75,000,000	750	3,000	3,750
As at 31 December 2024	397,515,919	3,975	9,178	13,153
Issue of ordinary shares¹	47,868,616	479	124	603
As at 30 June 2025	445,384,535	4,454	9,302	13,756

	£'000
Opening balance - 30 June 2024	329
Employee options - charge release for the period	25
As at 31 December 2024	354
Employee options - charge released for the period	30
As at 30 June 2025	384

	As at 30 June 2025
	Exercisable Warrants			Outstanding Warrants
	Weighted average exercise price		Number of options	Weighted average exercise price	Number of options
Brought forward at 1 January 2025	3.33p	44,678,258		3.33p	44,678,258
Lapsed in period	5p	(2,146,000)		5p	(2,146,000)
Exercisable at 30 June 2025	3.21p	42,532,258		3.21p	42,532,258

	As at 30 June 2025
	Exercisable Options			Outstanding Options
	Weighted average exercise price		Number of options	Weighted average exercise price	Number of options
Brought forward at 1 January 2025	4.7p	5,966,163		4.8p	14,934,500
Vested in period	4.3p	1,062,792		-	-
Granted	-	-		1.5p	8,458,688
Exercisable at 30 June 2025	3.8p	7,074,245		3.8p	23,574,347

Director	Kazakhstan (£)	UK (£)	Total (£)
Alexander Walker	63,132	6,000	69,132
Christopher Van Wijk	28,850	6,000	34,850
Anthony Eastman	-	12,000	12,000
Alexander Barblett	-	12,000	12,000
Total	91,982	36,000	127,982

Half-year Report

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X