Financial Results for Year Ended 30 September 2025
Summary by AI BETAClose X
5 March 2026
ECR MINERALS PLC
("ECR Minerals", "ECR" or the "Company")
Audited Financial Results for Year Ended 30 September 2025
Annual Report
Notice of AGM
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the publication of its audited financial statements for the twelve months ended 30 September 2025 ("FY 2025").
Copies of the Annual Report and Accounts for FY 2025 with the notice of annual general meeting have been posted to shareholders and will shortly be available on the Company's website at https://www.ecrminerals.com.
The Company intends to hold its annual general meeting at 10.00 am on Friday 27 March 2025 at the offices of Allenby Capital Limited, 5th floor, 5 St. Helen's Place, London EC3A 6AB.
Below is an extract from comments made by Chairman Nick Tulloch in the Annual Report and Accounts for FY 2025:
"During 2025 we have very significantly advanced our assets. The Raglan project and Blue Mountain are the near-term talking points in terms of the production opportunities this year. Alluvial gold is a powerful model for a company of our size, with its low capital expenditure and faster development profile. We continue to be open to further opportunities at these projects. But the scale of our ambition is wider than that and we are fortunate to have an extensive portfolio. Lolworth is perhaps the standout project with a district-scale gold and silver opportunity, but we must also not lose sight of the Victorian tenements. What was once ECR's heartland remains a considerable asset to the company.
Finally, my thanks to all of our shareholders for supporting us. I am frequently reminded that the ride on ECR is not always smooth and there have been challenges to get where we are today. But I will finish where I started. ECR is a very different company to what it was even a few years ago. We all have considerable cause for optimism as we become a gold producer and miner. We will not forget our exploration roots and so we will also advance our other assets and our policy of keeping a tight rein on costs remains unchanged. I look forward to reporting back to you with further progress during 2026."
Financial Summary for Year Ending 30 September 2025
For the year to 30 September 2025, the Group recorded a total comprehensive loss attributable to shareholders of the Company of £1,299,504, an increase compared with £1,183,181 for the year to 30 September 2024. The largest contributor to the total comprehensive loss was the administrative expenses.
The Group's net assets as at 30 September 2025 were £5,161,041 in comparison with £5,240,546 at 30 September 2024.
Market Abuse Regulations (EU) No. 596/2014
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
Tel: +44 (0) 20 8080 8176 |
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Nick Tulloch, Chairman Andrew Scott, Director |
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Website: www.ecrminerals.com |
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Allenby Capital Limited |
Tel: +44 (0) 3328 5656 |
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Nominated Adviser and Joint Broker Alex Brearley / Nick Naylor / Vivek Bhardwaj (Corporate Finance) Kelly Gardiner (Sales and Corporate Broking) |
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OAK Securities Joint Broker Jerry Keen / Robert Bell
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Tel: +44 (0) 203 973 3678 |
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Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
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Joint Broker |
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Lewis Jones |
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SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
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Joint Broker |
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Nick Emerson |
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Brand Communications |
Tel: +44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green |
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ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company operating through three wholly owned Australian subsidiaries ECR Minerals (Australia) Pty Ltd ("ECR Australia"), ECR Minerals (Queensland) Pty Ltd ("ECR Queensland") and ECR Minerals (Raglan) Pty Ltd ("ECR Raglan").
ECR Australia owns the Bailieston and Creswick gold projects in central Victoria, Australia as well as the Tambo gold project in eastern Victoria.
Raglan Resources has a mining lease at the Raglan alluvial gold project in central Queensland, Australia and ECR Queensland has two approved exploration permits over the nearby Blue Mountain alluvial gold project. ECR is currently working to bring both projects into production. ECR Queensland also has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range in northern Queensland. Furthermore, it has also submitted a licence application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), ECR Australia has the right to receive up to A$2 million in payments subject to future resource estimation or production from these projects.
ECR Australia also has approximately A$76 million of unutilised tax losses incurred during previous operations.
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GLOSSARY |
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Ag: |
Silver |
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Au: |
Gold |
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b.c.m: |
Bank cubic metres (Metric) |
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g: |
Grams (Metric) |
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kg: |
Kilogrammes (Metric) |
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km: |
Kilometres (Metric) |
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km²: |
Kilometre squared (Metric) |
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M: |
Metres (Metric) |
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pXRF: |
Portable x-ray fluorescence (analyser) |
CHAIRMAN'S REVIEW
For the year ended 30 September 2025
The annual report and accounts for the year to 30 September 2025 is the third annual report that I have presented since joining the Company in September 2023. But it is perhaps, in the board's view, ECR's first annual report in which we can declare that the Company has truly evolved. By this, I am referring to our graduation from explorer to near-term producer during 2026. We have made no secret of the fact that ECR, back in September 2023, was in a difficult place financially. However, we also acknowledged that the Company's asset base had been overlooked in its potential.
The journey to get to where we are now has been hard but also rewarding. We have refinanced the Company, reinvigorated its operations and, above, taken the first steps towards generating revenue. As we look forward for the remainder of 2026 and beyond, we can be optimistic about the future.
In some respects, we have broken the mould of small-cap resources companies by planning to bring our own leading projects into production rather than opting for the more traditional route of bringing in a larger partner, either through a sale or farm out. It is our firm view that keeping this work in-house will in time be to greater benefit of our shareholders.
We have a strong balance sheet. The placing concluded in January 2026 raised £1.5 million, a sum substantially in excess of the typical running costs of ECR. We commenced production plans at the Raglan project just one month after acquiring it. We also expect the Raglan project to be joined this year in initial gold production by the nearby and bigger Blue Mountain project. On top of this, ECR carries A$76 million of unutilised tax losses meaning that we believe it will be many years before our successes in gold mining become taxable profits.
Mention should be made of commodity prices. Gold, and more recently, silver have been very strong in the past two years. This has renewed investor interest in gold explorers and producers as well as created opportunities around potential projects. I said last year that we expected a natural extension of this would be increased merger and acquisition activity. Our successful acquisition of the Raglan Project is a case in point but we will remain cautiously opportunistic to other acquisition or joint-venture opportunities as they present themselves.
Most importantly though, rising prices are quickly changing the economics of our own projects. We initially modelled Blue Mountain production at levels of less than half of where gold prices are currently trading at and we applied the same conservative approach to the Raglan project. It is of course stating the obvious that our future operating margins would increase in line with commodity price rises but, just as importantly, shareholders should know that our projects are also resilient to weaker markets.
Highlights of the year under review include:
· Several advances at Blue Mountain which have, in our view, provided confidence that commercial gold mining can be carried out there
· A maiden drilling campaign in Tambo confirmed the association of gold mineralisation with quartz veining adjacent to the main shear zone
· A total of 28 reverse circulation drill holes were completed over two gold prospects at the Lolworth project
· A diamond drilling programme intersected gold and antimony mineralisation at Bailieston
I had a productive visit to Australia in January and February of this year which included two days at the Raglan project in Queensland and a tour of our Victoria tenements with ECR's Chief Geologist Adam Jones and ECR Director Chris Gibbs. The Raglan project is covered in greater detail below but first impressions of the site were beyond our top end of expectations due to the very high quality alluvial mining facility in place. We have high hopes for this project. Victoria, which has been at the forefront of our operations in the past, took more of a back seat in our operations over the past 12 months, but this is a reflection of the pace of our progress in Queensland. We still have considerable opportunities in Victoria, and we will keep these under review as we begin to generate cash from gold production at Raglan and in due course Blue Mountain.
During the year the board underwent some changes. Dr Trevor Davenport, who worked with us for three years, announced his retirement in December 2024. Mike Whitlow, who joined ECR with me in September 2023, also departed in July 2025. My thanks go to them both. In their place, we were joined by Mike Parker in August 2025 and Chris Gibbs at the end of 2025. Mike and Chris are both industry veterans and each of them have experience in bringing mining projects into production. It did not take our investor base long to connect the dots - their arrival at ECR coincides with our move to become a producing company. I am also very pleased to report that ECR proposes to extend Chris' remit by taking on an additional consultancy role with us and overseeing our operations in Australia, further details of which can be found in the remuneration report.
With a healthy balance sheet and the beginnings of gold production, we can reflect with satisfaction on our achievements. But the job is far from done and investors who know us well will also know that we are not a team to bask in short term successes. We are fully committed to drive further shareholder value from here.
As I have said in previous years, it remains important to the board that we demonstrated our conviction to shareholders by accepting remuneration in shares. A salary sacrifice scheme was in operation throughout the year and remains in place. Since its implementation in 2023, the board has sacrificed or settled £560,000 of remuneration in return for 236,901,881 new ordinary shares in ECR. No member of the current board of ECR has ever sold any ECR shares.
DISPOSALS OF NON-CORE ASSETS
In November 2024, we announced that we had accepted an offer for the 20 acres of land that we owned at Brewing Lane in Victoria for A$225,000. The land formed part of our Creswick tenements but the sale does not affect the mineral rights. The sale duly completed in March 2025.
This sale completed the realignment of our balance sheet by disposing of capital assets no longer required by the Company.
QUEENSLAND
Lolworth Project
At approximately 900 km2 in total, our Lolworth project represents our largest tenement by land size. Given its enviable location, it is perhaps surprising that the area has seen little modern exploration despite the presence of gold in the nearby area. The rocks of the Lolworth area are considered by ECR to be similar to the host rocks in the nearby and well-known gold rich provinces of Charters Towers and Ravenswood and we consider that the results from this year's work have gone some way to evidence the geological resemblance.
Our exploration to date identified multiple gold bearing streams within the area giving us the confidence to undertake a maiden drilling programme at the project during September and October 2025.
A total of 28 reverse circulation drill holes were completed over two gold prospects at the Lolworth Project known as Uncle Terry and Gorge Creek West. This is the first drilling campaign to be completed by an exploration company within this part of the Lolworth Range. Drilling followed up on previous years' rock chip sampling of outcrops, where sporadic Galena (AgPb sulphide) mineralisation had been observed.
The Uncle Terry prospect was formally named and discovered by previous tenement holders A.R.I Limited in 1988 where Galena was observed in a quartz outcrop. Grab samples from the outcrop during their discovery included grades of 34 g/t Au and 6 g/t Au. The original location of the discovery has only been recently identified. The outcrop was initially thought to strike in a north-south direction; however, ECR's recent mapping and drill programme suggests that the vein strikes east-west, dipping to the south.
Six drill holes (LWDR001 to LWDR006 and LWDR008 to LWDR009) were initially drilled underneath and down plunge of the original Uncle Terry discovery outcrop. Another six holes (LWDR007 and LWDR010 to LWDR013) were drilled just south of the discovery site to test for mineralisation located underneath sporadic quartz outcrops where previous rock chips with grades of up to 75 g/t Au have been taken. Eight holes (LWDR014 to LWDR021) were drilled underneath a swarm of quartz shear zones located towards the south of the prospect.
Seven holes (LWDR022 to LWDR028) were drilled underneath a north-south striking quartz stockwork zone at Gorge Creek West. Previous campaigns of rock chipping and channel sampling across this outcrop have returned values including grades of 14.7 g/t Au and 50.2 g/t Ag and 6.34 g/t Au and 5.2 g/t Ag.
A total of 1,058 metres were drilled during this maiden campaign. All of the drilling was shallow with a maximum depth of 45 metres. All samples were split at the drill rig into 2 to 5 kg samples. Analysis of the samples was undertaken at ALS Global's Townsville laboratory using methods AuAA-26 (50g fire assay for gold) and ME-ICP41 for multi-element analysis (Ag, As etc).
Drilling underneath the Uncle Terry discovery outcrop has demonstrated that mineralisation extends underneath dipping to the south as hypothesised, with silver intercepts up to 4m @ 7.18 g/t Ag from 33m deep.
Drilling also showed localised gold mineralisation underneath quartz outcrops immediately south of the Uncle Terry outcrop, such as 2m @ 3.57 g/t Au from 14m in hole LWDR012. This intercept is directly underneath an outcrop that had previously graded 75 g/t Au from rock chip sampling. Drill holes also showed evidence of multiple parallel veinlets with multiple mineralised intercepts including 1m @ 1.44 g/t Au (LWDR011), 1m @ 0.58 g/t Au (LWDR011), 1m @ 0.74 g/t Au (LWDR024).
Previous mapping of the outcrop at Gorge Creek West showed that the stockwork zone consists of a network of narrow north-south striking quartz shears. Drilling picked up on some of these broader mineralised zones such as 4m @ 0.33 g/t Au (LWDR026).
A particular highlight of the results is the predominant silver mineralisation at both prospects.
Previous soil sampling at Uncle Terry was analysed with a pXRF analyser. It has been hypothesised that high Lead (Pb) concentrations in soil could be related to a silver mineralisation system. A number of high Pb anomalies were identified across the greater Uncle Terry area. During the drilling campaign, a number of Pb soil anomaly locations were visited, mapped and any outcrop sampled. A number of outcrops were found to contain visible spotty galena within quartz shear zones. Rock chip sampling results confirm the presence of silver mineralisation and also confirm the high probability of linking high lead anomalies within the soil to silver mineralisation in the area. The best outcrop is located in the centre of the Uncle Terry prospect. This outcrop can be traced along a broken line for approximately 70 metres. Best rock chip sampling results include 44.9, 46.5, 35.2 g/t Ag. Geochemistry mapping indicates that mineralisation is contained within NNW and NNE striking structural trends, with the strongest mineralisation concentrated around the intersection of such structures.
The results from this maiden drill programme demonstrate the presence of silver and gold mineralisation at shallow depths within these two prospects at the Lolworth Project. Outcrop mapping and geochemistry also indicates that silver mineralisation is also broader than the areas drilled. Due to time constraints and drilling logistics, these outcrops were not able to be drilled whilst the rig was present on site on this occasion. However, off the back of these highly encouraging results, the Board believes that these outcrops (and other prospects) should be drilled during the next campaign at the Lolworth Project. Proposed follow up drilling methods would include diamond drilling, which will allow structural measurements to be taken and to determine what is controlling this mineralisation. Deeper drillholes will also be beneficial on both prospects.
This drilling campaign and associated mapping has significantly increased ECR's understanding of mineralisation at the Lolworth Project. In addition, the team have established that a number of other anomalies exist adjacent to these areas drilled which show similar geological traits. These include:
· A mineralised vein traceable for over 30m lying 350m east of Gorge Creek West. Rock chip samples of up to 14 g/t Au and 54 g/t Ag have been obtained from here.
· Visible gold halo in soils with no visible outcrop located only 170m west of the drilling at Gorge Creek West, indicating other blind deposits.
· At Flaggy Creek, sub-cropping multiple narrow quartz veins over an area 70m x 100m. Rock chip samples of up to 6.6 g/t Au and 24.3 g/t Ag have been obtained from here.
ECR also intends to follow up with the Geological Survey of Queensland ("GSQ") and James Cook University in Queensland, both of whom have previously collaborated with ECR in examining the critical minerals potential at Lolworth Stream, in particular Niobium and Tantalum.
Kondaparinga Licence
In 2023, we applied for EPM28910 at Kondaparinga, an extensive area that is proximate to other exploration projects. We have been working through the process for the licence to be granted but, to date, the native title requirements have been cost prohibitive in advancing further. We continue to work on an economic solution but, with the increase in activity elsewhere in the group and particularly with our focus on the alluvial gold production projects, Kondaparinga has intentionally slipped down our list of priorities.
Blue Mountain Project
If Lolworth might be our flagship project of tomorrow then Blue Mountain is our flagship project of today. In 2024, we commissioned Gekko Systems Pty Limited ("Gekko") to carry out a single stage gravity recoverable gold test and sighter leach test on samples of the ore collected at Blue Mountain. This demonstrated a recovery rate of 91.7% gold into 0.40% of the mass and suggested that the ore located at Blue Mountain is suitable for gravity concentration using a batch centrifugal concentrator.
A historic (non-JORC compliant) report within this region for the South Kariboe Creek and Denny's Gully parts of the project area prepared by Normin Consultants Pty Ltd estimated a potential 1,426,800 bank cubic metre (b.c.m) at 0.60 grammes per b.c.m. implying 27,526 oz Au.
In July 2024, we completed eight test trenches on the upper reaches of South Kariboe Creek. A total of 15.4 cubic metres of alluvial gravel was processed through a pilot trommel wash plant, yielding 9.95 grammes of visible gold, an overall average of 1.55 grammes per b.c.m. which was significantly higher than previous estimates.
Against this backdrop of encouraging data, we took a reverse circulation drilling rig to site in 2025. During July and August, ECR drilled almost 400 holes across the Lower Patterson, Windmill and Upper Kariboe Creek areas at Blue Mountain. The objective was to identify shallow, mineable alluvial gold deposits suitable for cost-efficient production.
Each hole was drilled from surface to bedrock, with samples collected every metre and assessed for gold content, material type and the presence of visible gold. Concentrated gravel samples were fire-assayed at On-Site Laboratory Services in Bendigo, and gold recovered was used to estimate grammes of gold per bank cubic metre (b.c.m).
Inevitably, gold particle size and distribution vary in alluvial systems, but the drilling campaign provided a clear, reliable picture of the gold trail, allowing ECR to identify high-priority potential production zones with growing confidence.
At the Lower Patterson area, the strongest mineralised intervals (≥0.15 g per b.c.m) were recorded in three drill sections, including total aggregated widths of 66 metres in Section 1, 11 metres in Section 2, and 81 metres across four zones in Section 3. These results highlight the very extensive scale of gold-bearing gravels within the Lower Patterson area.
Alongside this, the previously untested, unmined creek flat at Upper Kariboe Creek has emerged as one of the strongest alluvial targets in the project to date and, as a consequence, represents a further potential extension of the potential production zones in the project area.
ECR recorded 19 samples above the 0.15 g/b.c.m cut-off, ranging from 0.16 g/b.c.m up to 6.52 g/b.c.m as well as multiple high-grade intersections containing coarse, nuggety gold, suggesting proximity to a primary source. Mineralisation appears to form a continuous, mineable corridor approximately 230 metres long, with widths between 6 - 35 metres.
Upper Kariboe Creek is the first area where ECR confirmed larger visible gold particles, representing a significant step forward in confidence.
Wash Plant Trials (Lower Patterson)
To validate drill grades under more real-world conditions, four bulk samples were run through a trial wash plant at Lower Patterson. These tests simulated future production and confirmed highly recoverable gold values with average trial grade: 0.35 g/b.c.m and consistent recovery across all samples.
Taken together, the drilling and wash-plant outcomes reinforce Lower Patterson as a commercially attractive start-up mining area, with potential for near-term development.
Next steps at Blue Mountain are to secure a mining lease over the areas that we have identified as prospective for alluvial gold mining. This process is underway and our operations at the Raglan project (described below), are expected to provide us with a strong platform to expand into this project area. When we acquired the Raglan Project, it was our intention from the outset to share plant and equipment, staff and expertise across the two sites.
Raglan Project
Acquired after the year end, the Raglan Project is located between Rockhampton and Gladstone in central Queensland and comprises a granted mining lease covering approximately 300 acres. Historically, the site has produced coarse alluvial gold, and recent prospecting has confirmed the continued presence of gold-bearing gravels. The Raglan Project was acquired with a comprehensive package of infrastructure including a near-new 60 tonne-per-hour gravity processing plant, gold room, water supply, fuel storage, and mobile plant vehicles - enabling rapid- recommencement of operations.
The Raglan Project's equipment and production team are also expected to provide a stepping stone to assist with operations at Blue Mountain, which is a larger project, accelerating the pathway to production across ECR's wider Queensland portfolio.
It was pleasing to find that the Raglan Project has been developed to a very high standard. We have had a team on site for around a month now and a great deal has been achieved already. We expect to be working at the Raglan project for several years and so we have taken the time to establish a robust operating process. Health and safety policies have been updated, site staff are taken through an induction process and all plant and equipment has been serviced. As we announced on 10 February 2026, we have already defined a Phase 1 mine plan focused on a clearly delineated section of the historic river system. Our internal analysis, which the Board considers conservative, indicates potential to recover approximately 938 ounces of gold in Phase 1, which would have an illustrative gross in-situ value of approximately A$7 million at prevailing gold prices at the time of announcement.
VICTORIA
Creswick
In September 2025 we announced that ECR had entered into a non-binding heads of terms with Exertis Pty Ltd trading as Bold Gold ("Bold Gold") for a proposed joint venture ("JV") over the Company's Creswick Gold Project.
Under the proposed JV, Bold Gold will be responsible for all mandated expenditure on the Creswick licences during the proposed JV period, up to a limit of A$3 million, for which it would earn a maximum 80% interest in the project. ECR's only commitment will be to assist Bold Gold in certain renewals of the Project's licences.
In is proposed that upon the execution of a binding joint venture agreement, Bold Gold will commit to a minimum exploration spend of A$250,000 during the first 12 months of the JV. Following this, Bold Gold will also commit to spend an aggregate of A$1.25 million on exploration in the Project area over a two-year period, to earn an interest of 51% in the Project. Thereafter, Bold Gold would spend a further A$1.75 million (or A$1.5 million should part of the Project be converted into a retention licence or otherwise renewed) on exploration in the project area over a further two-year period, to earn an interest of 80% in the project.
Bold Gold would be obliged to spend not less than an aggregate of A$1.25 million before it secures any interest in the Project.
A joint venture committee will also be established, comprising two representatives from each company, to determine the project's work programme.
At the point at which Bold Gold earns into 80% of Creswick, ECR can elect either to pay for its 20% share of future operational expenditure on the Project area or convert its interest to a royalty on terms to be agreed at that time.
The Board views the proposed JV as consistent with its strategy of maximising value from its Victorian assets while prioritising its own time and resources on exploration and nearer-term production opportunities in Queensland.
The pace on the proposed JV has quickened in recent weeks. We had a constructive meeting with the Bold Gold team in Melbourne at the start of February and Bold Gold have conducted two site visits and are establishing their operations team. We are in regular contact with them and we are working towards a conclusion of these discussions.
Bailieston
On 3 July 2024, ECR announced that the Bailieston project's sampling uncovered high-grade antimony, with hole BH3DD019 hitting 32% Sb over 0.3m and BH3DD027 yielding 1.2% Sb over 0.1m. As a consequence, during the year we undertook a follow-up programme including diamond drilling to investigate these targets further.
In 2025, our geology team reviewed historical pXRF data from soil sampling campaigns conducted at the Bailieston Project between 2020 and 2022. Statistical analysis defined eight sub-populations of increasing antimony values. These were then spatially correlated with known mineralised vein systems, revealing four key antimony anomalies along the Hardup, Hardup South, Scanlons and Scoulars veins.
In 2025, to verify the soil sampling results, 72 rock chip samples were collected from oxidised, veined and sheared material within historical trenches and pits. Seven of these were in-situ channel samples taken across exposed mineralised structures.
The key rock chip sample results, announced on 14 April 2025, include:
● 0.3m @ 41.3 g/t Au, 0.89% Sb
● 0.5m @ 36.1 g/t Au, 0.48% Sb
● 0.31m @ 10.6 g/t Au, 1.13% Sb
● 0.8m @ 6.51 g/t Au, 0.19% Sb
These samples were all taken from the Hardup Reef, part of a north-northeast trending vein system that has seen limited modern exploration. Given the current commodity price environment, these high-grade zones represent compelling drill targets.
A four-hole diamond drilling programme followed and intersected gold and antimony mineralisation in two of the holes.
Hole BH3DD044 delivered promising results, intersecting a 1.6m mineralised zone from 133.0m, including 0.2m @ 3.86 g/t Au and 1.41% Sb from 133.5m, yielding a gold equivalent grade (AuEq) of 7.62 g/t at 133.5m (based on the prevailing A$3,500/oz gold and A$30,000/t antimony prices at the time, being late May 2025), and 0.3m @ 3.09 g/t Au from 133.7m, with visual confirmation of stibnite (antimony sulphide) throughout this interval. Additionally, a shallower intercept in BH3DD044 returned 0.2m @ 0.92 g/t Au from 61.3m.
Hole BH3DD046 intersected 0.15m @ 0.84 g/t Au and 1.62% Sb from 135.2m.
The drilling programme achieved its objectives with precision, intersecting the targeted mineralised structures within three metres of predicted depths, with the structural orientation closely aligning with a previous high-grade intercept in hole BH3DD019. This hole returned 0.3m at 32% Sb, reinforcing the potential of the mineralised system.
Tambo
One of our first projects of the financial year was to complete a diamond drilling campaign at Tambo consisting of five diamond drill holes a total depth of 428 metres. Previous rock chip assays from direct outcrop and exposures around and within the old workings include results of 22.85 g/t Au, 26.25 g/t Au and 52.2 g/t Au coupled with highly anomalous gold in soils.
The drilling campaign's objective was to investigate the structural controls on gold mineralisation and associated geochemical haloes, particularly beneath and adjacent to the historical Duke of Cornwall mine workings. Best results from the overall programme include 0.4 metres @ 8.51 g/t Au from Drill Hole DOCD002 and 0.15 metres at 10.6 g/t Au from Drill Hole DOC004.
The campaign provided valuable structural data, confirming the association of gold mineralisation with quartz veining adjacent to the main shear zone. A secondary control, possibly plunging concentrations of mineralisation along strike, is starting to be evidenced by the drilling and will be studied in more detail. The Duke of Cornwall Lode system remains largely untested, with approximately 80% of its strike length unexplored.
Importantly, the drilling campaign successfully demonstrated that mineralisation continues at depth below the old mine workings in key areas and considerably enhanced our geological understanding of the prospect.
We have had a longstanding application for EL7486 in Tambo South which has recently been awarded to us, thereby considerably increasing the scale of this project and extending the exploration opportunities for us in this increasingly active region.
OTHER ASSETS
Tax Losses
Over the past 20 years, ECR's Australian subsidiaries have accumulated over A$76 million of tax losses.
Initially we considered selling these losses which, in practice, means selling the subsidiary that holds the majority of them. We commenced a sale process in 2024 and were flattered by the response rate, ultimately entering into non-binding heads of terms in relation to a proposed sale for a total cash consideration of A$4.5 million. After a protracted period of negotiations, we took the decision at the end of February 2025 to terminate the agreement.
At the time, it was a decision that attracted some criticism from investors, but we firmly believe it was the right call and recent events have supported our plan to retain the tax losses within the Group. As explained earlier, the commencement of operations at Raglan and the expected forthcoming operations at Blue Mountain have given ECR a clear and present purpose for these tax losses. It will be several years before we reap the benefit of the full value but it is abundantly clear that utilising the tax losses within our own operations offers a far greater upside to shareholders than a sale. With that being the case, I am pleased to formally confirm that the sale process for these tax losses has now ceased.
Avoca and Timor Exploration Licence Royalties
In April 2020, ECR's subsidiary, ECR Minerals (Australia) Pty Ltd, sold the Avoca and Timor exploration licences and, under the terms of the sale, ECR continues to be entitled to:
1. A payment of A$1 for every ounce of gold or gold equivalent of measured resource, indicated resource or inferred resource estimated within the licences, up to a maximum of A$1,000,000; and
2. A payment of A$1 for every ounce of gold or gold equivalent produced from the licences, up to a maximum of A$1,000,000.
No payments under the Avoca and Timor exploration licence royalties were received in the year.
Asset Review
As the Group did not generate revenue from operations during the year under review, the Directors consider that profit and loss is a metric of less utility than in many other businesses. For the year to 30 September 2025 the Group recorded a total comprehensive loss of £1,299,504 compared with £1,183,181 for the year to 30 September 2024. This is reflected principally by administrative expenses. With ECR now making that transition from explorer to gold producer, I anticipate making a very different comment next year.
The Group's net assets at 30 September 2025 were £5,161,041 in comparison with £5,240,546 at 30 September 2024.
During the year, ECR committed the majority of its capital to drilling campaigns and exploration activities. However, ECR raised £950,000 before expenses through the issue of 287,878,787 new shares at 0.33 pence per ECR ordinary share in December 2024 which fully funded for our planned 2025 programme. Following the end of the year, ECR raised £750,000 before expenses through the issue of 375,000,000 new shares at 0.20 pence per ECR ordinary share in October 2025 which funded our acquisition of the Raglan project and, in January 2026, ECR raised a further £1,500,000 before expenses through the issue of 599,999,991 new shares at 0.26 pence per ECR ordinary share. This latter fundraising is by far the largest that ECR has completed in recent years and reflects the renewed confidence in the Company by investors. Moreover, we are funded for all exploration and operating activities for the foreseeable future.
Despite our renewed financial strength, we will not lose sight of the conservative business management that we have instilled in the Company. As I said earlier, we remain committed to a policy of remuneration partly in shares which aligns our team with shareholders and preserves cash for our operations.
During 2025 we have very significantly advanced our assets. The Raglan project and Blue Mountain are the near-term talking points in terms of the production opportunities this year. Alluvial gold is a powerful model for a company of our size, with its low capital expenditure and faster development profile. We continue to be open to further opportunities at these projects. But the scale of our ambition is wider than that and we are fortunate to have an extensive portfolio. Lolworth is perhaps the standout project with a district-scale gold and silver opportunity, but we must also not lose sight of the Victorian tenements. What was once ECR's heartland remains a considerable asset to the company.
Finally, my thanks to all of our shareholders for supporting us. I am frequently reminded that the ride on ECR is not always smooth and there have been challenges to get where we are today. But I will finish where I started. ECR is a very different company to what it was even a few years ago. We all have considerable cause for optimism as we become a gold producer and miner. We will not forget our exploration roots and so we will also advance our other assets and our policy of keeping a tight rein on costs remains unchanged. I look forward to reporting back to you with further progress during 2026.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
Group
|
|
|
|
|
Year ended |
Year ended |
|
|
|
30 September 2025 |
30 September 2024 |
|
|
Note |
£ |
£ |
|
|
|
|
|
|
Continuing operations |
|
|
|
|
Other administrative expenses |
|
(869,552) |
(1,071,671) |
|
Impairment of tangible assets |
|
- |
(155,262) |
|
Impairment of intangible assets |
|
(78,983) |
- |
|
Gain / (Loss) on other current assets |
|
- |
29,597 |
|
Gain / (Loss) on disposal of assets |
|
(185) |
7,500 |
|
Share based payment |
|
(379,192) |
- |
|
Currency exchange differences |
|
- |
365 |
|
Total administrative expenses |
|
(1,327,912) |
(1,189,471) |
|
Operating loss |
3 |
(1,327,912) |
(1,189,471) |
|
|
|
|
|
|
Assets held at fair value through profit and loss |
|
- |
832 |
|
|
|
(1,327,912) |
(1,188,639) |
|
Financial income |
7 |
8,312 |
5,458 |
|
Other income |
|
20,096 |
- |
|
Finance income and costs |
|
28,408 |
5,458 |
|
Loss for the year before taxation |
|
|
|
|
(1,299,504) |
(1,183,181) |
||
|
Income tax |
5 |
- |
- |
|
Loss for the year from continuing operations |
|
(1,299,504) |
(1,183,181) |
|
Loss for the year - all attributable to owners of the parent |
|
(1,299,504) |
(1,183,181) |
|
Loss per share (basic and diluted) attributable to the equity holders (pence) |
4 |
(0.060p) |
(0.070p) |
The period to which this consolidate statement of comprehensive income applies was the 12-month period from 1 October 2024 to 30 September 2025.
There was no other comprehensive income in the period. All activities relate to continuing operations.
|
|
|
Group
|
|
|
|
|
Year ended |
Year ended |
|
|
|
30 September 2025 |
30 September 2024 |
|
|
|
£ |
£ |
|
Loss for the year |
|
(1,299,504) |
(1,183,181) |
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
(Loss)/gain on exchange translation |
|
(270,811) |
(95,513) |
|
Other comprehensive loss for the year |
|
(270,811) |
(95,513) |
|
Total comprehensive loss for the year |
|
(1,570,315) |
(1,278,694) |
CONSOLIDATED AND COMPANY STATEMENTS OF FINANCIAL POSITION
|
|
|
Group |
Company |
||||
|
|
|
|
|
|
|
||
|
|
|
30 September |
30 September |
30 September |
30 September |
||
|
|
Note |
2025 |
2024 |
2025 |
2024 |
||
|
|
|
£ |
£ |
£ |
£ |
||
|
Assets |
|
|
|
|
|
||
|
Non-current assets |
|
|
|
|
|
||
|
Property, plant and equipment |
8 |
22,723 |
154,090 |
962 |
3,284 |
||
|
Investments in subsidiaries |
9 |
- |
- |
1 |
1 |
||
|
Intangible assets |
10 |
4,853,316 |
4,808,440 |
347,984 |
347,984 |
||
|
Other receivables |
11 |
- |
- |
6,125,840 |
4,416,421 |
||
|
|
|
4,876,039 |
4,962,530 |
6,474,787 |
4,767,690 |
||
|
Current assets |
|
|
|
|
|
||
|
Trade and other receivables |
11 |
104,651 |
91,983 |
37,440 |
1,207,838 |
||
|
Cash and cash equivalents |
12 |
324,672 |
281,368 |
314,678 |
247,393 |
||
|
|
|
429,323 |
373,351 |
352,118 |
1,455,231 |
||
|
Total assets |
|
5,305,362 |
5,335,881 |
6,826,905 |
6,222,921 |
||
|
Current liabilities |
|
|
|
|
|
||
|
Trade and other payables |
14 |
144,321 |
95,335 |
117,192 |
66,373 |
||
|
Total liabilities |
|
144,321 |
95,335 |
117,192 |
66,373 |
||
|
Net assets |
|
5,161,041 |
5,240,546 |
6,709,713 |
6,156,548 |
||
|
Equity attributable to owners of the parent |
|
|
|
|
|
||
|
Share capital |
13 |
11,303,031 |
11,299,263 |
11,303,031 |
11,299,263 |
||
|
Share premium |
13 |
56,803,237 |
55,695,387 |
56,803,237 |
55,695,387 |
||
|
Exchange reserve |
|
199,790 |
470,601 |
- |
- |
||
|
Share based payment reserve |
|
793,450 |
597,086 |
793,450 |
597,086 |
||
|
Retained losses |
|
(63,938,467) |
(62,821,791) |
(62,190,005) |
(61,435,188) |
||
|
Total equity |
|
5,161,041 |
5,240,546 |
6,709,713 |
6,156,548 |
||
The Company has elected to take the exemption under section 408 of the Companies Act 2006 from presenting the parent company profit and loss account. The loss for the parent company for the year was £937,645 (2024: £692,751 loss).
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
Share capital |
Share premium |
Exchange reserve |
Share based payment reserve |
Retained losses |
Total Equity |
|
|
(Note 13) |
(Note 13) |
|
|
|
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Balance at 30 September 2023 |
11,292,415 |
54,195,398 |
566,114 |
597,086 |
(61,638,610) |
5,012,403 |
|
Loss for the year |
- |
- |
- |
- |
(1,183,181) |
(1,183,181) |
|
Loss on exchange translation |
- |
- |
(95,513) |
- |
- |
(95,513) |
|
Total comprehensive loss |
- |
- |
(95,513) |
- |
(1,183,181) |
(1,278,694) |
|
Shares issued |
5,304 |
1,171,633 |
- |
- |
- |
1,176,937 |
|
Share issue costs |
- |
(30,100) |
- |
- |
- |
(30,100) |
|
Shares issued for services |
1,544 |
358,456 |
- |
- |
- |
360,000 |
|
Share based payment |
- |
- |
- |
- |
- |
- |
|
Total transactions with owners, recognised directly in equity |
6,848 |
1,499,989 |
- |
- |
- |
1,506,837 |
|
Balance at 30 September 2024 |
11,299,263 |
55,695,387 |
470,601 |
597,086 |
(62,821,791) |
5,240,546 |
|
Loss for the year |
- |
- |
- |
- |
(1,299,504) |
(1,299,504) |
|
Loss on exchange translation |
- |
- |
(270,811) |
- |
- |
(270,811) |
|
Total comprehensive loss |
- |
- |
(270,811) |
- |
(1,299,504) |
(1,570,315) |
|
Shares issued |
2,879 |
947,121 |
- |
- |
- |
950,000 |
|
Share issue costs |
- |
(52,000) |
- |
- |
- |
(52,000) |
|
Shares issued for services |
889 |
212,729 |
- |
- |
- |
213,618 |
|
Share based payment |
- |
- |
- |
379,192 |
- |
379,192 |
|
Expired share options |
- |
- |
- |
(182,828) |
182,828 |
- |
|
Total transactions with owners, recognised directly in equity |
3,768 |
1,107,850 |
(270,811) |
196,364 |
(1,116,676) |
(79,505) |
|
Balance at 30 September 2025 |
11,303,031 |
56,803,237 |
199,790 |
793,450 |
(63,938,467) |
5,161,041 |
|
|
Share capital |
Share premium |
Share based payment reserve |
Retained losses |
Total Equity |
|
|||||||
|
|
(Note 13) |
(Note 13) |
|
|
|
|
|||||||
|
|
£ |
£ |
£ |
£ |
£ |
|
|||||||
|
Balance at 30 September 2023 |
11,292,415 |
54,195,398 |
597,086 |
(60,742,437) |
5,342,462 |
|
|||||||
|
Loss for the year |
- |
- |
- |
(692,751) |
(692,751) |
|
|||||||
|
Total comprehensive loss |
- |
- |
- |
(692,751) |
(692,751) |
|
|||||||
|
Shares issued |
5,304 |
1,171,633 |
- |
- |
1,176,937 |
|
|||||||
|
Share issue costs |
- |
(30,100) |
- |
- |
(30,100) |
|
|||||||
|
Shares issued for services |
1,544 |
358,456 |
- |
- |
360,000 |
|
|||||||
|
Share based payment |
- |
- |
- |
- |
- |
|
|||||||
|
Total transactions with owners, recognised directly in equity |
6,848 |
1,499,989 |
- |
- |
1,506,837 |
|
|||||||
|
Balance at 30 September 2024 |
11,299,263 |
55,695,387 |
597,086 |
(61,435,188) |
6,156,548 |
|
|||||||
|
Total comprehensive loss |
- |
- |
- |
(937,645) |
(937,645) |
||||||||
|
Shares issued |
2,879 |
947,121 |
- |
- |
950,000 |
||||||||
|
Share issue costs |
- |
(52,000) |
- |
- |
(52,000) |
||||||||
|
Shares issued for services |
889 |
212,729 |
- |
- |
213,618 |
||||||||
|
Share based payment |
- |
- |
379,192 |
- |
379,192 |
||||||||
|
Expired share options |
- |
- |
(182,828) |
182,828 |
- |
||||||||
|
Total transactions with owners, recognised directly in equity |
3,768 |
1,107,850 |
196,364 |
(754,817) |
553,165 |
||||||||
|
Balance at 30 September 2025 |
11,303,031 |
56,803,237 |
793,450 |
(62,190,005) |
6,709,713 |
||||||||
The following describes the nature and purpose of each reserve within equity:
|
Reserve |
Description and purpose
|
|
Share capital |
Amount subscribed for share capital at the nominal value of £0.001 per ordinary share |
|
Share premium |
Amount subscribed for share capital in excess of nominal value, net of share issue costs |
|
Share based payments reserve |
Amounts recognised for share-based payment transactions including share options granted to employees and other parties |
|
Retained earnings / (losses) |
Cumulative net gains and losses recognised in the consolidated statement of comprehensive income |
CONSOLIDATED AND COMPANY CASHFLOW STATEMENT
|
Non-cash transactions:
Shares issued for exploration assets - -
Shares issued for services 213,618 360,000
As the Group has no borrowings or other financing liabilities, the Group have not presented a net debt disclosure note
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL INFORMATION
1.1 Group
The Company and the Group operated mineral exploration and development projects. The Group's principal interests are located in Australia.
The Company is a public limited company incorporated and domiciled in England and Wales. The registered office of the Company and its principal place of business is Suite A, 82 James Carter Road, Mildenhall IP28 7DE. The Company is quoted on the AIM Market (AIM) of the London Stock Exchange.
1.2 Company income statement
The Company has taken advantage of Section 408 of the Companies Act 2006 and has not included its own profit and loss account in these financial statements. The loss for the financial period dealt with in the accounts of the Company amounted to £937,645.
2. PRINCIPAL ACCOUNTING POLICIES
2.1 Overall considerations
The principal accounting policies that have been used in the preparation of these consolidated financial statements are set out below. The policies have been consistently applied unless otherwise stated.
2.2 Basis of preparation
The Consolidated Financial Statements of the Group and Company have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and regulations made under it. The Company Financial Statements have been prepared under the historical cost convention. The principal accounting policies are set out below and have, unless otherwise stated, been applied consistently for all periods presented in these Consolidated Financial Statements.
The financial statements are prepared in pounds sterling and amounts are rounded to the nearest thousand.
(i) New and amended standards, and interpretations issued and effective for the financial year beginning 1 October 2024
§ Amendments to IAS 21: The effects of Changes in Foreign Exchange Rate: Lack of Exchangeability (effective 1 January 2025);
The Directors do not expect that the adoption of these standards has have a material impact on the financial information of the Group or Company.
(ii) New standards, amendments and interpretations in issue but not yet effective
At the date of approval of these financial statements, the following standards and interpretations which have not been applied in these financial statements were in issue for the period beginning 1 October 2024 but not yet effective:
§ Amendments to IFRS 9: Financial Instruments and IFRS 7: Financial Instruments: Disclosures: Classification and Measurement of Financial Instruments - effective 1 January 2026.
§ Amendments to IFRS 19: Subsidiaries without Public Accountability: Disclosures - effective 1 January 2027.
§ Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Translation to Hyperinflationary Presentation Currency - effective 1 January 2027.
2.3 Basis of consolidation
Where the Group has control over an investee, it is classified as a subsidiary. The Group controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
De-facto control exists in situations where the Group has the practical ability to direct the relevant activities of the investee without holding the majority of the voting rights. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The consolidated financial statements present the results of the Group as if they formed a single entity. Intercompany transactions and balances between group companies are eliminated in full.
The consolidated financial statements incorporate the financial statements of the Company and one of its subsidiaries made up to 30 September 2025. Subsidiary undertakings acquired during the period are recorded under the acquisition method of accounting and their results consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date such control ceases.
The subsidiaries included are as follows:
ECR Minerals (Australia) Pty Ltd (Previously named Mercator Gold Australia Pty Ltd)
ECR Minerals (Queensland) Pty Ltd (Previously named Lux Exploration Pty Ltd)
ECR Digital Ltd (Incorporated 18 June 2025)
Mercator Gold Holdings Pty Ltd was deregistered on 17 March 2025.
2.4 Going concern
The financial statements have been prepared on a going concern basis which assumes that the Group will continue in operational existence for the foreseeable future.
To date, the Group has been in an exploration and evaluation stage of its development and is reliant on equity funding to finance its exploration work, development plans and operations. Many of the Group's projects are at an early stage and are not yet generating revenue. However, this position is changing with the acquisition of the Raglan Project which commenced operations in 2026 and the forthcoming development of the Blue Mountain Project which is expected to commence production during 2026. In 2026, for the first time in its history, the Group will be recording revenue and the returns from these two projects have the potential to cover all overheads.
The Group is currently financed through investment by its shareholders and during the period the Group raised £950,000, before costs, from the issue of shares. More significantly, two further fundraises were completed after the period end raising, in aggregate, £2,250,000, before costs, from the issue of shares. The Group made a loss for the year of £1,570,315 before taxation and foreign exchange adjustments but this is not expected to be reflective of future performance noting its production plans as described above. Nonetheless, the Group held bank balances of £324,672 at the year end and £1,515,231 at 31 January 2026.
The Board has reviewed and challenged the completeness and accuracy of the Group's financial projections for the next 12 months. This review included the Group's current development plans and expenditures, forecast fixed overheads, commitments and existing cash resources which will be used to fund these expenditures.
In assessing whether the going concern assumption is appropriate, the Directors take into account all available information for the foreseeable future, in particular for the twelve months from the date of approval of the financial statements. This information includes management prepared cash flows forecasts, the Group's current cash balances and the Group's existing and projected monthly running costs. The Directors have a reasonable expectation that the Group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.5 Foreign currency translation
The consolidated financial statements are presented in pounds sterling which is the functional and presentational currency representing the primary economic environment of the Group.
Foreign currency transactions are translated into the respective functional currencies of the Company and its subsidiaries using the exchange rates prevailing at the date of the transaction or at an average rate where it is not practicable to translate individual transactions. Foreign exchange gains and losses are recognised in the income statement.
Monetary assets and liabilities denominated in a foreign currency are translated at the rates ruling at the Statement of Financial Position date.
The assets and liabilities of the Group's foreign operations are translated at exchange rates ruling at the Statement of Financial Position date. Income and expense items are translated at the average rates for the period. Exchange differences are classified as equity and transferred to the Group's exchange reserve. Such differences are recognised in the income statement in the periods in which the operation is disposed of.
2.6 Cash and cash equivalents
Cash includes petty cash and cash held in current bank accounts. Cash equivalents include short-term investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.
2.7 Investment in subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The investments in subsidiaries held by the Company are valued at cost less any provision for impairment that is considered to have occurred, the resultant loss being recognised in the income statement.
2.8 Financial instruments
Financial assets
The Group's financial assets comprise equity investments held as financial assets at fair value through profit or loss as required by IFRS 9, and financial assets at amortised cost, being cash and cash equivalents and receivables balances. Financial assets are assigned to the respective categories on initial recognition, based on the Group's business model for managing financial assets, which determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These assets are initially measured at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment under the expected credit loss model.
The Group's receivables fall into this category of financial instruments. Discounting is omitted where the effect of discounting is immaterial.
Equity investments are held as financial assets at fair value through profit or loss. These assets are initially recognised at fair value and subsequently carried in the financial statements at fair value, with net changes recognised in profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group's consolidated statement of financial position) when:
• The rights to receive cash flows from the asset have expired; or
• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Impairment of financial assets
The Group recognises an allowance for expected credit losses ("ECLs") for all debt instruments not held at fair value through profit or loss.
The amount of the expected credit loss is measured as the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received (i.e. all cash shortfalls), discounted at the original effective interest rate (EIR).
For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset's lifetime ECL at each reporting date.
Financial liabilities
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Group's financial liabilities include trade and other payables and are held at amortised cost. After initial recognition, trade and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process.
Derecognition
A financial liability is derecognised when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss and other comprehensive income.
2.9 Exploration and Development costs
All costs associated with mineral exploration and investments are capitalised on a project-by-project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses but not general overheads. If an exploration project is successful, the related expenditures will be transferred to mining assets and amortised over the estimated life of the commercial ore reserves on a unit of production basis. Where a licence is relinquished or a project abandoned, the related costs are written off in the period in which the event occurs. Where the Group maintains an interest in a project, but the value of the project is considered to be impaired, a provision against the relevant capitalised costs will be raised. The recoverability of all exploration and development costs is dependent upon continued good title to relevant assets being held, the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing to complete the development of reserves and future profitable production or proceeds from the disposition thereof.
2.10 Property, Plant and Equipment
Tangible fixed assets are measured at historical cost, less accumulated depreciation and any provision for impairment losses. Historical cost includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged on each part of an item of tangible fixed assets so as to write off the cost of assets less the residual value over their estimated useful lives, using the straight-line method. Depreciation is charged to the income statement. The estimated useful lives are as follows:
|
Office equipment |
3 years |
|
|
Furniture and fittings |
5 years |
|
|
Machinery and equipment |
5 years |
|
|
Land |
Not depreciated |
|
|
|
|
|
Useful economic lives and estimated residual values are reviewed annually and adjusted as appropriate.
Expenses incurred in respect of the maintenance and repair of property, plant and equipment are charged against income when incurred. Refurbishments and improvements expenditure, where the benefit is expected to be long lasting, is capitalised as part of the appropriate asset.
An item of property, plant and equipment ceases to be recognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on cessation of recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset ceases to be recognised.
2.11 Impairment testing of intangible and tangible assets
At each balance sheet date, the Company assesses whether there is any indication that the carrying value of any asset may be impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
2.12 Leases
Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset. Lease payments are allocated between principal and finance cost. All other short term leases are regarded as operating leases and the payments made under them are charged to the income statement on a straight-line basis over the lease term.
2.13 Equity
Equity comprises the following:
· "Share capital" represents the nominal value of equity shares, both ordinary and deferred.
· "Share premium" represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issues.
· "Other reserves" represent the fair values of share options and warrants issued.
· "Retained reserves" include all current and prior year results, including fair value adjustments on financial assets, as disclosed in the consolidated statement of comprehensive income.
· "Exchange reserve" includes the amounts described in more detail in the following note on foreign currency below.
2.14 Share-based payments or options
During the period, the Company issued shares to directors and employees and shares were issued to certain PR consultants as part of their fees.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where employees are rewarded using share-based payments, the fair values of employees' services are determined indirectly by reference to the fair value of the instrument granted to the employee.
The fair value is appraised at the grant date and excludes the impact of non-market vesting conditions. Fair value is measured by use of the Black Scholes model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
All equity-settled share-based payments are ultimately recognised as an expense in the income statement with a corresponding credit to "other reserves".
If vesting periods or other non-market vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised in prior years if share options ultimately exercised are different to that estimated on vesting.
Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital and, where appropriate, share premium.
A gain or loss is recognised in profit or loss when a financial liability is settled through the issuance of the Company's own equity instruments. The amount of the gain or loss is calculated as the difference between the carrying value of the financial liability extinguished and the fair value of the equity instrument issued.
2.15 Taxation
The tax expense for the period comprises current tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised directly in equity. In this case the tax is also recognised directly in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax represents the tax expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The Company has tax losses which can be used to offset future profits. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. No deferred tax asset has been recognised in the current period.
2.16 Provisions
A provision is recognised in the Statement of Financial Position when the Group or Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
2.17 Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the entity's accounting policies, management makes estimates and assumptions that have an effect on the amounts recognised in the financial information. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period, are those relating to the valuation of share-based payments, loans to subsidiaries and exploration and evaluation assets.
Capitalisation and recoverability of exploration and development costs (Note 10):
Capitalised exploration and evaluation costs consist of direct costs, licence payments and fixed salary/consultant costs, capitalised in accordance with IFRS 6 "Exploration for and Evaluation of Mineral Resources". The Group and Company recognises expenditure as exploration and evaluation assets where it determines that those assets may reasonably be successful in finding specific mineral assets. Exploration and evaluation assets are initially measured at cost. Exploration and evaluation costs are assessed for indications of impairment at each reporting date. Where the carrying amount of an asset exceeds its recoverable amount an impairment is recognised. Any impairment is recognised directly in profit or loss.
Recoverability of investment in subsidiaries including intra group receivables (Notes 9 and 11)
The recoverability of investments in subsidiaries, including intra group receivables, is directly linked to the recoverability of the exploration assets in those entities, which is subject to the same estimates and judgements as explained above.
3. OPERATING LOSS
|
|
|
Year ended 30 September 2025 |
Year ended 30 September 2024 |
|
|
The operating loss is stated after charging: |
£ |
£ |
|
Depreciation of property, plant and equipment |
12,408 |
62,144 |
|
|
Operating lease expenses |
29,497 |
45,689 |
|
|
Auditors' remuneration - fees payable to the Company's auditor for the audit of the parent company and consolidated financial statements |
47,000
|
50,000
|
|
|
|
Auditors' remuneration - fees payable to the Company's auditor for corporation tax services of the parent company and consolidated financial statements |
4,040 |
3,815 |
4. EARNINGS PER SHARE
|
|
Basic and Diluted |
Year ended 30 September 2025 |
Year ended 30 September 2024 |
|
|
Weighted number of shares in issue during the year |
2,163,240,626 |
1,698,978,865 |
|
|
|
£ |
£ |
|
|
Loss from continuing operations attributable to owners of the parent |
(1,299,504)
|
(1,183,181)
|
Basic earnings per share has been calculated by dividing the loss attributable to equity holders of the company after taxation by the weighted average number of shares in issue during the year. There is no difference between the basic and diluted earnings per share as the effect on the exercise of options and warrants would be to decrease the earnings per share.
Details of share options that could potentially dilute earnings per share in future periods is set out in Note 13.
5. INCOME TAX
The relationship between the expected tax expense based on the corporation tax rate of 25% for the year ended 30 September 2025 (2024: 25%) and the tax expense actually recognised in the income statement can be reconciled as follows:
|
|
Year ended 30 September |
Year ended 30 September |
|
2024 |
2024 |
|
|
£ |
£ |
|
|
Group loss for the year |
(1,299,504) |
(1,183,181) |
|
Loss on activities at effective rate of corporation tax of 25% (2023: 25%) |
(324,876) |
(295,795) |
|
Expenses not deductible for tax purposes |
151,404 |
87,500 |
|
Loss on disposal of subsidiary not deductible for tax purposes |
- |
- |
|
Income not taxable |
28,408 |
5,458 |
|
Depreciation in excess of capital allowances |
12,408 |
62,144 |
|
Loss carried forward on which no deferred tax asset is recognised |
132,656 |
140,693 |
The Company has unused tax losses of approximately £9,247,000 (2024 £8,561,000) to carry forward and set against future profits; and the Company has capital losses of £197,000 to carry forward and set against future capital gains of the Company. The related deferred tax asset has not been recognised in respect of these losses as there is no certainty in regard to the level and timing of future profits.
6. STAFF NUMBERS AND COSTS
|
Group and Company |
Year ended 30 September 2025
|
Year ended 30 September 2024 |
|
|
Number |
Number |
|
Directors |
5 |
4 |
|
Administration |
1 |
3 |
|
Total |
6 |
7 |
|
The aggregate payroll costs of these persons were as follows: |
|
|
|
|
£ |
£ |
|
Staff wages and salaries |
19,286 |
131,278 |
|
Directors' cash-based emoluments |
161,000 |
38,569 |
|
Directors' share based emoluments |
178,500 |
299,000 |
|
Directors' share options awarded |
343,078 |
- |
|
Social security costs |
- |
5,300 |
|
Pension contributions |
2,243 |
3,483 |
|
|
704,107 |
477,630 |
The remuneration of the directors, who are the key management personnel of the Group, in aggregate for each of the categories specified in IAS 24 'Related Party Disclosures' was as follows:
|
|
£ |
£ |
|
Directors' cash based emoluments |
161,000 |
38,569 |
|
Directors' share based emoluments |
178,500 |
299,000 |
|
Directors' share options awarded |
343,078 |
- |
|
Pension contributions |
- |
- |
|
|
682,578 |
337,569 |
Directors' remuneration
Details of remuneration earned in respect of the financial year ended 30 September 2025 by each Director are set out below:
|
|
Salary |
|
Options granted |
|
|
||||||
|
|
Paid |
Accrued |
Share Based |
Other Adjustments |
Share Based |
Total |
|||||
|
Director |
£ |
£ |
|
|
£ |
£ |
|||||
|
N Tulloch |
54,000 |
- |
71,250 |
- |
126,397 |
251,647 |
|||||
|
M Whitlow |
68,000 |
- |
71,250 |
- |
126,397 |
265,647 |
|||||
|
T Davenport |
3,000 |
- |
9,000 |
- |
18,057 |
30,057 |
|||||
|
A Scott |
22,500 |
7,500 |
27,000 |
- |
72,227 |
129,227 |
|||||
|
M Parker |
6,000 |
- |
- |
- |
- |
6,000 |
|||||
|
|
153,500 |
7,500 |
178,500 |
- |
343,078 |
682,578 |
|||||
Year ended 30 September 2024:
|
|
Salary |
Options granted |
||||
|
|
Paid |
Accrued |
Share Based Payments |
Other Adjustments |
Share Based |
Total |
|
Director |
£ |
£ |
|
|
£ |
£ |
|
W Tang |
7,000 |
- |
33,000 |
(8,000) |
- |
32,000 |
|
N Tulloch |
12,000 |
500 |
90,000 |
- |
- |
102,500 |
|
M Whitlow |
13,000 |
500 |
90,000 |
- |
- |
103,500 |
|
A Jones |
29,321 |
1,725 |
20,000 |
(5,000) |
- |
46,046 |
|
A Haythorpe |
- |
- |
- |
(477) |
- |
(477) |
|
T Davenport |
- |
- |
33,000 |
(6,000) |
- |
27,000 |
|
A Scott |
- |
- |
33,000 |
(6,000) |
- |
27,000 |
|
|
61,321 |
2,725 |
299,000 |
(25,477) |
- |
337,569 |
The highest paid Director received remuneration of £265,647 (2024: £103,500), excluding share-based payments.
7. FINANCE INCOME
|
|
Year ended 30 September 2025 |
Year ended 30 September 2024 |
|
Finance income |
£ |
£ |
|
Interest on cash and cash equivalents |
8,312 |
5,458 |
8. TANGIBLE FIXED ASSETS
|
Group |
Furniture & fittings |
Office Equipment |
Machinery & equipment |
Land & Building |
Total |
|
Cost |
£ |
£ |
£ |
£ |
£ |
|
At 1 October 2024 |
4,440 |
46,865 |
110,272 |
116,419 |
277,996 |
|
Additions |
- |
- |
- |
- |
- |
|
Disposal |
- |
(2,311) |
|
(109,861) |
(112,172) |
|
Impairment |
- |
- |
- |
- |
- |
|
FX Rate Differences |
- |
(656) |
(5,828) |
(6,558) |
(13,042) |
|
At 30 September 2025 |
4,440 |
43,898 |
104,444 |
- |
152,782 |
|
Depreciation |
|
|
|
|
|
|
At 1 October 2024 |
3,662 |
40,732 |
79,512 |
- |
123,906 |
|
Depreciation for the year |
292 |
2,354 |
9,762 |
- |
12,408 |
|
Disposal |
- |
(1,709) |
- |
- |
(1,709) |
|
FX Rate Differences |
- |
(452) |
(4,094) |
- |
(4,546) |
|
At 30 September 2025 |
3,954 |
40,925 |
85,180 |
- |
130,059 |
|
Net book value |
|
|
|
|
|
|
At 1 October 2024 |
778 |
6,133 |
30,760 |
116,419 |
154,090 |
|
At 30 September 2025 |
486 |
2,973 |
19,264 |
- |
22,723 |
|
Company
|
Furniture & fittings |
Office Equipment |
Machinery & equipment |
Land and Building |
Total |
|
Cost |
£ |
£ |
£ |
£ |
£ |
|
At 1 October 2024 |
2,348 |
35,221 |
6,824 |
- |
44,393 |
|
Additions |
- |
- |
- |
- |
- |
|
Disposal |
- |
(2,311) |
- |
- |
(2,311) |
|
At 30 September 2025 |
2,348 |
32,910 |
6,824 |
- |
42,082 |
|
Depreciation |
|
|
|
|
|
|
At 1 October 2024 |
1,570 |
32,715 |
6,824 |
- |
41,109 |
|
Depreciation for the year |
292 |
1,428 |
- |
- |
1,720 |
|
Disposal |
- |
(1,709) |
- |
- |
(1,709) |
|
At 30 September 2025 |
1,862 |
32,434 |
6,824 |
- |
41,120 |
|
Net book value |
|
|
|
|
|
|
At 1 October 2024 |
778 |
2,506 |
- |
- |
3,284 |
|
At 30 September 2025 |
486 |
476 |
- |
- |
962 |
The Group and the Company's property, plant and equipment are free from any mortgage or charge. The comparable table for 2024 is detailed below.
|
Group |
Furniture & fittings |
Office Equipment |
Machinery & equipment |
Land & Building |
Total |
|
Cost |
£ |
£ |
£ |
£ |
£ |
|
At 1 October 2023 |
4,440 |
45,890 |
392,307 |
277,820 |
720,457 |
|
Additions |
- |
792 |
- |
- |
792 |
|
Disposal |
- |
- |
(274,827) |
- |
(274,827) |
|
Impairment |
- |
- |
- |
(155,262) |
(155,262) |
|
FX Rate Differences |
- |
183 |
(7,208) |
(6,139) |
(13,164) |
|
At 30 September 2024 |
4,440 |
46,865 |
110,272 |
116,419 |
277,996 |
|
Depreciation |
|
|
|
|
|
|
At 1 October 2023 |
3,409 |
32,873 |
116,526 |
- |
152,808 |
|
Depreciation for the year |
253 |
6,569 |
55,322 |
- |
62,144 |
|
Disposal |
- |
- |
(88,194) |
- |
(88,194) |
|
FX Rate Differences |
- |
1,290 |
(4,142) |
- |
(2,852) |
|
At 30 September 2024 |
3,662 |
40,732 |
79,512 |
- |
123,906 |
|
Net book value |
|
|
|
|
|
|
At 1 October 2023 |
1,031 |
13,017 |
275,781 |
277,820 |
567,649 |
|
At 30 September 2024 |
778 |
6,133 |
30,760 |
116,419 |
154,090 |
|
Company
|
Furniture & fittings |
Office Equipment |
Machinery & equipment |
Land and Building |
Total |
|
Cost |
£ |
£ |
£ |
£ |
£ |
|
At 1 October 2023 |
2,348 |
34,429 |
6,824 |
- |
43,601 |
|
Additions |
- |
792 |
- |
- |
792 |
|
At 30 September 2024 |
2,348 |
35,221 |
6,824 |
- |
44,393 |
|
Depreciation |
|
|
|
|
|
|
At 1 October 2023 |
1,317 |
28,163 |
6,824 |
- |
36,304 |
|
Depreciation for the year |
253 |
4,552 |
- |
- |
4,805 |
|
At 30 September 2024 |
1,570 |
32,715 |
6,824 |
- |
41,109 |
|
Net book value |
|
|
|
|
|
|
At 1 October 2023 |
1,031 |
6,266 |
- |
- |
7,297 |
|
At 30 September 2024 |
778 |
2,506 |
- |
- |
3,284 |
9. INVESTMENTS
|
|
Investment in subsidiaries |
|
|
£ |
|
Cost as at 1 October 2024 |
1 |
|
Impairment |
- |
|
Balance at 30 September 2025 |
1 |
The comparable table for 2024 is detailed below:
|
|
Investment in subsidiaries |
|
|
£ |
|
Cost as at 1 October 2023 |
1 |
|
Impairment |
- |
|
Balance at 30 September 2024 |
1 |
|
|
|
Investment in subsidiaries
At 30 September 2025, the Company had interests in the following subsidiary undertakings:
|
Subsidiaries: |
Principal country of incorporation |
Principal activity |
Description and effective country of operation |
Proportion of shares held |
|
ECR Minerals (Australia) Pty Ltd (Previously Mercator Gold Australia Pty Ltd) |
Australia |
Mineral Exploration |
Australia |
100% |
|
ECR Minerals (Queensland) Pty Ltd (Previously Lux Exploration Pty Ltd) *
|
Australia |
Mineral Exploration |
Australia |
100% |
|
ECR Digital Ltd |
Scotland |
Dormant |
United Kingdom |
100% |
*Indirect subsidiaries of ECR
|
Registered office addresses of the subsidiaries are as follows:
|
|
|
ECR Minerals (Australia) Pty Ltd (Previously Mercator Gold Australia Pty Ltd) |
Level 7, 330 Collins Street, Melbourne, Victoria, 3000, Australia |
|
ECR Minerals (Queensland) Pty Ltd (Previously Lux Exploration Pty Ltd) |
123 Victoria Street, Eaglehawk, Victoria, 3556, Australia |
|
ECR Digital Ltd |
Arran House, Arran Road, Perth, Perthshire PH1 3DZ |
10. INTANGIBLE ASSETS - EXPLORATION AND DEVELOPMENT COSTS
|
|
Group |
Company |
||
|
|
2025 |
2024 |
2025 |
2024 |
|
|
£ |
£ |
£ |
£ |
|
At 1 October |
4,808,440 |
4,420,597 |
347,984 |
347,984 |
|
Additions |
375,116 |
462,952 |
- |
- |
|
Impairment |
(78,983) |
- |
- |
- |
|
FX Rate Difference |
(251,257) |
(75,109) |
- |
- |
|
At 30 September |
4,853,316 |
4,808,440 |
347,984 |
347,984 |
A summary of exploration and development costs of the Group is presented below:
|
|
2025 £ |
2024 £ |
|
Central Victorian Gold Projects, Australia |
4,036,153 |
4,183,111 |
|
Queensland Gold Projects, Australia |
817,163 |
625,329 |
|
At 30 September |
4,853,316 |
4,808,440 |
ECR examines the value of its assets, specifically its exploration and evaluation assets, as part of the audit of its accounts each year to determine whether any of those assets should be impaired. For the year ended 30 September 2025, the Company has applied an impairment of £78,983 relating to costs of exploration licences no longer owned by the Group.
11. TRADE AND OTHER RECEIVABLES
|
|
Group |
Company |
||
|
|
2025 |
2024 |
2025 |
2024 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Amount owed by a subsidiary |
- |
- |
6,125,840
|
4,416,421
|
|
Current assets |
|
|
|
|
|
Amount owed by a subsidiary |
- |
- |
- |
1,154,084 |
|
Trade receivables |
2,148 |
- |
- |
- |
|
Other receivables |
64,481 |
48,477 |
15,855 |
16,344 |
|
Prepayments and accrued income |
38,022 |
43,506 |
21,585 |
37,410 |
|
|
104,651 |
91,983 |
37,440 |
1,207,838 |
The amount owed by a subsidiary has been reclassified to non-current assets as the balance is not considered likely to be recovered within the 12 month period and has accordingly been reclassified to be treated as part of the net investment in the subsidiary. In the prior year the balance was considered likely to be recovered within the 12 month period given the potential disposal of the subsidiary that was under consideration at that time.
12. CASH AND CASH EQUIVALENTS
|
|
Group |
Company |
||
|
|
2025 |
2024 £ |
2025 |
2024 £ |
|
Cash and cash equivalents consisted of the following: |
|
|
|
|
|
Deposits at banks |
324,672 |
281,368 |
314,678 |
247,393 |
|
|
324,672 |
281,368 |
314,678 |
247,393 |
|
|
|
|
|
|
13. SHARE CAPITAL AND SHARE PREMIUM ACCOUNTS
The share capital of the Company consists of three classes of shares: ordinary shares of 0.001p each which have equal rights to receive dividends or capital repayments and each of which represents one vote at shareholder meetings; and two classes of deferred shares, one of 9.9p each and the other of 0.099p each, which have limited rights as laid out in the Company's articles.
In particular deferred shares carry no right to dividends or to attend or vote at shareholder meetings and deferred share capital is only repayable after the nominal value of the ordinary share capital has been repaid.
a) Changes in issued share capital and share premium
|
|
|
|
Deferred |
Deferred 'B' |
Deferred |
|
|
|
|
|
Number of shares |
Ordinary shares |
9.9p shares |
0.099p shares |
0.199p shares |
Total shares |
Share premium |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
At 1 October 2024 |
1,892,760,911 |
18,927 |
7,194,816 |
3,828,359 |
257,161 |
11,299,263 |
55,695,387 |
66,994,650 |
|
Issue of shares |
287,878,787 |
2,879 |
- |
- |
- |
2,879 |
947,121 |
950,000 |
|
less costs |
- |
- |
- |
- |
- |
- |
(52,000) |
(52,000) |
|
Shares issued in payment of creditors |
5,960,568 |
60 |
- |
- |
- |
60 |
14,087 |
14,147 |
|
Shares issued in payment of services |
82,912,688 |
829 |
- |
- |
- |
829 |
198,642 |
199,471 |
|
Balance at 30 September 2025 |
2,269,512,954 |
22,695 |
7,194,816 |
3,828,359 |
257,161 |
11,303,031 |
56,803,237 |
68,106,268 |
All the shares issued are fully paid up and none of the Company's shares are held by any of its subsidiaries.
b) Potential issue of ordinary shares
Share options
The number and weighted average exercise prices of share options valid at the year-end are as follows:
|
|
Weighted average exercise price |
Number of options |
Weighted average exercise price |
Number of options |
|
2025 |
2025 |
2024 |
2024 |
|
|
£ |
|
£ |
|
|
|
Exercisable at the beginning of the year |
0.022 |
62,076,984 |
0.022 |
116,076,984 |
|
Granted during the year |
0.0056 |
210,000,000 |
- |
- |
|
Exercised during the year |
- |
- |
- |
- |
|
Expired during the year |
0.013 |
(14,076,984) |
0.022 |
(54,000,000) |
|
Exercisable at the end of the year |
0.0087 |
258,000,000 |
0.022 |
62,076,984 |
The options outstanding at 30 September 2025 have a weighted average remaining contractual life of 3 years and 9 months (2024: 2 years and 2 months).
The options outstanding at the end of the year have the following expiry date and exercise prices:
|
Date granted
|
Expiry Date |
Exercise Price |
No. of Options |
|
23 January 2022 |
22 January 2027 |
£0.022 |
15,000,000 |
|
16 April 2023 |
15 April 2028 |
£0.011 |
11,000,000 |
|
16 April 2023 |
15 April 2028 |
£0.022 |
11,000,000 |
|
16 April 2023 |
15 April 2028 |
£0.033 |
11,000,000 |
|
6 December 2024 |
5 December 2029 |
£0.005 |
157,500,000 |
|
6 December 2024 |
5 December 2029 |
£0.0075 |
52,500,000 |
Share-based payments:
There were no options exercised during the year.
There are no warrants outstanding at the end of the year.
14. TRADE AND OTHER PAYABLES
|
|
Group |
Company |
||
|
|
2025 £ |
2024 £ |
2025 £ |
2024 £ |
|
Trade payables |
72,039 |
28,145 |
50,463 |
12,855 |
|
Social security and employee taxes |
469 |
5,946 |
- |
- |
|
Other creditors and accruals |
71,813 |
61,244 |
66,729 |
53,518 |
|
|
144,321 |
95,335 |
117,192 |
66,373 |
Trade payables and accruals principally comprise amounts outstanding for trade purchases and continuing costs. The Directors consider that the carrying amount of trade and other payables approximates to their fair value. See also Note 18.
15. CAPITAL MANAGEMENT
The Group's objective when managing capital is to safeguard the entity's ability to continue as a going concern and develop its mineral exploration and development and other activities to provide returns for shareholders and benefits for other stakeholders.
The Group's capital structure comprises all the components of equity (all share capital, share premium, retained earnings when earned and other reserves). When considering the future capital requirements of the Group and the potential to fund specific project development via debt, the Directors consider the risk characteristics of the underlying assets in assessing the optimal capital structure.
16. RELATED PARTY TRANSACTIONS
|
|
Group |
Company |
||
|
|
2025 £ |
2024 £ |
2025 £ |
2024 £ |
|
Amounts owed to Directors |
7,500 |
2,725 |
7,500 |
1,000 |
Details of Directors' emoluments are disclosed in Note 6. The amounts owed to Directors relate to accrued emoluments, consulting fees and expenses due.
During the year the Company provided additional advances of £417,301 (2024: £415,662) under a loan to ECR Minerals (Australia) Pty Ltd and charged expenses and management fees of £138,034 (2024: £140,385). The balance owed to the Company is shown in Note 11.
The Company and the Group have no ultimate controlling party.
17. COMMITMENTS AND CONTINGENCIES
Capital expenditure commitment
As at 30 September 2025, the Group has a commitment expenditure of $311,100 for its three tenements in Victoria but all commitments for its tenements in Queensland are currently satisfied.
Contingencies
The Group entered into no agreements during the year ended 30 September 2025 which would result in disclosure of contingent assets or liabilities.
Leases
The Company has no operating leases.
18. FINANCIAL INSTRUMENTS
|
Group |
2025 £ |
2024 £ |
|
Financial assets (amortised cost) |
|
|
|
Trade and other receivables (excluding prepayments) |
66,629 |
48,477 |
|
Cash and cash equivalents |
324,672 |
281,368 |
|
|
391,301 |
329,845 |
|
Financial liabilities (amortised cost) |
|
|
|
Trade and other payables |
144,321 |
95,335 |
|
|
144,321 |
95,335 |
|
|
2025 |
2024 |
|
Company |
£ |
£ |
|
Financial assets (amortised cost) |
|
|
|
Trade and other receivables (excluding prepayments) |
15,855 |
1,170,428 |
|
Cash and cash equivalents |
314,678 |
247,393 |
|
Long-term borrowings, intra-group |
6,125,840 |
4,416,421 |
|
|
6,456,373 |
5,834,242 |
|
Financial liabilities (amortised cost) |
|
|
|
Trade and other payables |
117,192 |
66,373 |
|
|
117,192 |
66,373 |
Risk management objectives and policies
The Group's principal financial assets comprise cash and cash equivalents, trade and other receivables and investments. The Group's liabilities comprise trade payables, other payables including taxes and social security, and accrued expenses.
The Board determines as required the degree to which it is appropriate to use financial instruments, commodity contracts or other hedging contracts to mitigate financial risks.
Credit risk
The Group's cash and cash equivalents are held with major financial institutions. The Group monitors credit risk by reviewing the credit quality of the financial institutions that hold the cash and cash equivalents and restricted cash. The fair value of cash and cash equivalents at 30 September 2025 and 30 September 2024 did not differ materially from their carrying value.
Management believes that the Group's exposure to credit risk is manageable.
The Company manages its current VAT receivables by submitting VAT returns on a quarterly basis. This allows the Company to receive the VAT in a timely matter while any amounts that may come under scrutiny. Management has no formal credit policy in place for customers and the exposure to credit risk is approved and monitored on an ongoing basis individually for all significant customers. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position. The Group does not require collateral in respect of financial assets.
Market risk
The Group's financial instruments potentially affected by market risk include bank deposits, and trade payables. An analysis is required by IFRS 7, intended to illustrate the sensitivity of the Group's financial instruments (as at period end) to changes in market variables, being exchange rates and interest rates. The Group's exposure to market risk is not considered to be material.
Interest rate risk
The Group has no material exposure to interest rate risk. Since the interest accruing on bank deposits was relatively immaterial there is no material sensitivity to changes in interest rates.
Foreign currency risk
The Group is exposed to foreign currency risk in so far as some dealings with overseas subsidiary undertakings are in foreign currencies. Bank accounts are held in Great British Pounds ("GBP), Australian Dollars ("AUD"). The Company has payables that originate in GBP and AUD. As such the Company is affected by changes in the GBP exchange rate compared to the AUD.
|
As at 30 September 2025 |
GBP |
AUD |
|
Cash and cash equivalents |
314,678 |
20,469 |
|
Accounts receivable |
37,440 |
139,172 |
|
Accounts payable |
(117,192) |
(56,080) |
|
Net foreign exchange exposure |
234,926 |
103,561 |
|
Translation to GBP |
1 |
0.4883 |
|
GBP equivalent |
234,926 |
50,569 |
|
|
|
|
|
As at 30 September 2024 |
GBP |
AUD |
|
Cash and cash equivalents |
247,393 |
65,664 |
|
Accounts receivable |
1,207,838 |
84,886 |
|
Accounts payable |
(66,373) |
(55,970) |
|
Net foreign exchange exposure |
1,388,858 |
94,580 |
|
Translation to GBP |
1 |
0.5174 |
|
GBP equivalent |
1,388,858 |
48,936 |
Fair value of financial instruments
The fair values of the Company's financial instruments at 30 September 2025 and 30 September 2024 did not differ materially from their carrying values.
The Group measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2: valuation techniques based on observable inputs either directly (i.e. as prices) or indirectly (i.e. derived from prices);
• Level 3: valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Liquidity risk
The Group finances its operations primarily through the issue of equity share capital and debt in order to ensure sufficient cash resources are maintained to meet short-term liabilities and future project development requirements. Management monitors availability of funds in relation to forecast expenditures in order to ensure timely fundraising. Funds are raised in discrete tranches to finance activities for limited periods.
Funds surplus to immediate requirements may be placed in liquid, low risk investments.
The Group's ability to raise finance is subject to market perceptions of the success of its projects undertaken during the year and subsequently. Due to the uncertain state of financial markets, there can be no certainty that future funding will continue to be available. The table below sets out the maturity profile of financial liabilities as at 30 September 2025.
|
|
2025 £ |
2024 £ |
|
Due in less than 1 month |
144,321 |
95,335 |
|
Due between 1 and 3 months |
- |
- |
|
Due between 3 months and 1 year |
- |
- |
|
Due after 1 year |
- |
- |
|
|
144,321 |
95,335 |
19. SEGEMENTAL REPORTING
The Group is engaged in mineral exploration and development and is considered to have one business segment. The Chief Operating Decision Maker is considered to be the Board of Directors, who segment exploration activities by geographical region in order to evaluate performance individually. The segmental breakdown of exploration assets is shown in Note 10.
Management information in respect of profit or loss expenditures is not segmented but is considered at Group level.
20. CASH USED IN OPERATIONS
|
|
|
Group |
|
Company |
|
|
|
|
|
|
|
|
|
|
|
Year ended |
Year ended |
Year ended |
Year ended |
|
|
|
30 September 2025 |
30 September 2024 (restated) |
30 September 2025 |
30 September 2024 |
|
|
|
£ |
£ |
£ |
£ |
|
Note |
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
Loss for the year before tax |
|
(1,299,504) |
(1,183,181) |
(937,645) |
(692,751) |
|
Adjustments: |
|
|
|
|
|
|
Depreciation expense property, plant and equipment |
|
12,408 |
62,144 |
1,720 |
4,805 |
|
Share based payments |
|
379,192 |
- |
379,192 |
- |
|
Shares issued for services |
|
213,618 |
360,000 |
213,618 |
360,000 |
|
Loss/(gain) on disposal of fixed assets |
|
185 |
(7,500) |
185 |
(7,500) |
|
Loss/(gain) on financial assets at fair value |
|
- |
(832) |
- |
(832) |
|
Impairment of tangible assets |
|
- |
155,262 |
- |
- |
|
Impairment of intangible assets |
|
78,983 |
- |
- |
- |
|
Impairment of subsidiary |
|
- |
- |
- |
- |
|
Disposal of inventory |
|
- |
- |
- |
- |
|
Unrealised gain/loss on foreign operation translation |
|
(270,207) |
(94,883) |
- |
- |
|
Interest income |
|
(8,312) |
(5,458) |
(7,744) |
(4,249) |
|
Profit and loss on disposal |
|
- |
(29,597) |
- |
- |
|
Decrease/(Increase) in accounts receivable |
|
(12,668) |
(6,600) |
16,314 |
(141,984) |
|
(Decrease)/Increase in accounts payable |
|
48,986 |
(58,765) |
50,819 |
(34,670) |
|
Net cash used in operations |
|
(857,319) |
(809,410) |
(283,541) |
(517,181) |
21. EVENTS AFTER THE REPORTING DATE
On 1 October 2025, the Company announced that it had issued 325,000,000 new ordinary shares of 0.001 pence each in the Company pursuant to a subscription which raised £650,000 before expenses. On 6 October 2025, the Company announced that it had issued a further 50,000,000 new ordinary shares of 0.001 pence each in the Company on the same terms pursuant to an associated retail offer.
On 27 November 2025, the Company announced that Chris Gibbs had been appointed as a Non-Executive Director.
On 17 October 2025 and 2 January 2026, the Company issued an aggregate of 46,375,071 new ordinary shares to certain Directors, consultants and advisers both as part of their remuneration or fee arrangements.
On 18 December 2025, the Company announced that it had signed legal documentation to acquire the Raglan project in Queensland and, on 30 December 2025, the Company announced that completion of the acquisition had taken place and payment of the A$1.01 million purchase price had been made. The acquisition was effected through the purchase of the company which owned the project. This company is now a wholly owned subsidiary of the Company and has been renamed ECR Minerals (Raglan) Pty Limited. On 10 February 2026, the Company announced that it had defined a Phase 1 mine plan focused on a clearly delineated section of the historic river system. Its internal analysis indicates potential to recover approximately 938 ounces of gold in Phase 1, which would have an illustrative gross in-situ value of approximately A$7 million at prevailing gold prices at that point in time.
On 8 January 2026, the Company announced that it had issued 599,999,991 new ordinary shares of 0.001 pence each in the Company pursuant to a placing which raised £1,500,000 before expenses.
22. PRIOR PERIOD ADJUSTMENT
During the current year, the Group undertook a review of the presentation of certain line items within the financial statements to enhance the relevance and clarity of financial information presented to users. As a result of this review, certain comparative figures for the year ended 30 September 2024 have been reclassified to conform with the current year's presentation.
These reclassifications relate to the following:
Reclassification of Exchange translation reserve:
The Group has separated (i) unrealised foreign exchange gains and losses arising from the retranslation of foreign operations, and (ii) foreign currency retranslation effects on cash and cash equivalents, in accordance with the requirements of IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows as follows:
Before‑and‑After Presentation (Extract of Consolidated Cash Flow Statement - Prior Year 2024)
|
Line Item |
Before Reclassification |
Reclassification |
After Reclassification |
|
Cash used in operations (Note 20) |
£(714,527) (including £94,883 FX movements) |
Add back £94,883 of unrealised FX retranslation |
£(809,410) |
|
Effect of foreign exchange rates on cash and cash equivalents |
£(95,513) (includes all FX amounts) |
Remove £94,883 unrealised FX of non-cash items |
£(630) |
Explanation of movements:
· Unrealised FX differences of £94,883 have been removed from the "Effect of foreign exchange rates on cash" line and included in "Cash generated from operations".
· Realised FX effects on cash of £630 have been classified as "Effect of foreign exchange rates on cash".
· Total net movement in cash remains unchanged.
These reclassifications had no impact on the Company's total assets, total liabilities, equity nor profit or loss for the year.
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