Unaudited Half-Yearly Results

ECR Minerals PLC

30 June 2026

 

The information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation.

30 June 2026

ECR MINERALS PLC

("ECR Minerals", "ECR" or the "Company")

Unaudited Half-Yearly Results for the Six Months Ended 31 March 2026

ECR Minerals plc (AIM: ECR), the gold exploration and development company focused on Australia, is pleased to announce its unaudited half-yearly financial results for the six months ended 31 March 2026 for the Company as consolidated with its subsidiaries (the "Group"), along with a review of significant developments during and post period. 

HIGHLIGHTS

Operational highlights:

·    Acquisition of Paleogold Limited via a fully funded staged transaction structure following the period end, adding further nearer-term producing assets to ECR, together with an experienced operational team to oversee and accelerate their development.

·    Acquisition of the Raglan Project (ML3665), a fully permitted and turnkey alluvial gold mining operation in Queensland, Australia, accelerating ECR's transition from gold explorer to gold producer, with operational optimisation continuing to improve mining and recovery performance.

·    Completion of the underground survey at Maddens is estimated to save 2-3 weeks on ventilation and escape way works, while significantly improving the Company's understanding of the wider mineralised system and accelerating the pathway to production.

·    Drone LiDAR surveys at Raglan and Maddens are currently being interpreted, with initial analysis supporting new targets at Raglan and identifying additional mineralised systems at Maddens.

·    Cartwright Creek: an additional Maddens prospective area for alluvial and hard rock mining identified and surveyed, with Mining Licence application submitted.

·    Lolworth continues to demonstrate what ECR considers to be district-scale exploration potential across almost 1,000 km² in North Queensland, with maiden drilling confirming a gold-silver system and further exploration programmes planned.

·    Submission of the Blue Mountain Mining Licence application, supported by positive results from drilling campaigns.

·    Progression of the proposed Joint Venture with Bold Gold at Creswick, through which Bold Gold would be responsible for all mandated expenditure on the Creswick licences up to a limit of A$3 million during the proposed JV period.

·    Award of Exploration Licence EL007486 in Victoria (the Tambo South Licence), a tenement located directly to the south of ECR's Tambo project.

·    Assignment of the up to A$2 million royalty interest that ECR holds over the Timor Gold Project following the sale of the project by Leviathan Metals Corp. to Au Gold Corp.

Financial highlights:

·    Net assets of £7,121,842 at 31 March 2026 (2025: £5,520,965)

·    Total comprehensive expenses for the six months ended 31 March 2026 were £225,565 (H1 2025: £720,821)

·    Operating Loss for the six months ended 31 March 2026 of £548,683 (2025: £400,729)

·    Fundraising completed in January 2026 to raise gross proceeds of £1,500,000

·    ECR carries A$77 million of unutilised tax losses which can be applied to production, meaning that the Board believes it will be many years before the future profits from the Company's gold mining become taxable

ECR Chairman Nick Tulloch commented: "Over the past six months, the Board has taken a deliberate strategic decision to reposition ECR from a junior exploration company into a business focused on building a portfolio of producing and near-producing Australian gold assets with genuine scale.

"The acquisition of the Raglan Project represented the first step in that transition, giving ECR its first producing asset and invaluable operational experience. Our fully funded, staged structured acquisition of Paleogold following the period end has accelerated that strategy considerably, bringing near-producing assets, an experienced operational team and exposure to projects capable of delivering significant long-term value.

"Maddens brings not only nearer-term production potential at grades that dwarf anything achievable from alluvial operations, but also a largely unexplored 50km² district with six known historical workings, no systematic drilling and a high-grade vein system open at depth and along strike. Alongside this, our Lolworth project, close to 1,000km² in one of Queensland's most prospective gold provinces, we believe represents the kind of district-scale exploration upside that major gold companies take notice of. Together these assets define a genuinely different ECR and we are only at the beginning of understanding what they contain.

"By the middle of next year, we remain committed to bringing Blue Mountain and Salt Bush into production, alongside Raglan and Maddens, which would give ECR a portfolio of four producing gold assets in Australia. If we are successful in these endeavours, I believe ECR will establish itself as a leading emerging Australian gold producer with multiple cash-generating operations and an exceptional pipeline of growth opportunities."

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc			Tel: [phone]
Nick Tulloch, Chairman Andrew Scott, Director			[e-mail]
Website: www.ecrminerals.com
Allenby Capital Limited			Tel: [phone]
Nominated Adviser and Joint Broker Alex Brearley / Nick Naylor / Vivek Bhardwaj (Corporate Finance) Kelly Gardiner (Sales and Corporate Broking)			[e-mail]
OAK Securities Joint Broker Jerry Keen / Robert Bell			Tel: [phone]
Axis Capital Markets Limited			Tel: [phone]
Joint Broker
Lewis Jones
SI Capital Ltd			Tel: [phone]
Joint Broker
Nick Emerson
Brand Communications		Tel: [phone]
Public & Investor Relations
Alan Green

CHAIRMAN'S STATEMENT

I am pleased to report on a period that has fundamentally reshaped ECR and positioned the Company for the next stage of its development. During the six months to 31 March 2026, the Board took the strategic decision to fundamentally change the direction of ECR and broaden our ambitions beyond those of a traditional exploration company and accelerate our transition towards becoming a diversified Australian gold producer. Pursuant to this, we identified the opportunity to acquire a high-grade underground asset with genuine scale and transformational potential. The acquisition of Paleogold Limited and, with it, our interest in the Maddens  Flat Group of Mines is the direct result of that decision. This is not an incremental step. It is a pivot to a different class of asset entirely and sets a new course for what ECR can become.

Importantly, the period also included the successful completion of a £1.5 million placing, materially strengthening the Company's financial position and providing ECR with the flexibility to execute our new strategy.

The fully funded acquisition of Paleogold Limited following the period end has transformed the scale of ECR's opportunity. It has added interests in the Maddens Flat Group of Mines in Queensland, the Salt Bush project in South Australia and the Tuckanarra Project in Western Australia, together with an experienced operational team with a track record of developing Australian mining projects. Importantly, the acquisition has given ECR a portfolio that combines nearer-term production opportunities with substantial exploration upside, significantly strengthening the Company's long-term growth prospects.

The Maddens Flat Group of Mines, in particular, has the potential to become a cornerstone asset for ECR. In addition to its nearer-term production potential, the project encompasses a 50 km² exploration permit containing six historical mining areas, no systematic drilling and multiple high-grade vein systems that remain open at depth and along strike. Recent underground surveying, LiDAR (Light Detection and Ranging) interpretation and structural analysis have further increased our confidence in the project's broader geological potential. The Board believes that the recent technical advances on the understanding of the Maddens Flat Group of Mines represents a foundation for future growth to develop the full extent of the opportunity.

Alongside Maddens, Lolworth remains one of ECR's flagship exploration assets. Covering almost 1,000 km² within one of Queensland's most prospective gold provinces, the Board believes that the project continues to demonstrate genuine district-scale exploration potential following encouraging maiden drilling results announced during the period. We believe Lolworth complements our growing portfolio of producing and near-producing assets by providing the opportunity for significant long-term discovery success.

The acquisition of the Raglan Project in late December 2025 marked an important first step in ECR's transition from explorer to producer, providing the Company with its first fully permitted and operational gold mining project. Since commencing operations in January 2026, consistent production has taken longer than originally anticipated and there has inevitably been some operational learning on site during the early months. The more recent focus has been on commissioning, optimisation and improving the Company's understanding of mining and recovery performance. The operational knowledge gained through this process will support future production at Raglan and provide valuable experience that can be applied across ECR's wider alluvial gold portfolio, including Blue Mountain and alluvial project areas being staked at Maddens.

During the second half of the six-month period ended 31 March 2026, Raglan commenced initial production, mostly on a trial basis, to assess and test gold grades in the Raglan project area and to test equipment, including its wash plant. On 3 February 2026, ECR announced, among other things, that the Company had met with and identified a proposed offtake partner for gold production from the Raglan Project. ECR continues to review draft offtake agreements; however, no produced gold has yet been sold and, accordingly, no production-related revenue was recorded in the consolidated income statement for the six months ended 31 March 2026.  On 10 June 2026, ECR announced several initiatives with the view to establishing consistent gold production at Raglan. The Company expects to provide further updates on Raglan production and gold sales in due course.

Elsewhere across the portfolio, the Company continued to make good progress. The proposed joint venture with Bold Gold at Creswick advanced during the period, the award of the Tambo South Licence further strengthened our Victorian portfolio, and the Company preserved its exposure to future upside through the assignment of the up to A$2 million royalty interest over the Timor Gold Project. Collectively, these initiatives reinforce ECR's strategy of combining producing assets with a pipeline of high-quality exploration opportunities.

Macro conditions also remain supportive, with gold prices remaining well above long-term averages and continuing to provide a favourable backdrop for the development of ECR's production assets and wider project portfolio.

The Board remains confident in the Company's direction and in the considerable potential of its projects. With Raglan continuing to advance, Maddens progressing towards production, Blue Mountain moving through the permitting process and Salt Bush targeted for development, ECR is entering what we believe will be a transformational period in the Company's history. Our objective is to establish a diversified portfolio of producing gold assets across Australia. Alongside these production assets, projects such as Maddens, Lolworth, Tuckanarra and our Victorian portfolio provide the opportunity to create substantial long-term value through continued exploration success. Together, they represent a balanced strategy that combines the potential for near-term cash generation with the potential for meaningful long-term growth and shareholder value.

I would like to thank our shareholders for their continuing support and look forward to reporting further progress in the months ahead.

OPERATIONS & PROJECT PORTFOLIO

ECR's project portfolio now reflects the Board's strategy of building a diversified Australian gold company through a balanced combination of producing and near-producing assets, together with district-scale exploration opportunities. The operational focus is Queensland, where Maddens is expected to provide production and Raglan is in initial production, Blue Mountain is advancing towards development and Lolworth represents one of the Company's flagship exploration assets. Together, these projects provide both nearer-term revenue potential and significant long-term growth opportunities.

 

Queensland

Maddens

The Maddens Flat Group of Mines comprises six Mining Lease sites in Northern Queensland, Australia where mining has previously occurred: The Maddens Underground Mine, The Brothers, The Sisters, Clyde Underground Mine, Taylors Mine and 'You-Can-Tell-Us'. In addition, there is a Mining Lease ("ML") covering the camp, processing plant, tailings dam, three freshwater dams, a workshop and storage shedding.  A rectangular shaped Exploration Permit (EPM 12375 - currently being renewed) of 50 km²encompasses the seven MLs and covers a largely unexplored district.

The high-grade quartz vein systems at the Maddens Underground Mine, which have historically produced at average grades of 25g/t Au and above, are characteristic of structurally controlled deposits where the potential for grade and continuity at depth and along strike remain open.  Following recent underground inspections by ECR's technical team, the Board believes the project demonstrates significant potential for both nearer-term production and district-scale exploration upside.

Beyond the production potential from its initial work programmes, the Board believes that the Maddens Flat Group of Mines represents one of the most prospective hard rock gold opportunities within ECR's portfolio. The combination of six historic mining areas, a 50 km² exploration permit, no systematic drilling and multiple high-grade vein systems that remain open at depth and along strike provides significant scope for future growth. The existing technical understanding of the Maddens Flat Group of Mines is therefore viewed as a foundation rather than the full extent of the project's potential.

ECR has invested A$1 million to extend the Maddens Underground Mine decline another 120m to open up the next level. Based on historical grades produced and on its discussions with Paleogold, the Board believes that the next level (20m of backs over a shoot length of 100m) has the potential to generate around 2,500 oz gold.  Operations are already in progress and it continues to be expected that production should commence within around 3 to 4 months. 

An underground survey has recently been completed of the Maddens, Sisters and YouCanTellUs mines together with a drone LiDAR survey of the entire Exploration Permit by Victorian Geology and Survey Solutions.  The on site team estimate that the underground survey may save 2 - 3 weeks from the original plan in relation to the plans for ventilation and escape way works, thereby accelerating time to production.  All of Maddens is now tied into the Australian Height Datum national grid.

To date there has been no systematic drilling programme across the tenement, and as such, the Board considers that there is future upside potential across the district. Early interpretations from the drone LiDAR survey have revealed several other systems within the Exploration Permit in addition to the two main faults previously mined.  In particular, a further prospective area, known as Cartwright Creek, has been identified in the Exploration Permit and a Mining Licence application in relation to this has been submitted. The submission encompasses alluvial areas of Cartwright Creek, extends the hard rock areas of Clyde and YouCanTellUs, and incorporates an additional hard rock prospect known as ComeByChance.

The Board believes that the combination of nearer-term production potential, extensive historical workings, newly identified structural targets and a highly prospective exploration permit gives Maddens the potential to become one of the Company's most important long-term assets.

ECR holds a 50% interest in the Maddens Flat Group of Mines.

Raglan

The Raglan Project is a fully permitted, turnkey alluvial gold operation acquired in December 2025, located nearby to ECR's larger Blue Mountain project.  The acquisition included a near-new 60 tonne per hour wash plant, gold room, water supply, accommodation camp and mobile fleet, the overall value of which is estimated to exceed the acquisition price of A$1.01 million.

ECR's team has been active on site since January 2026, focusing on site preparation, equipment servicing and operational readiness. Trial pit mining and processing programmes have now provided the operational data required to optimise mining methods, recovery performance and future production planning.  As is typical for alluvial operations, a reliable view of the recovered grades across the project will develop as sustained production progresses.

A drone LiDAR survey was completed by Victorian Geology and Survey Solutions across the Raglan Project area during May 2026. Processing and interpretation of the survey data is currently underway. The Board believes that the survey has the potential to significantly improve ECR's understanding of historical drainage systems, palaeochannels and mining targets across the project area. The interpreted data is expected to assist future mine planning, identify additional mining opportunities and support production scheduling activities.

As part of this process, ECR recently engaged an independent alluvial gold specialist who identified several adjustments to optimise gold recovery across the processing circuit. These included improvements to gravity recovery systems, water management, jig performance and overall plant calibration. 

Alongside this, a detailed assessment of mining operations and interpretation of the alluvial system has identified priority target areas within ECR's existing phase 1 mining plan and activities are now being directed towards these zones which, based on ground analysis, are believed to represent favourable sections of the historical river channel system.  In time, the findings from the LiDAR data will also be integrated, with a view to further enhancing the operation's efficiency.

The Board continues to view Raglan as the Company's first production platform. The operational experience gained through commissioning and optimisation is expected to support not only expanded production at Raglan but also the development of Blue Mountain and ECR's wider alluvial gold portfolio, including Maddens.

Blue Mountain

Blue Mountain represents a significantly larger alluvial gold opportunity within ECR's Queensland portfolio.

Following successful drilling, wash plant trials and operational work completed in 2024 and 2025, the Company is now progressing towards securing a mining lease over the target areas. The application has been submitted and discussions with the relevant mining authority are ongoing.

The Board remains confident that the mining lease application can be concluded this year, positioning Blue Mountain as a significant follow-on production asset alongside Raglan.

The project benefits from strong operational synergies with Raglan, including the ability to deploy shared equipment, personnel and infrastructure across both sites.  Initially ECR expects to deploy a mobile 10 tonne per hour washplant, acquired as part of the Raglan acquisition, at Blue Mountain (following the award of a mining lease) to perform initial analysis of test pits in a similar way to how operations at Raglan began.

The Board believes Blue Mountain has the potential to become ECR's second alluvial gold operation in Queensland and, through the use of shared equipment, personnel and operational expertise with Raglan, offers an efficient pathway towards production.

Lolworth

Lolworth remains one of ECR's flagship exploration assets and covers almost 1,000 km² within the highly prospective Hodgkinson Gold Province of North Queensland. The project displays geological characteristics comparable with several of Queensland's major gold districts and, following encouraging maiden drilling results announced during the period, the Board continues to believe Lolworth has genuine district-scale discovery potential.

Recent field programmes have continued to generate encouraging geological information, with laboratory analysis of additional soil samples currently underway. These results are expected to guide the next phase of exploration, including further geophysics and targeted drilling across priority prospects.

Kondaparinga

The Company's licence application at Kondaparinga continues to progress following adjustments to the application area, which covers about 120 km² in the Hodgkinson Gold Province in North Queensland, to address native title considerations.  The Board anticipates that these changes may facilitate a positive outcome and will update the market as appropriate.

South Australia

Salt Bush

Salt Bush in South Australia is located on a Mining Lease (ML 4572) which was granted pre-native title legislation. Development of this into a mine is intended to be by way of a shallow open cut to 20m depth using vat leach technology.  

Salt Bush has surface outcropping ore at over 6g/t Au with individual assays previously being recorded as high as 39g/t Au.  The ore body strike length is estimated to be in excess of 800 metres with the ore body enriched in an upper 20m zone.  Field inspections have confirmed there are multiple parallel mineralised veins which indicate the potential to expand the mineable area.

Based on the information provided by the co-owners, the Board believes that there is potential for over 10,000 oz gold that could be obtained by mining the estimated ore body to around 20m in depth. Recovery of the gold is proposed to be by way of a fine crush (<5mm) and then vat leaching with cyanide with an expected gold recovery of around 65% - 70%. 

ECR is committing A$200,000 this year to prepare the project for future gold production.  The funds will primarily be used to delineate the vein systems by trenching (under permits obtained previously), identify the scope of the project, and prepare the steps to evaluate production scenarios.  These operations will commence shortly, and the Board believes that a reasonable estimate of commencement of gold production remains around the middle of 2027.

ECR holds a 20% interest in Salt Bush.

Victoria

Creswick

Progress continues regarding discussions on the previously announced proposed joint venture with Bold Gold over the Creswick Project.  Draft contracts for both Bold Gold's investment and the terms of the joint venture are close to being in agreed form and Bold Gold's proposed financial backer is now conducting final due diligence.

Further updates will be provided as discussions progress.

Bailieston

Previous drilling at Bailieston confirmed gold and antimony mineralisation, with recent internal analysis identifying the Hard Up Reef as a priority target.  The Company's geological team is preparing an exploration plan for further work in this area.  This would comprise a limited drilling campaign to define a gold, and potentially antimony, resource in the area.

Tambo

ECR was awarded the Tambo South Licence in March 2026, extending its landholding to cover a contiguous 47km strike.  Initial exploration will include stream sampling, rock chip sampling and LIDAR  surveys to assess the area's mineral potential.

Western Australia

Tuckanarra

The Tuckanarra Project comprises an area of 4,030 hectares (9,958 acres) over exploration licences E20/1065 and E20/1109 which straddle the Great Northern Highway and lie immediately west and south of the historic gold mining centre of Tuckanarra.

Odyssey Gold Ltd has announced a total JORC resource of 407,000 oz Au in an area which is located less than 1.5km east from the boundary of E20/1065. These mafic and ultramafic units are believed to extend into the NNE of the Tuckanarra Project's licence acreage and are prospective for gold hosted in the mafic/ultramafic rock sequence.

It is intended that geological mapping, deep ground penetrating radar investigations and detector reconnaissance will be utilised to explore this prospective zone.

ECR owns an 80% interest in the Tuckanarra Project.

Legacy royalties

ECR also retains royalty upside from former Victorian assets. On 16 March 2026 the Company announced an assignment of the up to A$2 million royalty interest that ECR holds over the Timor Gold project following the sale of the project by Leviathan Metals Corp. to Au Gold Corp.  Whilst ECR has no operational influence over the projects, the corporate activity may be a precursor to increasing operations on site.

FINANCIAL RESULTS

For the six months ended 31 March 2026, the unaudited financial statements of the Group recorded a total comprehensive loss of £548,683.

The Group's net assets were £7,121,842 at 31 March 2026, compared with £5,520,965 at 31 March 2025. The increase in total assets reflects both the acquisition of Raglan and the January 2026 fundraising of £1.5 million.

The Group held £1,203,321 of cash and cash equivalents at 31 March 2026, compared with £871,756 at 31 March 2025.

Outlook

Collectively, Maddens and Lolworth now represent the cornerstone of ECR's hard rock growth strategy, combining nearer-term production with what we consider to be the potential for district-scale exploration success.

In its Raglan and Maddens projects, ECR holds two key assets: Raglan, which is in initial production, and Maddens, a near-production asset.  Maddens in particular has the potential to be a significant contributor of revenues given its scale and historic production profile.  Furthermore the Board considers that near-mine exploration across the Maddens Flat tenements represents a highly significant value creation opportunity for ECR and will be a primary focus alongside production development.

Alongside these nearer-term projects, ECR expects to bring Blue Mountain and Salt Bush into production.  Both projects are at the licencing and permitting stage and both are backed with extensive analysis supporting the mining opportunity.

Review of Announcement by Qualified Person

This announcement has been reviewed by Michael Parker, Non-Executive Director of ECR Minerals Plc. Michael Parker has a BSc. In Mining Geology and is a professional geologist and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company operating through four wholly owned Australian subsidiaries ECR Minerals (Australia) Pty Ltd ("ECR Australia"), ECR Minerals (Queensland) Pty Ltd ("ECR Queensland"), ECR Minerals (Raglan) Pty Ltd ("ECR Raglan") and ECR Minerals (Paleogold) Ltd ("ECR Paleogold").

Paleogold has a 50% interest in the Maddens hard rock mining project in Northern Queensland where work is underway for production this year.  It also has a 20% interest in the Salt Bush shallow open cut mining project in South Australia where preparations are underway for production which is expected to commence around mid-2027.  Paleogold also owns 80% of the Tuckanarra exploration project in Western Australia.

ECR Australia owns the Bailieston and Creswick gold projects in central Victoria, Australia as well as the Tambo gold project in eastern Victoria.

ECR Raglan 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.  The Raglan project is in an initial production phase and ECR is currently working to bring the Blue Mountain alluvial gold project 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$77 million of unutilised tax losses incurred during previous operations.

FORWARD LOOKING STATEMENTS

This announcement may include forward-looking statements. Such statements may be subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward looking statements as a result of new information, future events or for any other reason.

Consolidated Income Statement
For the six months ended 31 March 2026
	Six months ended	Six months ended	Year ended
	31 March 2026	31 March 2025	30 September 2025
	£	£	£
Other administrative expenses	(556,353)	(615,185)	(869,552)
Impairment of intangible assets	-	-	(78,983)
Gain / (Loss) on other current assets	-	-	(185)
Share based payment	-	-	(379,192)
Total administrative expenses	(556,353)	(615,185)	(1,327,912)
Operating loss	(556,353)	(615,185)	(1,327,912)
Fair value movements on of available for sale assets	-	-	-
Gain or (Loss) on disposal of assets	-	210,859	-
	(556,353)	(404,326)	(1,327,912)
Financial income	4,837	3,597	8,312
Other income	2,833	-	20,096
Finance income and costs	7,670	3,597	28,408
Loss for the period before taxation	(548,683)	(400,729)	(1,299,504)
Income tax	-	-
Loss for the period	(548,683)	(400,729)	(1,299,504)
Loss attributable to: Owners of the parent	(548,683)	(400,729)	(1,299,504)
Loss per share - basic and diluted
on continuing operations	(0.02)p	(0.02)p	(0.06)p
Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2026
	Six months ended	Six months ended	Year ended
	31 March 2026	31 March 2025	30 September 2025
	£	£	£
Loss for the period	(548,683)	(400,729)	(1,299,504)
Items that may be reclassified subsequently to profit or loss
Gain/(losses) on exchange translation	323,118	(320,092)	(270,811)
Other comprehensive income/(expense) for the period	323,118	(320,092)	(270,811)
Total comprehensive expense for the period	(225,565)	(720,821)	(1,570,315)
Attributable to:-
Owners of the parent	(225,565)	(720,821)	(1,570,315)

Consolidated Statement of Financial Position
At 31 March 2026
	As at	As at	As at
	31 March 2026	31 March 2025	30 September 2025
	£	£	£
Assets
Non-current assets
Property, plant and equipment	232,802	29,056	22,723
Goodwill	264,558	-	-
Exploration assets	5,428,083	4,633,052	4,853,316
Other receivables			-
	5,925,443	4,662,108	4,876,039
Current assets
Trade and other receivables	162,929	68,255	104,651
Inventory	-	-	-
Available for sale financial assets	-	-	-
Cash and cash equivalents	1,203,321	871,756	324,672
	1,366,250	940,011	429,323
Total assets	7,291,693	5,602,119	5,305,362
Current liabilities
Trade and other payables	169,851	81,154	144,321
Total liabilities	169,851	81,154	144,321
Net assets	7,121,842	5,520,965	5,161,041
Equity attributable to owners of the parent
Share capital	11,313,245	11,302,488	11,303,031
Share premium	58,979,389	56,693,402	56,803,237
Exchange reserve	522,908	150,509	199,790
Other reserves	793,450	597,086	793,450
Retained losses	(64,487,150)	(63,222,520)	(63,938,467)
Total equity	7,121,842	5,520,965	5,161,041

Consolidated Statement of Changes in Equity
For the six months ended 31 March 2026
	Share	Share		Exchange	Other	Retained	Total
	capital	premium		reserves	reserves	reserves	Equity
	£	£		£	£	£	£
At 1 October 2024	11,299,263	55,695,387		470,601	597,086	(62,821,791)	5,240,546
Loss for the period						(400,729)	(400,729)
Loss on exchange translation				(320,092)			(320,092)
Total comprehensive income /(expense)	-	-		(320,092)	-	(400,729)	(720,821)
Shares issued	346	102,894					103,240
Share issue costs		(52,000)					(52,000)
Share based payments	2,879	947,121					950,000
Total transactions with owners, recognised directly in equity	3,225	998,015		-	-	-	1,001,240
At 31 March 2025	11,302,488	56,693,402		150,509	597,086	(63,222,520)	5,520,965
Loss for the period						(898,775)	(898,775)
Loss on exchange translation				49,281			49,281
Total comprehensive income /(expense)	-	-		49,281	-	(898,775)	(849,494)
Shares issued							-
Share issue costs							-
Share based payments	543	109,835			379,192		489,570
Expired share options					(182,828)	182,828	-
Total transactions with owners, recognised directly in equity	543	109,835		-	196,364	182,828	489,570
At 30 September 2025	11,303,031	56,803,237		199,790	793,450	(63,938,467)	5,161,041
Loss for the period						(548,683)	(548,683)
Loss on exchange translation				323,118			323,118
Total comprehensive income /(expense)	-	-		323,118	-	(548,683)	(225,565)
Shares issued	9,669	2,279,331					2,289,000
Share issue costs		(231,595)					(231,595)
Share based payments	545	128,416					128,961
Total transactions with owners, recognised directly in equity	10,214	2,176,152		-	-	-	2,186,366
At 31 March 2026	11,313,245	58,979,389		522,908	793,450	(64,487,150)	7,121,842

Consolidated Cashflow Statement
For the six months ended 31 March 2026
	Six months ended	Six months ended	Year ended
	31 March 2026	31 March 2025	30 September 2025
	£	£	£
Net cash flow used in operations	(729,724)	11,996	(857,319)
Investing activities
Purchase of property, plant & equipment	(59,826)	-	-
Purchase of subsidiary	(525,433)
Decrease/(Increase) in exploration assets	(191,728)	(119,532)	(123,859)
Disposal of asset		116,419	118,774
Proceeds from sale of available for sale investments		-	-
Interest income	4,837	3,597	8,312
Net cash used in investing activities	(772,150)	484	3,227
Financing activities
Proceeds from issue of share capital	2,057,405	898,000	898,000
Net cash from financing activities	2,057,405	898,000	898,000
Net change in cash and cash equivalents	555,531	910,480	43,908
Cash and cash equivalents at beginning of the period	324,672	281,368	281,368
Effect of changes in foreign exchange rates	323,118	(320,092)	(604)
Cash and cash equivalents at end of the period	1,203,321	871,756	324,672

Notes to the Condensed Half-Yearly Financial Statements

For the six months ended 31 March 2026

1.    Basis of preparation

The condensed consolidated half-yearly financial statements incorporate the financial statements of the Company and its subsidiaries (the "Group") made up to 31 March 2026. The results of the subsidiaries are 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.

These condensed half-yearly consolidated financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 September 2025. They have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 September 2025.  The report of the auditors on those accounts was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

The accounting policies have been applied consistently throughout the Group for the purpose of preparation of these consolidated half-yearly financial statements. New and amended standards, and interpretations issued and effective for the financial year beginning 1 October 2025 have been adopted but do not have a material impact on the condensed consolidated financial statements. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the Companies Act 2006.  The financial information for the six months ended 31 March 2026 and 31 March 2025 is unaudited.  The comparative figures for the period ended 30 September 2025 were derived from the Group's audited financial statements for that period as filed with the Registrar of Companies.  They do not constitute the financial statements for that period.

2.    Going concern

The Directors are satisfied that the Group has sufficient resources to continue its operations and to meet its commitments for the immediate future. The Group therefore continues to adopt the going concern basis in preparing its condensed half-yearly financial statements.

3.    Cash and cash equivalents

Cash includes petty cash and cash held in bank current 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.

4.    Earnings per share

	Six months ended	Six months ended	Year ended
	31 March 2026	31 March 2025	30 September 2025
Weighted number of shares in issue during the period	2,940,512,396	2,070,259,369	2,163,240,626
	£	£	£
Loss from continuing operations attributable to owners of the parent
	(548,683)	(400,729)	(1,299,504)
Loss per share - basic and diluted
on continuing operations	(0.02)p	(0.02)p	(0.06)p

The disclosure of the diluted loss per share is the same as the basic loss per share as the conversion of share options decreases the basic loss per share thus being anti-dilutive.   

5.    Income tax

No charge to tax arises on the results and no deferred tax provision arises or deferred tax asset is identified.

6.    Shares and options transactions during the period

The share capital of the Company consists of four 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 three classes of deferred shares 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.

Changes in issued share capital and share premium:

	Number of Shares	Ordinary shares	Deferred9.9p shares	Deferred 'B' 0.099p shares	Deferred0.199p shares	Total shares	Share premium	Total
		£	£	£	£	£	£	£
At 1 October 2025	2,269,512,954	22,695	7,194,816	3,828,359	257,161	11,303,031	56,806,237	68,106,268
Issue of shares less costs	1,021,375,062	10,214	-	-	-	10,214	2,176,152	2,186,366
Balance at 31 March 2026	3,290,888,016	32,909	7,194,816	3,828,359	257,161	11,313,245	58,979,389	70,292,634

All the shares issued are fully paid up and none of the Company's shares are held by any of its subsidiaries.

7.    Consolidated Cash Flow Statement

	Six months ended	Six months ended	Year ended
	31 March 2026	31 March 2025	30 September 2025
	£	£	£
Operating activities
Loss for the period, before tax	(548,683)	(400,729)	(1,299,504)
Adjustments:
Depreciation expense, property, plant and equipment	27,845	6,341	12,408
Share based payments	128,961	103,240	592,810
Loss on disposal of subsidiary
(Gain)/Loss on available for sale financial assets			185
Impairment of intangible assets			78,983
Interest income	(4,837)	(3,597)	(8,312)
Profit and loss on disposal
(Gain)/Loss on revaluation of investments	(300,262)	297,194	(270,207)
(Increase) /decrease in accounts receivable	(58,278)	23,728	(12,668)
(Increase) /decrease in inventory
Increase/(Decrease) in accounts payable	25,530	(14,181)	48,986
(Increase)/decrease in taxation
Net cash flow used in operations	(729,724)	11,996	(857,319)

8.    Post period end events

On 20 April 2026, the Company announced the proposed acquisition (the "Acquisition") of Paleogold Limited ("Paleogold").  ECR agreed to acquire the entire issued share capital of Paleogold by the issue to Paleogold shareholders of up to 621,000,000 new ECR Shares of which 207,000,000 ECR Shares were to be issued on completion of the Acquisition, with the balance to be issued in two further tranches of 207,000,000 ECR Shares each, contingent on ECR earning not less than A$5 million of revenues from the Paleogold Projects on the first anniversary of the Acquisition and not less than A$10 million of cumulative revenues from the Paleogold Projects on the second anniversary of the Acquisition. 

Simultaneously with the completion of the Acquisition, ECR, via Paleogold, proposed to exercise Paleogold's option to acquire 50% of Lucky Strike Mining Ventures Pty Ltd ("Lucky Strike"), owner of the Maddens Flat Group of Mines (the "Option").  Pursuant to exercising the option, ECR would pay certain vendor shareholders A$2 million in cash with the payment being made six months following completion.  ECR would pay certain Lucky Strike vendors A$140,000 on completion and issue an unsecured convertible loan note ("CLN") for A$3.86 million.  The CLN is convertible at 0.26 pence per ECR Share or otherwise repayable, including associated interest, 18 months following completion.  ECR would also issue 49,603,174 warrants over new ECR Shares exercisable at 0.35 pence to the holders of the CLN.  As part of the exercise of the option, ECR is investing A$1 million in the Maddens Underground Mine aimed at accelerating the process for gold production.  

Paleogold also held an option to acquire an interest in Salt Bush Flat Mines Nominees Pty Ltd ("Salt Bush") which owns the Salt Bush project in South Australia.  This has been restructured as part of the Paleogold Transactions and ECR is acquiring 20% of Salt Bush through the issue of 20,000,000 new ECR Shares and is undertaking to spend A$200,000 over six months on the Salt Bush project to prepare the project for gold production.

On 18 May 2026, the Company announced the completion of the Acquisition and all of the above arrangements.

On 6 May 2026, the Company announced the issue of 25,863,779 new Ordinary Shares and the grant of options over 2,952,061 new Ordinary Shares as part of its quarterly remuneration arrangements to its directors and management.

 

END