Final Audited Results
Summary by AI BETAClose X
27 October 2025
First Tin PLC
("First Tin" or "the Company")
Final Audited Results for the year ended 30 June 2025
First Tin PLC, a tin development company with advanced, low capex projects in Australia and Germany, today publishes its final audited results for the year ended 30 June 2025.
Highlights
· Successfully raised £10.12m during the period, ensuring a strong financial position to support developmental priorities
· Ended the period with a cash position of £6.37m (30 June 2024: £1.34m) and a net asset value of £44.31m (30 June 2024: £37.88m)
· Posted a comprehensive loss for the period of £2.93m) (30 June 2024: £3.90m)
Unlocking value at the Taronga Project, Australia:
· Submitted the Environmental Impact Statement (EIS) in September 2025, a significant step forward for Taronga, and the anticipated receipt of developmental approval will enable the unlocking of significant value for the Company.
· Completed a comprehensive suite of specialist studies, including biodiversity, water, air quality, noise, traffic, and heritage, to meet regulatory requirements and support the EIS.
· Related to the EIS, the Company finalised a compensation agreement in March 2025 with Crown Land NSW and secured an agreement with Glen Innes Severn Council for the mine camp location, strengthening local partnerships.
· Early assay results from the infill and extension drilling programme are confirming the potential to convert inferred resources to Indicated and Measured status, potentially enabling an extended mine life.
· Ongoing metallurgical testwork confirm opportunities to improve tin recoveries beyond those assumed in the Definitive Feasibility Study (DFS), supporting stronger project economics.
· Taronga is a large-scale deposit with 138,000 tonnes of contained tin. Granted two new exploration licences near Taronga, expanding the Company's footprint in the Emmaville tin district to approximately 752km².
· Appointment of Peter Miers as General Manager - Projects to support the next phase of project development.
Advancing Tellerhäuser, Gottesberg & Auersberg, Germany:
· Progressed the "fast-track" Life of Mine Plan (LoMP) submission for Tellerhäuser, including water management studies and forest compensation agreements.
· Exploration at Gottesberg and Auersberg highlighted significant tin-indium-gallium mineral systems, with rock chip sampling indicating grades between 0.2% and 0.6% Sn, plus critical by-products.
· Review of historic drilling data and new fieldwork supports the district's potential as a strategic supplier of critical raw materials for Europe.
First Tin CEO, Bill Scotting, commented: "The past year has been a period of significant progress for First Tin. The successful £10.12m equity raise in late 2024, enabled us to make substantial progress at our core assets in both Australia and Germany, bringing us materially closer to Development Approval for both our projects.
"Tin is fundamentally required for the energy transition and the digital transformation, yet the supply chain for this critical mineral continues to stagnate and experience disruption. This creates a significant opportunity for our two projects, strategically located in the safe, compliant jurisdictions of Australia and Germany.
"As we look ahead, our priority is to transform our advanced projects into operating mines and to deliver sustainable value for all stakeholders. With strong market fundamentals for tin, a robust pipeline, and an experienced team, I am confident that First Tin is building strong foundations to become a reliable and sustainable global producer of fully traceable and verifiable tin."
Investor Presentation Reminder
Bill Scotting, CEO and Tony Truelove, Technical Director, will provide a live presentation relating to the results via the Investor Meet Company platform today at 10:30am GMT.
Investors can sign up to Investor Meet Company for free and click "Add to Meet" First Tin via:
https://www.investormeetcompany.com/first-tin-plc/register-investor
Enquiries:
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First Tin |
Via SEC Newgate below |
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Bill Scotting - Chief Executive Officer
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Arlington Group Asset Management Limited (Financial Advisor and Joint Broker) |
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Simon Catt
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+44 (0)20 7389 5016 |
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Zeus Capital Limited (Joint Broker) |
+44 (0)20 3829 5000 |
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Harry Ansell / Dan Bristowe / Katy Mitchell
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SEC Newgate (Financial Communications) |
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Robin Tozer / George Esmond / Gwen Samuel |
+44 (0)7540 106366 firsttin@secnewgate.co.uk |
Notes to Editors
First Tin PLC is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia, which have been de-risked significantly, with extensive work undertaken to date.
Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe and North America have very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future.
First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2025
The past year has been one of important progress for First Tin. Against a backdrop of fragile global tin supply chains and strengthening demand fundamentals, the Company has continued to advance its two strategically located projects in Australia and Germany. Our priority has been to ensure the Company is well-funded to move its assets through permitting and optimisation, while continuing to de-risk the path to development.
Following the successful £10.12 million equity raise completed in two tranches during H2 2024, we have been able to accelerate technical work, advance permitting processes and consolidate our exploration footprint. These steps have significantly strengthened the foundation from which we can progress towards production.
At our Taronga asset in New South Wales, Australia, the team has achieved a series of milestones that have materially advanced the permitting process. The completion and submission of the Environmental Impact Statement (EIS) in September 2025 marks a significant step forward in securing development approval. Alongside this, results to date from the metallurgical test work programmes have confirmed opportunities to improve recoveries beyond the levels assumed in the previous Definitive Feasibility Study (DFS), pointing to enhanced project economics. Similarly, early assays from the ongoing drilling programme are confirming the potential to extend mine life through resource conversion and expansion. Together, these developments highlight Taronga's position as one of the most advanced and attractive undeveloped tin assets globally.
In Germany, we have made further headway at Tellerhäuser, progressing the fast-track Life of Mine Plan submission and advancing water management studies. At the same time, exploration at Gottesberg and Auersberg has highlighted the scale of the tin-indium-gallium mineral systems in this historic district. These findings strengthen our confidence that our German portfolio could evolve into a strategically important supplier of critical raw materials for Europe at a time when supply security is an increasingly pressing issue.
The tin market has continued to show both its criticality and supply-side vulnerability. Demand drivers from the clean energy transition, electronics and advanced manufacturing remain robust, while disruptions in major producing countries during the year once again highlighted the fragility of the supply chain. This dynamic further validates our strategy of advancing projects in stable, transparent jurisdictions where environmental and social standards are aligned with customer expectations for responsible supply.
Looking ahead, our focus remains firmly on delivering the key permitting milestones and confirming the value enhancement opportunities at Taronga, while furthering project financing discussions to position us for construction. In Germany, advancing fast-track permitting for Tellerhäuser and building out the broader district-scale potential of our licence package will be priorities.
With tin increasingly recognised as a vital material for the global energy and digital transformation, First Tin is exceptionally well placed to create long-term value for shareholders and to play a leading role in the responsible supply of this essential metal.
On behalf of the Board, I would like to thank our management team and employees for their commitment, our partners and stakeholders in Australia and Germany for their continued collaboration, and our shareholders for their long-term support.
The progress made over the past year gives us a strong platform on which to build, and I look forward with confidence to the year ahead.
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C Cannon Brookes |
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Chairman |
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CHIEF EXECUTIVE OFFICER'S REPORT FOR THE YEAR ENDED 30 JUNE 2025
The past 12 months have been a period of significant progress for First Tin. Following the successful £10.12m equity raise in late 2024, we have advanced our core assets in both Australia and Germany with a focus on permitting, optimising project economics and strengthening our development path. Together, these steps move us closer to our goal of becoming a significant, sustainable and reliable supplier of traceable tin, at a time when demand for this critical metal continues to grow and global supply remains fragile.
Tin, a critical metal with a vulnerable supply chain
Tin is a critical, yet often overlooked, metal essential for the clean energy transition and digital technologies. Every electrical connection requires solder, which is predominantly composed of tin, making it fundamental for modern electronics. Demand is growing rapidly, driven by advances in consumer electronics, solar, robotics, 5G and artificial intelligence.
While demand continues to rise, supply growth has stagnated and remains highly vulnerable to disruption. Global inventories are low, and a significant deficit is forecast as supply fails to keep pace. More than 90% of production comes from emerging and developing economies, often exposed to conflict and regulatory risks. Australia remains the only significant OECD producer of tin concentrate, while the USA, Japan, Germany and South Korea-the four largest consumers of refined tin after China, rely entirely on imports.
During the reporting period, supply disruptions persisted across major producing regions. Refined tin exports from Indonesia, the largest exporter, were down 30% year-on-year in 2024. Although shipments recovered somewhat in early 2025, they remained well below 2023 levels, with uncertainty around export licence approvals continuing. In Myanmar, the mining ban and subsequent earthquake in WA State has severely restricted Chinese imports, which fell to their lowest level in December 2024 since the ban was introduced in 2023. Although some mining activity reportedly resumed post-period end in August 2025, operations remain fragile.
The shortfall in Chinese imports from Myanmar was partially offset by increased imports from the Democratic Republic of Congo. However, conflict in the east of the country forced the suspension of mining at Bisie in March and April 2025, temporarily removing around 6% of global mine supply. While operations have since restarted, the security situation remains unstable. In South America, ongoing challenges in Brazil and Bolivia are expected to outweigh growth in Peru, with political uncertainty in Bolivia adding to the pressures.
Despite broader macro-economic uncertainty, demand fundamentals for tin remain strong. Semiconductor sales reached record highs in 2024, with Q2 2025 sales up 20% year-on-year. China's newly added solar PV capacity in H1 2025 doubled compared to the previous year, although recent data points to a slowdown in installations and exports. Global EV sales reached 9.1 million units in H1 2025, an increase of 28% year-on-year, driven by strong growth in China, Europe and the rest of the world, offsetting weaker performance in North America.
Tin prices reflected these competing forces of robust demand and disrupted supply. After peaking above US$34,000 per tonne in October 2024, prices fell back to around US$29,000 - 30,000 by year-end. The temporary suspension of operations at Bisie pushed prices above US$38,000 per tonne in April 2025, before stabilising at US$30,000 following the restart. Since then, prices have trended upwards, closing the reporting period in the range of US$32,000 - 34,000 per tonne.
Unlocking value at our Taronga Asset in Australia
The period under review has been highly productive at Taronga as we pushed forward following the publication of the Definitive Feasibility Study ("DFS") in May 2024. Work has focused on progressing environmental permitting, while confirming significant value enhancement opportunities.
As a State Significant Development (SSD) in New South Wales (NSW), the formal permitting process began with the submission of the Scoping Report with a request to the New South Wales Planning Secretary for Environmental Assessment Requirements ("SEARs") for the project. The Scoping Report outlined the key components of the Taronga project, including the layout, infrastructure placement, personnel requirements, and proposed transport routes. Relevant NSW Government departments and regulatory agencies use it to define the range of assessment requirements to be addressed in Taronga's Environmental Impact Statement ("EIS").
The SEARs notification informed what specialist studies were required for inclusion in the EIS to enable the development application to be assessed by the Department of Planning, Housing and Infrastructure (DPHI). To meet the statutory EIS assessment requirements, numerous studies, some covering multiple years of work, have now been completed by external experts. These include biodiversity, land & soil capability, material characterisation, impacts on air quality, noise, traffic, visibility, health, surface water, groundwater, greenhouse gases, Aboriginal Heritage, historic heritage, agriculture, social impacts and economic value to the Commonwealth, State and local region.
In addition to the substantial studies undertaken around the mine site, additional studies were completed related to the anticipated disturbance footprint for the proposed mine camp near Glen Innes airport, and the proposed upgrades to Grampians Road, the main access road to the mine site.
The EIS, which was finalised and submitted to the DPHI post-period end, is a comprehensive document that describes all the components of the Project and provides information on the key environmental issues addressed in the design and assessment of the Project. These are presented in a manner that addresses the specific requirements of the SEARs and the requirements of other consulted government agencies, the local communities, surrounding landowners and a range of specialist consultants' assessments. Completion and submission of the EIS is a significant step forward for Taronga, and the anticipated receipt of developmental approval will enable the unlocking of significant value for the Company.
Related to the EIS, a compensation agreement was executed in March 2025 with Crown Land NSW to account for impacts on Crown land and Crown roads within the Mine Site. Post-period end, in August 2025, an agreement was reached with the Glen Innes Severn Council (GISC) to place the mine camp on GISC-owned land adjacent to Glen Innes airport. This site is strategically located for transport and traffic management and has existing infrastructure. The support of GISC and the local community is critical for the project, and we look forward to continuing to work with them.
Mineral testing and metallurgical work continued throughout the period under review, targeting improved recoveries above what was used in the previous DFS, which would improve the project's economics. The results of additional crushing test work have shown it is possible to obtain up to 89.5% of the contained tin into the minus 2.8mm fraction after coarse crushing. These results, which are consistent with earlier findings, confirm that the project does not require the higher capital and operating cost of ore-sorting equipment to pre-concentrate the tin. In August 2024, we announced higher recovery results from coarse gravity test work on a higher-grade sample.
In October 2024, a successful trial blast was completed, which reinforced the technical viability of the project. The drilling showed excellent penetration rates assisted by the vertical nature of the fracture sets, with 221.5m completed within 6 hours. Powder factors of 0.3, 0.5 and 0.8 were trialled based on 0.8 SG ANFO (Ammonium Nitrate Fuel Oil), with all showing excellent breakage to sizes less than 400mm. The results confirmed the powder factors used in the DFS, with the consultants suggesting the trial of a lower factor once mining has commenced, which could result in operational cost savings.
Monitoring of the blast also confirmed acceptable vibration and noise, demonstrating our commitment to safety and minimal community impact. This data has been modelled and included as part of the EIS. The blasted rock also provided an opportunity to collect another bulk sample for our continuing metallurgical test work programme, with samples more closely representing the actual run-of-mine blasted material.
The DFS identified approximately 3.6Mt of Inferred resource located within the current pit designs, not currently included in the economic analysis. A review of the block model and geology shows that some of this Inferred mineralisation relates to a poorly defined lode structure located close to the northwestern pit walls in both the north and south pits. If this lode structure can be shown to be continuous and mineralised, it could add significant additional resources that may allow the northwestern walls to be pushed back, and the pits deepened. As a result, in December 2024, we announced a 10,000m drilling programme to be undertaken in 2025 to convert the in-pit Inferred resource to Indicated and Measured status, which should translate to additional ore reserves and ultimately a longer life of mine.
The drilling programme will also test several other potential lode structures, both within and external to the current pit design, that are also interpreted based on soil sampling and/or very broad spaced drill intercepts. These targets could also add additional resources, significantly increasing the project's mine life.
As of 12th September 2025, a total 5,111m of RC drilling has been completed in 69 drill-holes as part of the resource drilling programme, for which assay results have been received for 19 holes, including:
· TMTARC044 23m @ 0.13% Sn from 30m including 12m @ 0.17% Sn from 36m
· TMTARC045 10m @ 0.06% Sn from 17m including 2m @ 0.14% Sn from 17m
· TMTARC047 17m @ 0.13% Sn from 43m including 5m @ 0.20% Sn from 43m
· TMTARC048 17m @ 0.13% Sn from 0m including 6m @ 0.16% Sn from 2m
· TMTARC046 8m @ 0.13% Sn from 24m
· TMTARC049 13m @ 0.19% Sn from 8m including 4m @ 0.35% Sn from 14m
· TMTARC050 14m @ 0.06% Sn from 32m
· TMTARC051 9m @ 0.13% Sn from 0m followed by 7m @ 0.14% Sn from 40m
· TMTARC053 62m @ 0.10% Sn from 6m including 12m @ 0.14% Sn from 35m
· TMTARC054 19m @ 0.12% Sn from 54m including 6m @ 0.18% Sn from 58m
· TMTARC055 71m @ 0.09% Sn from 0m including 9m @ 0.15% Sn from 11m
· TMTARC056 20m @ 0.12% Sn from 0m followed by 3m @ 0.32% Sn from 33m
· TMTARC058 13m @ 0.13% Sn from 0m including 8m @ 0.17% Sn from 0m
· TMTARC059 76m @ 0.08% Sn from 20m including 17m @ 0.11% Sn from 20m
· TMTARC060 25m @ 0.13% Sn from 54m including 10m @ 0.21% Sn from 61m
· TMTARC061 21m @ 0.07% Sn from 0m followed by 15m @ 0.11% Sn from 65m
These results are validating our interpretation that additional mineralisation exists within and adjacent to the current pit outlines. The grades and widths intercepted are consistent with existing quantified resources and are expected to result in additional resources being added within the current pit outlines, including converting current Inferred Resources to Indicated status.
Outcropping along a ridge, with low pre-stripping and a life of mine strip ratio of 1:1, Taronga is already planned as a low-risk, low-cost mine. The broad zones of mineralisation intersected in the current programme are likely to result in conversion of areas of waste rock within the current pit outlines to ore. This will have the added effect of reducing the strip ratio.
Taronga is a large-scale deposit with 138,000 tonnes of contained tin. Exploration work at our nearby satellite deposits has confirmed our thesis that it lies at the centre of a broader tin district offering longer-term development potential. To further consolidate our exploration efforts in the district, we announced that we had been granted two new Exploration Licenses near Taronga. These licenses cover numerous historical hard rock and alluvial tin workings within and adjacent to the Mole Creek Leucogranite - the district's main source of tin mineralisation and bring the Company's total area under tenure in the Emmaville district to ca. 752km2.
While our immediate focus remains on bringing Taronga into production, we are also committed to building a robust exploration pipeline in this highly prospective region. The addition of these two tenements to our portfolio enhances our ability to identify and develop additional sources of tin in the district with the longer-term potential to build a hub and spoke system around the Taronga processing plant.
To support the next phase of Taronga's development, post-period end in August, we were pleased to bring on board Peter Miers as GM - Projects. Peter has significant experience leading project and commissioning teams in mining projects in Australia. The addition of Peter's experience and knowledge will be important as we move through final permitting and towards the detailed engineering and execution phase.
Critical minerals at Tellerhäuser and Gottesberg, Germany
Our German assets lie in the historic mining district of Saxony in the heartland of Europe's high-tech manufacturing belt. As with Taronga, the location benefits from existing infrastructure that reduces risk and anticipated capital expenditure.
During the period under review, activity in Germany has focused on progressing work for submission of the "Fast-track" Facultative Life of Mine Plan (LoMP) for Tellerhäuser, alongside further exploration in the Gottesberg and Auersberg licenses.
Priorities for the LoMP relate to forested areas and water studies. A redesign of the product depot was finalised, which reduced the gradient of the ramp to 14%. The capacity of the depot was increased by approximately 100,000m³ with an increase of 1ha to the site surface footprint. Importantly, we remain below the 10ha threshold required for the "Fast-track" life of mine plan. A compensation agreement with landholders for impacted forest areas has been prepared ahead of the LoMP.
Progress also continued on the water permitting. Post-period end, we received notification that the water treatment technology proposed for the Tellerhäuser mine, which largely corresponds to the existing water treatment technology used by Wismut GmbH meets requirements for natural radionuclides in the treated mine water. Focus is now on finalising the study for surface water to complete the LoMP submission.
Following the successful and low-cost use of historic drilling data that enabled an increase to the Tellerhäuser Mineral Resource Estimate ("MRE"), the team commenced a similar review of historic drilling data pertaining to the Gottesberg and Auersberg deposits. The Gottesberg area was explored for uranium from the 1940s to 1980s, when a State-funded underground diamond drilling programme found tin mineralisation, but work was suspended in the 1990s. Further surface diamond drilling in 2011 confirmed tin mineralisation. The Auersberg license contains numerous historical tin workings, but limited exploration has been undertaken except for some drilling by Wismut at three targets.
The historic dataset has now been supplemented with results from the exploration mapping and sampling work conducted during the 2024 and 2025 field season, which included the collection and assay of 96 rock chip samples. The results indicate potential for significant tin-indium-gallium mineralisation within the Eibenstock granite at Gottesberg, Pollersberg and St Michaelis. This trend appears to extend to the Gabe Gottes area, forming a strike length of around 10km and representing a large exploration target. Several tin greisen vein structures were mapped and sampled across a distance of at least 3km, demonstrating sizeable systems in the district with grades ranging between 0.2% and 0.6% Sn, plus critical raw material by-products. Silver and bismuth were also located in several tin greisen systems via surface rock chip sampling.
Potential for the district to host significant critical raw materials has been shown, and a re-evaluation of the Tellerhäuser and Gottesberg deposits suggests that they could both host significant indium and gallium credits. The indium potential at Tellerhäuser has already been shown, with a total of 708,000kg indium being identified as Indicated and Inferred Resources.
The potential for additional tin deposits in our portfolio of exploration licenses in the tin triangle around the known Tellerhäuser and Gottesberg deposits, as well as the considerable potential for other critically important minerals, is especially relevant as Europe seeks to build security in its critical minerals supply chain.
Finance Review
The Group reported a loss after tax of £1,554,175 (period ended 30 June 2024: £3,033,055) and a net asset value of £44,309,236 (period ended 30 June 2024: £37,884,956) for the period under review.
At 30 June 2025 the Group had cash balances of £6,373,847 (30 June 2024: £1,345,629), with the Group having invested £2,732,752 (period ended 30 June 2024: £8,536,853) in the purchase of exploration and evaluation assets during the period.
Outlook
The successful £10.12m equity raise completed during the period under review provided the funding to advance development and exploration activities across our Australian and German assets. Over the coming year, we will focus on:
· Obtaining Developmental Approval for Taronga.
· Optimisation and enhancement of the value of the previous Taronga DFS from:
o Completing the metallurgical testing work to improve recoveries.
o Completing the extension and infill drilling and resultant conversion of Inferred resources to increase the mine life.
· Evaluating project financing options to advance Taronga through engineering design and into construction.
· Progressing Mining Authority approval for Tellerhäuser.
Tin is fundamentally required for the energy transition and the digital transformation, yet the supply chain for this critical mineral continues to stagnate and experience disruption. This creates a significant opportunity for our two projects strategically located in the safe, compliant jurisdictions of Australia and Germany.
The considerable progress over the last year brings us materially closer to Development Approval for both our projects. The drilling programme and metallurgical test work are pointing to a significantly value enhanced and higher NPV Taronga project. With its sizeable resource base, geology and a mineralogy conducive to easy, cost-effective open-pit mining and processing, we can look forward to its development to meet the essential needs of tin consumers.
I would like to thank all our shareholders and other stakeholders for your ongoing support as we pursue our strategic objective to become a reliable and sustainable global producer of fully traceable and verifiable tin. Significant progress has been made over the recent period, and we have entered the new reporting year with confidence. I look forward to updating you on further progress.
W A (Bill) Scotting
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
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Year |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
Note |
2025 |
|
2024 |
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(1,704,191) |
|
(3,163,266) |
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
6 |
(1,704,191) |
|
(3,163,266) |
|
|
|
|
|
|
|
|
|
Finance income |
|
|
8 |
154,523 |
|
130,236 |
|
Finance costs |
|
|
9 |
(4,507) |
|
(25) |
|
|
|
|
|
|
|
|
|
Loss before tax |
|
|
|
(1,554,175) |
|
(3,033,055) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
10 |
- |
|
- |
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
|
(1,554,175) |
|
(3,033,055) |
|
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
|
|
(1,375,719) |
|
(865,875) |
|
|
|
|
|
|
|
|
|
Other comprehensive loss for the period |
|
|
|
(1,375,719) |
|
(865,875) |
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the period |
|
|
|
(2,929,894) |
|
(3,898,930) |
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to the equity holders of the company |
|
|
|
(2,929,894) |
|
(3,898,930) |
|
|
|
|
|
|
|
|
|
Basic loss - pence per share |
|
|
11 |
(0.39) |
|
(1.14) |
|
|
|
|
|
|
|
|
|
Diluted loss - pence per share |
|
|
11 |
(0.39) |
|
(1.14) |
The Notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
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|
Note |
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
13 |
36,681,959 |
|
34,968,675 |
|
Property, plant and equipment |
15 |
2,314,400 |
|
2,433,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,996,359 |
|
37,402,505 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
16 |
218,807 |
|
290,000 |
|
Cash and cash equivalents |
|
6,373,847 |
|
1,345,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,592,654 |
|
1,635,629 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
17 |
(1,279,777) |
|
(1,153,178) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current assets |
|
5,312,877 |
|
482,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities |
|
44,309,236 |
|
37,884,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
44,309,236 |
|
37,884,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
|
Called up share capital |
20 |
451,868 |
|
265,535 |
|
Share premium account |
20 |
27,558,887 |
|
18,391,046 |
|
Merger relief reserve |
21 |
17,940,000 |
|
17,940,000 |
|
Warrant reserve |
21 |
269,138 |
|
269,138 |
|
Retained earnings |
21 |
300,364 |
|
1,854,539 |
|
Translation reserve |
21 |
(2,211,021) |
|
(835,302) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' funds |
|
44,309,236 |
|
37,884,956 |
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Consolidated Financial Statements.
The financial statements were approved and authorised for issue by the Board on 24th October 2025 and were signed on its behalf by:
C Cannon Brookes
Director
Company number: 07931518
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger |
|
|
|
|
|
|
|
|
|
|
|
Share |
|
Share |
|
relief |
|
Warrant |
|
Retained |
|
Translation |
|
Total |
|
|
|
capital |
|
premium |
|
reserve |
|
reserve |
|
earnings |
|
reserve |
|
equity |
|
|
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 July 2024 |
|
265,535 |
|
18,391,046 |
|
17,940,000 |
|
269,138 |
|
1,854,539 |
|
(835,302) |
|
37,884,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
- |
|
- |
|
- |
|
- |
|
(1,554,175) |
|
- |
|
(1,554,175) |
|
Other comprehensive loss for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the period
|
|
- |
|
- |
|
- |
|
- |
|
- |
|
(1,375,719) |
|
(1,375,719) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for the period |
|
- |
|
- |
|
- |
|
- |
|
(1,554,1745) |
|
(1,375,719) |
|
(2,929,894) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares (net of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
issuance costs) |
|
186,333 |
|
9,167,841 |
|
- |
|
- |
|
- |
|
- |
|
9,354,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
owners |
|
186,333 |
|
9,167,841 |
|
- |
|
- |
|
- |
|
- |
|
9,354,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
451,868 |
|
27,558,887 |
|
17,940,000 |
|
269,138 |
|
300,364 |
|
(2,211,021) |
|
44,309,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger |
|
|
|
|
|
|
|
|
|
|
|
Share |
|
Share |
|
relief |
|
Warrant |
|
Retained |
|
Translation |
|
Total |
|
|
|
capital |
|
premium |
|
reserve |
|
reserve |
|
earnings |
|
reserve |
|
equity |
|
|
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
|
265,535 |
|
18,391,046 |
|
17,940,000 |
|
269,138 |
|
4,887,594 |
|
30,573 |
|
41,783,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
- |
|
- |
|
- |
|
- |
|
(3,033,055) |
|
- |
|
(3,033,055) |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for the year
|
|
- |
|
- |
|
- |
|
- |
|
- |
|
(865,875) |
|
(865,875) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for the period |
|
- |
|
- |
|
- |
|
- |
|
(3,033,055) |
|
(865,875) |
|
(3,898,930) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2024 |
|
265,535 |
|
18,391,046 |
|
17,940,000 |
|
269,138 |
|
1,854,539 |
|
(835,302) |
|
37,884,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
£ |
|
£ |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Operating loss |
|
|
|
(1,704,191) |
|
(3,163,266) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile loss before tax to net cash flows: |
|
|
|
|
|
|
|
Depreciation of tangible assets |
|
|
|
49,747 |
|
74,211 |
|
Loss on disposal of tangible assets |
|
|
|
- |
|
18,009 |
|
Decrease in trade and other receivables |
|
|
|
71,193 |
|
518,711 |
|
Increase/(decrease) in trade and other payables |
|
|
|
126,599 |
|
(652,120) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in operations |
|
|
|
(1,456,652) |
|
(3,204,455) |
|
Interest paid |
|
|
|
(4,507) |
|
(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in operating activities |
|
|
(1,461,159) |
|
(1,369,038) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Purchase of intangible fixed assets |
|
|
|
(2,732,752) |
|
(8,536,853) |
|
Receipt of government grants |
|
|
|
- |
|
256,965 |
|
Purchase of property, plant and equipment |
|
|
|
(156,696) |
|
(1,035,613) |
|
Interest received |
|
|
|
154,523 |
|
130,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in investing activities |
|
|
|
(2,734,925) |
|
(9,185,265) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Proceeds from issue of shares |
|
|
|
10,120,000 |
|
- |
|
Share issuance costs |
|
|
|
(765,826) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows generated |
|
|
|
|
|
|
|
from financing activities |
|
|
|
9,354,174 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash |
|
|
|
5,158,090 |
|
(12,389,745) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
|
1,345,629 |
|
13,823,173 |
|
Exchange loss on cash and cash equivalents |
|
|
|
(129,872) |
|
(87,799) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at the end of period |
|
|
|
6,373,847 |
|
1,345,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Consolidated Financial Statements.
|
1. |
General Information |
|
|
The Company is a public company limited by shares, incorporated in England and Wales under the Companies Act 2006. The Company's registered address is First Floor, 47/48 Piccadilly, London, England, W1J 0DT.
The financial statements comprise of financial information of the Company and its subsidiary (the "Group"). The principal activities of the Company and the Group and the nature of their operations are disclosed elsewhere in these financial statements. |
|
2. |
Presentation of financial statements |
|
|
The financial statements are presented in pounds sterling, as this is the currency of the UK listed parent company. |
|
3. |
Material accounting policy information |
|
|
3.1 |
Basis of preparation |
|
|
|
These financial statements have been prepared on the going concern basis in accordance with UK adopted International Accounting Standards (UK IAS) and the requirements of the Companies Act 2006. The financial statements have been prepared on a historical cost basis. The current year financial information is for the year ended 30 June 2025 and comparative financial information is for the 18 month period ended 30 June 2024. |
|
|
3.2 |
Going concern |
|
|
|
The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration and evaluation period and this, in turn, depends on the availability of external funding.
At 30 June 2025, the Group had cash balances of £6.37 million following two rounds of fundraising during the year under review. The Directors have prepared a cash flow forecast to 31 December 2026 which indicates that additional funding will be required in Spring 2026 in order for the Group to continue to settle its liabilities as they fall due. This represents a material uncertainty that may cast significant doubt about the Group's and the Company's ability to continue as a going concern. However, based upon the success of previous fundraising, the Directors are confident that sufficient funds will be raised to enable the Group to continue as a going concern.
Accordingly, these financial statements have been prepared on the going concern basis and do not reflect any adjustments that would be required to be made if they were to be prepared on a basis other than the going concern basis.
|
|
3. |
Material accounting policy information (continued) |
|
|
3.3 |
Basis of consolidation |
|
|
|
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns.
Changes in the Group's interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions.
The results of subsidiaries acquired or disposed of are included in the consolidated Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with those used by the Group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. |
|
|
3.4 |
Intangible assets other than goodwill |
|
|
|
Exploration and evaluation assets
The Group capitalises costs which directly relate to exploration and evaluation activities in areas for which it has obtained appropriate legal rights and there is a high degree of confidence in the feasibility of the project.
Capitalised exploration and evaluation costs include acquisition of rights to explore, topographical, geological, geochemical and geophysical studies, exploration drilling, sampling and activities in relation to the evaluation of the technical feasibility and commercial viability of extracting a mineral resource. General and administrative costs directly associated with such activities are also capitalised.
Government grants relating to exploration and evaluation expenditure are recognised as a deduction from the asset carrying amounts once there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received.
Exploration and evaluation costs are carried at cost less any impairment and are not amortised prior to the conclusion of the appraisal activities. If the appraisal activities establish the existence of commercial reserves and the decision is made to develop the site, then the carrying value of the associated exploration and evaluation assets is tested for impairment and subsequently reclassified as development and production assets. If commercial reserves have not been found, or exploration and evaluation activities have been abandoned, then the associated exploration and evaluation assets are fully impaired.
Impairment charges and exploration costs incurred prior to obtaining legal rights are expensed in the profit and loss as incurred. |
|
3. |
Material accounting policy information (continued) |
|
|
3.5 |
Property, plant and equipment |
|
|
|
Items of property, plant and equipment that do not form part of the exploration and evaluation assets are carried as cost less accumulated depreciation and are depreciated on a straight-line basis over the following expected useful economic lives:
Land and buildings Land is not depreciated Motor vehicles 3 years Fixtures and fittings 3 - 15 years |
|
|
3.6 |
Impairment of non-financial assets |
|
|
|
At each reporting date, the Directors assess whether there is any indication that a Group's asset, other than deferred tax assets, may be impaired. Where an indicator of impairment exists, the Directors make an estimate of the recoverable amount. An impairment loss is recognised in profit and loss whenever the carrying amount of the asset or cash generating unit exceeds its recoverable amount.
Recoverable amount is the higher of fair value less costs to sell and "value-in-use". In assessing "value-in-use", the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time-value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss, unless the relevant asset is carried at a revalued amount greater than cost, in which case the reversal of the impairment loss is treated as a revaluation increase. |
|
|
3.7 |
Segment reporting |
|
|
|
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. |
|
|
3.8 |
Cash and cash equivalents |
|
|
|
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
|
3. |
Material accounting policy information (continued) |
|
|
3.9 |
Financial assets |
|
|
|
Financial assets are recognised in the Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the Group's business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are initially measured at fair value plus transaction costs.
Loans and receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method less loss allowance.
Loans and other receivables that have fixed or determinable payments and are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost using the effective interest method less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit loss associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses.
The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
|
3. |
Material accounting policy information (continued) |
|
|
3.10 |
Financial liabilities |
|
|
|
Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities.
Other financial liabilities
Other financial liabilities, including trade and other payables, are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Group's obligations are discharged, cancelled, or they expire. |
|
|
3.11 |
Equity instruments |
|
|
|
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
|
|
3.12 |
Taxation |
|
|
|
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.
|
|
3. |
Material accounting policy information (continued) |
|
|
3.12 |
Taxation (continued) |
|
|
|
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
|
|
3.13 |
Foreign exchange
|
|
|
|
Functional and presentation currency
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in pound sterling, which is the Group's functional and presentation currency.
Transactions and balances
Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in profit or loss for the period. |
|
|
|
Group companies
For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group's foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for each period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transaction are used. All resulting exchange differences are recognised in "other comprehensive income" and accumulated in equity. |
|
3. |
Material accounting policy information (continued) |
|
|
3.14 |
Leases |
|
|
|
The Directors assess whether a Group's contract is, or contains, a lease at inception of the contract. Payments associated with short-term leases or leases of low value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease-term of 12 months or less without a purchase option. |
|
|
3.15 |
Share-based payments |
|
|
|
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 12 to these financial statements.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Directors' estimate of the number of equity instruments that will eventually vest. At each reporting date, the Directors revises their estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. |
|
|
3.16 |
New and amended standards adopted by the Group |
|
|
|
The Group has applied the following standards and amendments for the first time for the reporting period commencing 1 January 2024:
· Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants - Amendments to IAS 1 · Lease Liability in Sale and Leaseback - Amendments to IFRS 16 · Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. |
|
3. |
Material accounting policy information (continued) |
|
|
3.17 |
New standards and interpretations not yet adopted |
|
|
|
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 30 June 2025 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. |
|
4. |
Critical accounting estimates and judgements |
|
|
The preparation of the Group's financial statements under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Details of the Group's significant accounting judgements used in the preparation of these financial statements include:
Recoverability of intangible exploration and evaluation assets
Where a project is sufficiently advanced, the recoverability of intangible exploration and evaluation assets is assessed by comparing the carrying value to internal and operator estimates of the net present value of projects. Intangible exploration assets are inherently judgemental to value. The amounts for intangible exploration and evaluation assets represent active exploration projects. These amounts will be written-off to the profit and loss as exploration costs unless commercial reserves are established, or the determination process is completed and there are no indications of impairment.
|
|
5. |
Segmental analysis |
|
|
In the opinion of the Board of Directors the Group has one operating segment, being the exploitation of mineral rights.
The Group also analyses and measures its performance into geographic regions, specifically Germany and Australia.
Non-current assets by region are summarised below: |
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
Germany |
|
|
|
|
9,265,621 |
|
8,847,849 |
|
|
Australia |
|
|
|
|
29,730,738 |
|
28,554,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,996,359 |
|
37,402,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. |
Operating loss |
|
|
The operating loss for the period is stated after charging the following: |
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
49,747 |
|
74,211 |
|
|
Expenses relating to short-term leases |
|
|
|
|
9,439 |
|
144,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auditor's remuneration: |
|
|
|
|
|
|
|
|
|
Fees payable to the Company's auditor for |
|
|
|
|
|
|
|
|
|
the audit of the Company and consolidated |
|
|
|
|
|
|
|
|
|
financial statements |
|
|
|
|
75,000 |
|
96,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total auditor's remuneration |
|
|
|
|
75,000 |
|
96,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. |
Staff costs and Director's remuneration |
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
Wages and salaries |
|
|
|
|
1,081,434 |
|
2,060,861 |
|
|
Social security costs |
|
|
|
|
98,979 |
|
202,185 |
|
|
Pension costs |
|
|
|
|
58,817 |
|
76,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,239,230 |
|
2,340,045 |
|
|
|
|
|
|
|
|
|
|
|
|
Amount capitalised as intangible asset |
|
|
|
|
(858,560) |
|
(1,597,588) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total staff cost recognised in the profit |
|
|
|
|
|
|
|
|
|
and loss |
|
|
|
|
380,670 |
|
742,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average number of staff employed by the Group, including Directors, is detailed below: |
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
No. |
|
No. |
|
|
|
|
|
|
|
|
|
|
|
|
Management and administration |
|
|
|
|
9 |
|
11 |
|
|
Geology and environment |
|
|
|
|
15 |
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of staff employed |
|
|
|
|
|
|
|
|
|
by the Group |
|
|
|
|
24 |
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors' remuneration and fees are disclosed in the Directors' Remuneration Report on pages 36 to 39. The Directors are regarded as the key management personnel. |
|
8. |
Finance income |
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
Bank interest receivable |
|
|
|
|
154,523 |
|
130,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. |
Finance costs |
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
Bank charges and other finance costs |
|
|
|
|
4,507 |
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10. |
Income tax expense
|
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
Current tax |
|
|
|
|
- |
|
- |
|
|
Deferred tax |
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxation on continued operations |
|
|
|
|
(1,554,175) |
|
(3,033,055) |
|
|
Loss on before taxation multiplied by |
|
|
|
|
|
|
|
|
|
standard rate of UK corporation tax of |
|
|
|
|
|
|
|
|
|
25% (2024 - 24%) |
|
|
|
|
(388,543) |
|
(727,933) |
|
|
Difference in overseas tax rate |
|
|
|
|
(153,027) |
|
(256,301) |
|
|
Expenses not deductible for tax |
|
|
|
|
(232,615) |
|
(170,217) |
|
|
Utilisation of losses brought forward |
|
|
|
|
(70,485) |
|
(82,213) |
|
|
Effect of tax losses not recognised as |
|
|
|
|
|
|
|
|
|
deferred tax assets |
|
|
|
|
844,670 |
|
1,236,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total tax charge for the period |
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Group has tax losses carried forward of approximately £17.5 million (2024: £16.6 million). The unutilised tax losses have not been recognised as a deferred tax asset due to uncertainty over the timing of future profits and gains.
An increase in the UK corporation tax rate from 19% to 25% came into effect for the financial year beginning 1 April 2023. |
|
11. |
Loss per Ordinary share |
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
Loss for the period attributable to the ordinary |
|
|
|
|
|
|
|
equity holders of the Company (£) |
|
|
(1,554,175) |
|
(3,033,055) |
|
|
|
|
|
|
|
|
|
|
Basic loss per Ordinary share |
|
|
|
|
|
|
|
Weighted average number of Ordinary shares |
|
|
|
|
|
|
|
in issue |
|
|
395,494,790 |
|
265,534,972 |
|
|
|
|
|
|
|
|
|
|
Basic loss per Ordinary share (pence) |
|
|
(0.39) |
|
(1.14) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per Ordinary share |
|
|
|
|
|
|
|
Weighted average number of Ordinary shares |
|
|
|
|
|
|
|
in issue |
|
|
395,494,790 |
|
265,534,972 |
|
|
|
|
|
|
|
|
|
|
Diluted loss per Ordinary share (pence) |
|
|
(0.39) |
|
(1.14) |
|
|
|
|
|
|
|
|
|
|
For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive warrants, options and convertible loans over ordinary shares. Potential ordinary shares resulting from the exercise of warrants, options and the conversion of convertible loans have an anti-dilutive effect due to the Group being in a loss position. As a result, diluted loss per share is disclosed as the same value as basic loss per share |
|
12. |
Share-based payments |
|
|
Share options and warrants |
|
|
The Group adopted the First Tin Option Plan ("FT Option Plan"), effective from 8 April 2022. In addition to the FT Option Plan the Group as certain outstanding warrants and options issued under previous schemes.
The options issued under previous schemes expired during the period ended 30 June 2024.
The options issued under the FT Option Plan vested on admission to the London Stock Exchange and are exercisable for periods between 2 and 3 years from issue.
|
|
12. |
Share-based payments (continued) |
|
|
Share options and warrants (continued) |
|
|
|
No. of |
|
No. of |
|
No. of |
|
No. of |
|
|
|
options |
|
options |
|
warrants |
|
warrants |
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
Outstanding at beginning of period |
8,500,000 |
|
10,060,000 |
|
- |
|
5,668,000 |
|
|
Granted during the period |
- |
|
- |
|
- |
|
- |
|
|
Expired during the period |
(8,500,000) |
|
(1,560,000) |
|
- |
|
(5,668,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at the end of the period |
- |
|
8,500,000 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at the end of the period |
- |
|
8,500,000 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average exercise price (pence) |
- |
|
33 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share options outstanding at the end of the period have the following expiry dates and exercise prices: |
|
|
|
|
Exercise |
|
No. of |
|
No. of |
|
|
|
|
price |
|
Options |
|
Options |
|
|
Grant date |
Expiry date |
pence |
|
2025 |
|
2024 |
|
|
6 April 2022 |
5 April 2025 |
33 |
|
- |
|
8,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
8,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining contractual life of options |
|
|
|
|
|
|
|
|
outstanding at the end of the period |
|
|
- |
|
0.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of options granted |
|
|
No options were granted during the year ended 30 June 2025 or the period ended 30 June 2024. |
|
|
Fair value of warrants granted
No warrants were granted during the year ended 30 June 2025 or the period ended 30 June 2024. |
|
13. |
Intangible assets |
|
|
|
|
|
|
|
|
|
Exploration
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
|
|
|
|
|
evaluation |
|
|
|
|
|
|
|
|
|
assets |
|
|
|
|
|
|
|
|
|
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
|
|
|
|
|
|
27,367,552 |
|
|
Additions |
|
|
|
|
|
|
8,536,853 |
|
|
Government grants |
|
|
|
|
|
|
(256,965) |
|
|
Currency translation |
|
|
|
|
|
|
(678,765) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2024 |
|
|
|
|
|
|
34,968,675 |
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
2,732,752 |
|
|
Currency translation |
|
|
|
|
|
|
(1,019,468) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
|
|
|
|
|
36,681,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The intangible assets relate to the Tellerhäuser and Taronga tin projects located in southern Saxony in the east of Germany and Australia, respectively.
The Directors assess for impairment when facts and circumstances suggest that the carrying amount of an Exploration and evaluation ("E&E") asset may exceed its recoverable amount. In making this assessment, the Directors have regard to the facts and circumstances noted in IFRS 6 paragraph 20. In performing their assessment of each of these factors, at 30 June 2025, the Directors have:
a) reviewed the time period that the Group has the right to explore the area and noted no instances of expiration, or licences that are expected to expire in the near future and not be renewed; b) determined that further E&E expenditure is either budgeted or planned for all licences; c) not decided to discontinue exploration activity due to there being a lack of quantifiable mineral resource; and d) not identified any instances where sufficient data exists to indicate that there are licences where the E&E spend is unlikely to be recovered from successful development or sale.
On the basis of the above assessment, the Directors are not aware of any facts or circumstances that would suggest the carrying amount of the E&E asset may exceed its recoverable amount. |
|
14. |
Investments |
|
|
The table below sets out the Company's subsidiaries. The subsidiaries have share capital consisting solely of ordinary shares and the proportion of ownership interests held equals the voting rights. The registered office address is also their principal place of business:
|
|
15. |
Property, plant and equipment |
|
|
|
|
|
|
|
|
|
|
Land & |
Motor |
Fixtures & |
|
|
|
|
Buildings |
Vehicles |
Fittings |
Total |
|
|
|
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
At 1 January 2023 |
1,359,980 |
151,044 |
150,222 |
1,661,246 |
|
|
Additions |
847,609 |
18,801 |
169,203 |
1,035,613 |
|
|
Disposals |
- |
(30,755) |
(7,967) |
(38,722) |
|
|
Currency translation |
(92,238) |
(7,844) |
(2,860) |
(102,942) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2024 |
2,115,351 |
131,246 |
308,598 |
2,555,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
- |
- |
156,696 |
156,696 |
|
|
Disposals |
- |
- |
- |
- |
|
|
Currency translation |
(194,612) |
(8,929) |
(25,200) |
(228,741) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
1,920,739 |
122,317 |
440,094 |
2,483,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
At 1 January 2023 |
- |
28,061 |
43,437 |
71,498 |
|
|
Charge for period |
- |
18,813 |
55,398 |
74,211 |
|
|
Disposals |
- |
(15,277) |
(5,436) |
(20,713) |
|
|
Currency translation |
- |
(991) |
(2,640) |
(3,631) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2024 |
- |
30,606 |
90,759 |
121,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for period |
- |
11,173 |
38,574 |
49,747 |
|
|
Disposal |
- |
- |
- |
- |
|
|
Currency translation |
- |
(1,113) |
(1,249) |
(2,362) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
- |
40,666 |
128,084 |
168,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
1,920,739 |
81,651 |
312,010 |
2,314,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2024 |
2,115,351 |
100,640 |
217,839 |
2,433,830 |
|
|
|
|
|
|
|
|
16. |
Trade and other receivables |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
Prepayments and other receivables |
130,299 |
|
259,210 |
|
|
Recoverable value added taxes |
88,508 |
|
30,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
218,807 |
|
290,000 |
|
|
|
|
|
|
|
17. |
Trade and other payables |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
Trade payables |
788,770 |
|
691,493 |
|
|
Lease liabilities |
66,426 |
|
- |
|
|
Accruals |
292,212 |
|
404,016 |
|
|
Other payables |
132,369 |
|
57,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,279,777 |
|
1,153,178 |
|
|
|
|
|
|
|
18. |
Financial instruments |
|
|
The principal financial instruments used by the Group from which financial instrument risk arises are as follows: |
|
|
Financial assets
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
Measured at amortised cost |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
6,373,847 |
|
1,345,629 |
|
|
Trade and other receivables |
|
|
|
|
|
83,014 |
|
177,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,456,861 |
|
1,522,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
Liabilities measured at amortised |
|
|
|
|
|
|
|
|
|
|
cost |
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
|
|
|
|
|
1,279,777 |
|
1,153,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
All financial assets and liabilities are due within one year.
The main risks arising from the Group's activities are market risk, credit risk and liquidity risk. |
|
18. |
Financial instruments (continued) |
|
|
Market risk
|
|
|
Market risk is the risk that the fair value of future cash flows will fluctuate because of changes in market price. This risk is primarily comprised of interest risk and foreign currency risk. |
|
|
Foreign currency risk management
|
|
|
As highlighted earlier in these financial statements, the presentation currency of the Group is pound sterling. The Group has foreign currency denominated assets and liabilities. Exposures to exchange rate fluctuations therefore arise. The Group pays for invoices denominated in a foreign currency in the same currency as the invoice therefore suffers from a level of foreign currency risk. The Group does not enter into any derivative financial instruments to manage its exposure to foreign currency risk.
The carrying amount of the Group's foreign currency denominated monetary assets and monetary liabilities as at 30 June 2025 is as follows: |
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
Australian dollars |
|
|
|
|
|
|
|
|
|
|
Cash balances |
|
|
|
|
|
3,072,824 |
|
189,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
Euro |
|
|
|
|
|
|
|
|
|
|
Cash balances |
|
|
|
|
|
423,438 |
|
446,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30 June 2025, if all foreign currencies in which the Group transacts, had strengthened or weakened by 10% against pound sterling with all other variables held constant, post-tax loss for the year would have increased/(decreased) by: |
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
Strengthened by 10% increase |
|
|
|
|
|
|
|
|
|
|
in post-tax loss |
|
|
|
|
|
317,839 |
|
57,786 |
|
|
Weakened by 10% decrease in |
|
|
|
|
|
|
|
|
|
|
post-tax loss |
|
|
|
|
|
(388,469) |
|
(70,625) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The rate of 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonable possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a 10% change in foreign currency rates. A positive number above indicates an increase in loss (increase in profit) or other equity where the pound sterling strengthens by 10% against the relevant currency. For a 10% weakening of the pound sterling against the relevant currency, there would be an equal and opposite impact on the profit or loss and other equity. |
|
18. |
Financial instruments (continued) |
|
|
Credit risk
|
|
|
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises principally from the Group's cash balances and other receivables.
The Group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk. The Group considers the banks and financial institutions have low credit risks. Therefore, the Group is of the view that the loss allowance is immaterial and hence no provision is required.
The concentration of the Group's credit risk is considered by counterparty, geography and currency. The Group does not have any significant concentrations of credit risk at the reporting date related to external third parties. |
|
|
As at 30 June 2025, the Group held no collateral as security against any financial asset. No financial assets were past their due date and there were no problems with the credit quality of any financial assets in the period. As a result, there has been no impairment of financial assets during the period.
The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Group's maximum exposure to credit risk without taking account of the value of any collateral obtained. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. Management considers the above measures to be sufficient to control the credit risk exposure.
The Group recognises a loss allowance for expected credit losses in debt instruments at each reporting date. As at 30 June 2025 and 30 June 2024, no impairment was recognised. |
|
|
Liquidity risk
|
|
|
Liquidity risk is the risk that an entity may not be able to generate sufficient cash resources to settle its obligations as they fall due. The Directors monitor cash flow requirements regularly and adopt a prudent liquidity risk management approach to ensure sufficient cash is available for operational expenses.
The following tables detail the Group's remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. |
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
Due within 1 month |
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
|
|
|
|
|
1,279,777 |
|
1,153,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair values
|
|
|
The Directors consider that the carrying amount of loans and receivables and other financial liabilities approximates to their fair value because of the short-term nature of such assets the effect of discounting is negligible. |
|
18. |
Financial instruments (continued) |
|
|
Capital management
|
|
|
For the purposes of capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Directors' capital management is to ensure that the Group will be able to continue as a going concern while sustaining the future development of the business. |
|
19. |
Related party transactions |
|
|
Directors' remuneration and fees
Directors' remuneration and fees are disclosed in the Directors' Remuneration Report on pages 36 to 39. |
|
|
Other fees and transactions
Mr C Cannon Brookes was a director of Arlington Group Asset Management Limited ("Arlington") for the reporting period. During the period, the Company incurred costs of £550,875 from Arlington in respect of fund-raising commissions and expenses, financial advisory and director's fees (2024: £127,500 in respect of financial advisory fees and director's fees). At 30 June 2025, £nil was outstanding (2024: £42,500).
Mr R. G. J. Ainger was a director of RFA Consulting Limited ("RFA") during the reporting period. During the period the Company incurred costs of £55,000 from RFA in respect of company secretarial services and consultancy fees. The fees were paid in full during the period. |
|
20. |
Share capital and share premium |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
Allotted, called up and fully paid share capital |
|
|
|
|
|
451,868,306 (2024: 265,534,972) Ordinary shares of £0.001 each |
451,868 |
|
265,535 |
|
|
|
|
|
|
|
20. |
Share capital and share premium (continued) |
|
|
Movements in ordinary shares |
|
|
|
|
No. of |
|
Share |
|
Share |
|
|
|
|
|
|
shares |
|
Capital |
|
premium |
|
Total |
|
|
|
|
|
|
£ |
|
£ |
|
£ |
|
|
Opening balance |
|
|
|
|
|
|
|
|
|
|
at 1 July 2024 |
|
265,534,972 |
|
265,535 |
|
18,391,046 |
|
18,656,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued during year |
|
186,333,334 |
|
186,333 |
|
9,933,667 |
|
10,120,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
451,868,306 |
|
451,868 |
|
28,324,713 |
|
28,776,581 |
|
|
Less: issuance costs settled in cash |
|
- |
|
- |
|
(765,826) |
|
(765,826) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
|
|
|
|
|
|
|
|
|
|
|
30 June 2025 And |
|
451,868,306 |
|
451,868 |
|
27,558,887 |
|
28,010,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. |
|
|
On 1 August 2024 the Company issued 53,000,000 Ordinary shares of £0.001 each at a value of 4 pence per share. Total costs of £202,770 were incurred and were offset against share premium.
On 20 November 2024 the Company issued a further 133,333,334 Ordinary shares of £0.001 each at a value of 6 pence per share. Total costs of £563,056 were incurred and were offset against share premium.
|
|
21. |
Reserves |
|
|
The warrant reserve is used to hold the fair value of warrants issued but not yet exercised.
The merger reserve is used to hold the premium on share issued to acquire subsidiaries where merger relief applies under Section 612, Companies Act 2006.
The retained earnings reserve contains the accumulated losses of the Group.
The translation reserve is used to hold the accumulated gains and losses on translation of overseas subsidiaries. |
|
22. |
Net fund reconciliation |
|
|
The table below sets out an analysis of net funds and the movements in net funds for each of the periods presented: |
|
|
|
2025 |
|
2024
|
|
|
|
£ |
|
£ |
|
|
Cash and cash equivalents |
6,373,847 |
|
1,345,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net funds |
6,373,847 |
|
1,345,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and |
|
|
|
|
|
|
|
|
|
|
cash |
|
|
|
|
|
|
|
|
|
|
equivalents |
|
|
|
|
|
|
|
|
|
|
£ |
|
|
Net funds |
|
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
|
|
|
|
|
|
|
13,823,173 |
|
|
Cash flows |
|
|
|
|
|
|
|
(12,389,745) |
|
|
Currency translation |
|
|
|
|
|
|
|
(87,799) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2024 |
|
|
|
|
|
|
|
1,345,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows |
|
|
|
|
|
|
|
5,158,090 |
|
|
Currency translation |
|
|
|
|
|
|
|
(129,872) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
|
|
|
|
|
|
6,373,847 |
|
|
|
|
|
|
|
|
|
|
|
|
23. |
Ultimate controlling party |
|
|
In the opinion of the Directors, there is no controlling party. |
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
|
|
Note |
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
Investment in subsidiaries |
6 |
19,192,381 |
|
19,192,381 |
|
Long-term receivables |
7 |
33,687,172 |
|
26,915,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,879,553 |
|
46,107,423 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
8 |
34,924 |
|
43,609 |
|
Cash and cash equivalents |
|
3,929,125 |
|
1,087,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,964,049 |
|
1,131,412 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
9 |
(134,435) |
|
(165,441) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current assets |
|
3,829,614 |
|
965,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities |
|
56,709,167 |
|
47,073,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
56,709,167 |
|
47,073,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
Called up share capital |
11 |
451,868 |
|
265,535 |
|
Share premium account |
11 |
27,558,887 |
|
18,391,046 |
|
Merger relief reserve |
12 |
17,940,000 |
|
17,940,000 |
|
Warrant reserve |
12 |
269,138 |
|
269,138 |
|
Retained earnings |
12 |
10,489,274 |
|
10,207,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
56,709,167 |
|
47,073,394 |
|
|
|
|
|
|
|
|
|
|
|
|
The Company made a profit in the period of £281,599 (2024: profit of £341,866).
The financial statements were approved by the Board of directors and authorised for issue on 24th October 2025 and are signed on its behalf by:
|
C Cannon Brookes |
|
|
Director |
|
Company number: 07931518
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share |
|
Merger |
|
|
|
|
|
|
|
|
Share |
|
premium |
|
relief |
|
Warrant |
|
Retained |
|
Total |
|
|
capital |
|
account |
|
reserve |
|
reserve |
|
earnings |
|
equity |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 July 2024 |
265,535 |
|
18,391,046 |
|
17,940,000 |
|
269,138 |
|
10,207,675 |
|
47,073,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
- |
|
- |
|
- |
|
- |
|
281,599 |
|
281,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
- |
|
- |
|
- |
|
- |
|
281,599 |
|
281,599 |
|
for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners: |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares (net of issuance costs) |
186,333 |
|
9,167,841 |
|
- |
|
- |
|
- |
|
9,354,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners |
186,333 |
|
9,167,841 |
|
- |
|
- |
|
- |
|
9,354,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
451,868 |
|
27,558,887 |
|
17,940,000 |
|
269,138 |
|
10,489,274 |
|
56,709,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Company Financial Statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share |
|
Merger |
|
|
|
|
|
|
|
|
Share |
|
premium |
|
relief |
|
Warrant |
|
Retained |
|
Total |
|
|
capital |
|
account |
|
reserve |
|
reserve |
|
earnings |
|
equity |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
265,535 |
|
18,391,046 |
|
17,940,000 |
|
269,138 |
|
9,865,809 |
|
46,731,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
|
- |
|
- |
|
- |
|
341,866 |
|
341,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
for the period |
- |
|
- |
|
- |
|
- |
|
341,866 |
|
341,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2024 |
265,535 |
|
18,391,046 |
|
17,940,000 |
|
269,138 |
|
10,207,675 |
|
47,073,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes form an integral part of these Company Financial Statements.
|
1. |
General Information |
|
|
First Tin Plc is a public company limited by shares incorporated in England and Wales. The registered office is First Floor, 47/48 Piccadilly, London, England, W1J 0DT. |
|
2. |
Basis of preparation |
|
|
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":
· The requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; · The requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; · The requirements of paragraph 33(c) of IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations; · The requirements of IFRS 7 Financial Instruments: Disclosures; · The requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; · The requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: · Paragraph 79(a)(iv) of IAS 1; · Paragraph 73(e) of IAS 16 Property, Plant and Equipment; · Paragraph 118(e) of IAS 38 Intangible Assets; · The requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements; · The requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; · The requirements of IAS 7 Statement of Cash Flows; · The requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; · The requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; · The requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a Group; · The requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets;
|
|
3. |
Material accounting policy information |
|
|
3.1 |
Investment in subsidiaries
|
|
|
|
Investments in subsidiaries are stated at cost less accumulated impairment. |
|
|
3.2 |
Impairment
|
|
|
|
At each reporting date, the Company assesses whether there is any indication that an asset, other than inventories and deferred tax assets, may be impaired. Where an indicator of impairment exists, the Company makes an estimate of the recoverable amount. An impairment loss is recognised in profit or loss whenever the carrying amount of the asset or cash generating unit exceeds its recoverable amount.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount greater than cost, in which case the reversal of the impairment loss is treated as a revaluation increase. |
|
|
3.3 |
Cash and cash equivalents
|
|
|
|
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
|
|
3.4 |
Financial assets
|
|
|
|
Financial assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the Company's business model for managing the financial assets and the contractual terms of the cash flows.
Financial assets are initially measured at fair value plus transaction costs, other than those classified as fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI), which are measured at fair value. |
|
3. |
Material accounting policy information (continued) |
|
|
3.4 |
Financial assets (continued)
|
|
|
|
Loans and receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less loss allowance.
Loans and other receivables that have fixed or determinable payments and are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
The Company assesses on a forward-looking basis the expected credit loss associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses.
The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
|
3. |
Material accounting policy information (continued) |
|
|
3.5 |
Financial liabilities |
|
|
|
Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities.
Other financial liabilities
Other financial liabilities, including trade and other payables, are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Company's obligations are discharged, cancelled, or they expire. |
|
|
3.6 |
Equity instruments |
|
|
|
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
|
|
3.7 |
Taxation |
|
|
|
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. |
|
3. |
Material accounting policy information (continued) |
|
|
3.7 |
Taxation (continued) |
|
|
|
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
|
|
3.8 |
Foreign exchange |
|
|
|
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in profit or loss for the period. |
|
|
3.9 |
Critical accounting estimates and judgements |
|
|
|
Details of the Company's significant accounting judgements and critical accounting estimates are set out in these financial statements and include:
Carrying value of investments in subsidiary undertakings and long-term receivables
At each reporting date, investments in and loans made to subsidiaries are reviewed to determine whether there is any indication that those assets are impaired. If there is an indication of possible impairment, the recoverable amount of the asset is estimated and compared with its carrying amount. Any resulting impairment loss is recognised immediately in profit or loss.
The Directors have reviewed the carrying value of these assets at 30 June 2025 and, whilst there has been a fall in the Company's market capitalisation during the period, the estimated valuations of the underlying mining assets remain substantially in excess of the carrying value of the investments in and loans to subsidiary undertakings. Accordingly, the Directors consider that no impairment of these assets is required. |
|
4. |
Profit for the financial period |
|
|
The Company has taken advantage of section 408 of the Companies Act 2006 and, consequently, a Profit and Loss Account for the Company alone has not been presented. |
|
5. |
Staff costs and Director's remuneration |
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
Wages and salaries |
|
|
|
|
252,500 |
|
282,983 |
|
|
Social security costs |
|
|
|
|
26,029 |
|
19,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total staff cost recognised in the profit |
|
|
|
|
|
|
|
|
|
and loss |
|
|
|
|
278,529 |
|
302,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average number of staff employed by the Company, including Directors, is detailed below: |
|
|
|
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
|
30 Jun |
|
30 Jun |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
No. |
|
No. |
|
|
Management and administration |
|
|
|
|
3 |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors' remuneration and fees are disclosed in the Directors' Remuneration Report on pages 36 to 39. |
|
6. |
Investment in subsidiaries |
|
|
|
|
|
|
|
|
|
£ |
|
|
At 30 June 2025 and 30 June 2024 |
|
|
|
|
|
19,192,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. |
Long-term receivables
|
|
|
|
|
|
Loan to |
|
Loan to |
|
|
|
|
|
|
|
Taronga |
|
Saxore |
|
Total |
|
|
|
|
|
£ |
|
£ |
|
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
|
At 1 July 2024 |
|
|
12,466,317 |
|
14,448,725 |
|
26,915,042 |
|
|
Additions |
|
|
6,204,360 |
|
1,792,407 |
|
7,996,767 |
|
|
Currency translation |
|
|
(1,414,554) |
|
189,917 |
|
(1,224,637) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
|
17,256,123 |
|
16,431,049 |
|
33,687,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. |
Trade and other receivables |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
VAT recoverable |
6,297 |
|
4,068 |
|
|
Prepayments |
28,627 |
|
39,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,924 |
|
43,609 |
|
|
|
|
|
|
|
9. |
Trade and other payables |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
Other payables |
7,309 |
|
18,200 |
|
|
Accruals |
127,126 |
|
147,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
134,435 |
|
165,441 |
|
|
|
|
|
|
|
10. |
Related party transactions |
|
|
Directors' remuneration and fees
Directors' remuneration and fees are disclosed in the Directors' Remuneration Report on pages 36 to 39. |
|
|
Other fees and transactions
Other fees and transactions with the Company are disclosed in Note 19 to the consolidated financial statements.
The Company was owed £16,431,049 (2024: £14,448,725) by Saxore, a wholly owned subsidiary incorporated in Germany. In the year to 30 June 2025 a net of £738,264 (2024: £2,752,185) was advanced by the Company to Saxore, and interest of £1,054,143 (2024: £1,487,924) was accrued in respect of the loan. The loan carries interest at 4% over the European Central Bank rate per annum.
In addition, the Company was owed £17,256,123 (2024: £12,466,317) by Taronga, a wholly owned subsidiary incorporated in Australia. In the period to 30 June 2025 a net of £4,944,221 (2024: £6,873,600) was advanced by the Company to Taronga, and interest of £1,260,139 (2024: £1,202,874) was accrued in respect of the loan. The loan carries interest at 4% over the Bank of England base rate per annum. |
|
11. |
Share capital |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
Allotted, called up and fully paid |
|
|
|
|
|
451,868,306 (2024: 265,534,972) Ordinary shares of £0.001 each |
451,868 |
|
265,535 |
|
|
|
|
|
|
|
|
Movement of the share capital is disclosed in Note 20 to the consolidated financial statements |
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
Share premium account |
27,558,887 |
|
18,391,046 |
|
|
|
|
|
|
|
12. |
Reserves |
|
|
The merger reserve is used to hold the premium on share issued to acquire subsidiaries where merger relief applies under Section 612, Companies Act 2006.
The warrant reserve is used to hold the fair value of warrants issued but not yet exercised.
The retained earnings reserve contains the accumulated losses of the Company. |
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