Audited Final Results for Year Ended 31 Jan 2026

Georgina Energy PLC

29 May 2026

 

29 May 2026

Georgina Energy plc

("Georgina Energy", "Georgina" or the "Company")

Audited Final Results for the Year Ended 31 January 2026

Georgina Energy plc is pleased to announce the publication of its audited results for the year ended 31 January 2026 ("FY 2026"). A copy of the full annual report and accounts can be found on the Company's website at www.georginaenergy.com and a summary is outlined in the Appendix.

Highlights:

-       Approx. 20% increase in resource estimates for Hussar following re-evaluation

-       Structured off-take funding facility of $25 million with Harlequin Energy for the drilling of Hussar

-       Resource upgrade of 37% at Mt Winter: BCFG 175.5 Helium, BCFG 160.5 Hydrogen and BCFG 1,300.5 Hydrocarbons

-       Terms agreed to acquire 100% of Mt Winter from Mosman Oil & Gas; subject to completion

-       Outlook:

o  Hussar:

§ Re-entry drilling of Hussar scheduled for Q3 2026

·      Drilling contract executed with Ensign Australia Pty Ltd on 20 May 2026

·      Long lead items to be ordered

·      Remaing supplier contracts to be agreed

§ Extension of resource area may provide additional future well target sites

o  Mt Winter:

§ Received draft of the Aboriginal Land Rights Act Agreement from Central Land Council in February 2026, currently under review, following which 100% acquisition will be approved

§ Following final acquisition, Georgina will submit a Well Management Plan, HSE safety plan and Environmental Management Plan to the Northern Territory Department of Mining and Energy (NTDME)

·      Subject to approval of above plans, Company expects formal drilling approval for Mt Winter

Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:

"I am pleased to present Georgina's Annual Report and Full Year Results for the year ended 31 Jan 2026. The 12 month period and the beginning of 2026 have been extremely busy for the Company and I'm pleased with the progress we are making on both our key assets of Hussar and Mt Winter. The re-entry drilling of Hussar remains on-track for Q3 2026, and I would like to thank the teams working tirelessly to keep us on track.

"While it was agreed to not proceed the Central Petroleum acquisition, it remains my driving ambition to seek value accretive organic and inorganic opportunities for the business and our shareholders where possible, and we will continuously assess how best to prudently assign capital in order to deliver growth.

"I'd like to thank shareholders for their continued support of the Company as we look ahead to an exciting few months for Georgina."

Enquiries

Georgina Energy

Tony Hamilton	via [e-mail]
Mark Wallace

Tavira Financial Ltd - Financial Adviser and Joint Broker

Jonathan Evans	[phone]
Oliver Stansfield

Financial PR                                        via [e-mail]

Violet Wilson	[phone]
Georgia Edmonds

Notes to Editors

Georgina Energy aims to become a leading player in the global energy market and is focused on establishing itself among the top producers of helium and hydrogen worldwide. With a strategic approach and leveraging the experienced management team's expertise, Georgina Energy aims to capitalize on opportunities in these critical energy sectors.

Georgina Energy has two principal onshore interests held through its wholly owned Australian subsidiary, Westmarket O&G.  The first, the Hussar Prospect is located in the Officer Basin in Western Australia and Westmarket O&G holds a 100% working interest in the exploration permit.  The second, the EPA155 Mt Winter Prospect, is located in the Amadeus Basin in the Northern Territory, which Georgina Energy will hold a 100% working interest on completion of the purchase agreement with Mosman Oil & Gas.

In line with market demand trends, Georgina Energy is well-positioned to capitalize on the growing gap between supply and demand for hydrogen and helium with the resource potential of EPA155 Mt Winter and EP513 Hussar projects for their potential accumulations.

For more information visit https://www.georginaenergy.com

Appendix

The Appendix contains the key reports and statements for FY2026. Please refer to the full annual report with regard to the notes to the accounts.

CHAIRMAN'S STATEMENT

Dear Shareholders,

I have pleasure in presenting the 2026 Annual Report and Accounts of Georgina Energy Plc.

Georgina Energy Plc is an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia.

Over the past twelve months, we have continued to advance our exploration strategy with focus, discipline, and a clear commitment to delivering long-term shareholder value in a challenging and rapidly evolving energy landscape.

Strategic Progress

Georgina Energy Plc is still at the pre-revenue stage of its lifecycle, but 2025 has been a year of meaningful progress in laying the foundation for future value creation. Our technical teams have made strong headway in de-risking our high-potential gas assets in Western Australia, with seismic interpretation, geotechnical analysis, and environmental studies moving us closer to drill-ready status and towards obtaining the exploration licence in the Northern Territories.

An important step in the development of the Hussar prospect is the signing of a drilling services contract on 20^th May 2026 to commence the targeted drilling program in Q3 of calendar 2026. Request for tenders have been sent to all major suppliers, during the course of 2026 to date, for the furnishing of drilling consumables in anticipation of the drilling contract award.

Traditional gas suppliers invest significantly in infrastructure to extract and store gas resources. Georgina's key difference is the plan to sell its gas from the well head having executed a non-binding off-take agreement with Harlequin Energy Limited in March 2026. The sale of raw gas at the well head would mitigate infrastructure cost exposure, which become the responsibility of the Off Taker.

The Company was pleased to advise in February 2026 it had received the draft Aboriginal Land Rights Agreement (ALRA) from the Central Land Council (CLC) to facilitate the granting of EPA155 Mt Winter which will lead to the 100% ownership of Oilco Pty Ltd, the current tenement holders. The Agreement is being reviewed by Georgina and execution is anticipated subject to Traditional Landowners approval.

Additionally, a resource upgrade study was commissioned for Mt Winter EP155, resulting in an overall increase of approximately 37% across the main commodities; BCFG 175.5 Helium, BCFG 160.5 Hydrogen and BCFG 1,300.5 Hydrocarbons.

Financial Stewardship

As a pre-revenue company, maintaining financial discipline is paramount. Throughout the year, we managed our capital prudently, ensuring that funds were deployed effectively to advance core technical and regulatory workstreams while keeping our cost base lean.

Market Position and Outlook

We remain confident in the long-term demand for natural gas, particularly as a key enabler of energy transition in both domestic and regional markets. Our asset portfolio is strategically located in a region with supportive infrastructure and growing demand, offering a strong potential pathway to commercialisation.

Peter Bradley

Chairman

28 May 2026

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GEORGINA ENERGY PLC

Opinion

We have audited the financial statements of Georgina Energy Plc (the 'company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company Statements of Changes in Equity, the Consolidated and Company Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards and as regards the company financial statements, as applied in accordance with the provisions of the Companies Act 2006.

In our opinion:

·      the financial statements give a true and fair view of the state of the group's and of the company's affairs as at 31 January 2026 and of the group's loss for the year then ended;

·      the group and company financial statements have been properly prepared in accordance with UK-adopted international accounting standards; and

·      the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2 in the financial statements, where it indicates the Group had cash reserves of approximately £0.27 million at 31 January 2026 and has forecast large cash outflows over the period to 31 October 2027. Cash reserves as at 15 May 2026 was £466,000. While the Group successfully completed a £1 million equity fundraise on 1 May 2026, additional funding will be required to meet its planned expenditure over the assessment period. The Directors have identified a number of potential sources of funding, including further equity raises, issuance of convertible loan notes and support from existing debtholders. However, there can be no certainty that such funding will be secured when required. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included:

·      reviewing management's assessment of going concern and discussing with management the future strategic plans of the group and sources of funding that are expected to be available, as well as available paths for cash preservation;

·      reviewing management-prepared cash flow forecasts up to as least 12 months from date of approval of the financial statements, including confirmation of mathematical accuracy, and assessing their reasonableness through reference to current period actual financial information;

·      obtaining corroborative evidence for, and providing appropriate challenge to, the key assumptions and inputs used in the cashflow forecast;

·      performing stress testing of the cash flow forecast based on reasonably possible scenarios;

·      reviewing the adequacy and completeness of disclosures surrounding going concern in the financial statements; and

·      reviewing and corroborating post balance sheet events in relation to the group's and parent company's ability to raise funds and any impact on the assumptions used in the forecast.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Our application of materiality

For the purposes of determining whether the financial statements are free from material misstatement, we define materiality as a magnitude of misstatement, including omission, that makes it probable that the economic decisions of a reasonably knowledgeable person, relying on the financial statements, would be changed, or influenced. We have also considered those misstatements including omissions that would be material by nature and would impact the economic decisions of a reasonably knowledgeable person based on our understanding of the business, industry and complexity involved.

We apply the concept of materiality both in planning and throughout the course of audit, and in evaluating the effect of misstatements. Materiality is used to determine the financial statements areas that are included within the scope of our audit and the extent of sample sizes during the audit.

We also determine a level of performance materiality which we use to assess the extent of testing needed to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.

The materiality applied to the group financial statements was set at £65,400 (2025: £63,900). This was calculated based on 2% of net assets as per the group financial statements. The benchmark used is the one which we determined, in our professional judgment, to be the principal benchmark within the group financial statements relevant to shareholders of the group in assessing financial performance of the group as the focus is on the net investment in the business driving the exploration activities.

The materiality applied to the company financial statements was set at £54,600 (2025: £37,700). This was initially calculated based on 2% of net assets as per the parent company financial statements but limited to 83% of group materiality due to audit aggregation risk.

The performance materiality for the group financial statements was set at £42,500 (2025: £44,000) being 65% of materiality for the group financial statements. The performance materiality for the parent company financial statements was set at £38,250 being 70% of materiality for the parent financial statements. The threshold was considered appropriate in light of the current size and level of complexity of the group and the parent company, and our assessment of inherent risk.

In determining materiality and performance materiality, we considered the following factors:

·      our cumulative knowledge of the group and parent company and their environment;

·      the change in the level of judgement required in respect of the key accounting estimates;

·      significant transactions during the period;

·      the stability in key management personnel; and

·      the level of misstatements identified in prior periods.

For each component in the scope of our group audit, we allocated a performance materiality based on the relative significance of each component to the group and aggregation risk. The performance materiality allocated across components was £25,500 (2025: £22,000 and £35,200).

We agreed with the Audit Committee that we would report on the misstatements identified during our audit above £3,200 (2025: £3,000) for the group financial statements and £3,200 (2025: £2,640) company financial statements as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.

Our approach to the audit

Our audit was risk based and was designed to focus our efforts on the areas at greatest risk of material misstatement, aspects subject to significant management judgement as well as greatest complexity, risk and size. In designing our audit, we determined materiality, as above, and assessed the risk of material misstatement in the financial statements. We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements, considering the structure of the group.

The group includes the listed parent company, Georgina Energy Plc ('GEP') in the United Kingdom, and its subsidiaries - Georgina Production Limited ('GPL') in the United Kingdom and Westmarket Oil & Gas Pty Ltd ('WMOG') in Australia.

The scope of our audit was based on the significance of component's operations and materiality. Each component was assessed as to whether they were significant or not to the group by either their size or risk. Based on the assessment, we have undertaken a full scope audit on all the 3 components.

The group's key accounting function is based in the United Kingdom and Australia, and our audit was performed by our team in London with regular contact maintained with the group throughout.

In designing our audit approach, we considered those areas which were deemed to involve significant judgement and estimation by the directors, such as the key audit matter surrounding the recoverability of the carrying value of investments in and advance to subsidiaries, and classification and valuation for convertible loan notes. Other judgemental areas related to management assessment of going concern and the accounting and valuation of warrants issued to loan note holders. We also addressed the risk of management override of controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.  

In addition to the matter described in the Material uncertainty related to going concern section we have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	How our scope addressed this matter
Carrying value of investments and advance to subsidiaries (Parent Company only, Note 2 and Note C4)
At 31 January 2026, the parent company have investment in subsidiaries amounting to £7.19m and loans to subsidiaries amounting to £5.55m.  Westmarket Oil and Gas Pty have exploration permit for Hussar project and right to earn up to 90% of interest in the exploration permit subject to certain performance conditions over Mt Winter project. The loan to subsidiaries was accounted under IAS 27 Separate Financial Statements. Management test for impairment of investment in subsidiaries in line with IAS 36 Impairment of Assets and assesses impairment of intercompany receivable balances in line with IFRS 9 Financial Instruments on an annual basis. This has been identified as a key audit matter as: 1) the balances are material to the financial statements; and 2) there are significant estimates and judgements involved in management's assessment which is susceptible to misstatement due to management bias.	Our work in this area included: ·      Obtaining an understanding of management's process and controls in relation to impairment assessment; ·      Reviewing management's accounting for the investment and loan in/to subsidiaries under IAS 27 Separate Financial Statements and IFRS 10 Consolidated Financial Statements; ·      Obtaining underlying documentation to confirm ownership; ·      Obtaining and reviewing management's impairment assessment and challenging key estimates and assumptions used therein; ·      Reviewing the discounted cashflow model; ·      Reviewing board minutes and Regulatory News Service announcements for any discussion impacting the carrying value of investments; and ·      Reviewing disclosures in the financial statements to ensure compliance with the relevant accounting standards. Based on the work performed, we found the carrying value to be appropriate and the judgements and estimates applied by the management were reasonable.  We draw your attention to Note 2 as the recoverability of the investment is based on a number of estimates and judgements made by management. As the group is still in a pre-revenue phase these estimates are subjective and if they don't realise it could lead to an impairment.
Classification and valuation of convertible loan notes (Note 2 and Note 11)
The parent company entered into a debt facility with Riverfort Global Opportunities PCC Ltd on 14 November 2025 to fund the group's projects. The loan gives the option to the borrower to convert the loans into ordinary equity shares at a specified conversion price. There is a risk that the classification and valuation of the convertible loan notes is not in accordance with the requirements of IAS 32 Financial Instruments: Presentation and IFRS 13 Fair Value Measurement and may result in inaccurate classification and valuation due to management bias. This has been identified as a key audit matter as: 1) the balance is material to the financial statements; and 2) there are significant estimates and judgements involved in management's assessment which is susceptible to incorrect classification and valuation of convertible loan notes due to management bias.	Our work in this area included:  ·      Obtaining and reviewing the convertible loan note agreement to understand the key terms; ·      Obtaining and evaluating management's assessment of the classification of the instrument accordance with IAS 32 Financial Instruments: Presentation; ·      Obtaining management's valuation of the convertible loan notes and evaluating the key inputs and assumptions used within the model with the assistance of auditor valuations team, providing appropriate challenge to management; and ·      Considering the appropriateness of disclosures included in the financial statements. Based on the work performed, we noted no concerns regarding the classification and valuation of the CLN, with the judgements and estimates applied by management deemed reasonable.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion the part of the directors' remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006.

In our opinion, based on the work undertaken in the course of the audit:

·      the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

·      the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

·      adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

·      the financial statements and the part of the directors' remuneration report to be audited are not in agreement with the accounting records and returns; or

·      certain disclosures of directors' remuneration specified by law are not made; or

·      we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

·      We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector.

·      We determined the principal laws and regulations relevant to the company in this regard to be those arising from:

o  Companies Act 2006;

o  International Financial Reporting Standards;

o  UK Bribery Act 2010;

o  GDPR Legislation 2018;

o  The Money Laundering and Terrorist Financing (Amendment) Regulations 2019;

o  Listing Rules;

o  Disclosure and Transparency Rules;

o  UK income tax and employment laws and;

o  Corporations Act 2001 (Australia).

o  Mining industry regulations in Australia

The audit team remained alert to instance of non-compliance with laws and regulations throughout the audit. 

·      We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to:

o  Making enquiries of management,

o  Review of board minutes;

o  Confirming with management on compliance with laws and regulations;

o  Reviewing the nature of legal and professional fees;

o  Review Regulatory News Service announcements; and

o  Reviewing post balance sheet events.

·      We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias existed in relation to the recoverability of the carrying value of investment in and advance to subsidiaries and valuation of convertible loan note. We addressed this by challenging the judgements made by management when auditing these significant accounting judgements (refer to the key audit matter section). 

·      As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals;  reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities.This description forms part of our auditor's report.

Other matters which we are required to address

We were appointed by the Board of Directors on 17 October 2024 to audit the financial statements for the period ending 31 January 2025 and subsequent financial periods. Our total uninterrupted period of engagement is 2 years, covering the periods ending 31 January 2025 to 31 January 2026.

The non-audit services prohibited by the FRC's Ethical Standard were not provided to the company and we remain independent of the company in conducting our audit.

Our audit opinion is consistent with the additional report to the audit committee.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Timothy Harris (Senior Statutory Auditor)                                                                                                                         30 Churchill Place

For and on behalf of PKF Littlejohn LLP                                                                                                                                    Canary Wharf

Statutory Auditor                                                                                                                                                                   London E14 5RE

28 May 2026

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 January 2026

								Year ended 31 January 2026		9 months Period ended 31 January 2025
								£		£
						Note
Administrative expenses						4		(1,693,343)		(953,263)
Project expenses								(483,785)		(770,340)
Operating profit								(2,177,128)		(1,723,603)
Finance income								5,785		19,895
Finance costs						5		(384,613)		(1,705,059)
Share based payments on reverse acquisition						18		-		(2,415,663)
Fair value movement - derivative liability								(243,969)		419,235
Foreign exchange								49,729		(35,274)
Loss before taxation								(2,750,196)		(5,440,469)
Income tax						6		-		-
Loss after taxation								(2,750,196)		(5,440,469)
Other comprehensive income and expenses
Foreign exchange difference on translation of subsidiary								(4,663)		29,094
Total comprehensive loss for the period attributable to the owner								(2,754,859)		(5,411,375)
Loss per share
Basic and diluted (pence per share)						16		(2.47)		(3.92)

The notes to the financial statements on pages 36-70 form an integral part of these financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 January 2026
	Note	31 January 2026		31 January 2025
		£		£
ASSETS
Non-current assets
Right of use assets	8	193,741		21,814
Total non-current assets		193,741		21,814
Current assets
Trade and other receivables	7	117,228		385,689
Cash and cash equivalents		269,097		1,215,874
Total current assets		386,325		1,601,563
Total assets		580,066		1,623,377
EQUITY
Equity Attributable to Owners of the company
Share capital	9	6,379,699		4,851,362
Share premium	9	4,298,004		3,890,372
Merger Reserve	9	1,950,000		1,950,000
Reverse acquisition reserve	18	(3,857,674)		(3,857,674)
Share based payment reserve	9	642,428		619,349
Warrant Reserve		78,500		-
Shares to issue reserve	18	3,125,000		3,937,500
Foreign exchange reserve		128,331		132,994
Retained earnings		(15,783,349)		(13,033,153)
Total equity		(3,039,061)		(1,509,250)
LIABILITIES
Current liabilities
Trade and other payables	10	1,261,699		1,231,792
Borrowings	11	855,211		969,184
Lease liability		31,712		20,175
Derivative liability	11	116,655		-
Total current liabilities		2,265,277		2,221,151
Non-current liabilities
Derivative liability	11	292,129		83,288
Borrowings	11	897,978		828,188
Lease liability		163,743		-
Total non-current liabilities		1,353,850		911,476
Total liabilities		3,619,127		3,132,627
TOTAL EQUITY AND LIABILITIES		580,066		1,623,377

The notes to the financial statements on pages 36-70 form an integral part of these financial statements.

The financial statements of Georgina Energy plc, formerly known as Mining, Minerals and Metals Plc (registered number 08377465) were approved by the Board of Directors and authorised for issue on 28 May 2026.

They were signed on its behalf by:

Anthony Hamilton

Director

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year to 31 January 2026

	Share capital	Share premium	Retained earnings	Other reserves	Total equity
	£	£	£	£	£
Balance at 30 April 2024	2,806,543	-	(7,726,562)	103,899	(4,816,120)
Prior year adjustment (note 19)	-	-	133,878	-	133,878
Restated at 30 April 2024	2,806,543	-	(7,592,684)	103,899	(4,682,242)
Total comprehensive loss for the year	-	-	(5,440,469)	-	(5,440,469)
Impact of foreign exchange gains and losses	-	-	-	29,094	29,094
Total comprehensive incomed	-	-	(5,440,469)	29,094	(5,411,375)
Transactions with owners
Recognition of Georgina Energy plc equity at acquisition date (note 18)	(1,186,043)	406,167	-	2,029,826	1,249,950
Issue of shares	2,912,920	3,254,532	-	-	6,167,452
Issue of warrants	-	(104,168)	-	619,349	515,181
Exercise of warrants in the year	317,942	333,841	-	-	651,783
Total transactions with owners	2,044,819	3,890,372	-	2,649,175	8,584,366
Balance at 31 January 2025	4,851,362	3,890,372	(13,033,153)	2,782,170	(1,509,250)

	Share capital	Share premium	Retained earnings	Other reserves	Total equity
	£	£	£	£	£
Balance at 31 January 2025	4,851,362	3,890,372	(13,033,153)	2,782,170	(1,509,250)
Total comprehensive loss for the year	-	-	(2,750,196)	-	(2,750,196)
Impact of foreign exchange gains and losses	-	-	-	(4,663)	(4,663)
Total comprehensive incomed	-	-	(2,750,196)	(4,663)	(2,754,859)
Transactions with owners
Issue of shares	1,528,337	488,087	-	(812,500)	1,203,924
Issue of shares - costs	-	(80,455)	-	-	(80,455)
Issue of warrants	-	-	-	101,579	101,579
Total transactions with owners	1,528,337	407,632	-	(710,921)	1,225,048
Balance at 31 January 2026	6,379,699	4,298,004	(15,783,349)	2,066,585	(3,039,061)

The notes to the financial statements on pages 36-70 form an integral part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

for the year to 31 January 2026

Other Reserves	RTO reserve	Merger reserve	Share based payment reserve	Warrant reserve	Shares to issue reserve	Foreign exchange translation reserve	Total
	£	£	£	£	£	£	£
Balance at 30 April 2024	-	-	-	-	-	103,899	103,899
Impact of foreign exchange gains and losses	-	-	-	-	-	29,094	29,094
Total comprehensive incomed	-	-	-	-	-	29,094	29,094
Transactions with owners
Recognition of Georgina Energy plc equity at acquisition date (note 18)	(3,857,674)	1,950,000	-	-	3,937,500	-	2,029,826
Issue of warrants	-	-	619,349	-	-	-	619,349
Total transactions with owners	(3,857,674)	1,950,000	619,349	-	3,937,500	-	2,649,175
Balance at 31 January 2025	(3,857,674)	1,950,000	619,349	-	3,937,500	132,994	2,782,170

Impact of foreign exchange gains and losses	-	-	-	-	-	(4,663)	(4,663)
Total comprehensive incomed	-	-	-	-	-	(4,663)	(4,663)
Transactions with owners
Issue of shares	-	-	-	-	(812,500)	-	(812,500)
Issue of warrants	-	-	23,079	78,500	-	-	101,579
Total transactions with owners	-	-	23,079	78,500	(812,500)	-	(710,921)
Balance at 31 January 2026	(3,857,674)	1,950,000	642,428	78,500	3,125,000	128,331	2,066,585

CONSOLIDATED STATEMENT OF CASHFLOWS

for the period to 31 January 2026

	Year ended 31 January 2026 £	9 months Period ended 31 January 2025 £
Cash flows from operating activities
Loss before taxation	(2,750,196)	(5,440,469)
Depreciation	27,749	17,520
Finance costs	380,689	538,096
Share-based payments finance costs	-	1,166,964
Share-based payments on RTO	-	2,415,663
Equity settled transactions	3,924	462,481
Fair value change - derivative liabilities	243,970	(419,235)
Decrease/(Increase) in receivables	268,460	(289,439)
(Decrease) / increase in payables	29,904	(1,050,405)
Unrealised foreign exchange	(69,703)	26,851
Net cash outflow from operations	(1,865,203)	(2,571,973)
Cash inflows from financing activities
Proceeds from issue of shares net of issue costs	1,130,000	4,403,875
Proceeds of new borrowings, as received net of associated fees	668,000	-
Repayment of borrowings including interest	(849,420)	(609,626)
Lease liability payments	(30,155)	(19,159)
Net cash inflow from financing activities	918,425	3,775,090
Cash inflows from investing activities
Cash acquired from RTO	-	10,000
Net cash inflow from investing activities	-	10,000
Net increase in cash and cash equivalents	(946,778)	1,213,117
Cash and cash equivalents at the beginning of year	1,215,875	2,758
Cash and cash equivalents at end of period	269,097	1,215,875

There are no items of other comprehensive income included in the financial statements.

The notes to the financial statements on pages 36-70 form an integral part of these financial statements.

 

END