Interim Results

Hamak Strategy Limited

25 September 2026

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES, ANY TERRITORY OR POSSESSION THEREOF OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

25 September 2026

Hamak Strategy Limited

("Hamak" or the "Company")

Interim Results

Hamak Strategy Limited (LSE: HAMA), a Company pursuing a dual strategy of gold exploration and disciplined Bitcoin treasury management, is pleased to announce its interim results for the six-month period ending 30 June 2026 (the “period”).

Highlights

• Due diligence concluded on the Akoko gold oxide project in Ghana
• Reverse Circulation drilling commenced and intersected numerous high-grade and long gold intersections near surface within the oxide zones
• Hamak resumed 100% ownership of the Nimba gold project in Liberia and sold its holding in First Au Limited for A$750,000
• Board and Management Changes and new Advisory Board Appointments announced
• Treasury Policy advanced via further Bitcoin purchases, purchase of physical gold and shares in listed BTC company, Vaultz plc

Post Period Events

• 2,514m of reverse circulation drilling and assays completed
• 210,430oz gold resource declared at Akoko (NI43-101 compliant)
• Over 120,000oz of “free digging” oxide material within 50m of surface at a grade of 0.81g/t Au
• Snowden Optiro engaged to conduct the Preliminary Economic Assessment (“PEA”) for a shallow open pit and heap-leach gold mining operation at Akoko
• Private placing of £200,000 at 0.8p per share with Verdant Capital, which was also engaged as a financial advisor for attracting investment for the potential future Akoko mine development
• Successful warrant exchange offer resulted in 192,370,375 warrants being exchanged for 38,474,075 new Hamak shares
• Restructuring of the convertible loan note with Yorkville Advisors to a £1.66m loan with no conversion rights and 1.66m new warrants issued to YA at a cash exercise price of 1.0p
• 1.60kg of the gold holding sold
• Sale of 8 Bitcoin for £60,314.54 each, generating gross proceeds of £482,516.32 to progress the Preliminary Economic Assessment (“PEA”) at its Akoko Gold Project in Ghana, to retire a portion of the Company’s existing debt, and for general working capital purposes
• Cancellation of the Company’s shares from trading on the OTCQB exchange

Nicola Horlick, Non-Executive Chair of Hamak, commented:

“The first half of 2026 proved to be a very active and productive period for Hamak.  We have advanced the Akoko project from due diligence through drilling and the declaration of a maiden gold resource of 210,430 ounces (“oz”) which is mostly constrained within the upper 80 metres (“m”) of surface.  We have appointed independent consulting group Snowden Optiro to undertake a PEA to determine the potential economics of an open pit, heap-leach gold operation focussed on the upper 50m of oxide material, and we expect results of this study to be available before year end. 

“The Company also restructured its board and management to be more focussed and efficient on the two key strategies of the Company, primarily focusing on gold exploration with a balanced treasury policy of buying, holding and trading Bitcoin, gold and shares of listed entities that through their own Bitcoin (“BTC”) holdings provide value entry points to have BTC exposure.

“The second half of 2026 will be focussed on delivering the PEA at Akoko, seeking potential financial opportunities to support the acquisition of the Akoko option as well as advancing the project towards the licencing and development phases, should the PEA outcomes prove positive.”   

For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak is Karl Smithson, CEO and Executive Director.

For further information on Hamak you are invited to view the company’s website at https://hamakstrategy.com/ or please contact:

Hamak Strategy Limited Karl Smithson, CEO and Executive Director Mike Murphy, CSO and Executive Director	[e-mail] [e-mail]
AlbR Capital Limited (Corporate Broker)	[phone]
Yellow Jersey PR Annabelle Wills	[phone]

About Hamak Strategy Limited

Hamak Strategy Limited (LSE: HAMA) is a UK-listed company pursuing a dual strategy of gold exploration in Africa and disciplined Bitcoin treasury management.

INTERIM MANAGEMENT REPORT

Operating Review

Akoko Gold Project, Ghana

In late 2025 Hamak entered into a binding terms sheet with CAA Mining with an option to acquire their rights to acquire the Akoko gold project from Topago Mining, for a consideration of US$1.9m cash to Topago Mining and £1m in new Hamak shares to CAA Mining (effectively US$15 per ounce of gold). 

After completing due diligence, Hamak commissioned a reverse circulation drill programme, completing 48 holes for 2,514m with associated gold assays.  Based on this drilling, combined with historical drilling data, Hamak was able to complete a NI43-101 compliant mineral resource estimate of Akoko, declaring 210,430oz gold resource at a grade of 0.76g/t Au. Of this 49% is declared in the measured and indicated category. Furthermore, 124,000oz of the resource is defined as hosted within the upper 50m oxide material at a grade of 0.81g/t Au. Initial metallurgical test work indicates gold recoveries of between 85% and 94%.  The resource remains open at depth and along strike.

Post period Hamak engaged independent consultants Snowden Optiro to undertake a PEA for an open-pit, heap-leach gold mining operation at Akoko.  Results are expected before year end.

Nimba Gold Project, Liberia

First Au Limited withdrew from the Nimba gold project in Q1-26 and returned their interest in the Nimba project to Hamak in return for a future 2% production royalty. Hamak has benefitted from A$600,000 expenditure on Nimba by FAU including almost 3,000m of drilling and assays.  In addition, Hamak sold its shares in FAU for A$750,000. Hamak is seeking a joint venture partner for Nimba whilst it focuses on the Akoko project.

Corporate

During the Period, Hamak restructured its Board and Management and appointed further high-calibre Advisory board members. Post Period, Hamak cancelled the trading of its shares on the OTCQB due to lack of trading activity.

Treasury Activities

During the Period Hamak purchased six Bitcoin (bringing its total to 26 BTC) 1.65 kilograms (“kg”) of physical gold and acquired 6.5 million shares in listed BTC Company Vaultz Plc.  At the date of this report Hamak holds 18 BTC, following the sale of 8 BTC in September 2026, and the 6.5 million Vaultz shares, and sold 1.60kg of gold to facilitate working capital for the company as an alternative to offering discounted shares to the market.

Investments

Hamak issued 25 million shares at a price of 0.8p per share to financial advisory group Verdant Capital, which has also been retained to seek appropriate funding solutions to support the acquisition and development of the Akoko project, should the PEA results prove positive. The Company also holds 9,075,000 shares in treasury representing shares acquired from a former director under a settlement agreement.

Hamak and Yorkville Advisors Global agreed to restructure the existing convertible loan note to a straight amortising loan (with no conversion rights) for the remaining outstanding amount, of £1.66 million and, following partial repayment since the period end the loan balance is £1.43 million. Hamak issued Yorkville with 1.66 million warrants, exercisable at 1.0p for a period of three years.

Since the period end, the Company has repaid £60,000 to Vela (now Caledonian Holdings Plc) in respect of a CLN repayment.

Warrant Exchange

Hamak offered warrant holders the opportunity to exchange 0.8p warrants issued in the July 2025 capital raise at a ratio of 5 warrants for one new Hamak shares. A total of 192,370,375 warrants were exchanged for 38,474,075 new Hamak shares.

Responsibility Statement

The Directors confirm that to the best of their knowledge:

(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as contained in UK-adopted international accounting standards;

(b) the interim management report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and

(c) the interim management report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules (disclosure of related parties' transactions and changes therein).

Nicola Horlick

Non-executive Chair

25 September 2026

Important Notice

The Company maintains some of its treasury reserves and surplus cash in Bitcoin, a form of cryptocurrency. The Company is not authorised or regulated by The Financial Conduct Authority (FCA) and Bitcoin investments are generally not subject to regulation by the FCA or otherwise in the United Kingdom. Neither the Company nor investors in the Company's shares are protected by the UK's Financial Ombudsman Service or the Financial Services Compensation Scheme.

However, the FCA considers Bitcoin investments to be high-risk. The value of Bitcoin can go up as well as down, leading to fluctuations in the value of the Company's Bitcoin holdings, and the Company may not be able to realise its Bitcoin holdings for the same amount it paid to acquire them, or even for the value the Company currently attributes to its Bitcoin positions.

The Company's Board of Directors have identified the following risks in relation to the holding of Bitcoin, which are not exhaustive:

• The value of Bitcoin can be highly volatile, with its value falling as quickly as it rises. Investors in Bitcoin must be prepared to lose all money invested.
• The Bitcoin market is largely unregulated. There is a risk of losing money due to factors such as cyber-attacks, financial crime, and counterparty failure.
• The Company may not be able to sell its Bitcoin at will. The ability to sell Bitcoin depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks, and comingling of funds could cause unwanted delays.
• Cryptoassets carry a perception of fraud, money laundering, and financial crime.

An investment in the Company is not an investment in Bitcoin itself, but prospective investors in the Company are encouraged to conduct their own research before investing and should be aware that they will have indirect exposure to the high-risk nature of cryptoassets, including their volatility, and could therefore sustain large or total losses of their investment.

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2026

	Note	6 months ended 30 June 2026 Unaudited	6 months ended 30 June 2025 Unaudited
Continuing operations		$000	$000
General and administrative expenses		(724)	(251)
Fair value gain on investments held at fair value through profit or loss	10	83	-
Gain on disposal of financial assets at fair value through profit or loss	10	53	-
Revaluation loss on Bitcoin	8	(700)	-
Loss on disposal and write-down of physical gold	9	(43)	-
Operating loss		(1,331)	(251)
Movement in fair value of derivative financial liabilities	14,15	268	(26)
Finance costs	15	(350)	(47)
Net foreign exchange gains/(losses)		21	(73)
Loss before taxation		(1,392)	(397)
Tax charge		-	-
Loss for the period		(1,392)	(397)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		1	-
Total comprehensive loss for the period		(1,391)	(397)
Loss per share: basic and diluted ($)	6	(0.003)	(0.004)

Condensed Consolidated Statement of Financial Position

As at 30 June 2026

	Note	30 June 2026 Unaudited	31 December 2025 Audited
		$000	$000
Non-current assets
Property, plant and equipment	7	15	26
Intangible assets – exploration and evaluation	8	3,133	2,258
Intangible assets – cryptocurrency	8	1,523	1,750
Total non-current assets		4,671	4,034
Current assets
Inventories	9	58	-
Trade and other receivables		90	51
Financial assets at fair value through profit or loss	10	301	467
Cash and cash equivalents	11	26	3,110
Total current assets		475	3,628
Total assets		5,146	7,662
Equity and liabilities
Equity attributable to owners of the parent
Share capital, net of own shares held	12	7,539	7,807
Warrant reserve	13	193	138
Share-based payment reserve	13	31	27
Foreign currency translation reserve		1	-
Accumulated deficit		(6,026)	(4,597)
Total equity		1,738	3,375
Non-current liabilities
Loans and borrowings	15	-	-
Derivative financial liabilities	15	-	-
Total non-current liabilities		-	-
Current liabilities
Trade and other payables		620	357
Financial liabilities at fair value through profit or loss	14	123	252
Loans and borrowings	15	2,571	3,446
Derivative financial liabilities	15	94	232
Total current liabilities		3,408	4,287
Total liabilities		3,408	4,287
Total equity and liabilities		5,146	7,662

Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2026

	Share capital, net of own shares held	Share-based payment reserve	Warrant reserve	Foreign currency translation reserve	Accumulated deficit	Equity attributable to owners of the parent	Non-controlling interests	Total equity
	$000	$000	$000	$000	$000	$000	$000	$000
Balance at 1 January 2025 – audited	4,261	25	-	-	(3,356)	930	-	930
Loss for the period	-	-	-	-	(397)	(397)	-	(397)
Total comprehensive loss for the period	-	-	-	-	(397)	(397)	-	(397)
Transactions with owners in their capacity as owners:
Issue of share capital	489	-	-	-	-	489	-	489
Share-based payment – vesting	-	5	-	-	-	5	-	5
Total transactions with owners	489	5	-	-	-	494	-	494
Balance at 30 June 2025 – unaudited	4,750	30	-	-	(3,753)	1,027	-	1,027
Loss for the period	-	-	-	-	(1,437)	(1,437)	-	(1,437)
Total comprehensive loss for the period	-	-	-	-	(1,437)	(1,437)	-	(1,437)
Transactions with owners in their capacity as owners:
Issue of share capital	3,259	-	-	-	-	3,259	-	3,259
Share issue costs	(202)	-	-	-	-	(202)	-	(202)
Partial disposal of interest in subsidiary	-	-	-	-	(400)	(400)	785	385
Reacquisition of non-controlling interest	-	-	-	-	986	986	(785)	201
Warrants granted	-	-	138	-	-	138	-	138
Share-based payment – vesting	-	4	-	-	-	4	-	4
Share-based payment – lapsed	-	(7)	-	-	7	-	-	-
Total transactions with owners	3,057	(3)	138	-	593	3,785	-	3,785
Balance at 31 December 2025 – audited	7,807	27	138	-	(4,597)	3,375	-	3,375
Loss for the period	-	-	-	-	(1,392)	(1,392)	-	(1,392)
Exchange differences on translation of foreign operations	-	-	-	1	-	1	-	1
Total comprehensive loss for the period	-	-	-	1	(1,392)	(1,391)	-	(1,391)
Transactions with owners in their capacity as owners:
Purchase of own shares	(411)	-	-	-	-	(411)	-	(411)
Own shares and warrants issued in settlement of services	41	-	12	-	(19)	34	-	34
Sale of own shares	102	-	-	-	(47)	55	-	55
Warrants granted to advisers	-	-	43	-	-	43	-	43
Further consideration received on reacquisition of non-controlling interest	-	-	-	-	29	29	-	29
Share-based payment – vesting	-	4	-	-	-	4	-	4
Total transactions with owners	(268)	4	55	-	(37)	(246)	-	(246)
Balance at 30 June 2026 – unaudited	7,539	31	193	1	(6,026)	1,738	-	1,738

Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June 2026

	Note	6 months ended 30 June 2026 Unaudited	6 months ended 30 June 2025 Unaudited
		$000	$000
Cash flows from operating activities
Loss before taxation		(1,392)	(397)
Adjustments for:
Depreciation	7	11	5
Share-based payment charge	13	47	5
Investor relations fees settled in own shares and warrants	13	14	-
Directors’ fees settled in shares		-	185
Finance costs	15	350	73
Movement in fair value of derivative financial liabilities	14,15	(268)	-
Fair value gain on investments held at fair value through profit or loss	10	(83)	-
Gain on disposal of financial assets at fair value through profit or loss	10	(53)	-
Revaluation loss on Bitcoin	8	700	-
Unrealised foreign exchange differences		(22)	38
Net cash flow before changes in working capital		(696)	(91)
Movement in inventories	9	(58)	-
Movement in receivables		(18)	(3)
Movement in payables		32	237
Net cash (used in)/generated from operating activities		(740)	143
Cash flows from investing activities
Exploration and evaluation expenditure	8	(577)	(134)
Acquisition of Bitcoin	8	(473)	-
Purchase of financial assets at fair value through profit or loss	10	(219)	-
Proceeds from First Au Limited, net of deposit repaid	10	478	-
Net cash used in investing activities		(791)	(134)
Cash flows from financing activities
Repayment of borrowings	15	(1,134)	-
Interest paid	15	(51)	-
Purchase of own shares	12	(411)	-
Proceeds from sale of own shares	12	56	-
Net cash used in financing activities		(1,540)	-
Net change in cash and cash equivalents		(3,071)	9
Cash and cash equivalents at the beginning of the period		3,110	27
Effect of exchange rate changes on cash and cash equivalents		(13)	-
Cash and cash equivalents at the end of the period	11	26	36

Notes to the condensed consolidated interim financial information

1.   GENERAL INFORMATION

Hamak Strategy Limited (the “Company”) was incorporated on 6 May 2021 under the BVI Business Companies Act, 2004 (as amended) of the British Virgin Islands with company number 2062435. The Company is limited by shares of nil par value. Its registered office is Pasea Estate, P.O. Box 958, Road Town, Tortola, VG1110, British Virgin Islands.

The Company’s ordinary shares are admitted to the Equity Shares (Transition) category of the Official List and to trading on the Main Market of the London Stock Exchange. The Group’s principal activities are gold exploration in West Africa and the holding of treasury reserve assets, comprising Bitcoin and physical gold.

The Company, together with its wholly owned subsidiaries Hamak Gold Limited (Liberia), 79 Resources, Inc., Hamak Strategy (UK) Limited and Hamak Gold Ghana Ltd, is referred to as the Group. Two subsidiaries were added during the period, both by incorporation: Hamak Strategy (UK) Limited, incorporated in England and Wales on 27 April 2026, which employs certain of the Group’s directors and provides services to other Group companies; and Hamak Gold Ghana Ltd, incorporated in Ghana on 1 April 2026, which carries out the Group’s exploration at the Akoko project. Each has been consolidated from its date of incorporation.

2.   BASIS OF PREPARATION

These condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with IAS 34 “Interim Financial Reporting” as contained in UK-adopted international accounting standards. They do not include all of the information and disclosures required in a complete set of annual financial statements and should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2025, which were prepared in accordance with UK-adopted international accounting standards. The auditor’s report on those financial statements was unqualified and drew attention to a material uncertainty related to going concern.

These interim financial statements are unaudited and have not been reviewed by the Group’s auditor. They have been prepared on the historical cost basis, except for cryptocurrency and certain financial assets and financial liabilities, which are measured at fair value. They are presented in United States dollars ($), which is the functional currency of the Company and the presentation currency of the Group, and are rounded to the nearest thousand unless otherwise stated.

Hamak Gold Ghana Ltd has a US dollar functional currency, because it is funded by the Company in US dollars and the consideration payable under the Akoko option is denominated in US dollars. Hamak Strategy (UK) Limited has a sterling functional currency. This is the first period in which the Group has included an entity whose functional currency is not the US dollar, and the accounting policy for translating it is set out in note 3.

Comparatives

The comparative figures are for the unaudited six months ended 30 June 2025 for the Condensed Consolidated Statements of Comprehensive Income, Changes in Equity and Cash Flows, and 31 December 2025 (audited) for the Condensed Consolidated Statement of Financial Position. The Condensed Consolidated Statement of Changes in Equity also presents the movements for the six months ended 31 December 2025.

In the comparative Condensed Consolidated Statement of Comprehensive Income, net foreign exchange losses of $73,000, previously included within general and administrative expenses, are now presented separately, and the finance expense of $73,000 previously reported is presented as a movement in the fair value of derivative financial liabilities of $26,000 and finance costs of $47,000. This is consistent with the presentation adopted for the current period and has no effect on the loss for the period or on net assets. In the comparative Condensed Consolidated Statement of Financial Position at 31 December 2025, the warrant liability of $252,000 is now presented within current liabilities rather than within non-current liabilities, because the warrants were exercisable within twelve months of that date. Total liabilities and net assets are unchanged.

Going concern

At 30 June 2026 the Group held cash of $26,000, 26 Bitcoin with a fair value of $1.5 million, 0.45 kilograms of physical gold with a carrying amount of $0.06 million and an investment in Vaultz Capital Plc with a fair value of $0.3 million. Since the period end, the Company has raised gross £0.2 million from a share placement for 25 million ordinary shares, and £0.5 million from the sale of 8 Bitcoin.

The Group does not generate revenue and remains dependent on raising further funding to meet its planned expenditures. Much of the Group’s exploration expenditures are discretionary and will be made based on available cash resources and can be deferred as required. The Company’s loan note holders have also agreed revised repayment terms.

Although the Directors have been successful in raising finance in the past, no assurance can be given that funding will be available when it is required in future, or that it will be available on acceptable terms. The Directors believe that they have reasonable access to further funding and they believe this plus the Group’s cash and readily convertible assets will enable it to meet its planned expenditure for at least 12 months from the date of approval of these interim consolidated financial statements and therefore the interim consolidated financial statement have been prepared on a going concern basis.

3.   SIGNIFICANT ACCOUNTING POLICIES

In preparing these condensed consolidated financial statements, the Group’s accounting policies were consistent with those applied in the Group’s consolidated financial statements for the year ended 31 December 2025, except for the policies set out below, which apply to transactions and entities that are new to the Group in the period.

Inventories – gold bullion

Gold bullion held as a treasury reserve asset is held in allocated form: title passes to the Group on purchase, and the metal is held by the vault operator under a bailment. It is not a financial asset, because it carries no contractual right to receive cash or another financial asset, and it is not an intangible asset, because it has physical substance. It is accounted for as inventory.

Inventory is measured at the lower of cost and net realisable value. Cost comprises the purchase price and the commission charged on purchase and is determined on a weighted average basis. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. The Group holds bullion as a reserve asset rather than for sale in the near future to generate a profit from fluctuations in price or from a broker’s margin, and so does not measure it at fair value less costs to sell.

Write-downs to net realisable value, reversals of previous write-downs and gains and losses on disposal are recognised in profit or loss in the period in which they arise. Bullion is classified as a current asset.

Foreign operations

The assets and liabilities of Group entities whose functional currency is not the US dollar are translated at the closing rate at the reporting date, and their income and expenses at average exchange rates for the period, or for the part of the period since incorporation. The resulting exchange differences are recognised in other comprehensive income and accumulated in a foreign currency translation reserve and are reclassified to profit or loss on disposal of the operation.

Cash and cash equivalents

Cash and cash equivalents include balances held with digital asset, bullion and share brokers that are segregated from the broker’s own funds and available to the Group on demand. The policy previously referred only to balances held with digital asset brokers.

New and amended standards adopted in the period

Amendments to the Classification and Measurement of Financial Instruments, amending IFRS 9 and IFRS 7, are effective for the Group from 1 January 2026. They address the date on which a financial liability settled through an electronic payment system is derecognised, and the assessment of contractual cash flow characteristics for financial assets with contingent features or non-recourse terms. The Group has assessed the amendments, and they have had no effect on the amounts recognised or the disclosures presented in these interim financial statements. No other amendment effective from 1 January 2026 has had a material effect on the Group.

4.   CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.

The judgements, estimates and assumptions applied in the condensed interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group’s last annual financial statements for the year ended 31 December 2025, except as set out below.

Gold bullion. The Group has judged that the bullion held through its corporate bullion account is allocated metal owned outright rather than a claim against the account provider and is therefore inventory rather than a financial asset. Net realisable value at 30 June 2026 has been estimated from the sterling gold price quoted in that account at the reporting date, less the selling commission the account charges, and a write-down of $15,774 has been recognised.

Cryptocurrency. The Group measures Bitcoin under the revaluation model, which is available only where an active market exists. That assessment has been made again at 30 June 2026 rather than carried forward, and management has concluded that an active market continued to exist at that date. No Bitcoin was disposed of in the period, so no question arises as to the identification of the units disposed of or of the revaluation surplus attaching to them.

Investment in Vaultz Capital Plc. Two judgements have been made. The price at which the shares are quoted is observable, but the market in which it is quoted is not active, so the measurement is categorised within Level 2 of the fair value hierarchy rather than Level 1. Separately, the general meeting convened by Vaultz Capital Plc after the reporting date has been judged to reflect conditions arising after that date rather than conditions existing at it, and the carrying amount at 30 June 2026 has not been adjusted for it.

Warrants. The framework applied in classifying warrants as equity instruments or as financial liabilities is unchanged from that described in the last annual financial statements. The warrants granted in February 2026 to two advisers and to a supplier of investor relations services were granted in exchange for services and are accounted for as equity-settled share-based payments, measured at the date of grant and not remeasured (note 13). The warrants granted in July 2025 that entitle the holders to a percentage of the enlarged share capital continue to be carried as a financial liability at fair value (note 14).

Exploration and evaluation assets. The indicators of impairment described in the last annual financial statements have been reassessed at 30 June 2026, having regard in particular to the termination of the Nimba joint venture with First Au Limited, the results of the January 2026 drilling programme at Nimba and the remaining term of the Nimba licence. No impairment has been identified.

5.   BUSINESS AND GEOGRAPHICAL REPORTING

The Group’s chief operating decision makers are considered to be the executive Directors (the “Executive Board”). The Executive Board has determined that the Group has two operating segments: Mineral Exploration, comprising gold exploration activities in West Africa; and Digital Treasury Management, comprising the Group’s holdings of Bitcoin and physical gold and its investment in Vaultz Capital Plc. General and administrative expenses and finance costs are allocated to Mineral Exploration, consistent with the basis applied in the last annual financial statements. The investment in First Au Limited held at 31 December 2025 arose from the Nimba joint venture and is included in Mineral Exploration. In the six months ended 30 June 2025 the Group had one operating segment, its first Bitcoin having been acquired in July 2025.

	Mineral Exploration	Digital Treasury Management	Total
	$000	$000	$000
Six months ended 30 June 2026 – unaudited
Segment loss from operations	(671)	(660)	(1,331)
Segment loss before taxation	(732)	(660)	(1,392)
Six months ended 30 June 2025 – unaudited
Segment loss from operations	(251)	-	(251)
Segment loss before taxation	(397)	-	(397)
At 30 June 2026 – unaudited
Segment assets	3,264	1,882	5,146
Segment liabilities	(3,408)	-	(3,408)
Net segment assets	(144)	1,882	1,738
At 31 December 2025 – audited
Segment assets	5,912	1,750	7,662
Segment liabilities	(4,287)	-	(4,287)
Net segment assets	1,625	1,750	3,375

6.   LOSS PER SHARE

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares held by the Company in treasury. No ordinary shares were issued during the six months ended 30 June 2026; the weighted average reflects the purchase and subsequent disposal of own shares described in note 12.

The warrants and performance rights outstanding at the reporting date and the rights of conversion attaching to the convertible loan notes then in issue are potentially dilutive but are anti-dilutive in a period in which a loss is reported, so diluted loss per share is the same as basic loss per share.

Unaudited	6 months ended 30 June 2026	6 months ended 30 June 2025
Loss attributable to equity holders of the Company ($000)	(1,392)	(397)
Weighted average number of ordinary shares in issue	436,659,878	92,505,380
Basic and diluted loss per share ($)	(0.003)	(0.004)

7.   PROPERTY, PLANT AND EQUIPMENT

	Plant and equipment $000
Cost
At 1 January 2025	41
Additions	24
At 31 December 2025 and 30 June 2026	65
Accumulated depreciation
At 1 January 2025	29
Charge for the year	10
At 31 December 2025 – audited	39
Charge for the period	11
At 30 June 2026 – unaudited	50
Net book value
At 30 June 2026 – unaudited	15
At 31 December 2025 – audited	26

8.   INTANGIBLE ASSETS

Exploration and evaluation

	Mineral properties $000	Licences $000	Total $000
Cost and net book value
At 1 January 2025	1,127	794	1,921
Additions	337	-	337
At 31 December 2025 – audited	1,464	794	2,258
Additions	875	-	875
At 30 June 2026 – unaudited	2,339	794	3,133

Additions in the period comprise $70,000 of expenditure on the Nimba project in Liberia and $805,000 on the Akoko project in Ghana. At 30 June 2026 the carrying amount of exploration and evaluation assets comprised $2,292,000 in respect of Nimba and $841,000 in respect of Akoko. No amortisation or impairment has been charged in either period.

The Akoko project is held under an exclusive option to acquire the licence, exercisable at any time before 14 December 2026. Expenditure on the project is incurred under the option agreement, which gives the Group the right to carry out exploration on the licence area pending exercise, and is capitalised on the same basis as expenditure on licences held directly. The £500,000 confirmatory exploration commitment under the option disclosed in the last annual financial statements has been met in full. If the option is exercised, the Group will pay £50,000 in cash to CAA Mining, issue new ordinary shares with a value of £1,000,000 to CAA Mining or its nominees and pay US$1.9 million in cash to Topago Mining.

The Directors have assessed the Group’s exploration and evaluation assets for indicators of impairment at 30 June 2026, as described in note 4, and have concluded that no impairment is required.

Cryptocurrency

	Quantity	$000
At 1 January 2025	-	-
Additions	20	2,366
Revaluation decrease	-	(616)
At 31 December 2025 – audited	20	1,750
Additions	6	473
Revaluation decrease	-	(700)
At 30 June 2026 – unaudited	26	1,523

The Group held 26 Bitcoin at 30 June 2026 (31 December 2025: 20). Six were acquired during the period, three on 2 January 2026 and three on 17 February 2026, at a total cost of $472,130. None was disposed of.

Bitcoin is measured at fair value at each reporting date. Fair value at 30 June 2026 was $58,566 per Bitcoin, taken from a composite of prices across the exchanges on which Bitcoin is traded, which is the convention applied by the Group’s custodian in reporting balances to the Group. Trading occurs with sufficient frequency and volume for prices to be available on an ongoing basis, and the Group has concluded that an active market for Bitcoin continued to exist at the reporting date. Because the composite is an aggregation across trading venues rather than an unadjusted price quoted in a single active market, the measurement is categorised within Level 2 of the fair value hierarchy.

The resulting decrease of $699,647 has been recognised in full in profit or loss. No part of it has been recognised in other comprehensive income, because none of the holdings stood above its cost or its previous carrying amount at the reporting date.

Bitcoin is not a financial instrument and so falls outside the market risk disclosures given in respect of financial instruments, although it is the Group’s largest single exposure to movement in a market price. A change of 10 per cent in the price of Bitcoin at 30 June 2026 would have increased or decreased both the carrying amount of the holding and the result for the period by $152,272.

9.   INVENTORIES – GOLD BULLION

	kg	$000
At 1 January 2026	-	-
Purchased	1.650	271
Disposed of	(1.200)	(197)
At cost, 30 June 2026	0.450	74
Write-down to net realisable value	-	(16)
Carrying amount at 30 June 2026 – unaudited	0.450	58

The Group purchased 1.65 kilograms of gold bullion on 27 January 2026 for $270,922 and disposed of 0.70 kilograms on 21 May 2026 and 0.50 kilograms on 15 June 2026. Both disposals were made below weighted average cost and gave rise to a loss of $26,719.

The 0.45 kilograms retained at 30 June 2026 has been written down to net realisable value of $58,114, a reduction of $15,774 against cost. Net realisable value has been measured at the sterling price at which the Group could have sold the metal in its own dealing account at the reporting date, being £97,701 per kilogram, less the commission that account charges on sale. Cost is translated at the rate ruling when the bullion was purchased and net realisable value at the rate ruling at the reporting date. The loss on disposal and the write-down are presented together in the Condensed Consolidated Statement of Comprehensive Income.

The bullion is held as a treasury reserve asset alongside the Group’s holding of Bitcoin, but the two are measured on different bases. Bitcoin is a non-monetary asset without physical substance and is carried at fair value; gold has physical substance, is held as inventory and is carried at the lower of cost and net realisable value. The carrying amount of the bullion at 30 June 2026 is therefore its net realisable value at that date.

10.   FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

	$000
At 1 January 2025	-
Additions	229
Gain on revaluation	238
At 31 December 2025 – audited	467
Disposal of the First Au Limited shareholding	(467)
Additions	219
Gain on revaluation	82
At 30 June 2026 – unaudited	301

The Group held 100,000,000 ordinary shares in First Au Limited, received in July 2025 as part of the consideration for the interest in 79 Resources, Inc. described in the last annual financial statements. The shares were sold off-market and proceeds of $519,427 were received in February and March 2026. The gain of $52,673 recognised on disposal is the excess of those proceeds over the carrying amount at 31 December 2025. Separately, First Au Limited paid $29,143 in February 2026 in settlement of an invoice for exploration expenditure on the Nimba project in December 2025, as agreed on the termination of the joint venture. The amount is not repayable and has been recognised directly in equity as further consideration on the reacquisition of the non-controlling interest in 79 Resources, Inc. described in the last annual financial statements.

In February and March 2026, the Group acquired 6,500,000 ordinary shares in Vaultz Capital Plc, a company whose shares are traded on the Aquis Stock Exchange and whose principal asset is Bitcoin, for a total consideration of $218,637. The holding represents 3.05 per cent of that company’s issued share capital. The Group has no representation on its board and takes no part in its financial and operating policy decisions, so the holding does not give the Group significant influence and is carried at fair value through profit or loss.

At 30 June 2026 the shares were valued at £0.035 each, the price quoted at that date, giving £227,500, translated at the closing rate of 1.32372 to $301,146. The resulting gain of $82,509 has been recognised in profit or loss. The market in which the shares are quoted is not active – the Group’s 3.05 per cent interest was built through ten separate purchases over six weeks – so the measurement is categorised within Level 2 of the fair value hierarchy rather than Level 1. A movement of one tenth of a penny in the quoted price would change the carrying amount, and the result for the period, by approximately $8,600.

Because the principal asset of Vaultz Capital Plc is Bitcoin, this holding adds to the Group’s exposure to the price of Bitcoin beyond the Bitcoin it holds directly.

11.   CASH AND CASH EQUIVALENTS

	30 June 2026 Unaudited	31 December 2025 Audited
	$000	$000
Cash at bank and in hand	26	3,110

12.   SHARE CAPITAL AND OWN SHARES HELD

	Number of ordinary shares of nil par value	Stated capital $000
At 1 January 2025	81,075,902	4,261
Shares issued in settlement of directors’ and management fees	30,517,241	185
Shares issued in settlement of consultants’ fees	32,171,706	195
Placing, 3 July 2025	308,375,000	3,368
Share issue costs	-	(202)
At 31 December 2025 – audited and at 30 June 2026 – unaudited	452,139,849	7,807
Own shares held in treasury at 30 June 2026	(13,075,000)	(268)
Share capital, net of own shares held, at 30 June 2026	439,064,849	7,539

For a more detailed description of the share capital movements in 2025, refer to the audited financial statements for the year ended 31 December 2025. No ordinary shares were issued during the six months ended 30 June 2026.

Own shares held

During the period the Company acquired 20,075,000 of its own ordinary shares at a total cost of $410,500: 19,250,000 in January and February 2026 from a director on his retirement from the Board (note 16), and 825,000 in the market in March 2026. Own shares are held through the Company’s broker and are presented as a deduction from equity within share capital. No gain or loss is recognised in profit or loss on their purchase, sale or transfer.

On 20 May 2026, 2,000,000 own shares were transferred to a supplier of investor relations services in part settlement of its fee (note 13), and on 29 May 2026 5,000,000 were sold for net proceeds of $55,588. The weighted average cost of the shares transferred and sold exceeded the amounts received or attributed to them by $65,951, which has been transferred within equity from share capital to the accumulated deficit.

At 30 June 2026 the Company held 13,075,000 of its own ordinary shares at a cost of $267,362, and 439,064,849 ordinary shares were outstanding.

13.   SHARE-BASED PAYMENTS

Performance rights

At 30 June 2026, the Company had outstanding performance rights to subscribe for ordinary shares as follows:

Weighted average exercise price	Expiry date	At 1 January 2026	Granted	Expired or lapsed	At 30 June 2026
Nil	07/07/2032	729,473	-	-	729,473

Information on the inputs and fair value calculations relating to the performance rights is given in the audited financial statements for the year ended 31 December 2025.

Warrants granted in the period

On 1 February 2026 the Company granted 3,750,000 warrants to two advisers on their appointment, exercisable at 1.25 pence per share for two years. The warrants vested on grant. They were measured at their fair value at the date of grant of $42,982, using the Black-Scholes model, and the whole amount has been charged to profit or loss with a corresponding credit to the warrant reserve.

On 6 February 2026 the Company contracted with Roast PR Limited for twelve months of investor and public relations services for a fee of £25,000, to be settled by the transfer of 2,000,000 ordinary shares held in treasury, which took place on 20 May 2026, and the grant of 2,000,000 warrants exercisable at 3 pence per share for two years. The fee of $34,238 is recognised over the service period: $13,507 has been charged to profit or loss in the period and $20,730 is carried as a prepayment at 30 June 2026. The amount attributed to the warrants on the basis of relative fair value, $12,639, has been credited to the warrant reserve.

14.   WARRANT FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

On 3 July 2025 the Company granted warrants to directors and advisers which together entitle the holders to subscribe for 5 per cent of the Company’s issued share capital as enlarged by their exercise, at 0.8 pence per share. Because the number of shares to be issued varies with the Company’s share capital, the warrants do not meet the conditions for classification as equity and are carried as a financial liability at fair value through profit or loss. The warrants became exercisable on 3 July 2026 and expire in July 2027. Because the warrants are exercisable within twelve months of the reporting date, the liability is presented within current liabilities.

	$000
At 1 January 2026 – audited	252
Change in fair value recognised in profit or loss	(129)
At 30 June 2026 – unaudited	123

At 30 June 2026 the warrants were exercisable over 23,796,834 ordinary shares. They have been measured using the Black-Scholes model. The principal inputs were the quoted share price of 0.68 pence at 30 June 2026, annualised volatility of 166.8 per cent measured from the Company’s own share price over a period matched to the remaining term, a risk-free rate of 4.0 per cent and the remaining term to expiry. The inputs are observable and the measurement is categorised within Level 2 of the fair value hierarchy. The decrease in fair value in the period principally reflects the fall in the Company’s share price.

The change in fair value of $129,472, together with the change in fair value of the conversion options described in note 15 of $138,488, makes up the movement in fair value of derivative financial liabilities of $268,000 presented in the Condensed Consolidated Statement of Comprehensive Income.

15.   CONVERTIBLE LOAN NOTES AND DERIVATIVE FINANCIAL LIABILITIES

The Group had two convertible loan facilities in issue during the period, both described in the last annual financial statements. In each case the conversion right does not meet the conditions for classification as equity and is measured separately from the loan as a derivative financial liability at fair value through profit or loss. The loan is carried at amortised cost using the effective interest method.

Yorkville. In December 2025 the Company issued £2,500,000 of convertible loan notes to Yorkville, bearing interest at 4 per cent per annum, convertible at the lender’s option at £0.024 per share and repayable by ten monthly instalments of £250,000 from February 2026, with final maturity on 3 December 2026. Instalments of £1,250,000 fell due in the period, of which £842,329 was paid. At 30 June 2026, therefore, £407,671 of principal that had fallen due was unpaid, and £1,657,671 of principal remained outstanding. The lender charged no default interest or other penalty. The instrument remained convertible throughout the period and has been measured on its original terms. After the reporting date the loan was amended and restated into a non-convertible loan (note 17).

Vela (now Caledonian Holdings Plc). On 16 July 2024 the Company issued £300,000 of unsecured convertible loan notes to Vela Technologies plc, now held by Caledonian Holdings plc. Interest accrues at 10 per cent per annum, compounded annually, and the notes were repayable on 16 July 2026. The holder may convert the principal into ordinary shares at the lower of £0.03 and a 25 per cent discount to the five-day volume weighted average share price before conversion, with accrued interest payable in cash. The notes matured after the reporting date and are the subject of a standstill and staged repayment agreement (note 17).

Loans and borrowings

	Yorkville $000	Vela $000	Other loans $000	Total $000
At 1 January 2026 – audited	3,007	435	4	3,446
Finance costs	298	52	-	350
Repayments	(1,185)	-	-	(1,185)
Exchange differences	(33)	(7)	-	(40)
At 30 June 2026 – unaudited	2,087	480	4	2,571

Repayments of $1,185,000 comprise principal of $1,134,000 and interest of $51,000. Other loans are interest-free loans from key management personnel. All loans and borrowings are presented as current liabilities.

Derivative financial liabilities – conversion options

	Yorkville $000	Vela $000	Total $000
At 1 January 2026 – audited	114	118	232
Change in fair value recognised in profit or loss	(112)	(26)	(138)
At 30 June 2026 – unaudited	2	92	94

The Yorkville conversion option has been valued using a Monte Carlo simulation, consistent with the approach described in the last annual financial statements. The principal assumptions at 30 June 2026 were a share price of 0.68 pence against the conversion price of 2.4 pence, share price volatility of 97.8 per cent, sterling to US dollar exchange rate volatility of 7.1 per cent and a correlation between the two of 0.18. With the conversion price well above the share price and five months to maturity, the fair value of the option fell to $2,000.

The Vela conversion option has been valued using an option pricing model consistent with that applied at earlier reporting dates. The principal assumptions were a share price of 0.658 pence, being the five-day volume weighted average price to 30 June 2026, annualised volatility of 116.2 per cent derived from a group of comparable quoted companies, a risk-free rate of 3.7 per cent and a discount of 7.7 per cent for the period between a conversion notice being served and the shares being received. Because the conversion price is set at a discount to the market price, the value of the option is not sensitive to the share price at current levels and is driven principally by that discount.

Both conversion options are measured using significant unobservable inputs and are categorised within Level 3 of the fair value hierarchy. The table above is the reconciliation of their movement in the period.

16.   RELATED PARTY TRANSACTIONS

Under an agreement entered into on the retirement of a director from the Board on 13 January 2026, the Company acquired the director’s 19,250,000 ordinary shares at 1.5 pence per share, a total of £291,241 ($401,507). The shares are held in treasury (note 12). No other transaction with a related party in the period was significant to an understanding of the Group’s financial position or performance.

17.   EVENTS AFTER THE REPORTING DATE

Amendment of the Yorkville loan. On 2 July 2026 the Company and Yorkville entered into an agreement amending and restating the convertible loan notes into a non-convertible loan of £1,657,671, being the principal outstanding at 30 June 2026. The right of conversion was withdrawn. Interest continues at 4 per cent a year and the loan is repayable by ten monthly instalments commencing 60 days after the date of the agreement. Legal costs of £20,000 were incurred and no other fee or penalty arose. As part of the same arrangement the Company issued Yorkville with 165,767,123 warrants exercisable at 1 penny per share for three years.

The amendment will be accounted for in the second half of the year. The Group expects to derecognise the convertible loan and its conversion option, carried together at $2,089,000 at 30 June 2026, and to recognise the new loan and the warrants at fair value, with the difference recognised in profit or loss. Because their exercise price is denominated in sterling, the warrants are expected to be classified as a derivative financial liability measured at fair value through profit or loss. The valuation of the new loan and the warrants has not been completed, and an estimate of the financial effect of the amendment cannot yet be made.

Subscription for new ordinary shares. On 9 July 2026 Verdant Capital International Limited subscribed for 25,000,000 new ordinary shares at 0.8 pence per share, raising £200,000 before expenses. Verdant Capital was separately engaged as exclusive adviser and arranger in connection with the financing and development of the Akoko project.

Warrant exchange offer. On 13 July 2026 the Company offered holders of the warrants exercisable at 0.8 pence the opportunity to surrender them for cancellation in exchange for one new ordinary share for every five warrants surrendered. 192,370,375 warrants were cancelled and 38,474,075 new ordinary shares were issued in exchange. The warrants granted to directors and advisers in July 2025 and the warrants issued to Yorkville were excluded from the offer, and no director or person discharging managerial responsibilities participated. No amount was recognised for the warrants cancelled, which were issued to shareholders in their capacity as shareholders, and the exchange is expected to be accounted for within equity with no effect on profit or loss.

Admission of new ordinary shares. The subscription shares and 33,474,075 of the exchange shares were admitted to trading on 3 September 2026, and the remaining 5,000,000 exchange shares on 11 September 2026. Following admission, the Company’s issued share capital is 515,613,924 ordinary shares, of which 9,075,000 are held in treasury.

Convertible loan notes held by Caledonian Holdings plc. The £300,000 of convertible loan notes described in note 15 matured on 16 July 2026 and were not repaid on that date. Under a standstill and staged repayment agreement signed on 23 July 2026, the Company agreed to repay the outstanding principal and interest in cash by instalments of £60,000 by 24 July 2026, £100,000 by 31 August 2026 and £100,000 by 30 September 2026, with the balance by 31 October 2026. Contractual interest continues to accrue and no penalty is payable. While the schedule is met, the holder has agreed not to serve a conversion notice or take enforcement action. The payments due by 31 August 2026 and 30 September 2026 have been rescheduled.

Disposal of gold bullion. On 21 July 2026 the Group sold 0.4 kilograms of gold bullion for net proceeds of £38,884, reducing its holding to 0.05 kilograms.

Disposal of own shares. On 28 and 29 July 2026 the Group sold 4,000,000 of its own shares held in treasury for total proceeds of £28,932.

Disposal of Bitcoin. On 18 September 2026 the Group sold eight Bitcoin at £60,314.54 each, for gross proceeds of £482,516, and retained 18 Bitcoin. The proceeds are being applied to the preliminary economic assessment of the Akoko project, to the reduction of the Group’s borrowings and to working capital. The proceeds exceed the carrying amount of those Bitcoin at 30 June 2026 of $468,528, and the gain on disposal will be recognised in the second half of the year.

Vaultz Capital Plc. On 1 July 2026 Vaultz Capital Plc convened a general meeting for 21 July 2026 to withdraw its Bitcoin treasury policy and to seek authority to dispose of its Bitcoin holdings. The resolutions were passed on 21 July 2026. The Group’s holding is measured at 30 June 2026 by reference to the conditions existing at that date and this event has not changed that measurement.

Akoko project. On 29 July 2026 an independent mineral resource estimate for the Akoko project was announced of 210,430 ounces of contained gold at a grade of 0.76 grammes a tonne, prepared to NI 43-101 standards. On 13 August 2026 the Group announced the appointment of Snowden Optiro to prepare a preliminary economic assessment of an open-pit, heap-leach operation at the project.

Cancellation of trading on the OTCQB market. On 1 September 2026 the Company’s ordinary shares ceased to be traded on the OTCQB market in the United States. The admission of the shares to trading on the Main Market of the London Stock Exchange is unaffected.

 

END