Results for the year ended 30 June 2026

Summary by AI ^BETAClose X

Thor Energy Plc has released its audited financial results for the year ended 30 June 2026, reporting a net loss of £1,427,000, a significant improvement from the prior year's loss of £7,441,000. The company's cash and cash equivalents increased to £1,453,000 from £686,000, bolstered by net cash inflows from investing activities of £1,581,000, primarily from the sale of non-core assets, including the Molyhil project for up to A$8.75 million (£4.375 million) and US uranium/vanadium assets. The company's core focus remains on its HY-Range natural hydrogen and helium project in South Australia, where promising geochemical results have led to planning for a 464-line-kilometre 2D seismic acquisition program. Thor also holds a 24% investment in EnviroCopper Limited, focused on copper-gold projects in South Australia.

Disclaimer*

Standard or Amendment	Effective for annual periods beginning on or after
Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments	1 January 2026
Annual Improvements to IFRS Accounting Standards – Volume 11	1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements	1 January 2027

Award	Granted	Tranche	Number	Vesting condition
Performance rights — A Clayton granted on 7 September 2023	7 September 2023	-	500,000	100,000 vest when the ASX traded CDI Price is A$0.25, plus an additional 16,000 for each A$0.01 that the ASX traded CDI Price exceeds A$0.25, to a maximum total of 500,000 Thor shares. The relevant CDI Price is the highest closing CDI price for CDIs traded on the ASX in the twelve months prior to the relevant first, second or third anniversary of the issuance of the Performance Shares
Performance rights — A Clayton and T Armstrong, approved by shareholders on 28 November 2024	24 Nov 2024	1	20,000,000	Share price greater than or equal to A$0.05
2	15,000,000	Share price greater than or equal to A$0.05 and fully diluted market capitalisation exceeding A$65 million
3	15,000,000 1	Establishment of a prospective resource of 300 billion cubic feet of helium and/or 800 billion cubic feet of hydrogen at any majority-owned project
Warrants — A Hume, on appointment as Managing Director	5 Feb 2025	A	15,000,000	Vests immediately on commencement; exercisable at A$0.03, expiring two years from the date of issue
B	15,000,000	Vests six months from grant; exercisable at A$0.05, expiring three years from the date of issue
C	15,000,000	Vests eighteen months from grant; exercisable at A$0.07, expiring four years from the date of issue
Performance rights — A Hume	11 Nov 2025	1	15,000,000	Spudding of the first well to test for hydrogen and/or helium at the HY-Range Project expiring one month and 3 years after the grant date
2	9,000,000	Grant of any additional licence at the HY-Range Project expiring one month and 3 years after the grant date
3	6,000,000	Achievement of a technical milestone relating to potential resource or volumes expiring one month and 3 years after the grant date
Performance rights — L Moore	11 Nov 2025	1	4,500,000	Volume weighted average price of A$0.02 maintained for 20 consecutive days
2	4,500,000	Volume weighted average price of A$0.05 maintained for 20 consecutive days
3	6,000,000	Volume weighted average price of A$0.05 maintained for 20 consecutive days and fully diluted market capitalisation exceeding A$65 million
Total	140,500,000

Companies

Thor Energy (THR)

UK 100

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Domain	Tonnes (Mt)	Cu %	Au g/t	Contained Cu (t)	Contained Au (oz)
AE_1	24.6	0.12	0.021	30,000	16,000
AE_2	6.8	0.13	0.004	9,000	1,000
AE_3	34.9	0.09	0.022	33,000	25,000
AE_4	8.0	0.11	0.016	8,000	4,000
AE_5	11.0	0.22	0.030	24,000	11,000
AE-8	31.3	0.19	0.008	61,000	8,000
AE-7	7.7	0.14	0.025	10,000	6,000
AE-6	1.3	0.13	0.011	2,000	500
Total	125.6	0.14	0.018	177,000	71,500

Resource Classification	COG (Cu %)	Deposit	Volume (Mm3)	Tonnes (Mt)	Cu (%)	Cu metal (t)	Au (g/t)	Au (Oz)
Inferred	0.05	Wombat	20.91	46.5	0.17	80,000
		Bruce	5.51	11.8	0.19	22,000
		Larwood	3.48	7.8	0.15	12,000	0.04	10,000
Total			29.9	66.1	0.17	114,000

Resource			Copper
Mineralisation	Classification	MT	Grade %	Contained Cu (t)
Copper Oxide	Inferred	30.3	0.24	73,000
Secondary copper sulphide	Inferred	17.1	0.27	46,000
Total		47.4	0.25	119,000

Unrisked Recoverable Prospective Resources on RSEL 802
	Hydrogen (Bcf)			Helium (Bcf)
	1U	2U	3U	1U	2U	3U
RSEL 802 (net)	275	1,050	3,511	25	115	427
Thor (net)	221	842	2,816	20	90	343

Stakeholders	Impact	Strategy & decision making
Employees	Thor recognises that an organisation in its life cycle relies heavily on a few key employees to determine the success of the Group. Other than the Directors the Group only has one employee.	It has put in place a remuneration committee that reviews the performance and salary of Directors annually to ensure they are properly remunerated. The Board believes that these processes will keep the current management engaged and attract high end talent to join the Group when/if opportunities arise.
Shareholders	Thor is committed to maintaining regular dialogue with shareholders and implementing apparatus that allows two-way communication. Through these communication channels it aims to deliver information on how the Directors are working towards the ultimate goal of delivering value to the shareholders	Sale of non-core assets During the year the Group reviewed its asset portfolio and continued to streamline its operations to focus on its core natural hydrogen and helium assets. As part of this strategy the Group sold its entire 75% interest in the Molyhil Tungsten-Molybdenum-Copper Project (the FRAM JV) to ASX-listed Tivan Limited for total consideration of A$6.56 million (£3.28 million) net to Thor, comprising an initial deposit, a completion payment received on completion on 19 January 2026, and three annual deferred payments of A$1,312,500 (£656,000) each. The Group also sold a 75% interest in its US uranium and vanadium subsidiaries, Standard Minerals Inc. and Cisco Minerals Inc., to Metals One PLC, retaining a fully carried 25% interest and granting Metals One a 12-month option over the balance. The Board believes these divestments have freed up significant capital to allocate to the Group's HY-Range natural hydrogen and helium project, including the fully funded 2D seismic acquisition programme, without shareholder dilution.
Governance	The Board is committed to maintaining the highest standard of governance within the Group including but not limited to: - Transparent decision-making processes - Strong internal controls to mitigate risk - Regular review of policies/processes to uphold best practices	The Board has processes in place specifically to oversee Governance being the audit Committee and remuneration committee that meet regularly throughout the year to oversee their designated portfolios.
Environmental	The Board is aware of the changing landscape in which the Group operates and must look to regularly assess and mitigate its environmental impact	The Group's main environmental footprint occurs in Australia where operations occur. Operations are overseen by State Authorities, and the Group complies with all necessary operational requirements. As the Group looks to expand it will monitor its environmental impact and take reasonable steps to mitigate any adverse impact where possible.

	Number of shares	%
Black Lantern Investments Pty Ltd	108,841,270	10.57%
Trent Spry	135,496,274	13.15%
Jayleaf Holdings Pty Ltd	49,454,610	4.8%

		Ordinary Shares/Chess depository interests (CDIs)			Options/Performance Shares
	30 June 2026		30 June 2025	30 June 2026		30 June 2025
Alastair Clayton	18,192,308		7,692,308	28,846,154		40,146,154
Andrew Hume	-		-	75,000,000		45,000,000
Tim Armstrong	4,500,000		-	10,500,000		15,000,000
Lincoln Moore	1,333,333		1,333,333	15,000,000		-

2026	Salary and Fees	Post Employment Superannuation	Total Fees for Services rendered
	£’000	£’000	£’000
Directors
Alastair Clayton	55	-	55
Tim Armstrong	32	-	32
Lincoln Moore	32	-	32
Andrew Hume	153	18	171
2026 Total	272	18	290

2025	Salary and Fees	Post Employment Superannuation	Total Fees for Services rendered
	£’000	£’000	£’000
Directors
Alastair Clayton	102	-	102
Nicole Galloway Warland 1	64	7	71
Mark McGeough 2	13	-	13
Tim Armstrong	28	-	28
Lincoln Moore 3	18	-	18
Andrew Hume 4	54	6	60
Key Personnel
Ray Ridge 5	22	-	22
2025 Total	301	13	314

2026	Meetings held whilst in Office	Meetings attended
Alastair Clayton	6	5
Tim Armstrong	6	5
Lincoln Moore	6	5
Andrew Hume	6	6

Key Audit Matter	How our scope addressed this matter
Recoverability of intangible assets - deferred exploration costs (Group) (Refer Note 7)
The Group holds intangible assets with a significant account balance with a carrying value of £4.7m at the year-end which relate to the following exploration projects: Alford East Project (South Australia); and HY-Range Project (South Australia). This balance primarily comprises licence acquisition costs and capitalised exploration costs. Management capitalises costs in respect of exploration activities in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources. The recoverability of these assets depends on the Group’s ability to develop the projects through to revenue generation and profitability or recover value through sale. Management is required to assess annually whether indicators of impairment are present. The assessment of impairment is inherently judgemental and therefore there is a risk that these assets are overstated. This is considered to be a Key audit matter due to the material nature of the balance as well as the level of management judgement required in considering whether an impairment is deemed to arise.	Our work in this area included: Obtaining copies of current exploration licences and ensuring that they remain in good standing, including consideration of compliance with any minimum spend commitments or other requirements; Obtaining management’s assessment of the existence of impairment indicators in accordance with IFRS 6; Performing an independent assessment as to whether impairment indicators are deemed to arise in accordance with IFRS 6, including consideration of relevant post-year end events, and critically assessing key assumptions made by management in reaching their conclusions surrounding recoverability of these assets; Obtaining and reviewing all relevant technical reports prepared internally or by external consultants in relation to material exploration and evaluation projects; Obtaining the breakdown of costs capitalised and verifying a sample of those costs to supporting documentation to determine whether the costs met the IFRS 6 criteria for capitalisation; Reviewing progress made at projects during the year and post year-end; Making enquiries of management over the future plans for each project area and corroborating to cashflow forecasts where appropriate; and Reviewing disclosures made in the financial statements to ensure compliance with accounting standards. Key Observation We draw attention to the disclosures in the Principal Risks and Uncertainties section of the Strategic Report and the Critical Accounting Estimates and Judgements accounting policy regarding the Group’s exploration tenements. The Group has submitted a renewal application for Regulated Substance Exploration Licence (‘RSEL’) 802 relating to its HY-Range Project on 16 June 2025, which is currently under review by the South Australian Department of Energy and Mining. Should the renewal not be forthcoming, this may result in impairment to the related intangible assets.
Recoverability and Valuation of Parent Company’s Investments in, and Loans to subsidiaries Refer (Notes 8(a) and 8(b))
The carrying value of investments in subsidiaries and loans to subsidiaries is £3.2m and £3.8m respectively, and is dependent on the value of the underlying assets. The valuation and recoverability of the exploration projects and other assets held by the subsidiaries is based on judgements and estimates made by the Directors. The exploration projects are at an early stage of exploration and therefore there are continued risks pertaining to the successful development as well as the assessment of the commercial viability of the exploration assets. There is a risk that the judgements and estimates made by the Directors may not be reliable, which could result in a material misstatement in the carrying value of the investments in subsidiaries and related intercompany receivables. Given the financial significance and the estimation/judgement required by management, we have identified the risk of recoverability of investments in, and loans to, subsidiaries as a key audit matter.	Our work in this area included: Confirming ownership of investments at the year-end; Reviewing the value of the net investment in subsidiaries against the underlying assets, including exploration assets, and corroborating, and providing challenge to, the judgements and estimates used by management to assess the recoverability of investments and loans to subsidiaries; Evaluating management’s identification of impairment indicators and critically assessing the significant judgements and estimates applied in accordance with IAS 36 Impairment of Assets in relation to investments in subsidiaries; Considering the appropriateness of management’s assessment of expected credit losses in relation to loans to subsidiaries, providing challenge to assumptions made and forming conclusions on compliance with IFRS 9 Financial Instruments; and Evaluating whether disclosures made in the financial statements in relation to critical accounting judgements are adequate. Key Observation We draw attention to the disclosures in the Principal Risks and Uncertainties section of the Strategic Report and the Critical Accounting Estimates and Judgements accounting policy regarding the Group’s exploration tenements. The Group has submitted a renewal application for Regulated Substance Exploration Licence (‘RSEL’) 802 relating to its HY-Range Project on 16 June 2025, which is currently under review by the South Australian Department of Energy and Mining. Should the renewal not be forthcoming, this may result in impairment to the investment in subsidiary and loans to subsidiaries balances relating to the Parent Company’s 80.2% owned subsidiary Go Exploration Pty Ltd, which is the owner of the licence.

		Consolidated
	Note	£'000	£'000
		2026	2025


Administrative expenses		(864)	(897)
Share based payments expense	16	(147)	(50)
Realised gain/(loss) on financial assets		2	(18)
Exploration expenses		(8)	(2)
Write off of bond		(19)	-
Write off/Impairment of exploration assets	7	(42)	(5,026)
Operating Loss	3	(1,078)	(5,993)
Finance income		102	3
Interest paid		-	(5)
Share of loss in associate, accounted for using the equity method	8d	(99)	(63)
Loss on disposal of other assets		(248)	(39)
Loss on disposal of subsidiary	8f	(469)	-
Fair value gain/(loss) on financial assets at FVTPL	8c	365	(371)
Loss on sale of exploration assets	7	-	(977)
Other income		-	4
Loss before Taxation		(1,427)	(7,441)
Taxation	5	-	-
Loss for the year attributable to the equity holders		(1,427)	(7,441)

Other comprehensive income:
Items that may be subsequently reclassified to profit or loss:
Exchange differences on translating foreign operations		473	(839)
Other comprehensive income for the year, net of income tax		473	(839)
Total comprehensive income for the year attributable to the owners of the Group		(954)	(8,280)

Basic & diluted loss per share attributable to the equity holders	6	(0.14)	(0.9)

Total comprehensive income attributable to:
Owners of the parent		(954)	(8,280)
Non-controlling interest		-	-
		(954)	(8,280)

		Consolidated		Company
	Note	£'000	£'000	£'000	£'000
		2026	2025	2026	2025
ASSETS
Non-current assets
Intangible assets - deferred exploration costs	7	4,723	8,478	-	-
Investment in subsidiaries	8a	-	-	3,244	3,244
Loans to subsidiaries	8b	-	-	3,822	11,306
Financial assets at fair value through profit or loss	8c	287	131	-	-
Investments accounted for using the equity method	8d	407	-	-	-
Deposits	9	40	80	-	-
Right of use asset	10	-	10	-	-
Trade receivables & other assets	12	1,011	-	-	-
Total non-current assets		6,468	8,699	7,066	14,550
Current assets
Cash and cash equivalents	17	1,453	686	41	673
Trade receivables & other assets	12	695	50	34	14
Total current assets		2,148	736	75	687
Total assets		8,616	9,435	7,141	15,237

LIABILITIES
Current liabilities
Trade and other payables	13	(118)	(194)	(67)	(164)
Employee annual leave provision		(25)	(4)	-	-
Lease Liability	14	-	(10)	-	-
Total current liabilities		(143)	(208)	(67)	(164)

Total liabilities		(143)	(208)	(67)	(164)

Net assets		8,473	9,227	7,074	15,073

Equity
Issued share capital	15	4,640	4,615	4,640	4,615
Share premium	15	32,515	32,457	32,515	32,457
Foreign exchange reserve		639	166	-	-
Merger reserve		405	405	405	405
Share based payments reserve	16	596	715	596	715
Retained losses		(30,354)	(29,163)	(31,082)	(23,119)
Equity attributable to equity holders of the parent		8,441	9,195	7,074	15,073
Non-controlling interest		32	32	-	-
Total equity		8,473	9,227	7,074	15,073

(i) Chairman
Alastair Clayton	Non-executive Chairman

(ii) Directors
Andrew Hume	Managing Director
Lincoln Moore	Non-Executive Director
Tim Armstrong	Non-Executive Director

2026	Salary and Fees	Shares issued	Post Employment Super	Total Fees for Services rendered	Short-term employee benefits	Total Benefit
	£’000	£’000	£’000	£’000	£’000	£’000
Directors
Alastair Clayton	55	-	-	55	-	55
Tim Armstrong	32	-	-	32	-	32
Lincoln Moore	32	-	-	32	-	32
Andrew Hume*	153	-	18	171	-	171
2026 Total	272	-	18	290	-	290

	2026	2025
	£’000	£’000
Items of expenditure not otherwise disclosed on the Statement of Comprehensive Income:
Depreciation	10	26
Auditors’ remuneration – audit services	90	105
Auditors’ remuneration – non audit services	12	12
Employment costs (excluding share based payments)	178	242
Contractor costs	126	142
Listing costs (ASX, AIM, registry, investor relations)	67	90
Legal costs	22	25

	£'000	£'000
	2026	2025
Cost
At 1 July	8,478	11,949
Exploration expenditure	476	228
Acquired through acquisitions	-	3,274
Exchange gain/(loss)	503	(795)
Exploration expenditure write off	(42)	(5,026)
Disposals	(4,692)	(1,152)
At 30 June	4,723	8,478

Milestone	Estimated payment date	Thor (75%)	IVR(25%)
Cash Non-Refundable Exclusivity (60 days)	Sep-25	$375,000 (£187,500)	$125,000 (£62,500)
Cash Completion Payment	Dec-25	$2,250,000 (£1,125,000)	$750,000 (£375,000)
Initial Deferred Completion Payment	Sep-26	$1,312,500 (£656,250)	$437,500 (£218,750)
Second Deferred Completion Payment	Sep-27	$1,312,500 (£656,250)	$437,500 (£218,750)
Final Deferred Completion Payment	Sep-28	$1,312,500 (£656,250)	$437,500 (£218,750)
Total		$6,562,500 (£3,281,250)	$2,187,500 (£1,093,750)

Total purchase price	£'000
Amount settled in shares	3,032
Transaction costs	213
Total	3,245

Year Ended 30 June 2026
Key Management Personnel	Held at 30/6/25 or appointment date	Options & Performance Shares Granted (Note D)	Options & Performance Shares Lapsed/exercised (Note D)	Held at 30/6/26 or retirement date	Vested and exercisable at 30/6/26
Alastair Clayton	40,146,154		(11,300,000)	28,846,154	4,346,154
Andrew Hume	45,000,000	30,000,000		75,000,000	30,000,000
Lincoln Moore		15,000,000		15,000,000
Tim Armstrong	15,000,000		(4,500,000)	10,500,000
	100,146,154	45,000,000	(15,800,000)	129,346,154	34,346,154

Year Ended 30 June 2025
Key Management Personnel	Held at 30/6/24 or appointment date	Options & Performance Shares Granted (Note D)	Options & Performance Shares Lapsed (Note D)	Held at 30/6/25 or retirement date	Vested and exercisable at 30/6/25
Alastair Clayton	5,146,154	35,000,000	-	40,146,154	5,146,154
Nicole Galloway Warland	3,700,000	-	(2,000,000)	1,700,000	1,700,000
Mark McGeough	1,300,000	-	(500,000)	800,000	-
Ray Ridge	240,000	-	(240,000)	-	-
Andrew Hume	-	45,000,000	-	45,000,000	15,000,000
Lincoln Moore	-	-	-	-	-
Tim Armstrong	-	15,000,000	-	15,000,000	-
	10,386,154	95,000,000	(2,740,000)	102,646,154	21,846,154

	2026	2025
Loss for the year (£ 000’s)	(1,427)	(7,441)

Weighted average number of Ordinary shares in issue	1,028,149,557	823,977,284
Loss per share (pence) – basic	(0.14)	(0.9)

Company	Principal Activity	Country of registration or incorporation	Shares held Class		%
Molyhil Mining Pty Ltd	Exploration	Australia	Ordinary		100
Go Exploration Pty ltd	Exploration	Australia	Ordinary		80.2
Hale Energy Pty Ltd	Exploration	Australia	Ordinary		100
Hammersley Metals Pty Ltd	Dormant	Australia	Ordinary		100
Pilbara Goldfields Pty Ltd	Exploration	Australia	Ordinary		100
American Vanadium Pty Ltd	Exploration	Australia	Ordinary		100
Standard Minerals Inc	Exploration	United States	Ordinary		25
Cisco Minerals Inc	Exploration	United States	Ordinary		25
EnviroCopper Limited	Exploration	Australia	Ordinary		24
The registered office for Molyhil Mining Pty Ltd, Hale Energy, Hammersley Metals Pty Ltd, Pilbara Goldfields Pty Ltd and American Vanadium Pty ltd is 1/295 Rokeby Rd, Subiaco WA 6008. The registered office for Go Exploration Pty Ltd is 194 Hay Street, Subiaco, WA 6008. The registered office of Standard Minerals Inc and Cisco Minerals Inc is 3500 Washington Avenue, Ste 200, Houston, TX 77007, United States.

(a) Investments Subsidiary companies:
			Company
			£'000	£'000
			2026	2025
Investment in subsidiary undertakings			5,881	5,881
Less: Impairment provision against investment			(2,637)	(2,637)
			3,244	3,244

(b) Loans to subsidiaries:
			Company
			£'000	£'000
			2026	2025
Loans to subsidiary undertakings			19,324	19,227
Less: Impairment provision against loan			(15,502)	(7,921)
			3,822	11,306


(c) Financial assets at fair value through profit or loss:	Consolidated		Company
	£'000	£'000	£'000	£'000
	2026	2025	2026	2025

Non-current	-		-	-
Investment in EnviroCopper Limited (ECL)	-	131		-
Investment in Standard Minerals (STD)	246	-	-	-
Investment in Cisco Minerals (CML)	41	-	-	-
Total financial assets	287	131		-

(d) Investments accounted for using the equity method:
	Consolidated		Company
	£'000	£'000	£'000	£'000
	2026	2025	2026	2025
A reconciliation of the carrying amount of the investments in the company is set out below:
EnviroCopper Ltd
Amount reclassified from FVTPL	502	-
Initial cost of the equity accounted investment	-	599	-	-
Share of loss of associate, accounted for using the equity method	(99)	(63)	-	-
Share of foreign currency translation reserve	4	(1)	-	-
Amount reclassified to financial assets through profit and loss	-	(535)	-	-
	407	-	-	-

Net assets acquired	£'000
Exploration assets	3,274
Cash and cash equivalents	9
Other current liabilities	(6)
Non-controlling interest	(32)
Total	3,245

	£
Cash consideration (exclusivity payment)	100,000
Fair value of Metals One Plc shares received (14,224,751 shares at £.0535)	761,000
Total consideration	861,000
Fair value of retained 25% interest 1	287,000
Less: carrying value of net liabilities disposed	(1,617,000)
(Loss) recognised in profit or loss	(469,000)

11. Property, plant and equipment	Consolidated		Company
	£'000	£'000	£'000	£'000
Plant and Equipment:	2026	2025	2026	2025
At cost	-	-	-	-
Accumulated depreciation	-	-	-	-
Total Property, Plant and Equipment	-	-	-	-

UK Pounds	(67)	(164)	(67)	(164)
Australian Dollars	(51)	(30)	-	-
	(118)	(194)	(67)	(164)

Results for the year ended 30 June 2026

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14. Lease liability
	Consolidated				Company
			£'000	£'000	£'000	£'000
			2026	2025	2026	2025
Lease Liability is represented by:
Current		-		(10)	--	-
Non-Current		-		-	-	-
Total Lease Liability		-		(10)	-	-

Number	Grant Date	Expiry Date	Exercise Price
3,125,0001	26 Nov 2021	25 Nov 2026	A$0.300
18,518,5202	3 Nov 2023	3 Nov 2028	A$0.300
50,000,0003	27 & 28 Jun 2026	27 Jun 2027	A$0.026
20,000,0004	27 Jun 2026	27 Jun 2027	A$0.026
500,0005	7 Sep 2023	7 Sep 2026	-
35,000,000 6	24 Nov 2024	23 Nov 2027	-
45,000,000 7	05 Feb 2025	05 Feb 2027 05 Feb 2028 05 Feb 2029	- - A$0.07
10,000,000 8	24 Mar 2025	24 Mar 2027	A$0.03
10,000,000 8	24 Mar 2025	24 Mar 2028	A$0.03
15,000,000 9	11 Nov 2025	11 Dec 2028	-
30,000,000 10	11 Nov 2025	11 Dec 2028	-
237,143,520 Total outstanding

Number	Number	Weighted Average Exercise Price (GBP)
Balance at 1 July 2024	164,150,166	0.049
Granted during the year	65,000,000	0.021
Lapsed post consolidation	(68,906,646)	0.045
Balance as at 30 June 2025	160,243,520	0.036
Balance exercisable as at 30 June 2025	160,243,520	0.036

Number	Number
Balance at the beginning of the year	3,000,000
Granted during the year	50,000,000
Lapsed/exercised during the year	(2,500,000)
Balance as at 30 June 2025	50,500,000
Balance exercisable as at 30 June 2025	-

Grant Date	Number	Dividend yield	Underlying Security spot price	Exercise price	Standard deviation of returns	Risk free rate	Expiration period	valuation per option
26 /11/2021	3,125,000	0.00%	A$0.15	A$0.30	126%	1.44%	5yrs	£0.06463
03/11/2023	18,518,520	0.00%	A$0.0240	A$0.300	115%	4.36%	5.2yrs	£0.0060
05/01/2023	20,000,000	0.00%	A$0.016	A$0.026	110%	3.85%	5yr	£0.00501
05/02/2025	15,000,000	0.00%	£.012	A$0.03	45%	4.5%	2yr	£0.00249
05/02/2025	15,000,000	0.00%	£.012	A$0.05	71%	4.5%	3yr	£0.000957
05/02/2025	15,000,000	0.00%	£.012	A$0.07	64%	4.5%	4yr	£0.000774
24/03/2025	10,000,000	0.00%	£.011	A$0.03	71%	4.5%	2yr	£0.000777
24/03/2025	10,000,000	0.00%	£.011	A$0.03	71%	4.5%	3yr	£0.001291

	Grante Date	Number	Dividend yield	Underlying Security spot price	Exercise price	Standard deviation of returns	Risk free rate	Expiration period	Valuation per option
Director Performance rights1	07/09/2023	500,000	0.00%	A$0.050	A$0.000	125.43%	3.87%	3yrs	£0.01841
Performance rights T1	24/11/2024	20,000,000	0.00%	£0.0066	A$0.000	72.5%	4%	3yrs	£0.0036
Performance rights T2	24/11/2024	15,000,000	0.00%	£0.0066	A$0.000	72.5%	4%	3yrs	£0.00155
LM T1	11/11/2025	4,500,000	0.00%	A$0.0135	A$0.000	70%	4%	3yrs	£0.0064
LM T2	11/11/2025	4,500,000	0.00%	A$0.0135	A$0.000	70%	4%	3yrs	£0.0035
LM T3	11/11/2025	6,000,000	0.00%	A$0.0135	A$0.000	70%	4%	3yrs	£0.0034
AH T1 3	11/11/2025	15,000,000	0.00%	A$0.0135	A$0.000	N/A	N/A	3yrs	£0.0033
AH T2 3	11/11/2025	9,000,000	0.00%	A$0.0135	A$0.000	N/A	N/A	3yrs	£0.0017
AH T3 3	11/11/2025	6,000,000	0.00%	A$0.0135	A$0.000	N/A	N/A	3yrs	£0.0007

	2026		2025
	Carrying Amount £’000	Fair Value £’000	Carrying Amount £’000	Fair Value £’000
Financial assets measured at fair value:
Investment in ECL	-	-	131	131
Investment in Standard & Cisco	287	287	-	-
Financial assets at amortised costs
Cash and cash equivalents	1,453	1,453	686	686
Trade & other receivables	9	9	24	24
Deposits supporting performance guarantees	40	40	80	80
Deferred consideration	1,688	1,688	-	-

Financial liabilities at amortised cost:
Trade and other payables	143	143	208	208

Statement of financial position at 30 June 2026	A$	£'000
Cash and cash equivalents	1,685,228	876
Other current assets	42,375	22
Current assets	1,727,603	898
Investment in Andromeda Metals Ltd shares	600,152	312
Term deposit	1,000,000	520
Environmental bonds	40,000	21
Property, plant and equipment	73,902	38
Right-of-use assets	64,427	34
Non-current assets	1,778,481	925
Trade and other payables	(92,139)	(48)
Employee provisions	(72,694)	(38)
Lease liabilities	(31,045)	(16)
Current liabilities	(195,878)	(102)
Non-current liabilities – lease liabilities	(59,890)	(31)
Net assets	3,250,316	1,690

Statement of comprehensive income for the period 1 March to 30 June 2026	A$	£'000
Revenue	–	–
Loss for the period	(779,324)	(410)
Other comprehensive income	–	–
Total comprehensive loss for the period	(779,324)	(410)
Dividends received from ECL	–	–

Reconciliation to carrying amount		£'000
Net assets of ECL at 2 March(reclassification from financial assets)		2,095
Group's ownership interest		24%
Group's share of net assets		502
Share of net loss		(99)
Exchange movement		4
Carrying amount of the investment at 30 June 2026		407