29 June 2026

 

 

Beowulf Mining plc

 

("Beowulf" or the "Company")

 

 

Audited Financial Results for the year ended 31 December 2025 and Notice of Annual General Meeting

 

 

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its audited financial results for the year ended 31 December 2025 (the "Period").

 

The Annual Report and Accounts will be tabled to shareholders at the 2026 Annual General Meeting ("AGM") of the Company.  The 2025 Annual Report and the Notice of AGM and Form of Proxy will shortly be posted to those shareholders who have requested a copy and will be available on the Company's website (https://beowulfmining.com/) and at the following links:

 

https://beowulfmining.com/wp-content/uploads/2026/06/2026-Notice-of-Annual-General-Meeting.pdf

 

https://beowulfmining.com/wp-content/uploads/2026/06/Beowulf-Mining-Plc-FY25-Annual-Report.pdf

 

The AGM of the Company will be held at 11:00 on Thursday 23 July 2026 at the offices of Fieldfisher LLP at Riverbank House, 2 Swan Lane, London, EC4R 3TT, United Kingdom. 

 

The Company encourages shareholders to submit their voting instructions in advance by proxy whether or not they intend to attend. The "Notes" section of the Notice of AGM provides details on how to vote for Shareholders and holders of Swedish Depository Receipt. 

 

Shareholders are invited to submit questions to the Board on matters to be discussed at the AGM in advance. Questions can be submitted by email to [email protected] by 11:00 a.m. (BST) on 21 July 2026.

 

 

 

Enquiries:

 

Beowulf Mining plc

Ed Bowie, Chief Executive Officer                    [email protected]

 

SP Angel

(Nominated Adviser & Broker)         

Ewan Leggat / Stuart Gledhill / Adam Cowl     Tel: +44 (0) 20 3470 0470

 

BlytheRay             

Megan Ray / Rachael Brooks                             Tel: +44 (0) 20 7138 3204

 

 

 

 

 

 

Cautionary Statement

 

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecast.

 

 

 

 

CHAIRMAN'S STATEMENT

 

Dear Shareholders,

 

I am pleased to introduce the Annual Report for 2025.

 

The Company has continued to advance and de-risk its two core assets during the year. The focus of activity at Kallak has been on progressing the PFS and preparations for the submission of the Environmental Permit application. Many technical and environmental workstreams have now been fully or substantially completed, and we have a clear plan for concluding those that remain outstanding. Engagement with local stakeholders continues to be a priority, and the Company has held numerous meetings over the year to inform and receive feedback on our future plans.

 

2025 was a milestone year for Grafintec with the completion of the PFS, which demonstrated the project is both technically robust and has exceptional economics. Securing a site for the future development of GAMP in the Keltakallio industrial area was a further major step forward. The area is an emerging battery hub which boasts excellent infrastructure, and we have enjoyed great support from the municipality of Kotka and Cursor, the local development agency. The next step for GAMP is pilot testing, and plans are in place to fund and deliver this critical stage on the way to becoming a key supplier of critical minerals in the European battery supply chain.

 

With the development of our two core assets remaining the priority, Beowulf has sought to streamline the broader portfolio and secure strategic support. The non-binding offer for Vardar is evidence of this effort, and we hope to be able to conclude the transaction in the coming months. Further, the proposed strategic investment from Bacchus Capital & Affiliates should be transformational for the Company, providing capital to stabilise the business and advance the core assets through to the end of 2027, adding a strategic cornerstone investor block to the shareholder register, and enhancing the Board and management team. We are focused on achieving the requisite approvals and concluding the financing within the coming weeks.

 

I would like to thank our shareholders and stakeholders for their continuing support.

 

 

 

 

J Röstin

Non-Executive Chairman

26 June 2026

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BEOWULF MINING PLC

 

Opinion

We have audited the financial statements of Beowulf Mining Plc (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025 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 Parent 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 Parent Company's affairs as at 31 December 2025 and of the Group's loss for the year then ended;

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

·      the Parent Company financial statements have been properly prepared in accordance with UK-adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006; 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 Group and Parent 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 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 1 in the financial statements, which sets out that the Group and Parent Company will require additional funding within the 12 months following the date of approval of the financial statements in order to continue in operation and meet liabilities as they fall due. As disclosed in note 1, subsequent to the year end, the Company has entered into a binding agreement to raise £3.7 million through a strategic investment. This funding is subject to a number of conditions and approvals. Pending completion of this longer-term funding, the Company has secured interim financing through royalty arrangements over its Finnish and Swedish assets. As the strategic investment remains subject to various conditions and approvals, the completion of which is not guaranteed, these conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's and Parent 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 Group's and Parent Company's ability to continue to adopt the going concern basis of accounting included:

·      critically reviewing the cashflow forecasts and budgets prepared by management for the period to 31 December 2027, corroborating and providing challenge to key assumptions and inputs used, including reviewing license agreements to confirm that committed expenditure is appropriately included in forecasts;

·      comparing forecast expenditures to current year actual results and corroborating any significant variances;

·      obtaining an understanding of cash preservation measures available to the group, and corroborating to supporting documentation where applicable;

·      comparing historic forecasts to the actual results in the year to assess the historic accuracy of the forecasting process;

·      reviewing post year-end bank statements and management information to ascertain the Group's and the Parent Company's latest financial position and post year-end performance, and comparing this to the forecasts; and

·      reviewing and understanding the terms of any post-year end financing arrangements and considering the impact of post-year end events, including confirming receipt of royalty payments.

 

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

 

Emphasis of Matter

We draw attention to the disclosures made in the "Review of Operations and Activities" section of the Annual Report in relation to the 2025 update on Vardar Minerals Limited. Beowulf announced on 26 November 2025 that it had received a non-binding cash offer of €4 million (£3.5m) for its 100% interest in Vardar and subsequently confirmed that a non-binding Heads of Terms had been signed with the proposed buyer with whom discussions remain ongoing. Should the sale with the proposed buyer not proceed on these terms, this may result in the fair value less costs to sell of the held for sale assets (Note 26) being lower than their carrying value as at 31 December 2025.

Our opinion is not modified in this respect.

Our application of materiality

The scope of our audit was influenced by our application of materiality. The quantitative and qualitative

thresholds for materiality determine the scope of our audit and the nature, timing and extent of our audit

procedures.

 

We determined materiality for the Group and Parent Company financial statements to be:

 

	Group		Parent Company
	£	Basis	£	Basis
Overall materiality	370,000 (2024: 258,000)	2% of net assets (2024: 1.5% of gross assets)	246,000 (2024: 250,000)	2% of net assets, capped below group performance materiality (2024: 1.25% of gross assets)
Performance materiality	259,000 (2024: 154,000)	70% of materiality (2024: 60% of materiality)	172,500 (2024: 150,000)	70% of materiality (2024: 60% of materiality)

 

 

 

Triviality	18,500 (2024: 12,000)	5% of materiality (2024: 5% of materiality)	12,300 (2024: 12,000)	5% of materiality (2024: Group triviality)
Rationale for the benchmark applied	The Group does not yet have commercial sales, and its key projects had not commenced full-scale operations as at 31 December 2025. During the year, the Group issued convertible loan notes. We consider net assets to be the most appropriate benchmark for determining materiality, incorporating the key assets from which the Group expects to generate future revenue, as well as its ability to manage operating costs and working capital effectively.		The Parent Company does not generate revenue, and its primary balance comprises investments in subsidiaries. During the year, the Parent Company issued convertible loan notes. We consider net assets to be the most appropriate benchmark for determining materiality, incorporating the underlying value of the Parent Company's investments and its overall financial position, which are the key areas of focus for shareholders.

 

The percentage applied to this benchmark has been selected to bring into scope all significant classes of transactions, account balances and disclosures relevant for the shareholders, and also to ensure that matters that would have a significant impact on the financial statements were appropriately considered.

We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we apply performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures.

We set performance materiality at 70% of overall materiality for both the Group and the Parent Company (2024: 60%). The increase in the percentage applied appropriately reflects the inherent risk profile and the accumulation of additional knowledge following first-year audit procedures performed in the prior year, through which we obtained a more comprehensive understanding of the Group and Parent Company, including their systems, controls, and financial reporting processes. This enhanced knowledge, together with no significant issues identified in the prior year, supports a higher performance materiality while still maintaining an appropriately low level of audit risk.

In determining performance materiality, we considered the following factors:

·      Our cumulative knowledge of the Group and Parent Company and its environment, including industry specific trends;

·      Significant transactions during the year; and

·      The level of judgement required in respect of the key accounting estimates.

We agreed with the audit committee that we would report all individual audit differences identified for the Group during the course of our audit in excess of £18,500 (2024: £12,000) (Parent Company: £12,300 (2024: £12,000) together with any other audit misstatements below that threshold that we believe warranted reporting on qualitative grounds.

Whilst performance materiality for the Group was set at £259,000 (2024: £154,000), we also assessed performance materiality for in-scope entities. We assessed there to be four material entities in the group (2024: four), including the UK Parent Company, and operating entities in Sweden, Finland and Kosovo. Full scope audits were performed on the UK Parent Company by us as group auditor, and on the Swedish and Finnish entities by component auditors in each jurisdiction. Audit procedures on certain account balances and classes of transaction were performed on the Kosovan entity by us as group auditor.

 

 

Aside from the Parent Company, materiality for which is detailed above, these three entities were audited to a performance materiality ranging from £77,000 to £171,500 (2024: £77,000 to £115,500), representing an appropriate percentage of the Group's performance materiality according to their relative net asset contribution and our assessment of inherent risk. Therefore, we conclude that this approach provides sufficient coverage of both significant and residual risks. The concept of materiality was applied throughout the audit, from planning to execution, as well as in evaluating the impact of misstatements.

Our approach to the audit

In designing our audit approach, we determined materiality and assessed the risk of material misstatement in the financial statements. In particular, we assessed the areas requiring the board and management to make subjective judgements, for example in respect of significant accounting estimates including the carrying value of intangible assets and management override of controls.

An audit was performed on the financial information of the Group's four in-scope components as detailed in the previous section. Two of the four components, Sweden and Finland, were audited by component auditors.

The Group audit team provided instructions to component auditors regarding significant areas to be covered, including the relevant risks described below, and the required reporting information. The Group team visited the two component locations in Sweden and Finland to assess audit risk and strategy, conducting component file reviews accordingly. Discussions were held at all stages of the process with component auditors across all locations, and appropriate reporting appendices were received and reviewed in accordance with our instructions.

The audit of the Kosovan component, the Parent Company and the consolidation were performed in the United Kingdom by the Group audit team. Additionally, the Group audit team performed top-up work the Key Audit Matter relating to impairment of intangible assets, supplementing the work conducted by the Swedish and Finnish component auditors.

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 of our report, 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 and assessment of impairment of intangible exploration evaluation assets (Note 9)
The intangible exploration and evaluation asset represents capitalised exploration costs in respect of the Group's key projects in Finland and Sweden, and is the most significant asset on the Group's statement of financial position at the year end. There is a risk that the carrying value of intangible assets is not recoverable and an impairment charge is required.	Our work in this area included: ·      Obtaining confirmation that the Group has good title to the applicable exploration licences, including any new licences or renewals obtained during the year; ·      Testing a sample of additions to ensure costs have been capitalised in accordance with IFRS 6;

 

 

 

Given the early stage of development of the projects, management is required to exercise significant judgement in assessing the recoverability of these assets. As a result of the level of judgement required, we have determined this to be a key audit matter.	·      Holding discussions with management, reviewing publicly available information, relevant technical reports, and Board minutes to ascertain the status of the projects, developments in the year and future plans, and to identify any potential impairment indicators; ·      Reviewing management's assessment of impairment and considering whether there are any indicators of impairment as per IFRS 6. Providing challenge to, and corroborating, key assumptions made in the assessment; ·      Where an impairment has been recorded during the year in respect of one or more licences, reviewing the circumstances leading to the impairment and ensuring this has been recorded at an appropriate amount; and ·      Reviewing disclosures in the financial statements to ensure that they are complete and in accordance with IFRS 6.   Key observations Based on the audit work performed, we do not consider the carrying value of intangible assets at the year end to be materially misstated. However, we draw attention to the disclosures made in the "Review of Operations and Activities" section of the Annual Report in relation to the status of licences in Sweden and Finland, a number of which are due for renewal within the 12 months following the date of this report, or currently awaiting approval. Should the renewals be unsuccessful for any reason, this may result in impairment to the related intangible assets.
Capitalisation and impairment of development expenditure (Note 9)
The Group holds a significant intangible development asset relating to the Graphite Anode Materials Project ("GAMP") in Finland. This asset represents capitalised expenditure incurred in progressing the Group's graphite anode materials strategy, including feasibility studies, technical development, permitting processes, and associated project work. Given the early stage of development of the project, management is required to exercise significant judgement in assessing the recoverability of this asset and also the capitalisation of expenditure to contribute to this balance in line with IAS 38. As a result of the level of judgement required, we have determined this to be a key audit matter.	Our work in this area included: ·      Testing a sample of additions to supporting documentation to ensure costs have been capitalised in accordance with IAS 38, including obtaining an understanding of the nature of the costs capitalised; ·      Obtaining any relevant technical reports prepared in relation to the project, including the GAMP Pre-Feasibility Study completed in 2025, and considering the conclusions made;

 

 

 

	·      Holding discussions with management, reviewing publicly available information and Board minutes to ascertain the status of the project, developments in the year and future plans, and to identify any potential impairment indicators; ·      Obtaining management's impairment position paper in accordance with the requirements of IAS 36. Providing challenge to, and corroborating, key assumptions made in the assessment; and ·      Reviewing disclosures and ensuring these are in accordance with IAS 38.
Valuation of investments and intercompany receivables (Note 11 and 12)
The parent company holds £817k of investments in subsidiaries and £16,184k of intercompany loans relating to its interest in Jokkmokk Iron Mines AB and Grafintec Oy. These are the most significant assets on the parent company's statement of financial position. There is a risk of material misstatement surrounding the recoverability of investments in subsidiaries and intercompany receivables. The carrying value of these investments and receivables is ultimately dependent on the value of the underlying assets. The key underlying assets are exploration projects and development assets for which it is difficult to definitively determine their value at the current stage of development. Valuations for these assets are therefore based on judgments and estimates made by the Directors, which leads to a risk of misstatement. As a result of the level of judgement required, we have determined this to be a key audit matter.	Our work in this area included: ·      Obtaining evidence of ownership for investments in subsidiaries; ·      Reviewing management's position paper in respect of the recoverability of investment balances and providing appropriate challenge, corroborating any key assumptions used; ·      Reviewing investment balances for indicators of impairment in accordance with IAS 36; ·      Reviewing the value of investment balances against the value of the underlying assets, including reference to work performed in respect of the carrying value of exploration expenditure in accordance with IFRS 6 and intangible development assets in accordance with IAS 36; ·      Considering the appropriateness of the methodology applied by management in the assessment of the recoverable amount of intercompany loans, and the calculation of expected credit loss provisions against these balances, in accordance with the requirements of IFRS 9; and ·      Ensuring disclosures made in the financial statements in relation to critical accounting judgements are adequate.

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 Group and Parent Company 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, 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 Group and the Parent Company and their 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

·      the Parent Company financial statements 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 Group and Parent Company 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 Group and Parent Company financial statements, the directors are responsible for assessing the Group and the Parent 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 Group or the Parent 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 Group and Parent Company and the sector in which they operate 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 detailed discussions with management about and potential instances of non-compliance with laws and regulations both in the UK and in overseas subsidiaries. We also selected a specific audit team based on experience with auditing entities within this industry of a similar size.

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

o  Companies Act 2006;

o  AIM Rules;

o  Quoted Companies Alliance (QCA) Corporate Governance code;

o  UK tax and employment law;

o  Anti-bribery and money laundering regulations; and

o  Local mining laws and regulations in Sweden, Finland and Kosovo.

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

o  Making enquiries of management;

o  Reviewing legal and professional fees to understand the nature of the costs and the existence of any non-compliance with laws and regulations; and

o  Reviewing minutes of meetings of those charged with governance and Regulatory News Service announcements.

·      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 was identified in relation to the carrying value and assessment of impairment of intangible exploration assets, capitalisation and impairment of development expenditure and the valuation of investments and intercompany receivables. We addressed this by challenging the assumptions and judgements made by management in relation to this balance. The work performed on this area is disclosed above.

·      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; evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and reviewing significant transactions in the banks statements to identify potentially large or unusual transactions that do not appear to be in line with our understanding of business operations.

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.

 

 

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 Parent 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.

 

 

 

 

 

Imogen Massey (Senior Statutory Auditor)                                                                                                            30 Churchill Place

For and on behalf of PKF Littlejohn LLP                                                                                                                           Canary Wharf

Statutory Auditor                                                                                                                                                            London E14 5RE

26 June 2026

 

 

CONSOLIDATED INCOME STATEMENT

 

		2025		(Restated)1 2024
	Note	£		£
Continuing operations
Administrative expenses		(1,563,475)		(1,541,996)
Impairment of exploration assets	5	(12,397)		(72,563)
Operating loss from continuing operations		(1,575,872)		(1,614,559)
Finance costs	3	(60,766)		(61,104)
Finance income	3	2,224		3,404
Grant income	7	177		3,561
Fair value loss on listed investment	5	(1,500)		(3,313)
Loss on disposal of right of use asset		(3,715)		-
Other income	4	16,793		-
Loss before tax		(1,622,659)		(1,672,011)
Tax expense	6	-		-
Loss for the year from continuing operations		(1,622,659)		(1,672,011)
Loss from discontinued operations	26	(124,919)		(116,997)
Loss for the year		(1,747,578)		(1,789,008)
Loss attributable to:
Owners of the parent		(1,747,578)		(1,771,325)
Non-controlling interests	16	-		(17,683)
		(1,747,578)		(1,789,008)
Loss per share attributable to the ordinary equity holder of the parent:
Continuing operations Basic and diluted (pence)	8	(3.10)		(4.79)
Discontinued operations Basic and diluted (pence)	8	(0.24)		(0.34)

¹The prior year figures have been restated for the discontinued operations, refer to Note 26 for further details. 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

		2025		(Restated)1 2024
	Note	£		£
Loss for the year		(1,747,578)		(1,789,008)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange gains/(losses) arising on translation of foreign operations		1,481,363		(958,163)
		1,481,363		(958,163)
Total comprehensive loss		(266,215)		(2,747,171)
Total comprehensive loss attributable to:
Owners of the parent		(266,215)		(2,709,387)
Non-controlling interests	16	-		(37,784)
		(266,215)		(2,747,171)

 

¹The prior year figures have been restated for the discontinued operations, refer to Note 26 for further details.       

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

Company Number 02330496	Note	2025		2024
		£		£
ASSETS
NON-CURRENT ASSETS
Intangible assets	9	15,373,303		16,023,022
Property, plant and equipment	10	824		56,685
Right-of-use assets	13	21,245		48,333
Investments held at fair value through profit or loss	11	1,750		3,250
Loans and other financial assets	12	2,784		5,138
		15,399,906		16,136,428
CURRENT ASSETS
Trade and other receivables	14	88,519		192,512
Cash and cash equivalents	15	329,647		881,349
		418,166		1,073,861
Assets classified as held for sale	26	3,600,177		-
		4,018,343		1,073,861
TOTAL ASSETS		19,418,249		17,210,289
EQUITY
SHAREHOLDERS' EQUITY
Share capital	17	13,397,580		12,356,927
Share premium	19	30,627,454		29,878,404
Capital contribution reserve	19	46,451		46,451
Share based payment reserve	19	1,413,206		1,124,131
Warrant reserve	19	68,640		-
Merger reserve	19	425,497		425,497
Translation reserve	19	(914,571)		(2,395,934)
Accumulated losses	19	(26,511,632)		(24,764,054)
		18,552,625		16,671,422
TOTAL EQUITY		18,552,625		16,671,422
LIABILITIES
CURRENT LIABILITIES
Trade and other payables	20	318,189		508,124
Lease liabilities	21	8,049		20,727
Borrowings	22	333,958		-
Derivative financial liabilities	23	88,996		-
		749,192		528,851
Liabilities directly associated with assets held for sale	26	107,149		-
		856,341		528,851
NON-CURRENT LIABILITIES
Lease liabilities	21	9,283		10,016
		9,283		10,016
TOTAL LIABILITIES		865,624		538,867
TOTAL EQUITY AND LIABILITIES		19,418,249		17,210,289

 

 

The financial statements were approved and authorised for issue by the Board of Directors on 26 June 2026 and were signed on its behalf by:

 

 

 

E Bowie - Director

 

COMPANY STATEMENT OF FINANCIAL POSITION

 

Company Number 02330496	Note	2025		2024
		£		£
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	10	542		723
Investments in subsidiaries	11	817,025		4,093,692
Investments held at fair value through profit or loss	11	1,750		3,250
Loans and other financial assets	12	16,187,149		14,995,747
		17,006,466		19,093,412
CURRENT ASSETS
Trade and other receivables	14	28,451		20,150
Cash and cash equivalents	15	235,652		714,339
		264,103		734,489
Assets classified as held for sale	26	3,493,028		-
		3,757,131		734,489
TOTAL ASSETS		20,763,597		19,827,901
EQUITY
SHAREHOLDERS' EQUITY
Share capital	17	13,397,580		12,356,927
Share premium	19	30,627,454		29,878,404
Capital contribution reserve	19	46,451		46,451
Share based payment reserve	19	1,413,206		1,124,131
Warrant reserve	19	68,640		-
Merger reserve	19	425,497		425,497
Accumulated losses	19	(25,813,182)		(24,127,038)
TOTAL EQUITY		20,165,646		19,704,372
LIABILITIES
CURRENT LIABILITIES
Trade and other payables	20	174,997		123,529
Borrowings	22	333,958		-
Derivative financial liabilities	23	88,996		-
TOTAL LIABILITIES		597,951		123,529
TOTAL EQUITY AND LIABILITIES		20,763,597		19,827,901

 

As permitted by Section 408 of the Companies Act 2006, the income statement of the parent Company is not presented as part of these financial statements. The parent Company's loss for the financial year was £1,686,144 (2024: loss of £1,956,618).

 

These financial statements were approved and authorised for issue by the Board of Directors on 26 June 2026 and were signed on its behalf by:

 

 

 

E Bowie - Director