2 June 2026

Power Metal Resources plc

("Power Metal" or the "Company")

Audited Financial Results for the Year Ended 31 December 2025

Power Metal Resources plc (AIM:POW) the London listed exploration company with a global project portfolio announces its consolidated audited results for the year ended 31 December 2025, for the Company and its subsidiaries (together the "Group").

Introduction

 

The Group has made meaningful progress during the period. Market sentiment has improved over the past year and we have sought to capitalise on this, undertaking new ventures, progressing existing operations and crystallising value on several investments, strengthening the financial position of the Group against this highly favourable backdrop.

 

We've always retained a resolute focus on establishing a portfolio that spreads risk across a diverse array of commodities and jurisdictions, and I'm delighted that this has been further bolstered by our future-facing investments in Minestarters and Apex Royalties, where we have built exposure to tokenised assets and prospective royalty opportunities.

 

There has also been a concerted effort during this year to consolidate our asset portfolio, concurrently realising significant returns on investments at opportune moments, whilst streamlining our efforts away from projects that no longer fully align with our strategic goals. The results seen across this year have cemented our confidence in the project incubator model. 

 

We are delighted to share the progress that Power Metal Resources Plc ("Power Metal") and its subsidiaries have achieved over the year ended 31 December 2025.

 

Operational Activity

 

North America

 

During the year, significant progress was made across our uranium-focused joint venture ("JV") with UCAM Ltd ("UCAM"), known as Fermi Exploration ("Fermi"), which comprises Power Metal's entire portfolio of uranium licenses. The results from the exploration programmes across the Fermi licences have further underpinned our confidence in the region's prospectivity.

 

Tait Hill

 

A significant intrusion-related uranium target - the Antler Zone - was identified at the property during the year, with sampling results confirming historical radiometric and magnetic geophysical survey data. Geochemical and radon gas results show potential for intrusion-related uranium mineralisation at the Antler Zone, including a 700 metre ("m") trend of key indicators. Radon-in-water anomalies from three nearby lakes support a proximal uranium source.

 

Rock samples taken from the Antler Zone returned Tait Hill's highest uranium values to date, including 1.68% uranium in pegmatite, whilst a target area 7 kilometres ("km") north of the Antler Zone showed anomalous radon levels, high ^206/204lead ("Pb") ratios, and elevated uranium in soil samples, marking it as another promising intrusive-style uranium target.

 

Fortin River

 

Fortin River was acquired at the beginning of the year by mineral staking. Preliminary geophysical results indicate the presence of a significant uranium target due to an initial magnetic and electromagnetic survey, providing information on the underlying geology of the licence and identifying the presence of a ring-shaped electromagnetic response - consistent with impact craters observed in Northern Saskatchewan and elsewhere on earth. This inferred impact crater was previously unidentified with no modern and very limited historical exploration carried out in the area.

 

Similar craters within the Athabasca Basin, including the Carswell Crater, located 140km northwest of Fortin River, and the Pasfield Lake Crater, 200km northeast of Fortin River, are associated with mineralisation. Due to the meteor impact, these regions are highly porous environments with enhanced fluid flow, and uranium deposits have historically been located in the craters. Fortin River remains prospective for unconformity-related uranium deposits.

 

A radon and swamp bed sampling programme has been completed to inform future exploration on the property. Preliminary results have been received, with final interpretation pending analysis of the swamp/lake-bottom samples, given the potential for uranium enrichment from secondary sedimentary sources.

 

Reitenbach

 

The Reitenbach Property was expanded during the year by 27.5% via direct mineral claim staking.

 

Geophysical surveys and fieldwork undertaken to date indicate the presence of multiple prospective target areas. A small field programme in the northeastern portion of the property, including the Nuphar and Goodleap Targets, was commissioned to refine and narrow the prospective area for future work. This work identified multiple potential basement sources of uranium, supported by radon anomalism, down-ice uranium dispersion, and favourable lead isotope results.

 

Further work programmes during the year, targeting the northern extensions of the Nuphar anomaly and aiming to refine and narrow the prospective area for future work was paused due to wildfires in the region. Radon and soil geochemical sampling results were announced post-year end, identifying three priority uranium target areas and further supporting the interpretation of concealed basement-hosted uranium mineralisation.

 

Drake Lake-Silas

 

Drill targets were established at Drake Lake-Silas to test high priority Iron Oxide Copper Gold ("IOCG") mineralisation targets. A seven-hole, 1,903m, diamond drilling programme was initiated and completed during the year, intercepting high-grade uranium. From the programmes, two zones of mineralisation were found, a 2.05m thick hematite breccia recording 600 parts per million ("ppm"), 0.33%, uranium and 1,490 ppm, 0.15%, uranium.

 

Prior to the drill programme, further magnetic and electromagnetic geophysical surveys and geochemical sampling were commissioned and completed to support drill targeting and further increase the knowledge of the size of the opportunity presented at Drake Lake-Silas.

 

Perch River

 

Between June and July 2025, a six-hole, 1,563m diamond drilling programme was completed, successfully testing an inferred shear structure with a coincident anomalous uranium, lead isotopes and radon results in the soils overlying the structure.

 

The assay results announced in November 2025 found highly anomalous lead isotopes with results of up to 242.8 (²⁰⁶Pb/²⁰⁴Pb) and 0.15 (²⁰⁷Pb/²⁰⁶Pb) which indicate a strong radiogenic lead signature typically associated with uranium mineralisation within a major fault structure.

 

This target, the Rapids Fault System, has been confirmed as a high-priority target. Additional drill core sampling was completed in December 2025, and petrological review is to refine the geological model prior to the initiation of further workstreams.

 

Badger Lake

 

During 2025, comprehensive exploration studies, including soil geochemical, radon gas and biogeochemical sampling were undertaken at Badger Lake. A 2,100m diamond drilling programme was designed following comprehensive exploration studies, including geophysical, geochemical, and surficial studies; the programme commenced 2 March 2026, following the receipt of permits and mobilisation of contractors. Testing is planned on electromagnetic geophysical and geochemical anomalies identified in the S-Zone. The drill programme will test two major shear zones and the S-Zone underlying a significant uranium, cobalt and nickel soil anomaly.

 

The S-Zone target differs from most unconformity-related uranium targets in the Athabasca Basin, with the processed geophysical data suggesting a tabular conductive body situated at the unconformity between two major fault structures. Whilst the S-Zone differs from the other targets seen in Fermi's portfolio, it shares similarities to other deposits in the region.

 

East Hawkrock

 

Preliminary analysis of the region indicates that most targets are located beneath shallow lakes. Given the shallow unconformity on the property, drilling solely from land would be both technically challenging and potentially limit the scope of the campaign.

 

Following the receipt of the necessary permits, and a delay caused by regional wildfires, a drill programme was planned and commenced in Q2 2026, when drilling can be completed from the frozen lake surface as well as the land. The programme will further evaluate the property's geology, and an expert geophysicist will conduct a comprehensive analysis of the electromagnetic, gravity, and magnetic datasets, which will assist the Fermi Exploration team in defining robust drill targets.

 

West Hawkrock

 

Geophysical analysis during the year has failed to indicate the existence of any conductive lithologies at depth, nor any significant gravity lows or other targets on the property. Fermi has elected to pause further exploration on the West Hawkrock Property.

 

Durrant Lake

 

Fermi is continuing to evaluate the prospectivity of the Durrant Lake Property, having completed a supplementary Helicopter Time-Domain Electromagnetic ("HTEM") survey over the southern portion of the property. Fermi has received a drill permit for the Durrant Lake Property and has budget and contractors allocated for a potential drill programme.

 

Pardoe

 

Fermi is evaluating the completion of a work programme on the Pardoe Property. To support this, Fermi has commissioned Vorticity, a Silicon Valley-based firm innovating in scientific computing, to integrate and invert the multiple historical datasets acquired for the property. The company is considering options for field campaigns and geophysical programmes into 2026.

 

Arabian Shield

 

Power Metal, through its subsidiary Power Arabia Limited ("Power Arabia"), has continued to expand and strengthen its portfolio in the Arabian Shield, in particular the Kingdom of Saudi Arabia ("Saudi Arabia") and Oman. Throughout 2025, Saudi Arabia, as part of its Vision 2030 initiative, has increased its investment and updated regulatory procedures in the mining industry to help cement itself as a global hub for mineral resources. We have identified this advancing market and established a first mover position over the year.

 

We achieved a 20% holding in the Balthaga project in Saudi Arabia following the completion of the required US$350,000 expenditure within 12 months. Balthaga is subject to a mutually binding earn-in agreement with RIWAQ Al-Mawarid for Mining ("RIWAQ"), announced in March 2024.

 

Block 8, Oman

 

Exploration work was conducted by Power Arabia across the Block 8 exploration concession in Oman ("Block 8"), focusing on the Al Maider and Al Mansur prospects, which both have the potential to host significant mineralisation.

 

At the Al Maider Prospect, assay results from an initial 13 rock and float samples returned significant results of 4.46% and 1.75% copper ("Cu") and further rock chip sampling returned results including 7.84%, 4.7%, 2.8%, and 2.7% Cu. The results show strong correlation of copper with an associated structural feature.

 

At the Al Mansur Prospect, gravimetric geophysics ("Gravity") survey work defined five anomalies, with in-fill Gravity work defining two further drill targets for additional workstreams, subsequently named AM1 and AM2, which provide 700m of highly anomalous target strike length.

 

In addition, further exploration work at Block 8 was conducted. An additional 145 Ionic leach geochemical samples were submitted for analysis, providing coverage of two target zones based on the gravity survey interpretation. Several potential targets were promoted for next-stage fieldwork.

 

In Q4 2025, the maiden reconnaissance diamond core drilling programme was completed, covering eight drill holes for a total of 724.45m. Drilling confirmed the prospectivity of the area and provided intercepts of:

 

·      1.04% Cu over 1.5m (hole AM25DD001 from 95.5-97m within wider zone returning 0.52% Cu from 95.5-99.0m);

·      0.36% Cu over 1m (AM25DD001 from 72-73m, within a broader elevated Cu zone from 68-77m);

·      0.35% Cu over 4m (AM25DD001 from 80-84m, with up to 0.56% Cu from 80-81m);

·      0.19% Cu over 4m (AM25DD002 from 85-89m);

·      Elevated Cu, Pb and zinc ("Zn") results over 18m (AM25DD003 from 35-53m, associated with a sulphide stockwork in a fault zone); and

·      1.1% Zn over 1m (AM25DD006 from 51-52m, plus elevated Cu and Zn from 51-58m).

 

GSAe

 

Power Metal's 75% owned subsidiary GSA Environmental Ltd ("GSAe") advanced discussions with numerous parties for the licensing of its core metals extraction technologies over the year.

 

GSAe completed two major projects to treat significant volumes of industrial waste in both the power industry related to 'fly' ash and the phosphate industry related to Phosphogypsum, both significant multi million ton projects in for 2 leading Saudi Arabian companies. Waste streams are becoming an increasingly pressing issue throughout the entire industry due to higher disposal costs, environmental pressures and the push for zero waste to landfill as well as these materials being a source of critical metals

 

Advanced discussions are ongoing with respect to the front-end and engineering design ("FEED") study and related licensing agreement for a metals recovery facility in Saudi Arabia for the fly ash project following completion of a prefeasibility study successfully undertaken by GSAe earlier in the year and ongoing testwork is envisaged for the phosphogypsum project to refine the resulting products for increased economic returns.

 

Joint venture discussions also continue with a major European recycling company into the remediation of various toxic industrial wastes currently neutralised and sent to landfill with initial focus on TiO2 waste stream with a view to construction of a full scale processing plant in the UK.

 

Furthermore, GSAe has continued in-house research and development work into multiple waste streams including mine tailings, picking acids used in galvenisation, ash derived from Biomass plants and historic coal ash from UK power stations all increasing the companies experience base and, establishing new proprietary process designs. It has also applied for up to €2.5 million by way of EU backed grant funding, following on the back of the successful award of a sizeable grant (£600,000) from Innovate UK, which underpinned the development of a multi-feed metals demonstration plant with the view of processing assorted wastes generated in industrial facilities across the north of England currently sent to landfill.

 

Corporate Activity

 

North America

 

Silver Peak

 

During the year, we signed an Option Agreement to dispose of our 30% interest in Silver Peak Resources Limited ("Silver Peak") to JV partner Michael B Nugent ("MBN").

 

Power Metal has agreed to grant MBN with an exclusive option to acquire its entire 33.52% ownership interest in Silver Peak (representing a net 30% interest in the property) under the following terms:

·      MBN will pay Power Metal C$10,000 (the "Option Payment")

·      During the option period, Power Metal grants MBN the sole and exclusive right to acquire all, in whole or part, Power Metal's ownership interest in Silver Peak

·      Where the option is exercised during the period 1 April 2025 to 31 March 2026: C$9,547.00 per one percent of Silver Peak acquired, totalling C$320,000 for the entire 33.52% interest held by Power Metal in Silver Peak. 

·      Where the Option is exercised during the period 1 April 2026 to 31 March 2027: C$10,740.00 per one percent of Silver Peak, totalling C$360,000 for the entire 33.52% interest held by Power Metal in Silver Peak. 

·      Where the Option is exercised during the period 1 April 2027 to 31 March 2028: C$11,933.00 per one percent of Silver Peak, totalling C$400,000 for the entire 33.52% interest held by Power Metal in Silver Peak. 

Ya'thi Néné Lands and Resources ("YNLR")

 

Through our uranium-focused JV with UCAM, Fermi, we became the first UK-based junior exploration company to sign a completed Exploration Agreement with YNLR in support of Fermi's exploration in Northern Saskatchewan, Canada, as part of a commitment to fostering a sustainable and collaborative relationship in the Athabasca region. The agreement establishes terms for ongoing business and employment opportunities, as well as community liaison and engagement.

 

YNLR is owned by three First Nations and four municipalities in northern Saskatchewan and has a mandate to promote and enhance the environmental, social, economic and cultural well-being of current and future Athabasca residents.

 

This agreement further strengthens our connection with local stakeholders and provides a collaborative opportunity to progress Fermi's licences whilst supporting the region.

 

Guardian Metal Resources Plc ("GMET")

 

Following the partial disposal in February 2025, we sold our remaining holding of 24,699,825 ordinary shares in GMET in August 2025, for a total cash consideration of £13,584,904 before costs. This took the total funds received to £22,809,988 before costs over the course of two disposals, a return of 11.8 times on an original investment of £1,935,275.

 

This return validates our project incubator approach and provides the capital for us to progress projects and investments across our portfolio.

 

Arabian Shield

 

Block 8, Oman

 

During the year, we reached the initial earn-in milestone of 10% based on exploration spend on Block 8 to date of US$500,000, as per the formal and legally binding agreement in October 2024. 

 

The Company undertook the further 2.5% milestone by spending an additional US$240,000 and attained the full 12.5% stake at the end of the year.

 

Qatan Exploration Licence            

 

During Q1 2025, we signed a Letter of Intent to enter into a binding agreement with Al Masane Al Kobra Mining Company ("AMAK"), a Saudi Arabian listed exploration and mining company, for Power Metal to spend US$3,000,000 to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia. However, unable to reach mutually acceptable terms, both parties decided not to enter into a binding agreement.

 

The Company affirms its continued readiness to explore future partnership opportunities that contribute to supporting its growth and strategic plans with AMAK in the near future.

 

Minestarters

 

In October 2025, Power Metal invested £1 million for a 35% stake in Kingia FZCO ("Kingia"), a company incorporated as a Freezone Company in Dubai, which has been renamed Minestarters. We hold an option to increase our holding to up to 49% for a further £2 million share subscription in cash, subject to milestone delivery.

 

Minestarters is an institutional-grade, blockchain-enabled Decentralised Finance ("DeFi") platform bringing real-world asset ("RWA") tokenisation to mining exploration. It plans to be the first DeFi platform to offer investors regulated, compliant and transparent access to mineral exploration and development through the US$25 billion - and growing - RWA tokenisation market. As well as the ability to invest in the portfolio, the platform will offer automated benefit sharing, 24/7 liquidity and project transparency.

 

Minestarters tokens will give investors access to a curated portfolio of global exploration and development projects. As these projects advance, the Minestarters platform aims to capture and distribute their real-world value growth, simultaneously benefitting investors whilst directing essential funding to a pipeline of highly prospective mining assets. This provides global investors with direct, liquid exposure to an asset class that has traditionally been difficult for retail investors to access, and for institutions to access efficiently.

 

Through this innovative approach, Minestarters aims to bridge the early-stage funding gap by channelling at least 1% of the US$200 billion annual investment into the mining sector through its blockchain-enabled platform.

 

Apex Royalites

 

During the year, we signed a binding subscription agreement for an investment of £4 million in cash (approximately US$5.3 million) into Apex Royalties Limited ("Apex"), a private, high growth, diversified, mining royalty company. This investment was part of a financing package, alongside other investors, to raise gross proceeds in excess of US$10 million, resulting in the Company acquiring an 11.76% equity stake in Apex.

 

Apex has delivered strong growth to date, securing a high-quality portfolio of five royalty assets that provide exposure to gold, tin, bauxite and tungsten.

 

Power Metal's exposure to Apex's portfolio includes:

·      A 1.0%¹ gross revenue royalty ("GRR") over the Whale Cove Gold Project located in Nunavut, Canada and operated by BG Gold Capital II Corp.

·      A 1.2% GRR over the Achmmach Tin Project ("Achmmach") located in Morocco and operated by Xingye Silver & Tin (China's second largest producer of tin) following its recent acquisition of 75% of Achmmach through the takeover of Atlantic Tin Limited. 

·      A 1.0% GRR² over the Wuudagu Bauxite Project located in Western Australia and operated by VBX Limited.

·      A 1.5%³ net smelter royalty over the Tempiute Tungsten Project and a 2% GRR over the Pilot Mountain Tungsten Project, both located in Nevada, US, and operated by Guardian Metal Resources Plc as its co-flagship projects. 

 

1 Assuming the exercise of an option to purchase an additional 0.25% GRR

2 Once a payment of USD3.5m is made following the close of the Apex Fundraising

3 Subject to a 0.75% buy-back right

Australia

 

First Development Resources

 

During 2025, First Development Resources, in which we hold a 43.44% stake, successfully listed on London's AIM market and raised gross proceeds of £2.3 million, further demonstrating our ability to bring our varied investments to a crystallisation event.

 

Africa

 

During the year we decided to cease further investment in the Haneti Project. The Board concurs with Katoro Gold Plc ("Katoro"), that the extensive technical review undertaken by Katoro does not indicate sufficient prospectivity at Haneti and therefore does not support further capital expenditure.

 

London

 

During the year, Power Metal changed its registered office to c/o Orana Corporate LLP, 25 Eccleston Place, London, England, SW1W 9NF.

 

During the year, we sought and gained approval from the High Court of Justice in London and shareholders for a reduction of share capital, with the aim of ensuring sufficient distributable reserves to give us the flexibility for future distributions and corporate purposes. This was executed post-year end via the cancellation of:

 

i.              All of the paid up capital to the extent of £0.009 on each issued Deferred Share;

ii.             All of the paid up capital to the extent of £0.00099 on each issued Deferred A Share;

iii.            The Company's Share Premium Account; and

iv.            The Companies Capital Redemption Reserve.

Financial Review

 

·      Total comprehensive profit for the year ended to 31 December 2025 of £3.2 million (15-month period ended 2024: £4.2 million).

 

·      Pre-non-controlling interest total equity of £26 million at the period-end (2024: £22 million).

 

·      The Company ended the financial period with a cash balance of £5.68 million (2024: £0.45 million).

 

Corporate Social Responsibility ("CSR")

 

The Company maintains a focus on CSR through internal policies and our approach to external operational activities.

 

The internal policies provide insights to employees, associates and shareholders of how the Company embeds CSR into its daily practices and indicates the Company's responsibility for ethical practices across all areas of its operations.

 

The Company has established detailed policies and procedures to govern and ensure that the core CSR values are followed internally as well as off-site in its field operations. Through these efforts, the Company has looked to continue the development of initiatives and general practices to be maintained as the Company grows.

 

A key focus for the Company is to build awareness and interaction amongst its communities. Due to the nature of the Company's operations and the jurisdictions it operates within, it is imperative to acknowledge the significance of these diverse communities to the territory. As the Company develops, it recognises the importance of ensuring that all efforts are considered to enable the communities to develop in parallel. A few of the many ways the Company will facilitate this mutual growth is to build strong relationships within the community, develop an understanding of how they operate and determine how the Company can contribute to their continued development.

 

The Company is dedicated to ensuring it maintains the safety and wellbeing of its employees and the local community during field operations. This is not exclusive to active operations but extends beyond, by maintaining a safe conclusion of all on-site activity and ensuring that the land and materials are left in a safe and respectful manner.

 

As the projects mature and develop, the Company will ensure that community engagement is maintained. The continual focus on ensuring employees are engaged in and committed to implementing its CSR policies, ethics and commitments, will enable CSR to become integral and remain at the forefront of all operations.

 

Outlook

 

This has been an outstanding year for Power Metal Resources, marked by significant value creation across multiple projects. We've also seen the most compelling evidence yet for the success of our project incubator model, with the disposal of Guardian Metal Resources delivering an impressive 11.8x return on our initial investment.

 

These successful crystallisation events have enabled us to further diversify our portfolio, strengthening future revenue streams and enhancing our project pipeline. Our investment in Minestarters introduces a unique and innovative model that brings real‑world asset tokenisation to the mining exploration sector, giving us a first‑mover advantage in a US$200 billion annual market with substantial growth potential. Concurrently, our new royalty exposure through the investment in Apex Royalties provides an additional avenue for long‑term value generation.

 

Advancements made throughout the Fermi Exploration portfolio have also been encouraging, with numerous positive results and ongoing work that continues to validate the prospectivity across these licences.

 

Power Arabia has returned additional promising results at its Block 8 licence, demonstrating the potential for significant copper mineralisation. The post-period work at Balthaga has set the project up for a drilling campaign to explore defined and new potential targets, and the MoU signed with Greyridge will create an opportunity for Power Arabia to develop a strong project pipeline that aligns with Saudi Arabia's national industrial goals and provides exposure to the country's US$2.5 trillion of untapped mineral resources.

 

With GSAe also in discussions on a number of partnership fronts, including within Saudi Arabia, we are hopeful of a continued strong presence within the region that allows us to generate positive relationships and build on our early mover advantage.

 

2025 has established a strong foundation for Power Metal Resources, creating a robust framework and pipeline of prospective projects and diversified initiatives that have carried meaningful momentum into 2026. We look forward to building on this progress throughout the year against the backdrop of anticipated supportive market conditions.

 

Notice of Annual General Meeting and Distribution of Accounts to Shareholders

 

The Company's Annual General Meeting ("AGM") will take place at 11.00am on 25 June 2026 at 25 Eccleston Place, London, SW1W 9NF.  The Company's Annual Report and Accounts for the year ended 31 December 2025 will be posted to shareholders today. Copies of the Notice of AGM and the Annual Report and Accounts will also be available on the Company's website at www.powermetalresources.com in due course.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

FOR THE YEAR ENDED 31 DECEMBER 2025

 

	Note		Year ended 31 December  2025 £'000		Period ended 31 December 2024 (restated)1 £'000
Revenue			76		200
Cost of sales			(16)		(7)
Gross profit			60		193
Operating expenses	5		(3,975)		(7,612)
Fair value gains through profit or loss			8,079		8,876
Profit from operating activities			4,164		1,457
Other income	4		2,993		3,101
Other expenses	4		(3,823)		-
Finance income			113		-
Finance costs			(179)		(221)
Share of post-tax losses of equity accounted joint ventures			(116)		(123)
Profit before tax			3,152		4,214
Taxation			55		10
Profit for the period from continuing operations			3,207		4,224
Other comprehensive income/(expense)
Items that will or may be reclassified to profit or loss:
Exchange translation			1		(25)
Total other comprehensive income/(expense)			1		(25)
Total comprehensive profit for the period			3,208		4,199
Profit for the period attributable to:
Owners of the parent			3,546		4,456
Non-controlling interests			(339)		(232)
			3,207		4,224
Total comprehensive income attributable to:
Owners of the parent			3,548		4,430
Non-controlling interests			(340)		(231)
			3,208		4,199
Earnings per share from continuing operations attributable to the ordinary equity holders of the parent:
Basic earnings per share (pence)	10		3.05		4.06
Diluted earnings per share (pence)	10		3.05		4.01

 

¹ The prior year consolidated statement of comprehensive income has been restated to correct an overstatement of operating expenses.

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

 

			As at 31 December 2025		As at 31 December 2024 (restated)1
	Note		£'000		£'000
Assets
Exploration assets	7		3,643		4,916
Intangible assets	6		1,087		1,189
Investments in associates and joint ventures			4,126		4,242
Financial assets at fair value through profit or loss			10,050		884
Right-of-use assets			10		82
Property, plant and equipment			165		197
Non-current assets			19,081		11,510
Financial assets at fair value through profit or loss			2,040		15,859
Trade and other receivables	8		853		873
Inventories			-		22
Cash and cash equivalents			5,676		446
Current assets			8,569		17,200
Total assets			27,650		28,710
Equity
Share capital	9		2,312		8,671
Share premium	9		-		29,258
Shares to be issued			-		187
Capital redemption reserve			-		5
Share based payment reserve			4,089		3,934
Convertible loan reserve			80		71
Exchange reserve			79		77
Accumulated profit/(losses)			19,535		(19,820)
Total			26,095		22,383
Non-controlling interests			(212)		896
Total equity			25,883		23,279
Liabilities
Trade and other payables	11		699		1,661
Lease liabilities			20		37
Borrowings			568		498
Contingent consideration			-		89
Current liabilities			1,287		2,285
Lease liabilities			-		41
Borrowings			-		2,414
Contingent consideration			318		505
Provisions			-		6
Deferred tax			162		180
Non-current liabilities			480		3,146
Total liabilities			1,767		5,431
Total equity and liabilities			27,650		28,710

 

¹ The consolidated statement of financial position as at 31 December 2024 has been restated to correct an overstatement of accruals.

 

The financial statements of Power Metal Resources Plc, company number 07800337, were approved by the Board of Directors and authorised for issue on 1 June 2026.