REG - Alba Mineral Resrcs. - Final Results and Notice of AGM
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RNS Number : 0457D Alba Mineral Resources PLC 05 May 2026
5 May 2026
Alba Mineral Resources plc
("Alba" or the "Company")
Final Results and Notice of AGM
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce its Final
Results for the year ended 30 November 2025 and to give details of its
forthcoming Annual General Meeting ("AGM").
HIGHLIGHTS
Clogau-St David's Gold Mine
· Transition to active underground development at Clogau marks a key
operational milestone, with continued progress in drilling, blasting and bulk
sampling.
· Pilot processing plant optimisation well underway, including plant
upgrades and new concentrator installation to enhance recoveries and
throughput.
· Premium Welsh gold strategy validated, with limited-edition coins
achieving significant premiums to spot price, demonstrating strong commercial
potential.
· Encouraging technical progress has reduced key uncertainties and
provided confidence to continue exploration, despite uneconomic bulk sampling
grades to date.
Critical Minerals
· Strategic expansion into critical minerals, with acquisition of an
interest in the Motzfeldt Project, one of only five projects in Greenland
classified as a "very large deposit" and one of just two multi-element
critical raw material systems of significant scale in that country.
· Strong results from Motzfeldt exploration, with high-grade rare
earth, niobium and zirconium assays at the secondary Merino target confirming
significant potential.
· Significant 2026 work programme planned for Motzfeldt, including
metallurgical, engineering and environmental studies in order to progress main
Aries deposit to development stage.
· Continued value creation at GreenRoc, including exploitation licence
award and EU Strategic Project status, strengthening Alba's strategic
investment.
· Encouraging results at Finnsbo project in Sweden, with mineralised
core intersected in maiden drilling, and the Company taking steps to protect
its contractual earn-in rights.
· Dual exposure to gold and critical minerals positions the Company to
benefit from both precious metals markets and energy transition demand.
George Frangeskides, Executive Chairman, commented:
"Over the past year, Alba has taken decisive steps forward, advancing Clogau
into active underground development while building a compelling position in
the strategic minerals sector. With multiple catalysts across our portfolio,
we believe the Company is increasingly well positioned to create significant
value as our projects and investments continue to progress."
ANNUAL GENERAL MEETING
Alba also announces that its Annual General Meeting will take place on 28 May
2026 at 9.00 am at its registered office, c/o Arch Law Limited, Huckletree
Bishopsgate, 8 Bishopsgate, London EC2N 4BQ.
The Annual Report for the period ended 30 November 2025 and Notice of Annual
General Meeting are available to download on the Company's
website www.albamineralresources.com
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.albamineralresources.com%2F&data=05%7C01%7Ccatherine%40stbridespartners.co.uk%7Cd94f9a9dbab848ea1a6908db4d52a4be%7C48b7268319d344289c4b73cf144d89ed%7C1%7C0%7C638188790183563841%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=tHwCZ7ni0Y6ofHo5xiMye0CCFbHHT8Xcum6ursjiEAo%3D&reserved=0)
. Shareholders will receive individual notification and/or copies of relevant
documents according to their communication preferences held on file by the
Company's Registrar.
RESULTS
The Board of Alba Mineral Resources plc is pleased to report on the Company's
progress for the financial year ended 30 November 2025. (References to the
"Company" or "Alba" are to Alba Mineral Resources plc and references to the
"Group" are to Alba collectively with its Subsidiary Companies as listed in
Note 13).
The year under review has been one of significant operational and strategic
progress for the Company, marked by the transition to active underground
development at the Clogau Gold Mine and the expansion of the Company's
portfolio into critical minerals.
1. REVIEW OF ACTIVITIES
1.1. WELSH GOLD PROJECTS (Clogau-St David's, Gwynfynydd and Dolgellau Gold
Exploration Project)
The principal focus during the year has been the continued advancement of
underground development and bulk sampling at the Clogau-St David's Gold Mine,
in particular at the Llechfraith Target.
Significant progress has been made in advancing underground operations:
· Drilling and blasting activities have continued on Level 5 of the
Mine, with a substantial volume of material brought to surface, comprising
both newly blasted ore and historic material.
· Blasting has confirmed that the host rock is amenable to controlled,
low-impact methods, supporting the viability of continued underground
development.
· Development planning has been refined, with the current plan being to
drill and blast up to 20 m of new development horizontally on Level 5, rather
than putting in incline raises, to maximise the speed and therefore the extent
of development.
Blasting has taken place in two phases, firstly in the period
November-December 2024, then again, following a test blast in July 2025, a
second phase of blasting commenced in December 2025.
· From the first phase operation, the Company removed 123 tonnes of ore
from underground, comprising newly blasted and historic material. Processing
of approximately 11.6 tonnes of that ore yielded 108.6 kg of concentrate,
yielding 11.58 grams of gold after refining.
· From the second phase operation, as reported on 30 April 2026, to
date:
o Ten blasts have been completed to date, for a total advance of 13.8
metres.
o Significant sulphide material observed on current development face and
adjacent footwall.
o Historical data indicates that the next blasts may intersect a possible
payshoot.
o Around 165 tonnes have been extracted in total from the ten blasts to
date, with 16 tonnes in total processed through the Company's onsite pilot
plant and resulting concentrate assays returning uneconomic grades.
o Blasts 7-10 material have yet to be processed at all and will be processed
in due course.
A new iCON centrifugal gravity gold concentrator has been purchased and
installed at the onsite pilot processing plant at Clogau, which is expected to
improve the throughput of material and enhance recoveries.
The presence of sulphide mineralisation within blasted material presents an
alternative mineralogical model for gold at Clogau, which has previously been
focused on the recovery of free gold in the quartz veins. Test work is being
undertaken to better understand the mineralogy of the sulphide material in
order to determine the presence of gold in the different sulphide minerals and
the best way to process those.
While economic gold grades have yet to be intersected, work to date has
reduced key uncertainties and provided confidence to continue exploration.
Processing optimisation has been a key focus:
· Upgrades to the pilot plant, including installation of a trommel,
repositioning of the wave table and improvements to the gravity recovery
circuit with the purchase of a new concentrator in April 2026 are expected to
improve recovery efficiency.
· Reprocessing of waste tip fines yielded an average concentrate
grade of 450.6 g/t, equating to an average head grade of 9.2 g/t, representing
a significant improvement on earlier results. Further waste material remains
to be processed, which will be progressed once the new concentrator has been
fully tested in the updated process circuit.
Commercial initiatives have also progressed:
· Three limited edition one-ounce gold coins produced from Clogau
gold were sold at substantial premiums, with the first achieving £20,000 at
auction and the second and third selling for £21,000 each.
· The Company has announced plans to produce and sell some limited
edition 18 carat gold pendants, with all the gold being sourced from the
Company's production at Clogau.
These results demonstrate the potential for premium product strategies to
enhance project economics.
The Company has also secured a new six-year option agreement with The Crown
Estate, effective February 2025, covering approximately 100.55 km².
While economic grades have not yet been encountered at Level 5 of the
Llechfraith Target, the mine contains multiple targets identified in Alba's
drilling programmes, both on other levels of the Lower Llechfraith development
and in other sections of the mine. As such, we continue to have confidence
in the potential of Clogau and intend to continue advancing exploration of the
project towards a viable production scenario.
1.2 MOTZFELDT CRITICAL METALS PROJECT
During the period, the Company acquired an initial 25.5% interest in the
Motzfeldt rare earth project in Southern Greenland. Motzfeldt represents a
large-scale opportunity with strategic relevance in the context of growing
global demand for critical minerals. Motzfeldt is a large-scale niobium-rare
earth-tantalum-zirconium system with potential strategic importance in the
context of increasing global demand for critical minerals, particularly those
required for the energy transition.
Subsequent work on Motzfeldt has focused on advancing understanding of the
project's metallurgical characteristics and development potential:
· A mini bulk sample was subjected to mineral processing and
metallurgical test work.
· The test work has focused on assessing recovery characteristics and
identifying potential processing routes for rare earth mineralisation.
· Initial results have provided important insights into the mineralogy
and beneficiation potential of the ore with third party verification of the
minerals that host the critical metals at the Aries target - pyrochlore,
columbite (Nb, Ta, REE), bastnäsite, parisite, monazite, xenotime (REE) and
zircon (Zr) all have established extractive industries globally, highlighting
a key advantage of the Motzfeldt project.
· Planned work streams for the near term include reviewing the existing
JORC resource, first year environmental baseline studies, commissioning a
first-pass review of infrastructure and other related options for the
construction of mining operations at Motzfeldt and carrying out a field
programme in the summer of 2026 at both the Aries deposit area and the highly
prospective Merino target.
On 30 April 2026, the Company released results in relation to the assaying of
samples taken at the Merino prospect at Motzfeldt in 2025. The highlights
are as follows:
• High-grade Total Rare Earth Oxide (TREO), Niobium
and Zirconium assay results were reported:
o Total Rare Earth Oxides (TREO): up to 1.36%, with an average of 0.71%.
o Niobium: 0.73% Nb2O5 (average 0.5%).
o Zirconium: 2.3% ZrO2 (average 1.2%).
• The average grades are 2.6x higher than the
equivalent grades in the Aries JORC deposit area, with an average of 19% of
the TREO composed of key magnet metals Praseodymium, Neodymium, Dysprosium and
Terbium.
• The host minerals are bastnäsite (LREE), xenotime
(HREE), columbite (Nb) and zircon (Zr), readily processable minerals with
established extractive industries.
• 2025 drone photography revealed the continuity of
multiple similar structures on all sides of the Merino cliff faces continuing
in excess of 150m.
• These results confirm that hydrothermal critical
metal structures exist at Motzfeldt in addition to the known magmatic
pyrochlore microsyenite mineralization observed at the Aries deposit.
The addition of Motzfeldt represents a material broadening of the Company's
asset base.
1.3 GREENROC STRATEGIC MATERIALS PLC
As at the year end, the Company held a 25.34% shareholding in GreenRoc
Strategic Materials plc ("GreenRoc"). GreenRoc has made substantial progress
with the Amitsoq Graphite Project during the reporting period.
Key developments include:
· The grant of a 30-year Exploitation Licence subsequent to the year
end.
· Being awarded "Strategic Project" designation under the EU Critical
Raw Materials Act.
· Progress on downstream processing, including commencing construction
of an Active Anode Materials pilot plant.
· Continued funding support and engagement with strategic partners,
including a €5 million loan facility from EIFO, the Danish Export and
Investment Fund.
· These developments strengthen the Amitsoq Project's positioning
within the European battery supply chain and enhance the inherent value of
Alba's investment.
During the period, GreenRoc completed a fundraise, raising £735,000 before
costs. As an indication of the Company's belief in the prospects of Amitsoq,
the Company participated in the fundraise and, where feasible, intends to
continue supporting GreenRoc in future fundraising rounds.
1.4 OTHER PROJECTS AND INVESTMENTS
Sweden - Finnsbo Project
The Company is earning into the early-stage Finnsbo project in Sweden.
During the period, the Company completed significant field work programmes,
including airborne geophysics and a maiden three-hole drilling campaign.
Most of the metres drilled in the drilling programme returned mineralised
core. An assessment of the drilling will only be possible once geochemical
assays have been completed and reported, which has been delayed due to the
next point.
The licence holder has purported to terminate the Company's earn-in rights
under the agreement previously entered into between them. The Company contends
that it has fulfilled the terms of the agreement and that the agreement, and
Alba's earn-in rights, remain in full force and effect. The Company is
satisfied that it has fulfilled the expenditure requirement for the first
12-month earn-in period, has thereby earned a 25% interest in the Finnsbo
project and is entitled to continue earning into the project during a second
12-month period in order to increase its interest to 51%.
This matter is currently with the Company's external legal advisers. While
recent events introduce an element of uncertainty, the Company remains focused
on protecting its position legally and assessing the appropriate next steps.
Horse Hill Oil Project, England
As at the date of this report, the planning permission allowing for commercial
production at Horse Hill has yet to be reinstated. The Company awaits the
further advice of the Operator of the field.
2. CORPORATE
2.1 Funding
During the year, Alba continued to access capital markets to fund operations
and development activities. Fundraisings were supported by institutional and
retail investors, Alba raising gross proceeds of approximately £1,125,000
through placings completed in March, July and October 2025.
Since the year end, the Company has raised a further £800,000 (before costs)
through private placements.
In what remains a challenging funding environment for junior resource
companies, the Company has maintained a disciplined approach to cost
management and capital allocation.
2.2 Investments
Alba has continued to support GreenRoc through participation in fundraisings
where this has been feasible in line with the Company's other project
commitments. Although dilution has occurred, this has been accompanied by
meaningful progress and value creation at the project level.
3. OUTLOOK
The past year has marked a clear transition for the Company, with active
underground development at Clogau and the addition of a significant critical
mineral asset in Motzfeldt.
At Clogau, the focus remains on advancing underground exploration with a view
to finding economic gold zones, while continuing to optimise processing and
recovery techniques and further developing commercialisation strategies.
At the same time, the Company is increasingly positioned within the critical
minerals sector, in particular with exposure to rare earths, niobium and
tantalum at Motzfeldt and graphite at Amitsoq.
Looking ahead, the Company's priorities are to:
· advance exploration at Clogau towards a potential production
decision;
· continue technical and feasibility work at Motzfeldt with a view
to being in a position to apply for an Exploitation Licence in the next 12
months or so; and
· continue to support its strategic investment in GreenRoc and the
Amitsoq Project.
With exposure to both precious metals and critical minerals, and with multiple
identifiable catalysts across its portfolio, the Company is well positioned to
deliver value as its projects advance.
I would like to thank our shareholders for their continued support and our
team for their commitment and professionalism throughout the year.
George Frangeskides
Executive Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
Note 2025 2024
£'000 £'000
Other income 30 77
Administrative expenses 5 (664) (792)
Impairment expense 12 (150) (2,347)
Operating loss (784) (3,062)
Loss on dilution of investment in associate 3, 11 (496) (223)
Share of loss of associate 11 (228) (238)
Loss for the year before tax (1,508) (3,523)
Taxation 7 - -
Loss for the year (1,508) (3,523)
Items that may subsequently be reclassified to profit or loss:
Foreign exchange movements - -
Total comprehensive income (1,508) (3,523)
Loss attributable to:
Equity holders of the parent (1,508) (3,523)
Non-controlling interests - -
(1,508) (3,523)
Total comprehensive income attributable to:
Equity holders of the parent (1,508) (3,523)
Non-controlling interests - -
(1,508) (3,523)
Earnings per ordinary share
Basic and diluted (pence) 8 (0.012) (0.041)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2025
Note 2025 2024
£'000 £'000
Non-current assets
Property, plant and equipment 9 155 164
Intangible fixed assets 10 4,472 4,171
Investment in associate - GreenRoc Strategic Materials plc 11 2,382 3,056
Investment in associate - Elemental Rare Metals Ltd 11 460 -
Investments - Horse Hill Developments Limited 12 - 150
Total non-current assets 7,469 7,541
Current assets
Trade and other receivables 14 88 89
Cash and cash equivalents 15 362 126
Total current assets 450 215
Current liabilities
Trade and other payables 16 (409) (230)
Total current liabilities (409) (230)
Net current assets/(liabilities) 41 (15)
Net assets 7,510 7,526
Capital and reserves
Share capital 17 5,583 5,455
Share premium 12,738 11,973
Share capital to be issued 427 -
Warrant reserve 419 247
Retained losses (11,825) (10,317)
Foreign currency reserve 168 168
Total equity 7,510 7,526
COMPANY STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2025
Note 2025 2024
£'000 £'000
Non-current assets
Investments in subsidiaries 13 1,455 1,455
Loans to subsidiaries 13 2,740 2,525
Investment in associate - GreenRoc Strategic Materials plc 11 2,382 3,056
Investment in associate - Elemental Rare Metals Ltd 460 -
Investments - Horse Hill Developments Limited 12 - 150
Total non-current assets 7,037 7,186
Current assets
Trade and other receivables 14 71 52
Cash and cash equivalents 15 350 125
Total current assets 421 177
Current liabilities
Trade and other payables 16 (342) (199)
Total current liabilities (342) (199)
Net current assets/(liabilities) 79 (22)
Net assets 7,116 7,164
Capital and reserves
Share capital 17 5,583 5,455
Share premium 12,738 11,973
Share capital to be issued 427 -
Warrant reserve 419 247
Retained losses (12,051) (10,511)
Equity shareholders' funds 7,116 7,164
The Company has taken advantage of the exemption allowed under Section 408 of
the Companies Act 2006 and has not included its own income statement and
statement of comprehensive income in these Financial Statements. The Company's
loss for the year was £1,540,000 (2024: a loss of £3,649,000).
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
Share capital Share premium Shares to be issued Warrant reserve Retained losses Foreign currency reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 November 2023 5,137 11,119 - 782 (7,506) 168 9,700
Loss for the year - - - - (3,523) - (3,523)
Other comprehensive income - - - - - - -
Total comprehensive income for the year - - - - (3,523) - (3,523)
Shares and warrants issued (net of costs) 318 854 - - - - 1,172
Equity settled share-based payments - - - 177 - - 177
Transfer on exercise or expiry of warrants - - - (712) 712 - -
Total transactions with owners 318 854 - (535) 712 - 1,349
At 30 November 2024 5,455 11,973 - 247 (10,317) 168 7,526
Loss for the year - - - - (1,508) - (1,508)
Other comprehensive income - - - - - - -
Total comprehensive income for the year - - - - (1,508) - (1,508)
Shares and warrants issued (net of costs) 128 765 - 172 - - 1,065
Equity settled share-based payments - - - - - - -
Shares to be issued as consideration 427 - - - 427
Total transactions with owners 128 765 427 172 - - 1,492
At 30 November 2025 5,583 12,738 427 419 (11,825) 168 7,510
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
Share Share Shares to Warrant Retained Attributable to equity
capital premium be issued reserve losses holders of parent
£'000 £'000 £'000 £'000 £'000 £'000
At 30 November 2023 5,137 11,119 - 782 (7,574) 9,464
Loss for the year - - - - (3,649) (3,649)
Total comprehensive income for the year - - - - (3,649) (3,649)
Shares and warrants issued (net of costs) 318 854 - - - 1,172
Equity settled share-based payments - - - 177 - 177
Transfer on exercise or expiry of warrants - - - (712) 712 -
Total transactions with owners 318 854 - (535) 712 1,349
At 30 November 2024 5,455 11,973 - 247 (10,511) 7,164
Loss for the year - - - - (1,540) (1,540)
Total comprehensive income for the year - - - - (1,540) (1,540)
Shares and warrants issued (net of costs) 128 765 - 172 - 1,065
Equity settled share-based payments - - - - - -
Transfer on exercise or expiry of warrants 427 - - 427
Total transactions with owners 128 765 427 172 - 1,492
At 30 November 2025 5,583 12,738 427 419 (12,051) 7,116
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
Note 2025 2024
£'000 £'000
Cash flows from operating activities
Operating loss (784) (3,062)
Impairment expense 12 150 2,347
Depreciation 9 9 14
Share based payment charges 5 - 177
Fees settled in shares 17 7 73
(Decrease)/increase in creditors 16 179 10
Decrease/(increase) in debtors 14 1 (1)
Net cash used in operating activities (438) (442)
Cash flows from investing activities
Payments for exploration expenditure 10 (363) (651)
Receipts from test production 62 -
Payments for tangible fixed assets 9 - (10)
Investment in associate - GreenRoc Strategic Materials 11 (50) (70)
Investment in associate - Elemental Rare Metals 11 (33) -
Receipt from investee company 12 - 103
Net cash used in investing activities (384) (628)
Cash flows from financing activities
Proceeds from the issue of shares and exercise of warrants 1,125 1,167
Costs of issue (67) (68)
Net cash generated from financing activities 17 1,058 1,099
Net increase/(decrease) in cash and cash equivalents 236 29
Cash and cash equivalents at beginning of period 126 97
Cash and cash equivalents at end of year 15 362 126
Significant non-cash transactions in the period not reflected above are shown
on the face of the income statement, being the share of loss of associate of
£228,000 and a loss on partial disposal of associate due to dilution
£496,000.
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
Note 2025 2024
£'000 £'000
Cash flows from operating activities
Operating loss (817) (3,188)
Impairment expense 12 150 2,347
Share based payment charge 5 - 177
Fees settled in shares 17 7 73
Movement in the expected credit loss provision for loans to subsidiaries 13 72 180
(Decrease)/increase in creditors 16 143 22
Decrease/(increase) in debtors 14 (19) 13
Net cash used in operating activities (464) (376)
Cash flows from investing activities
Loans granted to subsidiaries 13 (287) (715)
Investment in associate - GreenRoc Strategic Materials 11 (50) (70)
Investment in associate - Elemental Rare Metals 11 (33) -
Receipt from investee company - 103
Net cash used in investing activities (370) (682)
Cash flows from financing activities
Proceeds from the issue of shares and exercise of warrants 1,125 1,167
Costs of issue (66) (68)
Net cash generated from financing activities 1,059 1,099
Net increase/(decrease) in cash and cash equivalents 225 41
Cash and cash equivalents at beginning of period 125 84
Cash and cash equivalents at end of year 15 350 125
Significant non-cash transactions in the period not reflected above relate to
the investment in associate (see Note 11 for more details) and are as follows:
- Share of loss of associate £228,000
- loss on partial deemed disposal due to dilution £496,000
The Accounting Policies and Notes following form part of these financial
statements.
Notes to the Financial Statements for the year ended 30 November 2025
1. ACCOUNTING POLICIES AND BASIS OF PREPARATION
Alba Mineral Resources plc is a public limited company incorporated and
domiciled in England & Wales, whose shares are publicly traded on the AIM
market of the London Stock Exchange plc. The registered office address is c/o
Arch Law Limited, Huckletree Bishopsgate, 8 Bishopsgate, London EC2N 4BQ. The
principal accounting policies applied in the preparation of these financial
statements are set out below. These policies have been applied consistently to
all the years presented.
a. Basis of preparation
The consolidated financial statements of Alba Mineral Resources plc (the
Company) and its subsidiaries (collectively, the Group) have been prepared in
accordance with UK-adopted international accounting standards ("IFRSs") as
they apply to the Group for the year ended 30 November 2025 and with the
Companies Act 2006. Numbers have been rounded to £'000.
The consolidated financial statements have been prepared on the historical
cost basis, save for the revaluation of certain financial assets and
liabilities at fair value.
The preparation of financial statements requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement
in the process of applying the group's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated financial
statements, are disclosed in Note 2.
New or amended Standards and interpretations that became effective during the
year ended 30 November 2025 had no impact on the Group accounts.
The Directors have considered the impact on the Group of new and revised
accounting standards, interpretations or amendments that are effective on or
after 1 December 2025 and which the Group has chosen not to adopt early. Of
these, the following standards are relevant to the Group:
− IFRS 18 Presentation and Disclosure in Financial Statements
This new accounting standard is effective for the year ending 30 November
2028. This requires entities to classify income and expenses into five
categories - operating, investing, financing, income tax and discontinued
operations.
The Group does not anticipate significant changes to the presentation of the
income statement.
Other amendments, standards and interpretations are in issue, both endorsed
and not yet endorsed, but they are not relevant to the Group and Company and
as such they are not commented on.
b. Going concern
Based on financial projections prepared by the Directors, the Group's current
cash resources are insufficient to enable the Group to meet its recurring
outgoings and projected exploration expenditure for the next twelve months.
The Directors have prepared cash flow forecasts to 12 months from the date of
signing of these accounts which take into account planned exploration spend,
costs and external funding. The need for external funding is a material
uncertainty that may cast doubt on the Group's and Company's ability to
continue as a going concern. At this stage as an explorer the Group does not
have a steady income stream and is reliant on external funding sources such as
capital raisings or asset transactions to fund activities. The nature of these
is ad-hoc and as such the Group and Company do not carry a cash balance
sufficient for 12 months of expenditure. However, the Board has a reasonable
expectation that the Group and Company will continue to be able to meet their
commitments for the foreseeable future by raising funds when required from the
equity capital markets and based on the following:
· The Group has a strong track record in sourcing external funding.
· Forecasts contain a level of discretionary spend such that in the
event that cash flow becomes constrained action can be taken to enable the
Group to operate within available funding. The Group demonstrated this during
the Covid-19 pandemic when sourcing capital was uncertain.
· The Group and Company may also consider future joint venture funding
arrangements in order to share the costs of the development of its exploration
assets, or to consider divesting of certain of its assets and realising cash
proceeds in that way in order to support the balance of its exploration and
investment portfolio.
· The Group holds liquid assets that can be converted into cash if
required.
For these reasons the Directors continue to adopt the going concern basis of
accounting in preparing the financial statements.
c. Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and companies controlled by the Company, the Subsidiary Companies,
drawn up to 30 November each year.
Control is recognised where the Company has the power to govern the financial
and operating policies of an investee entity so as to obtain benefits from its
activities. Subsidiaries are fully consolidated from the date on which control
is transferred to the Group. They are deconsolidated from the date that
control ceases. The results of subsidiaries acquired or disposed of during the
year are included in the consolidated income statement from the effective date
of acquisition or up to the effective date of disposal, where appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used
by the Group. All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
d. Foreign currency
For the purposes of the consolidated financial statements, the results and
financial position of each Group entity are expressed in pounds sterling,
which is the presentation currency for the consolidated financial statements.
In preparing the financial statements of the individual entities, transactions
in currencies other than the entity's functional currency (foreign currencies)
are recorded at the rates of exchange prevailing at the dates of the
transactions. At each reporting date, monetary items denominated in foreign
currencies are retranslated at the rates prevailing at the reporting date.
Exchange differences arising are included in profit or loss for the period.
For the purposes of preparing consolidated financial statements, the assets
and liabilities of the Group's foreign operations are translated at exchange
rates prevailing on the reporting date. Income and expense items are
translated at the average exchange rates for the period. Gains and losses from
exchange differences so arising are shown through the Consolidated Statement
of Changes in Equity.
e. Other income
Income that arises from activities other than the Group's core business
operations is classified as "other income" and presented together with
operating expenses, rather than as revenue, on the Income Statement. Other
income arises from personnel costs and office expenses charged to an associate
for time spent assisting with technical and corporate matters.
f. Share based payments
Share-based compensation benefits are made on an ad-hoc basis on the
recommendations of the Remuneration Committee or via the Enterprise Management
Incentive Scheme where the employee meets the qualifying conditions. The fair
value of warrants or options granted is recognised as an employee benefits
expense, with a corresponding increase in the warrant reserve. The total
amount to be expensed is determined by reference to the fair value of the
options granted:
o including any market performance conditions (e.g. the entity's share
price)
o excluding the impact of any service and non-market performance vesting
conditions (e.g. profitability, sales growth targets and remaining an employee
of the entity over a specified time period), and
o including the impact of any non-vesting conditions (e.g. the requirement
for employees to save or hold shares for a specific period of time).
The total expense is recognised over the vesting period, which is the period
over which all of the specified vesting conditions are to be satisfied. At the
end of each period, the entity revises its estimates of the number of options
that are expected to vest based on the non-market vesting and service
conditions. It recognises the impact of the revision to original estimates, if
any, in profit or loss, with a corresponding adjustment to the warrant
reserve.
g. Non-current assets
Intangible assets: Deferred exploration and evaluation costs
Pre-licence costs are expensed in the period in which they are incurred.
Expenditure on licence renewals and new licence applications covering an area
previously under licence are capitalised in accordance with the policy set out
below.
Once the legal right to explore has been acquired, exploration costs and
evaluation costs arising are capitalised on a project-by-project basis,
pending determination of the technical feasibility and commercial viability of
the project. Costs include appropriate technical and administrative expenses.
If a project is successful, the related expenditures will be reclassified as
development and production assets and amortised over the estimated life of the
commercial reserves. Prior to this, no amortisation is recognised in respect
of such costs. When all licences comprising a project are relinquished, a
project abandoned, or is considered to be of no further commercial value to
the Company, the related costs will be written off to administrative expense
within profit or loss. Deferred exploration costs are carried at historical
cost less any impairment losses recognised.
Where the Group has entered into a farm out agreement, the Group does not
record any expenditure made by the farmee on its account. It also does not
recognise any gain or loss on its exploration and evaluation farm-out
arrangements but redesignates any costs previously capitalised in relation to
the whole interest as relating to the partial interest retained. Any cash
consideration received directly from the farmee is credited against costs
previously capitalised in relation to the whole interest with any excess
accounted for as a gain on disposal.
Where the Group enters into a farm in agreement, the Group recognises all
expenditure which it incurs under that agreement, with the expenditure being
either capitalised or expensed in accordance with the policy detailed above.
Property, plant and equipment
Land is shown at cost and is not depreciated as it is not a wasting asset. The
land owned by the Group is an integral part of access to one of the Group's
projects and as such its value is reviewed annually as part of the impairment
review of that project value as a whole.
Plant and equipment is stated at historical cost less accumulated depreciation
and impairment. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost
of each item of property, plant and equipment (excluding land) over their
expected useful lives as follows:
o Plant and vehicles - 10 years
o Computer equipment - 3 years
The residual values, useful lives and depreciation methods are reviewed, and
adjusted if appropriate, at each reporting date. An item of property, plant
and equipment is derecognised upon disposal or when there is no future
economic benefit to the
consolidated entity. Gains and losses between the carrying amount and the
disposal proceeds are taken to profit or loss. Any revaluation surplus reserve
relating to the item disposed of is transferred directly to retained profits.
Investments in associates: Associates are entities over which the Group has
significant influence but not control, generally accompanying a shareholding
of between 20% and 50% of the voting rights. Significant influence is the
power to participate in the financial and operating policy decisions of the
investee but not the ability to control or jointly control those policies.
Investments in associates are accounted for using the equity method of
accounting, being initially recognised at cost. The Group's share of
associates post-acquisition profit/loss after tax and other comprehensive
income/loss are presented as the 'Share of loss of associate" in the Group
income statement The cumulative post-acquisition movements are adjusted
against the carrying amount of the investment less any impairment in value.
When the Group's share of losses in an associate is equal to or exceeds its
interest in the associate, the Group does not recognise further losses unless
it has incurred obligations or made payments on behalf of the entity. When the
Group ceases to have or significant influence, any retained interest in the
entity is re-measured to its fair value at the date when or significant
influence is lost with the change in carrying amount recognised in the income
statement.
Investment in subsidiaries (Company only): Investment in subsidiaries,
comprising equity instruments and capital contributions, are recognised
initially at cost less any provision for impairment. Subsidiaries are all
entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They
are deconsolidated from the date that control ceases.
h. Financial instruments
Financial assets and financial liabilities are recognised in the statement of
financial position when the Group becomes a party to the contractual
provisions of the instrument. The classification is dependent on the business
model adopted for managing the financial assets and the contractual terms of
the cash flows expected to be derived from the assets.
The Group classifies its financial instruments as follows:
Financial assets
Trade and other receivables Amortised cost
Loans to subsidiaries (Company only) Amortised cost
Investments At fair value through profit or loss (FVPL)
Financial liabilities
Trade and other payables Amortised cost
Borrowings Amortised cost
Other borrowings Amortised cost
Investments: Investments in unlisted equity instruments whose fair value
cannot be reliably measured are recognised initially at investment cost. Any
shareholder loans made are included in the investment cost. Where a value can
be reliably measured the investment is subsequently recognised at fair value
through profit and loss. Information about the methods and assumptions used in
determining fair value is provided in Note 12.
Trade and other receivables: Trade and other receivables are held for the
collection of contractual cash flows and are classified as being measured at
amortised cost. They are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method less provision
for impairment.
Loans to subsidiaries (Company only): Long-term loans to subsidiaries, other
than capital contributions, are held for the collection of contractual cash
flows and are classified as being measured at amortised cost, net of provision
for impairment. Impairment is initially based on the expected lifetime credit
loss as applied to the portfolio of loans. The loans are interest free and
have no fixed repayment terms. As such the loans are assessed as being credit
impaired on inception and lifetime expected credit losses are recognised with
the amount of provision being recognised in the profit or loss.
A loan will be subject to impairment review if there is an indicator of
impairment, such as the impairment of the value of the deferred exploration
intangible asset within the relevant subsidiary. A loan is fully impaired when
the relevant subsidiary recognises an impairment of its deferred exploration
expenditure, such that the subsidiary is not expected to be able to repay the
loan from its existing assets.
Trade and other payables: Trade and other payables are not interest bearing
and are recognised initially at fair value and subsequently measured at
amortised cost.
Leases: The Group does not have any leases within the scope of IFRS16.
i. Equity
Share capital represents the nominal value of equity shares, both ordinary and
preference.
Share premium represents the excess over nominal value of the fair value of
consideration received for equity shares, net of expenses of the share issue.
Share capital to be issued represents a temporary reserve recognising the
contractual obligation of the parent company at 30 November 2025 to following
the RNS announcement dated 28 October 2025 to issue shares in consideration
for the acquisition of 25.5% of Elemental Rare Metals Limited, the owner of
the Motzfeldt project in Greenland. Those shares were issued in December 2025
and January 2026.
Warrant reserve represents proceeds from the issue of extant warrants.
Foreign currency reserve holds gains/losses arising on retranslating the net
assets of the Group into pounds sterling.
j. Taxation
The charge for taxation is based on the profit or loss for the year and takes
into account deferred tax. The tax expense for the period comprises current
and deferred tax. Tax is recognised in the income statement, except to the
extent that it relates to items recognised directly in equity. In this case
the tax is also recognised directly in other comprehensive income or directly
in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws
enacted or substantively enacted at the end of the reporting period in the
countries where the Company operates and generates taxable income. Management
periodically
evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to
the tax authorities.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit or loss and is accounted for using the liability method.
Deferred tax assets are only recognised to the extent that it is probable that
future taxable profit will be available in the foreseeable future against
which the temporary differences can be utilised.
Deferred income tax is recognised, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. However, the deferred tax is not
accounted for if it arises from initial recognition of an asset or liability
in a transaction other than a business combination that, at the time of the
transaction, affects neither accounting nor taxable profit or loss. Deferred
income tax is determined using tax rates (and laws) that have been enacted, or
substantially enacted, by the end of the reporting period and are expected to
apply when the related deferred income tax asset is realised, or the deferred
income tax liability is settled.
Deferred income tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax
liabilities, and when the deferred income tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the taxable
entity or different taxable entities where there is an intention to settle the
balances on a net basis.
k. Segmental information
An operating segment is a distinguishable component of the Group which is
subject to risks and rewards that are different from those of other segments.
In the Group's current portfolio, the geographical location of exploration
projects provides the basis for grouping into segments.
Operating segments are reported in a manner consistent with internal reporting
provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of
Directors of the Company.
2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the financial statements in conformity with generally
accepted accounting practice requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities as well
as the disclosure of contingent assets and liabilities at the reporting date
and the reported amounts of revenues and expenses during the reporting period.
Actual outcomes could differ from those estimates.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. The areas of judgement that
have the most significant effect on the amounts recognised in the financial
statements are as follows:
i) JUDGEMENTS
Capitalisation of exploration and evaluation costs - £4,472,000
The capitalisation of exploration costs relating to the exploration and
evaluation phase requires management to make judgements as to the future
events and circumstances of a project, especially in relation to whether an
economically viable extraction operation can be established. In making such
judgements, the Directors take comfort from the findings from exploration
activities undertaken, the fact the Group intends to continue these activities
and that the Company expects to be able to raise additional funding to enable
it to continue the exploration activities.
Impairment assessment of exploration and evaluation costs - £4,472,000
At each reporting date, management make a judgment as to whether circumstances
have changed following the initial capitalisation and whether there are
indicators of impairment. If there are such indicators, an impairment review
will be performed which could result in the relevant capitalised amount being
written off to the income statement. For further details see Note 10
"Intangible Assets".
This balance includes £4.3m relating to the Clogau Gold Project. Management
do not judge the Exploration and Evaluation costs associated with that project
to be impaired at 30 November 2025. Exploration is underway, and planned and
budgeted throughout the year. A new option agreement was signed in the period.
The Group has no data at this point that suggests that the asset value is
unlikely to be recovered from successful development.
Accounting for the investment in GreenRoc Strategic Materials plc as an
investment in associate
The Group determines the classification of the investment as an investment in
associate on its percentage shareholding plus an evaluation of whether
significant influence is held in the entity. The existence of significant
influence is evidenced in the following ways:
- A shareholding of 25.34% at the balance sheet date
- Board of Directors' representation (2 seats on the Board of
GreenRoc)
- Management personnel sharing (billable hours),
- Policy-making participation and technical information exchanges.
Impairment assessment of the investment in GreenRoc Strategic Materials plc -
£2,382,000
At the year-end management made a judgement that the value of the investment
in GreenRoc Strategic Materials plc was not impaired. The Group believes that
the underlying value of the assets of that company, the Amitsoq graphite
project and the Thule ilmenite project, supports the value of the investment.
The investment is intended to be long-term until the projects are developed
and the current pressure on GreenRoc's share price is a reflection of poor
conditions in the sector /market. At the balance sheet date, the market
value of the Company's shareholding in GreenRoc was £1,946,000 and the market
value was approximately £3.6 million at 24 April 2026.
Accounting for the investment in Elemental Rare Metals Limited as an
investment in associate
The Group determines the classification of the investment as an investment in
associate on its percentage shareholding plus an evaluation of whether
significant influence is held in the entity. The existence of significant
influence is evidenced in the following ways:
- A shareholding of 25.5% at the balance sheet date
- A shared director
- Policy-making participation and technical information exchanges.
As a new acquisition, at the balance sheet date the investment valuation at
cost is considered appropriate.
Accounting for the investment in Horse Hill Developments Limited
The Group and Company's investment in Horse Hill Developments Limited ("HHDL")
is in the form of equity and a shareholder loan. However, the Directors judge
that the loan is in substance part of the equity investment as governed by the
HHDL investment agreement. As such the loan element of the investment is
accounted for at fair value with movements in fair value being taken to profit
or loss (FVTPL).
The Group and Company's shareholding in HHDL is less than 20%. A director of
the Company is also a director of HHDL but does not act in an executive
capacity. At the balance sheet date HHDL had a majority shareholder with a
77.9% shareholding. The Directors judge that the Company does not have
significant influence over HHDL and that it should not be equity accounted for
as an associate.
Company only - Impairment assessment of investment in and loans to
subsidiaries - £1,455,000 and £2,740,000
In preparing the parent company financial statements, the Directors apply
judgement to decide if any, or all of the company's investments in (and where
applicable loans to) Aurum Mineral Resources Limited, Dragonfire Mining
Limited group and GMOW Gwynfynydd Limited are impaired or not.
These companies have no source of funds other than their shareholders and the
ability of the companies to repay their inter-company debt and for the Company
to gain value from its investments in the companies is dependent on the future
success of the companies' exploration activities. In undertaking their review,
the Directors consider the outcome of their impairment assessment of the
relevant licences as detailed above.
The Directors have used the Expected Credit Loss model to make a general
provision against intercompany loans receivable based on historic credit
losses and current data. In applying the expected credit loss model, the
directors have judged that the loans to the subsidiaries were credit impaired
on inception. See Note 13 for further details.
ii) ESTIMATES
Carrying value of investment in Horse Hill Developments Limited - Nil
The Company's investment in Horse Hill Developments Limited is carried at fair
value, as, in the judgement of the Directors, it has been possible to estimate
a reliable fair value for the investment. For further details of the valuation
see Note 12.
The Directors believe that the intrinsic value of the oil field has not been
diminished during the year. However, due to the current suspension of
production at the site caused by an adverse Court decision requiring planning
applications to be recast and resubmitted and the subsequent impairment of the
asset by the majority owner, the Directors believe it is prudent to impair the
value of the investment in full. The significant quantities of oil in place
may still lead to further positive cashflows in the future and the value of
the investment will continue to be reviewed annually.
3. ACQUISITIONS AND DISPOSALS
Partial disposals of investment in associate by dilution
During the year placings by an investee company led to dilutions of the
Group's holding in that company. These were accounted for as partial deemed
disposals for nil consideration, as they reduced the share of net assets held
by the Group and therefore losses arose. For more information see Note 11
Investments in Associates.
Acquisition of investment in associate
On 14 July 2025 the Company announced initial terms for the acquisition of 51%
of the Motzfeldt project in Greenland in two stages via the acquisition of
shares in Elemental Rare Metals Limited, the project owner. Part of the
transaction was a related party transaction with a director of Alba.
On 28 October 2025 the final agreed terms were announced along with First
Completion, being the acquisition by Alba of an initial 25.5% interest in the
Project, for £30,000 in cash and £426,930 in Alba shares.
The purchase of a further 25.5% was agreed subject to (1) Greenland Government
approval to Alba acquiring a majority stake in the Project and (2) approval at
a general meeting of Alba's acquisition of the second stake of 25.5% at Second
Completion from an entity associated with Alba Chairman George Frangeskides.
At the balance sheet date, Alba owned 25.5% of Elemental Rare Metals Limited.
At the date of issue of these accounts, Condition (2) above had been
fulfilled. Condition (1) was still awaiting formal confirmation.
4. ANALYSIS OF SEGMENTAL INFORMATION
The Group currently only has one primary reporting business segment,
exploration and development. The Board of the Company evaluates the business
on a sector basis, the two sectors being mining and oil and gas. The group
exploration assets and investments along with capital expenditures are
presented on this basis below:
2025 2024
£'000 £'000
Total assets
Exploration and development 7,469 7,391
Oil and gas - 150
Current assets 450 215
7,919 7,756
Capital expenditure
Exploration and plant 363 661
The Group's primary business activities operate in the UK. The Group has
investments in UK and Greenlandic assets. For accounting purposes, all are
designated as UK assets.
2025 2024
£'000 £'000
Total assets
England & Wales 7,919 7,756
Capital expenditure
England & Wales 363 661
The administrative expenditure in the income statement primarily relates to
central costs or exploration costs that cannot be capitalised.
5. EXPENSES BY NATURE AND AUDITOR REMUNERATION
Expenses by nature:
Total 2025 Total 2024
£'000 £'000
Staff costs (note 6) 268 436
Professional fees and insurances 159 156
Exploration and consultancy 158 85
Office, travel, PR, other 70 101
Depreciation 9 14
Administrative expenses 664 792
2025 2024
£'000 £'000
Other income
Services provided 77 55
Auditor's remuneration:
2025 2024
£'000 £'000
PKF Littlejohn LLP
- Group audit services 45 45
Other income is personnel services and office costs billed to GreenRoc
Strategic Materials plc.
6. DIRECTORS' EMOLUMENTS AND STAFF COSTS
During the period the Group had on average 5.4 (2024: 6.7) employees each
month, being the Directors (who are the key management personnel) plus
finance, geological and local site staff. Where eligible, Directors and other
staff accrue benefits under a money purchase auto-enrolment scheme held in
NEST.
2025 2024
Total Group Total Group
£'000 £'000
Directors' fees, salaries and pension (see table below) 195 179
Directors' share based payments - 141
Directors' social security costs 16 15
Staff costs
Salaries and wages 150 223
Share based payment charges 0 36
Social security costs 15 23
Defined contribution pension scheme 3 4
Fees classified as consultancy (32) (27)
Costs recharged to projects (79) (158)
Staff costs reported in administrative expenses (Note 5) 268 436
Average number of employees 5.4 6.7
Directors' remuneration:
2025 2024
Fees Salaries Pension FV of options vesting Total Fees Salaries Pension FV of options vesting Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
G.F. 36 120 1 - 157 36 115 1 117 269
Fees capitalised (16) - - - (16) (21) - - - (21)
M.C.N 6 18 - - 24 6 18 - 12 36
E.H. 6 18 - - 24 6 18 - 12 36
M.A.* - 6 - - 6
Total 32 162 1 - 195 27 151 1 141 320
GF: George Frangeskides, MCN: Michael Nott, EH: Elizabeth Henson MA: Mark
Austin
* Remuneration disclosed for Mark Austin is from his date of appointment to
the Board, 1 September 2025. Earnings prior to this are included within staff
costs.
Note 23 gives further details of transactions with the Directors. During the
prior year a number of extant warrants/options were cancelled and new ones
were granted to the Directors in their place. The figures stated in the "FV of
options vesting" column arise as a result of the technical application of
applicable accounting standards to the fair valuing of share options and do
not represent actual remuneration accruing to the directors. For further
information on the valuation see Note 17.
7. INCOME TAXES
The UK corporation tax rate has been applied throughout the workings below as
substantially all of the losses during the year (and historic losses in
retained earnings) have been incurred by the parent or other companies
resident in the UK for tax purposes. Using a weighted average rate would not
change the effective tax rate.
a) Analysis of charge in the period
2025 2024
£'000 £'000
United Kingdom small profits rate of corporation tax at 19% (2024: 19%) - -
Deferred taxation - -
b) Factors affecting tax charge for the period
The tax assessed on the loss for the year before tax differs from the small
profits rate of corporation tax in the UK which is 19% (2024: 19%). The
differences are explained below:
2025 2024
£'000 £'000
Loss before tax (1,508) (3,523)
Loss multiplied by standard rate of tax (287) (669)
Effects of:
Expenses not deductible / losses not allowable 170 572
Deferred tax assets not recognised/capital allowances not claimed 117 97
- -
A deferred tax asset has not been recognised in respect of timing differences
relating to tax losses and accelerated capital allowances, due to uncertainty
that the potential asset will be recovered. The aggregated losses in each of
the Group companies being Alba Mineral Resources plc and its subsidiaries as
listed in Note 13 amounted to £13,677,000 before adjustments required by
local tax rules and excluding losses on intra-group transactions (2024:
£12,096,000).
8. EARNINGS PER SHARE
The calculation of the basic loss per share is calculated by dividing the
consolidated loss attributable to the equity holders of the Company by the
weighted average number of ordinary shares in issue during the year. The
diluted earnings per share is the same as the basic earnings per share, as
warrants/options are not dilutive due to the loss for the year.
2025 2024
£'000 £'000
Loss attributable to group shareholders (1,508) (3,523)
Weighted average number of ordinary shares for calculating basic loss per 12,886,657,879 8,670,529,167
share
Loss per share (pence) (0.012) (0.041)
9. PROPERTY, PLANT AND EQUIPMENT
Group Land Plant, equipment and vehicles Total
£'000 £'000 £'000
Cost
At 1 December 2023 85 107 192
Additions - 10 10
At 30 November 2024 85 117 202
Additions - - -
At 30 November 2025 85 117 202
Accumulated Depreciation
At 30 November 2023 and at 1 December 2023 - (24) (24)
Charge for the year - (14) (14)
At 30 November 2024 - (38) (38)
Charge for the year - (9) (9)
At 30 November 2025 - (47) (47)
Net Book Value at 30 November 2025 85 70 155
Net Book Value at 30 November 2024 85 79 164
The land is part of the Clogau gold project. At the year end the land is held
at cost. No depreciation is charged as it is not a wasting asset. Plant is
part of the Clogau gold project.
10. INTANGIBLE FIXED ASSETS
Group Exploration and evaluation
£'000
Cost
At 1 December 2023 4,255
Additions 651
At 30 November 2024 4,906
Additions 363
Revenue from pre-production (62)
At 30 November 2025 5,207
Amortisation and impairment
At 1 December 2023 and 2024 (735)
Net book value
At 30 November 2025 4,472
At 30 November 2024 4,171
The Group's intangible fixed assets relate to the Welsh gold projects (Clogau,
Dolgellau Gold and Gwynfynydd).
Management do not judge the Exploration and Evaluation costs related to those
projects to be impaired at 30 November 2025. Exploration is planned and
budgeted for in 2026 and the Group has no data at this point that suggests
that the asset value is unlikely to be recovered from successful development.
At the year end the amount of liabilities (being creditors and accruals)
relating to the exploration and evaluation assets was £64,000.
11. INVESTMENTS IN ASSOCIATES
Group and Company Investment in associate Investment in associate
GreenRoc Strategic Materials plc Elemental Rare Metals Ltd
£'000 £'000
Cost
At 30 November 2023 3,447 -
Additions 70 -
Dilution of investment - deemed partial disposal (223) -
Share of loss of associate (238) -
At 30 November 2024 3,056 -
Additions 50 460
Dilution of investment - deemed partial disposal (496) -
Share of loss of associate (228) -
At 30 November 2025 2,382 460
During current and prior reporting years, placings by GreenRoc led to dilution
of Alba's holding in that company. These were accounted for as partial deemed
disposals for nil consideration, as they reduced the share of net assets held
by Alba and therefore losses arose.
At the end of the year the Company's shareholding in GreenRoc was 25.34%. At
that date the market value of the Company's shareholding was below the book
value shown above. At the date of these accounts the market value is in excess
of the book value.
At 30 November 2025 the audited consolidated results of GreenRoc Strategic
Materials plc showed a loss for the year of £828,000 with net assets of
£9,395,000, comprising non-current assets of £10,271,000 and net current
assets of £7,000 offset by a deferred tax liability of £883,000.
The cost of acquisition of 25.5% of Elemental Rare Metals Ltd comprises
consideration as disclosed in Note 3 to the accounts plus associated costs
incurred. At 30 November 2025 the unaudited accounts of Elemental Rare Metals
showed net assets of £37,000, comprising non-current assets of £349,000 and
creditors and loans of £312,000.
12. INVESTMENTS
Investment in HHDL
Group and Company £'000
At 30 November 2023 2,600
Repayment of loan (103)
Impairment expense (2,347)
At 30 November 2024 150
Impairment expense (150)
At 30 November 2025 -
The above investment represents an investment in 18.1% (2024: 18.1%*) of the
issued share capital of Horse Hill Developments Limited ("HHDL") and
associated loans to that company accruing interest at variable rates linked to
the Bank of England base rate. Those loans and interest are treated as part of
the overall investment and as such are classified as fair value through the
profit and loss. Any interest due is subsumed within the overall investment
valuation (see Note 21).
HHDL is a private company with no stock quote. There have been no share
transactions in HHDL stock nor transactions in licence interests in the past
several years to provide any basis for valuation.
In 2024 production was suspended at the site due to an adverse Court decision
requiring planning applications to be recast and resubmitted and delays to
reporting by the majority owner, UKOG plc. UKOG plc has subsequently impaired
the value of the project in full leading Alba to follow suit.
The Directors believe that the intrinsic value of the oil field has not been
diminished during the year and that the significant quantities of oil-in-place
may still lead to further positive cashflows in the future and the value of
the investment will continue to be reviewed annually.
This revised valuation is a Level 3 valuation under the IFRS 9 hierarchy, as
was the valuation in the prior year, as defined in Note 21.
The registered office of HHDL is: The Broadgate Tower, 8th Floor, 20 Primrose
Street, London, EC2A 2EW.
*In a prior period, the Company elected not to contribute its share of a cash
call. As a result, the Company's shareholding could be diluted but the impact
would be minimal, the reduction being less than 0.1% of the total issued share
capital of HHDL.
13. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS
Investments Capital Contributions Loans Total
£'000 £'000 £'000 £'000
Company
At 30 November 2023 - 1,455 1,990 3,445
Additions - expenditure - - 715 715
Increase in ECL provision - - (180) (180)
At 30 November 2024 - 1,455 2,525 3,980
Additions - expenditure - - 287 287
Increase in ECL provision - - (72) (72)
At 30 November 2025 - 1,455 2,740 4,195
The Company recognises a provision for expected credit loss against the loans
due from subsidiaries in addition to a specific impairment of the loan to
Aurum Mineral Resources Limited.
At 30 November 2025 the specific impairment was £1,290,000 and the Expected
Credit Loss provision was £913,000.
Loans are interest-free and have no agreed terms. For the purposes of IFRS 9
the loans were assumed to be repayable on demand. However, management has
agreed that these loans will not be recalled within 12 months from the balance
sheet date so they are classified as long term.
The loans are assessed as being credit impaired on inception as the
subsidiaries have no income other than the receipt of inter-company funding
and as the loans are primarily used to fund the subsidiaries deferred
exploration expenditure. The subsidiaries would only be able to repay the
loans if they can either sell their exploration assets or develop them to the
point at which the assets generate cash flows, both of which would take time
to achieve. Therefore, at inception, it is known that the loans will not be
able to be repaid in accordance with the loan terms (that is, on demand) and
therefore they are assessed as being credit impaired.
Historic and current data has been used to derive a probability of default and
this has been applied across the portfolio of loans.
At 30 November 2025 the Company held the following interests in subsidiary
undertakings, which are included in the consolidated financial statements:
Name of company Country of incorporation Holding at 30 November 2025 Nature of holding Holding at 30 November 2024 Business
Aurum Mineral Resources Ltd Ireland 100% Direct 100% Exploration
Dragonfire Mining Limited England & Wales 100% Direct 100% Exploration
GMOW (Holdings) Limited England & Wales 100% Indirect 100% Holding Co.
GMOW (Operations) Limited England & Wales 100% Indirect 100% Exploration
GMOW Gwynfynydd Limited England & Wales 100% Direct 100% Exploration
The address of the registered office of Aurum Mineral Resources Ltd is c/o
Hugh Lennon Associates, Unit 8&10 Church View, Cavan, Ireland.
The registered office of Dragonfire Mining Limited is Gold Mines of Wales,
Smithfield Square, Dolgellau, Gwynedd LL40 1ES.
All the other companies have their registered office at c/o Arch Law Limited,
Huckletree Bishopsgate, 8 Bishopsgate, London EC2N 4BQ. The registered office
address during the year was 6th Floor, 60 Gracechurch Street, London EC3V 0HR
and the address change was effective on 31 January 2025.
14. TRADE AND OTHER RECEIVABLES
Group Group Company Company
2025 2024 2025 2024
Current £'000 £'000 £'000 £'000
Other debtors 68 76 52 40
Prepayments and accrued income 20 13 19 12
88 89 71 52
The fair value of trade and other receivables approximates to their book
value.
15. CASH AND CASH EQUIVALENTS
Group Group Company Company
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Cash at bank and in hand 362 126 350 125
The fair value of cash at bank is the same as its carrying value.
16. TRADE AND OTHER PAYABLES
Group Group Company Company
2025 2024 2025 2024
Current £'000 £'000 £'000 £'000
Trade creditors 245 105 223 104
Other creditors 43 23 43 22
Accruals and deferred income 121 102 76 73
409 230 342 199
The fair value of trade and other payables approximates to their book value.
17. CALLED UP SHARE CAPITAL
Number 2025 Number 2024
of shares £'000 of shares £'000
Issued, allotted and fully paid
Ordinary shares of 0.001 pence 18,066,489,751 180 - -
Ordinary shares of 0.01 pence - - 10,911,209,337 1,091
Deferred shares of 0.9 pence 93,070,100 838 93,070,100 838
B deferred shares of 0.09 pence 3,918,351,946 3,526 3,918,351,946 3,526
C deferred shares of 0.009 pence 11,541,721,949 1,039 - -
Total 33,619,633,746 5,583 14,922,631,383 5,455
Following the passing of resolutions at the Company's Annual General Meeting
on 27 May 2025, Alba completed a subdivision of its ordinary share capital
creating new Ordinary shares of 0.001 pence each and a new class of "C"
deferred shares of 0.009 pence each, carrying the same rights as other classes
of deferred shares.
The Company's Articles do not specify authorised share capital. All issued
ordinary shares carry equal rights. The deferred shares do not carry any
rights to vote or dividend rights. In addition, holders of deferred shares
will only be entitled to a payment on a return of capital or on a winding up
of the Company after each of the holders of the ordinary shares have received
a payment of £1,000,000 on each such share.
During the year the Company issued ordinary shares as follows:
Ordinary shares Ordinary share capital Deferred share capital Total share capital Share premium Total
0.01 pence £'000 £'000 £'000 £'000 £'000
At 30 November 2024 10,911,209,337 1,091 4,364 5,455 11,973 17,428
Placings and Retail Offers net of fees 600,000,000 60 - 60 13
73
Payment of suppliers 30,512,612 3 - 3 4 7
Subdivision of ordinary shares - (1,039) 1,039 - - -
Placings and Retail Offers net of fees 6,524,767,802 65 - 65 921 986
Valuation of warrants issued with a placing - - - - (172) (172)
Combined roundings from above - - - - (1) (1)
At 30 November 2025 18,066,489,751 180 5,403 5,583 12,738 18,321
Warrants Warrants reserve
£'000
At 30 November 2024 420,000,000 247
Warrants cancelled or expired - -
Warrants granted 1,617,647,059 172
At 30 November 2025 2,037,647,059 419
Of the warrants outstanding at 30 November 2025, all are vested and able to be
exercised. The weighted average exercise price of these vested warrants is
0.068 pence. No warrants were exercised in the year.
As at 30 November 2025 Alba had 2,037,647,059 warrants and options
outstanding:
No. of warrants Exercise price (pence) Final exercise date Vested
60,000,000 0.16 pence 28 August 2030 Awarded under the EMI scheme. Vested.
200,000,000 0.16 pence 28 August 2030 Awarded under the EMI scheme. Vested.
60,000,000 0.4 pence 13 January 2027 Vested.
60,000,000 0.42 pence 2 May 2028 Vested.
40,000,000 0.16 pence 28 August 2030 Vested.
1,617,647,059 0.0255 pence 16 July 2027 Vested, accelerator provision.
2,037,647,059 At 30 November 2025
As at 30 November 2024 Alba had 420,000,000 warrants and options outstanding:
No. of warrants Exercise price (pence) Final exercise date Vested
60,000,000 0.16 pence 28 August 2030 Awarded under the EMI scheme. Vested.
200,000,000 0.16 pence 28 August 2030 Awarded under the EMI scheme. Vested.
60,000,000 0.4 pence 13 January 2027 Vested.
60,000,000 0.42 pence 2 May 2028 Vested.
40,000,000 0.16 pence 28 August 2030 Vested.
420,000,000* At 30 November 2024
(*) All extant warrants at 30 November 2024 fall within the scope of IFRS 2
"Share-based Payments".
Warrants issued in the year were part of a placing. The fair value of the
warrants issued, calculated using a Black Scholes model, was £173,000. Within
the meaning of the IFRS 13 fair value hierarchies, this is a Level 2
valuation. It is based on a risk-free rate of 10 year gilts on the date of
grant, a dividend yield of nil, the life of the options, the share price at
the date of issue of the warrants and the strike prices of the warrants. The
volatility was derived from the quoted prices for the Company's shares in the
12-month period prior to the issue of the respective warrants.
There is an accelerator provision attached to the warrants whereby the Company
may give warrant holders notice to exercise their Warrants if at any time
during the Exercise Period the 10-trading day volume-weighted average price of
Alba ordinary shares exceeds 0.035 pence per share.
In the prior year the Company announced that a number of options/warrants were
to be cancelled and new options/warrants issued in their place. The fair value
of the warrants issued, calculated using a Black Scholes model was £177,000.
The cancellation of corresponding warrants released £477,000 to reserves from
the warrant reserve.
18. LEASES
The Company has no lease or rental commitments within scope of IFRS 16.
Expenditure on short-term leases during the year was £22,000 (2024:
£22,000).
19. CAPITAL COMMITMENTS
At the year end the Group had contractual sole-funding commitments of up to
£426,000 under the terms of its agreement to acquire 51% of Elemental Rare
Metals Limited, the owner of the Motzfeldt project in Greenland. This is made
up of a sole-funding commitment up to an amount of £350,000, split as
£100,000 from First Completion and another £250,000 from Second Completion,
once Alba has moved to majority ownership of the Project.
The additional amount of £76,000 relates to a commitment to reimburse the
Motzfeldt 2025 field programme costs, split again between First and Second
Completions.
This level of spend will allow the project to meet its expenditure obligations
set under local regulations in Greenland, being £174,000 for 2026 plus any
remaining obligation from 2025 (estimated to be ~£10,000). Expenditure
submissions include 50% uplift on actual spend, meaning actual expenditure of
~£123,000 in 2026 to fulfil the obligations noted above.
20. CONTINGENT LIABILITIES
A 1% net smelter royalty agreement remains in place with the previous owner of
the Clogau gold project. The Group has no obligations under this agreement
until such time as gold is produced and sold.
Under the terms of agreements with the Crown Estate, a 4% net smelter royalty
is also due to the Crown on any gold produced and sold.
21. FINANCIAL INSTRUMENTS
The Group's financial instruments comprise investments, cash at bank and
various items such as debtors, loans and creditors. The Group has not entered
into derivative transactions, nor does it trade financial instruments as a
matter of policy.
Credit risk
The Group's credit risk arises primarily from cash at bank, debtors and the
risk the counterparty fails to discharge its obligations. As at 30 November
2025, debtors included £22,000 that was past due but not impaired (2024:
£22,000). Given the low number and value of debtors, management considers
recoverability of any overdue amount individually on an annual basis.
The Company's credit risk primarily arises from intercompany debtors and this
is reviewed annually in the course of reviewing the Expected Credit Loss
provision required under IFRS 9. See Note 13 for more details.
Funding risk
Funding risk is the possibility that the Group might not have access to
the financing it needs. The Group's continued future operations depend on the
ability to raise sufficient working capital through the issue of equity share
capital. The Directors are confident that adequate funding will be forthcoming
with which to finance operations. The Board has a strong track record of
raising funds as required. Controls over expenditure are carefully managed and
activities planned to ensure that the Group has sufficient funding.
Liquidity risk
Liquidity risk arises from the management of cash funds and working capital.
The risk is that the Group will fail to meet its financial obligations as they
fall due. The Group operates within the constraints of available funds and
cash flow projections are produced and regularly reviewed by management.
Future liquidity risk is addressed in Note 1 under the heading "Going
Concern".
Interest rate risk profile of financial assets
Excluding the investment in HHDL, the only financial assets (other than short
term debtors) are cash at bank and in hand, which comprises money at call. The
interest earned in the year was nil. The Directors believe the fair value of
the financial instruments is not materially different to the book value.
The investment in HHDL includes a loan element. Under an investment agreement
those loans attract interest. Loans plus interest become payable once HHDL has
surplus cash. As the Group / Company treats the loan as held at fair value
through profit and loss, any interest credit is subsumed within the fair value
movement.
Foreign currency risk
The Group has an Irish subsidiary, which can affect the Group's sterling
denominated reported results as a consequence of movements in the
sterling/euro exchange rates. The Group also incurs costs denominated in
foreign currencies which gives rise to short term exchange risk. The Group
does not currently hedge against these exposures as they are deemed immaterial
and there is no material exposure as at the year-end. No sensitivity analysis
has been performed.
Market risk
Following the acquisition of the investment in Horse Hill Developments Limited
("HHDL"), the Group is exposed to market risk in that the value of the
investment would be expected to vary depending on the price of oil and the
future cash calls will,
to an extent, depend on the revenue generated from oil produced from well
testing activities. However, for various reasons stated earlier in this
document, the value of the investment has been impaired and as such the value
remaining in the balance sheet is nil.
Categories of financial instrument
Group Group Company Company
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Financial assets
Investments at fair value through profit or loss:
Investment in HHDL (Note 12) - 150 - 300
Held at amortised cost:
Trade and other receivables 68 76 52 40
Cash and cash equivalents 362 126 350 125
Intercompany receivables net of expected credit losses - - 2,740 2,525
430 352 3,142 2,990
Financial liabilities
Held at amortised cost:
Trade and other payables 409 230 342 199
Valuation of financial instruments
Under IFRS 9 the valuation of financial instruments is categorised based on
the inputs used to generate the valuation as follows:
Level 1: The fair value of financial instruments traded in active markets
(such as publicly traded derivatives, and equity securities) is based on
quoted market prices at the end of the reporting period. The quoted market
price used for financial assets held by the group is the current bid price.
These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an
active market (for example, over-the-counter derivatives) is determined using
valuation techniques which maximise the use of observable market data and rely
as little as
possible on entity-specific estimates. If all significant inputs required to
fair value an instrument are observable, the instrument is included in level
2.
Level 3: If one or more of the significant inputs is not based on observable
market data, the instrument is included in level 3. This is the case for
unlisted equity securities.
The Group's financial instruments by valuation method:
Level 3 Total
Note £'000 £'000
Financial assets held at FVTPL
Investment - FV at 30 November 2024 150 150
Impairment expense (150) (150)
Investment - FV at 30 November 2025 12 - -
Financial liabilities held at FVTPL - -
For more information on the valuation bases see the relevant Notes referred to
above.
The investment in HHDL includes loans of £2,126,000 plus accrued interest.
These were designated as fair value through the profit and loss on recognition
as they form part of the Company's investment in Horse Hill Developments
Limited. The loans are not valued separately from the investment and have thus
been impaired too.
22. CAPITAL MANAGEMENT
The Group's objective when managing capital is to safeguard the entity's
ability to continue as a going concern and develop its mining and exploration
activities to provide returns for shareholders. The Group's funding comprises
equity and debt. The Directors consider the Company's capital and reserves to
be capital. When considering the future capital requirements of the Group and
the potential to fund specific project development via debt, the Directors
consider the risk characteristics of all the underlying assets in assessing
the optimal capital structure.
23. RELATED PARTY TRANSACTIONS
All related party transactions have been conducted at arm's length.
Fees charged by Directors are detailed below and also shown in Note 6.
"Directors' emoluments and staff costs".
Company
Transactions between the Company and its subsidiaries, which are related
parties of the Company, have been eliminated on consolidation. The loan
balances and transactions in the year with the subsidiaries are disclosed in
Note 13. Details of transactions between the Company and other related parties
are disclosed below.
Group
Alba charged GreenRoc Strategic Materials plc £51,000 during the year for
services from its personnel on an arm's length basis as per the Relationship
agreement signed on IPO in September 2021 plus certain costs incurred on their
behalf.
For his role of Chairman, GreenRoc Strategic Materials plc paid George
Frangeskides (Executive Chairman of Alba) a salary equivalent to £54,000 for
the year.
As announced by GreenRoc on 3 February 2025, the Company subscribed for
£50,000 (3,846,154 shares) in GreenRoc Strategic Materials plc in a placing.
Aetos Consulting Limited, a company which George Frangeskides, a director of
the Company, jointly controls, provided the Group with consultancy services
for which £36,000 has been accrued (2024 £36,000) and billed the Group for
2024 accrued fees. £16,000 represents work carried out specifically on the
advancement of the Group's project portfolio and has therefore been
capitalised.
As at the year-end £99,000 (2024: £57,000) was owed to Aetos Consulting
Limited and £36,000 (as noted above) was accrued for invoices expected. There
are no terms and conditions associated with the outstanding balance.
Woodridge Associates, a trading name of Michael Nott, a director of the
Company, charged the Group fees of £6,000 for consultancy services during the
year.
Ixia Advisers, a company controlled by Elizabeth Henson, a director of the
Company, charged the Group fees of £6,000 for consultancy services during the
year.
Elemental Rare Metals ("ERM")
In July 2025 the acquisition of 51% of the Motzfeldt project via acquisition
of 51% of Elemental Rare Metals Ltd, the project-owning company, was
announced. The announcement included related party transaction disclosures
regarding George Frangeskides (Executive Chairman) and Sarah Potter (CFO) as
shown in the table below.
On 28 October 2025 revised terms were announced splitting the transaction into
two phases. The first, without related party transactions, was completed on 28
October 2025. The second phase, the acquisition of an additional 25.5% with
related party transactions, was subject the satisfaction of two conditions:
shareholder approval of the transaction and approval of a change of control of
the exploration licence by the regulatory authorities in Greenland. These
conditions had not been met at 30 November 2025. As both conditions were
subject to external approvals, the Group was not in a position of control over
ERM and accounted for the investment as an associate (see also Note 2).
As the date of these accounts the second stage of the acquisition had not
taken place as one condition was still outstanding.
The related party transactions reported to the market in announcements but not
yet transacted were as follows:
- George Frangeskides is a founder, significant shareholder and
funder of ERM and therefore stands to receive part of the consideration from
the transaction at Second Completion.
- Sarah Potter has, independently of her role with Alba, provided
accounting services to ERM which will be paid from the transaction
consideration as part of the settlement of accrued invoices referred to above
at Second Completion.
Provision of loans/services Total consideration shares
George Frangeskides £153,000 1,814,703,811
Sarah Potter £15,000 62,137,531
24. EVENTS AFTER THE REPORTING PERIOD
Corporate
On 2 March 2026 the Company announced a share placing for £800,000.
On 6 February 2026 the Company held a General Meeting for shareholder approval
of the second stage of the Motzfeldt acquisition. All resolutions passed.
On 23 January 2026 the Company announced that it had joined the Critical
Minerals Association.
Clogau Gold Project
Various announcements have been made since year end updating the market on
underground development progress at Clogau.
On 30 April 2026 the Company gave an operational update on activity at Clogau
detailing the extent of development so far and results from early processing.
Motzfeldt Project
On 16 February 2026 the results of Phase 1 test work on samples from the
Motzfeldt project were announced, confirming mineral species, all of which
have established global extractive pathways.
On 30 April 2026 the Company announced assay results from samples taken at the
Merino target in 2025, confirming that hydrothermal critical metal structures
exist at Motzfeldt in addition to the known magmatic pyrochlore microsyenite
mineralization observed at the Aries deposit.
Finnsbo
On 6 March 2026, the Company made an announcement refuting public statements
by the licence holder regarding Alba's rights under the project agreement.
GreenRoc Strategic Materials plc
During the period from December 2025 to date, GreenRoc has made several
announcements via RNS published on their website, including announcing the
grant of an exploitation licence for the Amitsoq Project.
25. ULTIMATE CONTROLLING PARTY
The Directors consider there is no ultimate controlling party.
**ENDS**
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market, financial and business conditions, competition
for and availability of qualified staff and contractors, regulatory processes
and actions, technical issues, new legislation, uncertainties resulting from
potential delays or changes in plans, uncertainties resulting from working in
a new political jurisdiction, uncertainties regarding the results of
exploration, uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of regulatory and
other third party consents and approvals, uncertainties regarding the
Company's or any third party's ability to finance, execute and implement
future plans and programmes, and the occurrence of unexpected events. Actual
results achieved may vary from the information provided herein as a result of
numerous known and unknown risks and uncertainties and other factors.
Engage with Alba by asking questions, watching video summaries and reading
what other shareholders have to say. Navigate to our interactive Investor Hub
here:
https://albamineralresources.com/link/epzjkP
(https://albamineralresources.com/link/epzjkP)
For further information, please visit the Alba Mineral Resources plc investor
website (www.albamineralresources.com (http://www.albamineralresources.com) )
and sign up to receive news and engage with the Alba management team.
Subscribe to our news alert service
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Contact Details
Alba Mineral Resources plc +44 20 3950 0725
George Frangeskides, Executive Chairman
SPARK Advisory Partners Limited (Nomad) +44 20 3368 3555
Andrew Emmott
CMC Markets plc (Broker) +44 20 3003 8632
Thomas Smith / Douglas Crippen
Alba's Projects & Investments
Projects Operated by Alba Location Ownership
Clogau (gold) Wales 100%
Dolgellau Gold Exploration (gold) Wales 100%
Gwynfynydd (gold) Wales 100%
Investments Held by Alba Location Ownership
Motzfeldt Critical Metals Project Greenland 25.5%
GreenRoc Strategic Materials Plc (graphite - anode) Greenland 25.04%
Horse Hill (oil) England 11.765%
Earn-in Projects Location Earn-in Rights
Finnsbo (rare earths, copper, gold) Sweden Up to 100%
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Alba Mineral Resources
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