REG - Alba Mineral Resrcs. - Half-Yearly Report for 6 Months Ended 31 May 2025
29/08/2025 07:00
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RNS Number : 1289X Alba Mineral Resources PLC 29 August 2025
Alba Mineral Resources plc
("Alba" or the "Company")
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 MAY 2025
The Board of Directors of Alba Mineral Resources plc (the "Company" or "Alba")
is pleased to report the Group's interim results for the six months ended 31
May 2025.
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 MAY 2025
CHAIRMAN'S STATEMENT
I am pleased to present the Chairman's Statement for the six months
ended 31 May 2025, a period during which Alba has continued to
proactively develop its asset portfolio and deliver meaningful operational
progress.
In March 2025, the Company completed Phase 1 of its blasting programme -
removing 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.
As previously announced, Alba minted three limited‑edition 1 oz,
24‑carat "Tyn‑y‑Cornel" Welsh gold coins from gold extracted at Clogau.
The first coin was auctioned in April 2025 for £20,000, representing nearly
an 8.5× premium to the then spot price of gold. The second and third coins
were sold privately for £21,000 each, maintaining a similar premium. The
prices achieved underscores the unique value proposition associated with
Welsh gold which underpinned our move into Clogau and the Dolgellau Gold
Belt.
On the processing side, modified gravity recovery plant trials returned an
average concentrate grade of 450.6 g/t, equating to an average head grade of
9.2 g/t, signifying improved recovery performance from the Waste Tip.
Also in the reporting period, the Company announced the renewal of its
exploration rights at Clogau through a new multi-year option agreement with
The Crown Estate.
In late June 2025, after the end of the reporting period, an operational
update reported on the progress of preparations for the next phase of
underground blasting at the Llechfraith Target, including modifications to
enhance penetration rates through the blasting sequence. Ore processing was
reported to be continuing from the remaining stockpile, with approximately
4 kg of concentrate at or en route to the refiner.
Additionally, it was reported that Alba plans to produce a limited series of
18‑carat gold pendants using gold produced from the Mine. The maker's mark
"GMW" has been registered and Alba shareholders will be offered a priority
purchase window before wider sale.
A preparatory blast was successfully conducted in late July 2025 at the
Llechfraith target, our principal gold target at Clogau. However, a subsequent
site visit by HM Inspectorate of Mines has identified remedial safety and
compliance works that must be completed before further blasting can resume.
Our team is working hard to schedule the contractors needed to complete these
works as soon as possible.
On 14 July 2025, we announced the conditional acquisition of a 51% controlling
interest in the Motzfeldt Project-a critically strategic multi‑element asset
enriched in niobium, tantalum, zirconium, and rare earth elements (REEs). The
consideration comprises £30,000 in cash and £945,000 in Alba shares, with
the shares to be issued at 0.02414 pence, a ~10% premium to Alba's 11 July
2025 closing share price of 0.022 pence.
Complementing this, Alba completed a £550,000 (before costs) share placing,
with proceeds directed toward advancing the Motzfeldt Project, further Clogau
development, and preparatory drilling at the Finnsbo project in Sweden.
The Motzfeldt acquisition fits squarely within Alba's strategy of targeting
historically productive or advanced stage assets in stable jurisdictions
offering commercial potential and critical metals exposure for the global
energy transition .
Corporate
During the period, Alba issued shares as partial consideration for the
exercise of the Company's option over the Finnsbo Rare Earth project in
Sweden. A share placing was also completed for £75,000 (before costs).
Following the passing of the resolutions at the Company's Annual General
Meeting on 27 May 2025, Alba completed a subdivision of its ordinary share
capital.
Post period end, Alba announced that it had agreed to acquire a majority share
in the Motzfeldt project and had completed a share placing for £550,000
(before costs).
The Company also recently announced the appointment of a new Principal
Geologist, Dr Curtis Rooks, and that Mark Austin was stepping down from his
position as COO and Senior Geologist and joining the Board as a Non-Executive
Director for an initial six-month period, renewable by mutual consent.
Results
The Group made a loss of £761,000 after tax (May 2024: loss of £639,000).
Operating losses were £254,000 compared with £489,000 in the comparative
period (£292,000 after deducting a one-off £197,000 non-cash cost
attributable to the grant of new warrants and options in December 2023).
Net assets at 31 May 2025 are £6.85 million, £0.68 million lower than at
year end principally due to an increase in liabilities and a net reduction in
the value of the company's investment in GreenRoc, the combined effect of a
share of that Group's losses and the dilutive impact of placings. During the
period, spend on exploration activities was partially funded by the successful
sale of three limited edition coins. As the Clogau project is still at the
exploration and evaluation stage, proceeds from these sales are not shown in
the income statement but applied to offset project spend.
The investment in GreenRoc reduced slightly due to the allocation of a
proportionate share of their losses for the same period, as well as the
dilutive effect of recent placings.
Outlook
At Clogau, we anticipate the resumption of our next blasting phase as quickly
as possible and to progressing the processing and refining of the ore
recovered.
At Motzfeldt, we will initially focus on desktop and laboratory work which can
add real value to the project, such as a comprehensive mineralogical and
metallurgical test work programme, followed by a Scoping Study and the
identification of favourable, low-cost sources of funding to underpin future
development.
Depending on the results of the maiden drilling campaign to come at Finnsbo,
that project could become a significant part of our project portfolio in the
months ahead.
Closing Remarks
I would like to extend my gratitude to our shareholders for their support, to
the Board for its strategic oversight, and to our operational team and
contractors whose expertise continues to drive Alba forward. We remain
committed to delivering technical progress, commercial recognition, and real
value for the benefit of all our stakeholders.
George Frangeskides
29 August 2025
Executive Chairman
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 and business conditions, competition for qualified
staff, the regulatory process 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
Company's ability to execute and implement future plans, 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/oPB4Je
(https://albamineralresources.com/link/oPB4Je)
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
(https://alba-l.investorhub.com/auth/signup
(https://alba-l.investorhub.com/auth/signup) ) and visit @AlbaMinerals on X
(formerly Twitter).
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
GreenRoc Strategic Materials Plc (graphite - anode) Greenland 26.15%
Horse Hill (oil) England 11.765%
Earn-in Projects Location Earn-in Rights
Finnsbo (rare earths, copper, gold) Sweden Up to 100%
Optioned Projects Location Further details
Norrby (gold, other metals) Sweden RNS 6/11/24
Glava (copper, gold) Sweden RNS 6/11/24
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2025
Unaudited Unaudited Audited
6 months ended 31 May 2025 6 months ended 31 May 2024 Year ended 30 Nov 2024
£'000 £'000 £'000
Other income 26 33 77
Administrative expenses (280) (522) (792)
Impairment expense - - (2,347)
Operating loss (254) (489) (3,062)
Loss on dilution of investment in associate (372) - (223)
Share of loss of associate (135) (150) (238)
Loss before tax (761) (639) (3,523)
Taxation - - -
Loss for the year (761) (639) (3,523)
Profit/(loss) per ordinary share
Basic and diluted (pence) (0.007) (0.009) (0.041)
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
Unaudited Unaudited Audited Year ended 30 Nov 2024
6 months ended 31 May 2025 6 months ended 31 May 2023
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 160 162 164
Intangible fixed assets 4,258 3,721 4,171
Investment in associate 2,599 3,297 3,056
Investments - Horse Hill Developments 150 2,497 150
Total non-current assets 7,167 9,677 7,541
Current assets
Trade and other receivables 60 87 89
Cash and cash equivalents 21 97 126
Total current assets 81 184 215
Current liabilities
Trade and other payables (403) (245) (230)
Total current liabilities (403) (245) (230)
Net current assets / (liabilities) (322) (61) (15)
Net assets 6,845 9,616 7,526
Capital and reserves
Called up share capital 5,518 5,196 5,455
Share premium account 11,990 11,418 11,973
Warrant reserve 247 442 247
Retained losses (11,078) (7,608) (10,317)
Foreign currency reserve 168 168 168
Total equity 6,845 9,616 7,526
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MAY 2025
Share capital Share premium Warrant reserve Retained losses Foreign currency reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Prior year interim
At 1 December 2023 5,137 11,119 782 (7,506) 168 9,700
Loss for the period - - - (639) - (639)
Total comprehensive income for the period - - - (639) - (639)
Shares and warrants issued 59 299 - - - 358
Equity settled share-based payments - - 197 - - 197
Transfer on exercise or expiry of warrants - - (537) 537 - -
Total transactions with owners 59 299 (340) 537 - 555
At 31 May 2024 5,196 11,418 442 (7,608) 168 9,616
Prior year full year
At 1 December 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
Current year interim £'000 £'000 £'000 £'000 £'000 £'000
At 1 December 2024 5,455 11,973 247 (10,317) 168 7,526
Loss for the period - - - (761) - (761)
Total comprehensive income for the period - - - (761) - (761)
Shares and warrants issued 63 17 - - - 80
Total transactions with owners 63 17 - - - 80
At 31 May 2025 5,518 11,990 247 (11,078) 168 6,845
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2025
Unaudited Unaudited Audited
6 months ended 31 May 2025 6 months ended 31 May 2024 Year ended 30 Nov 2024
Cash flows from operating activities
Operating loss (254) (489) (3,062)
Non-cash adjustments
Impairment expense - - 2,347
Share based payment charge - 21 177
Depreciation 4 6 14
Fees settled in shares 8 - 73
Increase / (decrease) in creditors 172 25 10
(Increase)/ decrease in debtors 29 1 (1)
Net cash used in operating activities (41) (260) (442)
Cash flows from investing activities
Payments for deferred exploration expenditure (87) (200) (651)
Payments for tangible fixed assets - - (10)
Investment in associate (50) - (70)
Receipt from investment - 103 103
Net cash used in investing activities (137) (97) (628)
Cash flows from financing activities
Proceeds from issue of shares and warrants 75 380 1,167
Cost of issue (2) (23) (68)
Net cash generated from financing activities 73 357 1,099
Net increase in cash and cash equivalents (105) - 29
Cash and cash equivalents at beginning of period 126 97 97
Cash and cash equivalents at end of period 21 97 126
Significant non-cash items in the period not shown in the table above are
shown on the income statement, being the share loss of associate and dilution
of investment in associate.
NOTES TO THE HALF-YEARLY FINANCIAL INFORMATION
1. Basis of preparation
The Group consolidates the financial statements of the Company and its
subsidiary undertakings.
The financial information has been prepared under the historical cost
convention in accordance with UK-adopted International Accountant Standards
("UK-adopted IAS") as they apply to the Group for the six months ended 31 May
2025.
The financial information set out in this half-yearly report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The same accounting policies, presentation and methods of computation
are followed in this interim condensed consolidated report as were applied in
the Group's annual financial statements for the year ended 30 November 2024.
The auditor's report on those financial statements was unqualified and did not
contain any statements under section 498(2) or section 498(3) of the Companies
Act 2006.
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 these interim results.
2. Taxation
No charge for corporation tax for the period has been made due to the expected
tax losses available.
3. Earnings per share
Earnings per share is calculated by dividing the loss attributable to ordinary
shareholders of £761,000 (May 2024: loss of £639,000; November 2024: loss of
£3,523,000) by the weighted average number of shares of 11,224,958,118 in
issue during the period (May 2024: 7,448,838,754; November 2024:
8,670,529,167).
The diluted loss per share calculation is identical to that used for basic
loss per share as the exercise of warrants would have had the effect of
reducing the loss per ordinary share and therefore was not dilutive.
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