Botswana Diamonds - Annual Results for the Year Ended 30 June 2025
12/12/2025 07:00
RNS Number : 2728L
Botswana Diamonds PLC
12 December 2025
12 December 2025
Botswana Diamonds PLC
("Botswana Diamonds" or the "Company")
Annual Results for the Year Ended 30 June 2025
Notice of Annual General Meeting
Botswana Diamonds plc (AIM: BOD) today announces its audited annual results for the year ended 30 June 2025.
Chairman's Statement
I am pleased to present the Chairman's Statement for the year ended 30th June 2025. This has been a very difficult year for the diamond industry but a year of significant progress for Botswana Diamonds plc ("BOD" or "the Company"), characterised by strategic expansion, the adoption of advanced technologies, and the strengthening of our asset base across both diamond and critical metal exploration. We enter the next phase of our development with renewed confidence, a broader portfolio, and a roadmap for value creation.
Market Overview
The Global diamond industry experienced another challenging year, characterised by muted consumer spending and continued uncertainty in several major markets. Demand in China remained soft, while the United States, the world's largest consumer market, saw slower jewellery sales due to inflationary pressures and broader economic caution.
The situation was exacerbated by growing supply of lab-grown diamonds (LGDs), which continued to compress prices in the lower-to-mid-value segments of the natural diamond market. However, the negative effects were most pronounced in categories where volume outweighs rarity. Importantly, BOD's exploration portfolio is aimed at higher-value stones, where natural diamonds retain strong consumer preference and pricing resilience.
During the year:
· Indian polishing activity slowed significantly due to elevated inventories and softer U.S. demand.
· Later in the year, manufacturing activity picked up as inventory levels normalised, contributing to improved sentiment.
· Several major producers introduced temporary production cuts and sales pauses, which helped reduce surplus stocked and stabilised prices.
· The pre-Valentine's Day sales cycle exhibited signs of renewed momentum as cutters and polished restarted operations.
While global diamond demand remains uneven, the longer-term supply fundamentals remain favourable. Many alluvial and small-scale operations worldwide are uneconomic, reducing natural supply. Major producers are approaching peak output from existing mines and new large-scale kimberlite mines are few.
These dynamics underpin BOD's strategy of focusing on value over volume and investing in geologically robust, high-potential assets in stable mining jurisdictions.
A Year of Strategic Transformation
In 2025, we made a significant shift in our strategic positioning as a mining company. For over two decades, Botswana Diamonds has been known for its disciplined, technically focused diamond exploration across Southern Africa.
While diamonds remain central to our identity and core strengths, we have responded to fundamental changes in the diamond market by diversifying into critical minerals, particularly copper.
This evolution arises not from abandoning our roots, but from leveraging them. Botswana remains underexplored for many commodities, despite its exceptional mining code, political stability, and extensive geological database. Our longstanding presence, coupled with deep operational expertise and proprietary knowledge, positions us uniquely to capitalise on these emerging opportunities.
The diversification effort is not speculative. It is built on robust data, rigorous analysis, and the integration of artificial intelligence ("AI"), which has allowed us to extract new value from over twenty years of accumulated geoscientific data.
We also believe that we are aligned with government policy in terms of both continuing diamond exploration while diversifying into alternative potential mineral resources for the benefit of Botswana's future economic prosperity.
Harnessing Artificial Intelligence to Drive Discovery
The Company's strategic collaboration with Planetary AI Ltd was one of the defining initiatives of the year. Our objective was simple but ambitious: to use advanced semantic AI to evaluate the vast, disparate mining related data collected over decades, and to identify previously overlooked mineralisation potential across Botswana.
The results were exceptional:
· AI identified seven entirely new kimberlite targets in areas that had not previously been considered prospective.
· Eleven high-quality critical metal targets were generated, particularly copper, but including nickel, PGMs, zinc-silver, and gold prospects.
· The platform integrated more than 375,000 km of airborne geophysics, 228,000 soil samples, 32,000 drill logs, and extensive open-source datasets.
· Over 57 mineral deposit models were applied to generate high-resolution prospective areas.
This is one of the most advanced applications of AI in mineral exploration undertaken in Botswana and positions BOD among the industry's early adopters of data-driven exploration at scale. The initiative has opened new frontiers, accelerated our targeting pipeline, and derisked the early stages of exploration.
It also sends a powerful message about the future of the Company:
Botswana Diamonds is becoming a modern exploration business-leveraging technology, innovation, and decades of knowledge to unlock new value.
Expansion into Critical Minerals
Following the AI programme, we submitted eight Prospecting Licence (PL) applications across Botswana covering 6,550 km², targeting:
· Predominantly, copper, but also,
· Nickel, PGMs, lead-zinc-silver and gold.
These applications were prompted by the identification of multiple mineralised corridors, several of which show geological similarities to known prospective areas in neighbouring countries. Botswana has seen limited exploration for many of these commodities, offering first-mover advantage and a low-cost entry point for value creation.
We are hopeful of obtaining these licences, after which fieldwork will begin immediately. We have initiated discussions with potential partners who recognise the strategic importance of the portfolio.
New Kimberlite Discoveries
The initial AI analysis identified multiple new kimberlite anomalies that had never before been recorded. Four new diamond PLs were granted over high-priority targets, including the exceptionally promising Jwaneng South-West zone, where historical samples included abraded diamonds-an indicator of potential high-value sources nearby.
These new licences reflect not only the strength of our targeting but also the enduring geological potential of Botswana's diamond fields.
Legacy Projects: Preserved and Enhanced
Our legacy Botswana diamond assets remain a cornerstone of future value:
· KX36: A high-quality, SAMREC-compliant kimberlite resource of 12-13 million carats, with new AI targets identified nearby.
· Maibwe: Licence renewals in process, ownership increased, and new potential identified for future work.
· Data archives: Modernised into an AI-ready, integrated, digital resource.
We enter the coming year with one of the most robust, data-rich diamond exploration portfolios in Botswana.
Our South African portfolio delivered an important milestone: the granting of the first Mining Permit at Thorny River.
Thorny River is an asset of considerable potential. Independent assessments indicate that a viable small open pit is achievable, and mining could generate early cash flow to support the wider business. We await the granting of the second permit, which will enable the full development plan to progress. The current weakened state of the diamond industry will delay commercial production.
Elsewhere in South Africa:
· Marsfontein demonstrated strong potential, supported by historically exceptional grades and favourable near-surface geology.
· Reivilo provides an attractive kimberlite cluster opportunity, secured via a Data Licence Agreement with minimal capital exposure.
These projects complement our Botswana pipeline and provide optionality and diversification potential.
Financial Prudence and Capital Discipline
Botswana Diamonds has always operated with disciplined financial management, and this year was no exception. We expanded our exploration footprint and embraced cutting-edge technology while maintaining modest overheads and directing funds to areas of highest strategic value.
The Board recognises that prudent capital allocation is essential in exploration, particularly during periods of market volatility. Our approach ensures that the Company remains agile, resilient, and capable of advancing when opportunities emerge.
Outlook: A Pipeline for the Future
The Company enters the new financial year with momentum and clear strategic direction.
· Our diamond portfolio-anchored by KX36, Maibwe, Thorny River, and newly discovered kimberlite targets-is stronger than ever.
· Our critical minerals applications give us potential exposure to commodities essential to global decarbonisation.
· Our AI-assisted exploration model provides a competitive advantage, improving success probability and reducing cost.
· Our two-decade presence in Botswana and South Africa remains a key advantage in terms of political stability, regulatory transparency, and geological potential.
We believe that the work completed this year lays the foundation for significant value creation in the medium term. Early-stage exploration is inherently uncertain, but the breadth and quality of our pipeline provide multiple pathways to success.
On behalf of the Board, I extend sincere thanks to our management team, employees, and technical partners. Their expertise and commitment have been vital to a year of substantial progress. I also thank our shareholders for their continued support, patience, and belief in our long-term strategy.
We look forward to the future with optimism, purpose, and determination.
John Teeling
Chairman
11 December 2025
Annual Report and Notice of Annual General Meeting
The Company's Annual Report and Accounts for the year ended 30 June 2025 (the "Annual Report") will be mailed shortly only to those shareholders who have elected to receive it. Otherwise, shareholders will be notified that the Annual Report and Accounts will be available on the website at www.botswanadiamonds.co.uk. Copies of The Annual Report will also be available for collection from the company's registered office at 124 City Road, London, EC1V 2NX, United Kingdom.
The Annual General Meeting ("AGM") is due to be held at Canal Court Hotel, Merchants Quay, Newry, BT35 8HF, United Kingdom on 29th January 2026 at 11.00 am. A Notice of the AGM will be included in the Annual Report.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was John Teeling, Director.
A copy of this announcement is available on the Company's website, at www.botswanadiamonds.co.uk
Enquiries:
| Botswana Diamonds PLC John Teeling, Chairman James Campbell, Managing Director Jim Finn, Director | +353 1 833 2833 +27 83 457 3724 +353 1 833 2833 |
| Nominated & Financial Adviser Strand Hanson Limited Ritchie Balmer Rory Murphy David Asquith | +44 (0) 20 7409 3494 |
| Broker First Equity Limited Jason Robertson | +44 (0) 207 374 2212 |
| Public Relations BlytheRay Megan RaySaid Izagaren | +44 (0) 207 138 3206 +44 (0) 207 138 3553 +44 (0) 207 138 3206 |
| Teneo Luke Hogg Ciara McNamee Molly Mooney | +353 (0) 1 661 4055 |
| 2025 | 2024 | |
| £ | £ | |
| REVENUE | ||
| Royalties | - | 23,606 |
| Operating Expenses | - | (9,796) |
| Operating Profit | - | 13,810 |
| Administrative expenses | (455,413) | (577,916) |
| Impairment of exploration and evaluation assets | (557,937) | - |
| OPERATING LOSS | (1,013,350) | (564,106) |
| LOSS FOR THE YEAR BEFORE TAXATION | (1,013,350) | (564,106) |
| Income tax expense | - | - |
| LOSS AFTER TAXATION | (1,013,350) | (564,106) |
| Other Comprehensive Income | ||
| Items that may be reclassified subsequently to profit or loss | ||
| Exchange difference on translation of foreign operations | 18,768 | 3,132 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (994,582) | (560,974) |
| Loss per share - basic | (0.09p) | (0.05p) |
| Loss per share - diluted | (0.09p) | (0.05p) |
| 30 June 2025 | 30 June 2024 | |
| £ | £ | |
| ASSETS: | ||
| NON CURRENT ASSETS | ||
| Intangible assets | 5,021,436 | 5,512,127 |
| Plant and equipment | 207,640 | 207,640 |
| 5,229,076 | 5,719,767 | |
| CURRENT ASSETS | ||
| Other receivables | 269,183 | 276,132 |
| Cash and cash equivalents | 59,091 | 77,546 |
| 328,274 | 353,678 | |
| TOTAL ASSETS | 5,557,350 | 6,073,445 |
| LIABILITIES: | ||
| CURRENT LIABILITIES | ||
| Trade and other payables | (1,170,552) | (937,731) |
| TOTAL LIABILITIES | (1,170,552) | (937,731) |
| NET ASSETS | 4,386,798 | 5,135,714 |
| EQUITY | ||
| Called-up share capital - deferred shares | 1,796,157 | 1,796,157 |
| Called-up share capital - ordinary shares | 2,995,007 | 2,799,695 |
| Share premium | 12,448,068 | 12,397,714 |
| Share based payment reserves | 111,189 | 111,189 |
| Retained deficit | (11,980,336) | (10,985,754) |
| Other reserve | (983,287) | (983,287) |
| TOTAL EQUITY | 4,386,798 | 5,135,714 |
| Called-up Share Capital £ | Share Premium £ | Share based Payment Reserve £ | Retained Deficit £ | Other Reserves £ | Total | |
| At 30 June 2023 | 4,405,852 | 12,220,614 | 111,189 | (10,424,780) | (983,287) | 5,329,588 |
| Issue of shares | 190,000 | 190,000 | - | - | - | 380,000 |
| Share issue expenses | - | (12,900) | - | - | - | (12,900) |
| Loss for the year and total comprehensive income | - | - | - | (560,974) | - | (560,974) |
| At 30 June 2024 | 4,595,852 | 12,397,714 | 111,189 | (10,985,754) | (983,287) | 5,135,714 |
| Issue of shares | 195,312 | 54,688 | - | - | - | 250,000 |
| Share issue expenses | - | (4,334) | - | - | - | (4,334) |
| Loss for the year and total comprehensive income | - | - | - | (994,582) | - | (994,582) |
| At 30 June 2025 | 4,791,164 | 12,448,068 | 111,189 | (11,980,336) | (983,287) | 4,386,798 |
| 30 June 2025 £ | 30 June 2024 £ | |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Loss for the year | (1,013,350) | (564,106) |
| Foreign exchange losses | 19,927 | 4,948 |
| Impairment of exploration and evaluation assets | 557,937 | - |
| (435,486) | (559,158) | |
| MOVEMENTS IN WORKING CAPITAL | ||
| Increase in trade and other payables | 232,821 | 135,303 |
| Decrease in other receivables | 6,949 | 6,421 |
| NET CASH USED IN OPERATING ACTIVITIES | (195,716) | (417,434) |
| CASH FLOW FROM INVESTING ACTIVITIES | ||
| Additions to exploration and evaluation assets | (67,246) | (69,742) |
| NET CASH USED IN INVESTING ACTIVITIES | (67,246) | (69,742) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Proceeds from share issue | 250,000 | 380,000 |
| Share issue costs | (4,334) | (12,900) |
| NET CASH GENERATED FROM FINANCING ACTIVITIES | 245,666 | 367,100 |
| NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (17,296) | (120,076) |
| Cash and cash equivalents at beginning of the financial year | 77,546 | 199,438 |
| Effect of foreign exchange rate changes | (1,159) | (1,816) |
| CASH AND CASH EQUIVALENTS AT END OF THE financial YEAR | 59,091 | 77,546 |
| 2025 £ | 2024 £ | |
| Numerator | ||
| For basic and diluted EPS Loss after taxation | (1,013,350) | (564,106) |
| Denominator | ||
| For basic and diluted EPS | 1,189,869,337 | 1,088,730,358 |
| Basic EPS | (0.09p) | (0.05p) |
| Diluted EPS | (0.09p) | (0.05p) |
| The following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of shares for the purposes of the diluted earnings per share: | ||
| No. | ||
| Share options | 11,410,000 | 11,410,000 |
| Exploration and evaluation assets: | ||
| Group 2025 £ | Group 2024 £ | |
| Cost: | ||
| At 1 July | 10,258,287 | 10,188,545 |
| Additions | 67,246 | 69,742 |
| At 30 June | 10,325,533 | 10,258,287 |
| Impairment: | ||
| At 1 July | 4,746,160 | 4,746,160 |
| Impairment | 557,937 | - |
| At 30 June | 5,304,097 | 4,746,160 |
| Carrying Value: | ||
| At 1 July | 5,512,127 | 5,442,385 |
| At 30 June | 5,021,436 | 5,512,127 |
| Segmental analysis | Group 2025 £ | Group 2024 £ |
| Botswana | 3,252,766 | 3,572,184 |
| South Africa | 1,768,670 | 1,939,943 |
| Zimbabwe | - | - |
| 5,021,436 | 5,512,127 | |
| Deferred Shares - nominal value of 0.75p | |||
| Number | Share Capital £ | Share Premium £ | |
| At 1 July 2023 and 2024 | 239,487,648 | 1,796,157 | - |
| At 30 June 2024 and 2025 | 239,487,648 | 1,796,157 | - |
| Ordinary Shares - nominal value of 0.25p | |||
| Allotted, called-up and fully paid: | |||
| Number | Share Capital £ | Share Premium £ | |
| At 1 July 2023 | 1,043,877,899 | 2,609,695 | 12,220,614 |
| Issued during the year | 76,000,000 | 190,000 | 190,000 |
| Share issue expenses | - | - | (12,900) |
| At 30 June 2024 | 1,119,877,899 | 2,799,695 | 12,397,714 |
| Issued during the year | 78,125,000 | 195,312 | 54,688 |
| Share issue expenses | - | - | (4,334) |
| At 30 June 2025 | 1,198,002,899 | 2,995,007 | 12,448,068 |
| 30/06/2025 Options | 2025 Weighted average exercise price in pence | 30/06/2024 Options | 2024 Weighted average exercise price in pence | |
| Outstanding at beginning of year | 11,410,000 | 5.14 | 11,410,000 | 5.14 |
| Issued | - | - | - | - |
| Outstanding at end of the year | 11,410,000 | 5.14 | 11,410,000 | 5.14 |
| Exercisable at end of the year | 11,410,000 | 5.14 | 11,410,000 | 5.14 |
| 30/06/2025 Warrants | 2025 Weighted average exercise price in pence | 30/06/2024 Warrants | 2024 Weighted average exercise price in pence | |
| Outstanding at beginning of year | 131,000,000 | 1.13 | 55,000,000 | 2.0 |
| Issued | 78,125,000 | 0.5 | 76,000,000 | 0.5 |
| Exercised | - | - | - | - |
| Expired | (55,000,000) | 2.0 | - | - |
| Outstanding at end of the year | 154,125,000 | 0.5 | 131,000,000 | 1.13 |
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