Botswana Minerals - Unaudited Interim Statement and Financial Results

Botswana Minerals

16/03/2026 07:00

RNS Number : 7450W

Botswana Minerals PLC

16 March 2026

 

16th  March 2026

 

 

Botswana Minerals PLC ("Botswana Minerals", "BMIN" or the "the Company")

Unaudited Interim Statement and Financial Results for the Six Months Ended 31 December 2025

 

Chairman Statement

 

Highlights

·    Eight high priority copper licences awarded.

·    Discussion ongoing with potential joint venture partners.

·    Close-interval geophysical and geochemical surveys to refine AI-generated targets into drill-ready prospect planned.

 

It is pleasing to report significant strategic progress for Botswana Minerals, during which the Company has consolidated its position as a technology-enabled explorer in Botswana while retaining its core diamond assets for future value realisation.  The most important development in the period was the award of eight copper-focused prospecting licences in north-west Botswana, covering approximately 7,000 km².  These licence awards were the result of our Artificial Intelligence ("AI") driven analysis of one of the largest private exploration databases in Botswana. The work builds directly on the AI programme outlined in our 2025 Annual Report and detailed further in our January 2026 Corporate Presentation

Artificial Intelligence - From Data to Discovery

Over two decades, the Company has assembled an extensive geoscientific dataset covering approximately 95,000 km² of Botswana, including more than 375,000 line kilometres of airborne geophysics, ground surveys, soil sampling and drill records. During the review period, this database underwent advanced semantic AI analysis.

The outcomes have been exceptional:

·      Identification of multiple high-priority copper targets in the Damaran Belt and associated terranes in north-west Botswana.

·      Generation of polymetallic prospectivity across copper, nickel, zinc-lead-silver, PGMs and gold.

·      Refinement and ranking of diamond targets, including previously unrecognised kimberlite anomalies.

The award of the eight copper licences is the first tangible expression of this broader strategic repositioning. The licences are valid to 31 December 2028 and provide the Company with meaningful scale in what is becoming an increasingly active copper district.

We have commenced planning for close-interval geophysical and geochemical surveys to refine AI-generated targets into drill-ready prospects. Discussions with potential joint venture partners are ongoing, reflecting growing industry interest in copper and energy-transition metals in stable African jurisdictions.

Copper and Polymetals - A Strategic Pivot

The Board has consistently stated that diamonds remain central to the Company's identity. However, in response to prolonged weakness in the natural diamond market and the structural rise of lab-grown diamonds, we have prioritised capital allocation towards copper and other critical minerals where demand fundamentals are robust.

Botswana remains underexplored for base metals relative to its geological potential. Existing copper activity in the country, including major operators and international joint ventures, validates the broader prospectivity of the Damaran and related belts.

Our competitive advantage lies in:

·      A company-owned, AI-enabled dataset.

·      Clear and explainable targeting methodology.

·      Established relationships and operating experience in Botswana.

·      A disciplined model of partnership and risk-sharing

The objective over the next 24 months is clear: build and test copper and polymetal targets through phased work programmes, minimise dilution through farm-in structures, and preserve optionality across the portfolio.

Diamond Portfolio - Preserved and Enhanced

While copper is the near-term focus, the Company's diamond assets remain substantial and strategically important.

KX36 - Botswana

KX36 remains a SAMREC-compliant diamond resource and a foundation asset within the portfolio.  During the period under review, we continued low-cost optimisation studies and maintained licences in good standing. AI work has also identified additional anomalies near KX36, strengthening the case for a broader kimberlite cluster.

New Kimberlite Targets

The AI programme previously identified seven kimberlite anomalies, four of which have already been secured through licence awards. Follow-up work is being prioritised, particularly in the Jwaneng South-West region, which exhibits compelling geological indicators.  Ground surveys and target definition programmes will be advanced, subject to capital allocation priorities and market conditions.

Maibwe

The Maibwe joint venture structure was previously consolidated, and the licences were renewed. The project remains prospective, with known kimberlite occurrences and microdiamond recoveries. Work programmes are being reassessed within the broader portfolio context.

South Africa - Thorny River and Optionality

The granting of the first Mining Permit at Thorny River marked a major milestone. The project has defined exploration targets of 1.2-2.1 million tonnes, modelled grades of 46-74 cpht and diamond values of US$120-220 per carat (2017 values).

While current diamond market conditions do not favour immediate development, the permitting achievement transitions Thorny River from evaluation to development readiness. The second permit remains in progress.

Elsewhere in South Africa, the Marsfontein and Reivilo projects provide additional optionality at modest holding cost.

Markets

The diamond industry continues to navigate a cyclical downturn compounded by structural changes driven by lab-grown supply. Manufacturing activity in India has shown signs of stabilisation, with major producers moderating output. Over the longer term, natural diamond supply constraints remain evident.

In contrast, copper demand continues to strengthen, driven by electrification, grid expansion and renewable energy deployment. The Company's diversification aligns with these macroeconomic trends.

Financial Results

For the six months ended 31 December 2025, the Company remained pre-revenue, consistent with its exploration status.

Administrative expenses were tightly controlled. Capital expenditure was directed primarily towards licence acquisition, data enhancement and preparatory exploration work.

The Group continues to operate with a lean cost base, reflecting its disciplined capital management approach outlined in the 2025 Annual Report

Cash preservation remains a priority while partner funding is pursued for drilling programmes.

A summary of the unaudited financial statements is set out below.

 

 

Future

This is a pivotal period for Botswana Minerals.

We have:

·      Secured meaningful copper acreage in Botswana.

·      Demonstrated that AI can materially accelerate exploration targeting.

·      Preserved a strong diamond portfolio for market recovery.

·      Advanced Thorny River to development readiness.

The Board believes that the Company is evolving into a modern, diversified, technology-driven, capital-disciplined, and strategically positioned exploration business in stable jurisdictions.

The combination of copper growth potential today and diamond upside tomorrow provides multiple pathways to value creation.

 

 

 

 

John Teeling

Chairman

13th March 2026

 

 

 

 

 

This release has been approved by James Campbell, Managing Director of Botswana Minerals plc, a qualified geologist (Pr.Sci.Nat), a Fellow of the Southern African Institute of Mining and Metallurgy, the Institute of Materials, Metals and Mining (UK) and the Geological Society of South Africa and who has over 35-years' experience in the diamond sector. 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. The person who arranged for the release of this announcement on behalf of the Company was James Campbell, Director

 

A copy of this announcement is available on the Company's website, at www.botswanaminerals.com

ENDS

 

 

 

 

 

 

 

 

 

Enquiries:

 

Botswana Minerals 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
Edward Foulkes
+44 (0) 20 7409 3494
Broker
First Equity Limited
 Jason Robertson
+44 (0) 207 374 2212
Public Relations
BlytheRay
 Megan Ray
 Said Izagaren
+44 (0) 207 138 3204
Teneo
Luke Hogg
Ciara McNamee
Molly Mooney
+353 (0) 1 661 4055

 

 

www.botswanaminerals.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Botswana Minerals plc
Financial Information (Unaudited)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six Months
Six Months
Year
Ended
Ended
Ended
31 Dec 25
31 Dec 24
30 Jun 2025
unaudited
unaudited
Audited
£'000
£'000
£'000
Administrative expenses
(215)
(225)
(455)
Impairment of exploration and evaluation assets
-
-
(558)
OPERATING LOSS
(215)
(225)
(1,013)
LOSS BEFORE TAXATION
(215)
(225)
(1,013)
Income tax expense
-
-
-
LOSS AFTER TAXATION
(215)
(225)
(1,013)
Exchange difference on translation of foreign operations
(7)
(1)
19
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
(222)
(226)
(994)
LOSS PER SHARE - basic and diluted
(0.02p)
(0.02p)
(0.09p)
CONDENSED CONSOLIDATED BALANCE SHEET
31 Dec 25
31 Dec 24
30 Jun 2025
unaudited
unaudited
audited
ASSETS:
£'000
£'000
£'000
NON-CURRENT ASSETS
Intangible assets
5,022
5,586
5,022
Plant and equipment
207
207
207
5,229
5,793
5,229
CURRENT ASSETS
Other receivables
270
277
269
Cash and cash equivalents
60
55
59
330
332
328
TOTAL ASSETS
5,559
6,125
5,557
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables
(1,394)
(970)
(1,170)
TOTAL LIABILITIES
(1,394)
(970)
(1,170)
NET ASSETS
4,165
5,155
4,387
EQUITY
Share capital - deferred shares
1,796
1,796
1,796
Share capital - ordinary shares
2,995
2,995
2,995
Share premium
12,448
12,448
12,448
Share based payments reserve
111
111
111
Retained Deficit
(12,202)
(11,212)
(11,980)
Other reserves
(983)
(983)
(983)
TOTAL EQUITY
4,165
5,155
4,387

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share based
Share
Share
Payment
Retained
Other
Total
Capital
Premium
Reserves
Deficit
Reserve
Equity
£'000
£'000
£'000
£'000
£'000
£'000
As at 30 June 2024
4,596
12,398
111
(10,986)
(983)
5,136
Ordinary shares issued
195
55
-
-
-
250
Share issue expenses
-
(5)
-
-
-
(5)
Total comprehensive loss
(226)
-
(226)
As at 31 December 2024
4,791
12,448
111
(11,212)
(983)
5,155
Ordinary shares issued
-
-
-
-
-
-
Transfer of reserves
-
-
Total comprehensive loss
-
(768)
-
(768)
As at 30 June 2025
4,791
12,448
111
(11,980)
(983)
4,387
Ordinary shares issued
-
-
-
-
-
-
Share issue expenses
-
-
-
-
-
-
Total comprehensive loss
-
-
(222)
-
(222)
As at 31 December 2025
4,791
12,448
111
(12,202)
(983)
4,165


 

 

CONDENSED CONSOLIDATED CASH FLOW
Six Months
Six Months
Year
Ended
Ended
Ended
31 Dec 25
31 Dec 24
30 Jun 2025
unaudited
unaudited
audited
£'000
£'000
£'000
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the period
(215)
(225)
(1,013)
Impairment of exploration and evaluation assets
-
-
558
Foreign exchange losses
(7)
-
20
(222)
(225)
(435)
Movements in Working Capital
223
32
239
NET CASH USED IN OPERATING ACTIVITIES
1
(193)
(196)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to exploration and evaluation assets
-
(74)
(67)
NET CASH USED IN INVESTING ACTIVITIES
-
(74)
(67)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issue
-
250
250
Share issue costs
-
(5)
(5)
NET CASH GENERATED FROM FINANCING ACTIVITIES
-
245
245
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
1
(22)
(18)
Cash and cash equivalents at beginning of the period
59
78
78
Effect of foreign exchange rate changes
-
(1)
(1)
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD
60
55
59


 

Notes:

 

1.            INFORMATION

 

The financial information for the six months ended 31 December 2025 and the comparative amounts for the six months ended 31 December 2024 are unaudited. The financial information above does not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006.

 

The Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.

 

The accounting policies and methods of computation used in the preparation of the Interim Financial Report are consistent with those used in the Group 2025 Annual Report, which is available at www.botswanaminerals.com

 

The interim financial statements have not been audited or reviewed by the auditors of the Group pursuant to the Auditing Practices board guidance on Review of Interim Financial Information.

 

 

2.            DIVIDEND

No dividend is proposed in respect of the period.

 

 

3.            LOSS PER SHARE

Basic loss per share is computed by dividing the loss after taxation for the period available to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the period.

 

Diluted loss per share is computed by dividing the loss after taxation for the period by the weighted average number of ordinary shares in issue, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the period.

 

 

The following table sets forth the computation for basic and diluted earnings per share (EPS):

 

 

Six Months Ended
31 Dec 25
Six Months Ended
31 Dec 24
Year Ended
30 Jun 25
£'000
£'000
£'000
Numerator
For basic and diluted EPS retained loss
(215)
(225)
(1,013)
No.
No.
No.
Denominator
Weighted average number of ordinary shares
1,198,002,899
1,165,984,456
1,189,869,337
Loss per share - Basic and Diluted
(0.02p)
(0.02p)
(0.09p)
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.
No.
No.
Share options
11,410,000
11,410,000
11,410,000

 

 

 

4.            INTANGIBLE ASSETS

31 Dec 25
31 Dec 24
30 June 25
Exploration and evaluation assets:
£'000
£'000
£'000
Cost:
Opening balance
10,325
10,258
10,258
Additions
-
74
67
Exchange variance
-
-
-
10,325
10,332
10,325
Impairment:
Opening balance
5,304
4,746
4,746
Provision for impairment
-
-
558
5,304
4,746
5,304
Carrying Value:
Opening balance
5,021
5,512
5,512
Closing balance
5,021
5,586
5,021

 

Regional Analysis
31 Dec 25
£'000
31 Dec 24
£'000
30 Jun 25
£'000
Botswana
3,253
3,587
3,253
South Africa
1,768
1,999
1,768
Zimbabwe
-
-
-
5,021
5,586
5,021

 

Exploration and evaluation assets relate to expenditure incurred in exploration for diamonds in Botswana and South Africa. The directors are aware that by its nature there is an inherent uncertainty in exploration and evaluation assets and therefore inherent uncertainty in relation to the carrying value of capitalized exploration and evaluation assets.

 

Due to the decline in the market for diamonds and lower diamond prices the Directors decided to impair part of the exploration expenditure for both Botswana and South Africa. Accordingly, an impairment charge of £557,937 was recorded in the prior year.

 

On 11 November 2014 the Brightstone block was farmed out to BCL Investments (Proprietary) Limited, a Botswana Company, who assumed responsibility for the work programme. Botswana Minerals had retained a 15% equity interest in the project. On 20 July 2022 the Group increased its' stake to 26% equity interest in the project.

 

On 6 February 2017 the Group entered into an Option and Earn-In Agreement with Vutomi Mining Pty Ltd and Razorbill Properties 12 Pty Ltd (collectively known as 'Vutomi'), a private diamond exploration and development firm in South Africa.

 

On 28 September 2022 the Board announced that it had exercised its pre-emptive right to acquire the outstanding third-party interests in Vutomi. The Company also agreed that immediately on completion of the Acquisition, the Company would sell 26% of Vutomi for a deferred consideration of US$316,333 to the Company's local South African Empowerment partner, Baroville Trade and Investments 02 Proprietary Limited ("Baroville"), in order to comply with South African requirements on empowerment ownership, which will be funded by a loan from Botswana Minerals. The Company therefore owns 74% of Vutomi.

 

On 29 July 2025 the Company announced it has been awarded four Prospecting Licenses in Botswana following an extensive country-wide Artificial Intelligence ("AI") driven exploration programme which generated several highly prospective targets for diamonds and several critical minerals, including Copper, Silver, Cobalt, Gold, Nickel, Zinc and PGMs.  These four licenses (PL298, PL303, PL304, PL305 all of 2025) relate to our diamond targets and cover 2,644 square kilometres located in the following areas:

 

-     North West of Mahalapye in the Serowe area;

-     South West of Jwaneng close to the South African border;

-     North East of Lerala in eastern Botswana; and

-     Close to KX36 in the Kalahari.

 

One particular license, located south-west of Debswana's Jwaneng Mine, is of particular significance. The anomaly signatures are ideal, and the target suggests more than one potential kimberlite.

 

On 26 January 2026 the company announced the award of eight prospecting licences covering approximately 7,000 square kilometres in north-western Botswana.  The licence areas, which are valid through to 31st December 2028, were selected following an extensive AI-driven assessment of the Company's 95,000 square kilometres (including 375.000 line kilometres of geophysics) Botswana focused exploration database, which identified significant prospectivity for copper, with additional potential for gold and other critical minerals.

 

 The realisation of these intangible assets is dependent on the successful discovery and development of economic diamond resources and the ability of the Group to raise sufficient finance to develop the projects. It is subject to a number of significant potential risks, as set out below.

 

•          licence obligations;

•          exchange rate risks;

•          uncertainties over development and operational costs;

•          political and legal risks, including arrangements with governments for licenses, profit sharing and taxation;

•          foreign investment risks including increases in taxes, royalties and renegotiation of contracts;

•          title to assets;

•          financial risk management;

•          going concern; and

•          operational and environmental risks.

 

 

5.            SHARE CAPITAL

 

Deferred Shares - nominal value of 0.75p per share
Number
Share Capital
£'000
Share Premium
£'000
At 1 July 2024 and 1 July 2025
239,487,648
1,796,157
-
At 30 June 2025 and 31 December 2025
239,487,648
1,796,157
-

 

Ordinary Shares - nominal value of 0.25p per share
Number
Share Capital
£'000
Share Premium
£'000
At 1 July 2024
1,119,877,899
2,800
12,398
Issued during the period
78,125,000
195
55
Share issue expenses
-
-
(5)
At 31 December 2024
1,198,002,899
2,995
12,448
Issued during the period
-
-
-
At 30 June 2025
1,198,002,899
2,995
12,448
Issued during the period
-
-
At 31 December 2025
1,198,002,899
2,995
12,448

 

Movements in share capital

               There was no movement in the share capital of the company for the six months ended 31 December 2025.

 

 

6.            OTHER RECEIVABLES

31 Dec 25
£'000
31 Dec 24
£'000
30 Jun 25
£'000
Prepayments
21
28
20
Debtor Baroville (Note 4)
249
249
249
270
277
269

 

                The carrying value of other receivables approximates to their fair value.

 

7.            TRADE AND OTHER PAYABLES

31 Dec 25
£'000
31 Dec 24
£'000
30 Jun 25
£'000
Trade payables
419
109
256
Petra Diamonds creditor
123
123
123
Accruals
852
738
791
1,394
970
1,170

 

It is the Company's normal practice to agree terms of transactions, including payment terms, with suppliers and provided suppliers perform in accordance with the agreed terms, payment is made accordingly. In the absence of agreed terms it is the Company's policy that the majority of payments are made between 30 - 40 days. The carrying value of trade and other payables approximates to their fair value.

              

8.            SHARE BASED PAYMENTS

 

WARRANTS

 

Dec 2025
Jun 2025
Dec 2024
Number of Warrants
Weighted average exercise price in pence
Number of Warrants
Weighted average exercise price in pence
Number of Warrants
Weighted average exercise price in pence
Outstanding at beginning of period
154,125,000
0.5
154,125,000
0.5
131,000,000
1.13
Issued
-
-
78,125,000
0.5
Exercised
-
-
-
-
Expired
(76,000,000)
0.5
-
-
(55,000,000)
2.0
Outstanding at end of period
78,125,000
0.5
154,125,000
0.5
154,125,000
0.5

 

On 27 November 2025, 76,000,000 warrants with an exercise price of 0.5p expired.

 

 

9.            POST BALANCE SHEET EVENTS

There are no material post balance sheet events affecting the Group.

 

 

10.         APPROVAL

               The Interim Report for the period to 31st December 2025 was approved by the Directors on 13th March 2026.

 

 

11.         AVAILABILITY OF REPORT

               The Interim Statement will be available on the website at www.botswanaminerals.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 
  END

 

 
IR DZGMFLKVGVZM