REG - Botswana Minerals - Unaudited Interim Statement and Financial Results
16/03/2026 07:00
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RNS Number : 7450W Botswana Minerals PLC 16 March 2026
16(th) 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
13(th) 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 (http://www.botswanaminerals.com)
ENDS
Enquiries:
Botswana Minerals PLC
John Teeling, Chairman
+353 1 833 2833
James Campbell, Managing Director
+27 83 457 3724
Jim Finn, Director
+353 1 833 2833
Nominated & Financial Adviser +44 (0) 20 7409 3494
Strand Hanson Limited
Ritchie Balmer
Rory Murphy
Edward Foulkes
Broker +44 (0) 207 374 2212
First Equity Limited
Jason Robertson
Public Relations +44 (0) 207 138 3204
BlytheRay
Megan Ray
Said Izagaren
Teneo
Luke Hogg +353 (0) 1 661 4055
Ciara McNamee
Molly Mooney
www.botswanaminerals.com (http://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
(http://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 Six Months Ended
31 Dec 25 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 31 Dec 24 30 Jun 25
£'000 £'000 £'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 31(st) 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 Share Premium
£'000 £'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 Share Premium
£'000 £'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 31 Dec 24 30 Jun 25
£'000 £'000 £'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 31 Dec 24 30 Jun 25
£'000 £'000 £'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 31(st)
December 2025 was approved by the Directors on 13(th) March 2026.
11. AVAILABILITY OF REPORT
The Interim Statement will be available on the
website at www.botswanaminerals.com (http://www.botswanaminerals.com)
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