REG - Bradda Head Lithium - Unaudited Interim Results
19/11/2025 07:00
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RNS Number : 0591I Bradda Head Lithium Ltd 19 November 2025
19 November 2025
Bradda Head Lithium Ltd
("Bradda Head", "Bradda", or the "Company")
Unaudited Interim Results for the six-month period ended 31 August 2025
Bradda Head Lithium Ltd (AIM: BHL), the North America-focused lithium
development group, is pleased to announce that it has today published its
unaudited financial results for the six-months ended 31 August 2025.
The interim results have been posted on the Company's
website www.braddaheadltd.com (http://www.braddaheadltd.com) .
Operational Summary:
· Received notice of acceptance for the amended Exploration Plan of
Operation at Basin West, covering both Arizona state and Bureau of Land
Management ("BLM") lands;
· Commenced writing of the Environmental Assessment for the Basin West
project, which is required for the BLM to review and approve;
· Completed surface reconnaissance over clay exposures on newly
acquired land at the Wickieup project, following a claim exchange with Arizona
Lithium;
· Released results of a mineral particle ore-sorting study on a
spodumene composite ore sample from San Domingo's 2023 core drilling.
Preliminary bench-scale results indicate the ore is suitable to ore sorting
enhancement, offering significant potential cost savings during mining
construction and operation.
Ian Stalker, Chair of Bradda Head, commented:
"As summer ends, the Company is optimistic about the future of lithium and is
positioned to ride the upcoming wave of momentum through its quality and
diverse portfolio. Lithium prices have stabilized and are witnessing a steady
increase as supply lines have tightened and mine permitting in China
temporarily postponed operations at some key producers. Advances continue in
the lithium oil-brine space in Arkansas and Texas with large acquisitions and
mergers, highlighting long term commitments to developing lithium in the USA.
Our strategy is to maintain a lean and nimble experienced team with focused
exploration efforts on the identification of opportunities within our own
portfolio whilst also examining the potential acquisition of new projects;
whether they're open for staking or joint venture. All permits are in hand for
San Domingo to advance this project, whilst further permitting continues on
Basin West where the final stages of the Environmental Assessment permit are
being fine tuned for delivery to the BLM, once our internal consultants
finalize important reviews.
The Company continued discussions with a lithium oil brine development
company, ongoing through the summer, to potentially acquire or lease our
properties in Texas and Pennsylvania and,while these discussions remain at a
high level, we are encouraged by the direction of the discussions.
Lastly, the Company continues looking for high quality lithium projects to
complement San Domingo and has been conducting regional prospecting on
pegmatites not previously described on geologic maps or in historic
literature. There is optimism a new, unknown lithium bearing pegmatite could
be hiding in plain sight, only to be discovered with diligent field
examination. The team maintains its commitment to discovering a new pegmatite
swarm in Arizona which is proximal to our existing projects."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
For further information please visit the Company's
website: www.braddaheadltd.com (http://www.braddaheadltd.com/) .
Contact:
Bradda Head Lithium Limited Shard Capital
Beaumont Cornish Tavistock
Company Nomad Broker Investor Relations
Ian Stalker, Executive Chair James Biddle / Damon Heath / Isabella Pierre Nick Elwes /
Denham Eke, Finance Director Roland Cornish Josephine Clerkin
+44 1624 639 396 +44 20 7628 3396 +44 207 186 9927 + 44 20 7920 3150
braddahead@tavistock.co.uk
About Bradda Head Lithium Ltd.
Bradda Head Lithium Ltd. is a North America-focused lithium development
group. The Company currently has interests in a variety of projects, the most
advanced of which are in Central and Western Arizona: The Basin
Project (Basin East Project, and the Basin West Project) and the Wikieup
Project.
The Basin East Project has a Measured Mineral Resource of 20 Mt at an
average grade of 929 ppm Li for a total of 99 kt LCE and an Indicated
Mineral Resource of 122 Mt at an average grade of 860 ppm Li and an
Inferred Mineral Resource of 499 Mt at an average grade of 810 ppm Li for a
total of 2.81 Mt LCE. The Group intends to continue to develop its three
phase one projects in Arizona, whilst endeavouring to unlock value at its
other prospective pegmatite and brine assets in Arizona, Nevada,
and Pennsylvania. All of Bradda Head's licences are held on a 100% equity
basis and are in close proximity to the required infrastructure. Bradda Head
is quoted on the AIM of the London Stock Exchange with the ticker of BHL.
Nominated Adviser
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Unaudited Interim Report and Condensed Consolidated Interim Financial
Statements
For the six-month period ended 31 August 2025
Chair's statement
Introduction
I am pleased to present the unaudited Interim Results for Bradda Head Lithium
Limited (the "Company" or "Bradda Head") for the six-month period ended 31
August 2025.
Operational review
The six-month period to 31 August 2025 has been challenging but we remain
positive. The Company sees gradual and steady improvements in the lithium
markets and continues to focus our efforts on key projects and to ensure the
Company is ready to advance quickly when the market changes. The Company is
also seeking new opportunities, constantly assessing if they merit acquisition
and meet Company thresholds of potentially becoming economically feasible.
Basin Project
During April 2025, the Company received notice of acceptance of the amended
Exploration Plan of Operation ("EPO") at Basin West, both in the state of
Arizona and on Bureau of Land Management ("BLM") lands. The amended EPO at
Basin West includes changes to build drill pads and construct new access
routes to the area. The Company has initiated the writing of the EA
(Environmental Assessment) which is required for the BLM to review and approve
but also will be open for public comment and further scrutiny. While we could
have pursued the Fast-41 permitting route (a 15-day process) as a means of
pushing through the EA, dialog with the Kingman BLM settled upon the
finalization of the EA process directly with them to avoid potential lawsuits
and receive priority status. Prior to sending the draft EA to the BLM, we will
have our internal environmental consultants review for accuracy but feel
confident this is the correct course.
Bradda Head's Chief Operations Officer, Joey Wilkins, and Bradda Head's
geologist, Brendan Fenerty, spearheaded the Company's contribution to a
publication released in the Society of Economic Geologists by members of the
Arizona Geological Survey, in collaboration with Bradda Head, on the article
titled: Geology, Geochemistry, and Potential Origins of
the Basin Volcano-Sedimentary Lithium Deposit, Kaiser Spring Volcanic Field,
Northwestern Arizona, U.S.A.
Wikieup Project
The Company completed surface reconnaissance over clay exposures on the new
land acquired in the claim exchange with Arizona Lithium. The work confirms
the widespread presence of green to tan clays that resemble those surrounding
the Big Sandy resource, thus proving the land swap enhanced the Company's
opportunity to expand exploration drill targets in the clay environment.
Arizona Lithium Corp, prior owners of the Big Sandy clay resource, have sold
their interest to NTEC, the Navajo Transitional Energy Company, and New Mexico
based tribal group that develops energy through the mining of coal, but have
limited experience in lithium.
San Domingo Project
During April 2025, the Company released the results of a mineral particle
ore-sorting study announced in October 2024. The program was conducted on a
spodumene composite ore sample from San Domingo's core drilling in 2023, and
was supervised by ABH Engineering Inc.
The interpretive and preliminary bench-scale results indicate the spodumene
ore is amenable to ore sorting enhancement, which can provide significant
potential cost savings during mining construction and operation, as well as
identifying a low water usage quick and efficient route to sustainable
operation
Highlights from the study include:
· Results are indicative of potentially producing an in-country direct
shipping spodumene ore after particle mineral sorting and separation of wall
rock and waste material;
· Waste product containing virtually 0% Lithium, a sellable aggregate
product for the local Arizona infrastructure demand;
· Intermediate product containing low grade lithium would be
stockpiled for further treatment;
· Recommendations to implement a Phase 2 test with a representative
bulk sample (300-500kg);
· Examine economic optimization including potential stockpiling;
and
· Lowering resource cut-off grade.
Following this, the Company received approval of bonding on Notice of Intent
("NOI") drilling permits at San Domingo, in the state of Arizona and on Bureau
of Land Management ("BLM") lands.
Highlights include:
· Bond approval on the Dragon NOI by the BLM to build 37 drill pads
on the North and South targets;
· Bond approval on the San Domingo North NOI by the BLM to build 35
drill pads on the Ruby Soho, Midnight Owl, and Lone Giant targets; and
· Acquired a mineral lease for 160 acres of Arizona State Lands at San
Domingo where new outcrops of spodumene bearing pegmatites were discovered.
Exploration Opportunities
Regional reconnaissance has been extended beyond the property boundaries at
both San Domingo and Basin with a program looking for new opportunities in
pegmatites and clays throughout Arizona. New target areas were identified
through detailed review of governmental datasets that include geochemical
surveys and mineral/mine localities. The work has led to the identification
and detection of large belts of pegmatites and sedimentary basins containing
clays worthy of field examination. The reconnaissance style field work
encountered lithium-anomalous clays and pegmatites with beryl and muscovite,
but none containing significant spodumene. Additional areas of pegmatites have
been identified further to the northern part of Arizona, but yet to be
examined pending a more robust budget. These new areas are of interest as
competitors are active in the area searching for REE's, revealing the
potential for a mineral-rich belt.
The Company examined a spodumene-bearing property in North Carolina within the
well known Spodumene-Tin belt and in proximity to Kings Mountain (Albemarle),
but decided it was too small for acquisition, and commercial terms couldn't be
reached with the owners.
The Company has reviewed lithium brine properties in Nevada that offer unique
characteristics with potential synergies to the Wilson and Eureka brine
projects, with evaluations ongoing at a high level.
Texas Brines
The Company continues to maintain positions throughout the Texas brine space
and has been engaged with a lithium-brine development company discussing
options and potential collaboration for future work. Discussions are purely
high level and have not resulted in any agreements or MOUs.
Pennsylvania Brines
The Company continues to maintain our position with the Pennsylvania oil brine
asset and is evaluating various opportunities to realise value.
Financial Review
During the six-month period ended 31 August 2025, the Company recorded a loss
for the period of US$ 727,268 (period ended 31 August 2024: profit of US$
2,176,472). As at period end, cash and cash deposit balances stood at US$
87,197 (28 February 2025: US$ 1,086,596), capitalised deferred mining,
exploration, licence and permit costs stood at US$ 15,609,912 (28 February
2025: US$ 15,421,152), and total assets were US$ 16,004,701 as at 31 August
2025 (28 February 2025: US$ 16,779,135).
Post period end, the Company entered into a short-term loan facility agreement
for US$ 500,000 with Galloway Limited, a related party and significant
shareholder. The funding was provided in connection with the undertaking made
by Galloway Limited as noted in the audited statutory accounts for the year
ending 28 February 2025 to provide support for the Company to maintain its
good standing and will be used for general working capital purposes.
Approach to Risk and Corporate Governance
The Company's general risk appetite is a moderate, balanced one that allows it
to maintain appropriate growth, profitability and scalability, whilst ensuring
full corporate compliance. Bradda Head's risk appetite has been classified as
high under an "impact" matrix defined as Zero, Low, Medium and High.
Appropriate steps have been taken and adequate controls implemented to monitor
the risks of the Company, and the appropriate committees and reporting
structures have been established, which under the leadership of the Chair,
will monitor risks facing the Company.
The Board of Bradda Head is committed to best practice in corporate governance
throughout the Company. The Directors have agreed to comply with the
provisions of the Quoted Companies Alliance ("QCA") Corporate Governance Code
for Small and Mid-Size Quoted Companies (2018) to the extent which is
appropriate to its nature and scale of operations. Details of the Company's
compliance with the QCA code can be found in the audited financial statements
for the year ended 28 February 2025.
Strategy and Outlook
The lithium market appears to have levelled off and stabilized while numerous
mines in China ran into permitting issues that temporarily "bumped" prices of
lithium carbonate and lithium hydroxide. The global markets remain relatively
stable with European countries continuing their "buying-in" mentality to
reduction of carbon footprint through the purchasing of EV's but appear to be
looking for cheaper models, some originating from China. USA-eligible EV's
have seen an uptick in sales as tax credits and incentives came to an end on
September 30. Battery storage maintains a steady pace throughout the minor
fluctuations in EV sales, essentially carrying the lithium market through the
dip. Battery storage is highly underrated and could carry the depressed EV
sales through the next few years as it provides some states and regions of the
world with intelligent energy storage to deal with climate fluctuations and
occasional "brown-outs" from power facilities.
Retail buyers and institutional investors remain on the lithium sidelines
while heavily distracted by surging precious metal prices. Natural and logical
M&A continues as does the transition of lithium explores to other
commodities, whereas Bradda maintains the course and remains lithium centric.
While the lithium prices have bottomed and incurred pressure on both explorers
and suppliers, the demand for electrification across all industries has not
diminished and steady growth will resume. This is also a time for M&A,
which should filter-out lower quality projects and companies without capital,
which places Bradda Head in a key position as we have conserved our treasury
by trimming back expenditures while maintaining a strong and experienced team.
John 'Ian' Stalker
Chair
18 November 2025
Condensed Interim Consolidated Statement of Comprehensive Income
for the period ended 31 August 2025
Six-month period ended 31 August 2025 Six-month period ended 31 August 2024
(unaudited) (unaudited)
Notes US$ US$
Expenses
General and administrative 2 (761,153) (1,198,521)
Share based payment write-back 10 - 103,539
Foreign exchange loss (2,067) (5,978)
─────── ───────
Operating loss (763,220) (1,100,960)
Other income
Gain on sale 11 - 2,974,938
Other income - 230,000
Unrealised gain/(loss) on investment 28,539 61,142
Finance income 7,413 11,352
─────── ───────
(Loss)/profit before income tax (727,268) 2,176,472
Income tax expense - -
─────── ───────
(Loss)/profit for the period (727,268) 2,176,472
═══════ ═══════
Other comprehensive income - foreign currency translation reserve
- -
─────── ───────
Total comprehensive (loss)/profit for the period (727,268) 2,176,472
═══════ ═══════
Basic (loss)/profit per share (US cents) 12 (0.19) 0.30
Diluted (loss)/profit per share (US cents) 12 (0.19) 0.27
The notes on pages 11 to 17 form an integral part of these condensed
consolidated interim financial statements.
Condensed Interim Consolidated Statement of Financial Position
as at 31 August 2025
Notes 31 August 2025 28 February 2025
(unaudited) (audited)
US$ US$
Non-Current assets
Deferred mining and exploration costs 3 12,331,686 12,331,526
Exploration permits and licences 4 3,278,226 3,089,626
Plant and equipment 8 12,500 24,175
Advances and deposits 6 109,813 109,813
Investment at fair value through profit or loss 51,011 22,472
─────── ───────
Total non-current assets 15,783,236 15,577,612
─────── ───────
Current assets
Cash and cash equivalents 87,197 1,086,596
Trade and other receivables 6 134,268 114,927
─────── ───────
Total current assets 221,465 1,201,523
─────── ───────
Total assets 16,004,701 16,779,135
═══════ ═══════
Equity
Share premium 9 30,616,373 30,616,373
Retained deficit (14,685,314) (13,958,046)
─────── ───────
Total equity 15,931,059 16,658,327
─────── ═══════
Current liabilities
Trade and other payables 7 73,642 120,808
─────── ───────
Total current liabilities 73,642 120,808
─────── ───────
Total equity and liabilities 16,004,701 16,779,135
═══════ ═══════
The notes on pages 11 to 17 form an integral part of these condensed
consolidated interim financial statements.
These financial statements were approved by the Board of Directors on 18
November 2025 and were signed on their behalf by:
Denham
Eke
Director
Condensed Interim Consolidated Statement of Changes in Equity
for the period ended 31 August 2025
Share premium Retained deficit Total
US$ US$ US$
Balance at 1 March 2025 (audited) 30,616,373 (13,958,046) 16,658,327
Total comprehensive loss for the period
Loss for the period - (727,268) (727,268)
─────── ─────── ───────
Total comprehensive loss for the period - (727,268) (727,268)
Transactions with owners of the Company
Equity settled share-based payments (note 10) - - -
─────── ─────── ───────
Total transactions with owners of the Company - - -
─────── ─────── ───────
Balance at 31 August 2025 (unaudited) 30,616,373 (14,685,314) 15,931,059
═══════ ═══════ ═══════
The notes on pages 11 to 17 form an integral part of these condensed
consolidated interim financial statements.
Condensed Interim Consolidated Statement of Changes in Equity
for the period ended 31 August 2025 (continued)
Share premium Retained deficit Total
US$ US$ US$
Balance at 1 March 2024 (audited) 30,616,373 (14,954,669) 15,661,704
Total comprehensive loss for the period
Profit for the period - 2,176,472 2,176,472
─────── ─────── ───────
Total comprehensive loss for the period - 2,176,472 2,176,472
Transactions with owners of the Company
Equity settled share-based payments (note 10) - (103,539) (103,539)
─────── ─────── ───────
Total transactions with owners of the Company - (103,539) (103,539)
─────── ─────── ───────
Balance at 31 August 2024 (unaudited) 30,616,373 (12,881,736) 17,734,637
═══════ ═══════ ═══════
The notes on pages 11 to 17 form an integral part of these condensed
consolidated interim financial statements.
Condensed Interim Consolidated Statement of Cash Flows
for the period ended 31 August 2025
Six-month period ended 31 August 2025 Six-month period ended 31 August 2024
Notes (unaudited) (unaudited)
US$ US$
Cash flows from operating activities
(Loss)/profit before income tax (727,268) 2,176,472
Adjusted for non-cash and non-operating items:
Depreciation 8 11,675 27,398
Unrealised fair value gain on investment (28,539) (61,142)
Equity settled share based payments expense 10 - (103,539)
Cash interest income (7,413) (11,352)
─────── ───────
(751,545) 2,027,837
Change in trade and other receivables (19,339) 40,765
Change in trade and other payables (47,168) (1,068,097)
─────── ───────
Net cash flows used by operating activities (818,052) 1,000,505
Cash flows from investing activities
Amounts paid for deferred mining and exploration costs 3 (160) (1,226,626)
Amounts paid for licences and permits 4 (188,600) (331,700)
Cash (paid)/received for bonding deposit - (3,600)
─────── ───────
Net cash flows used by investing activities (188,760) (1,561,926)
Cash flows from financing activities
Cash interest income 7,413 11,352
─────── ───────
Net cash flows from financing activities 7,413 11,352
─────── ───────
Increase/(decrease) in cash and cash equivalents (999,399) (550,069)
Cash and cash equivalents at beginning of period 1,086,596 1,664,662
Effect of foreign exchange on cash balances - -
─────── ───────
Cash and cash equivalents at end of period 87,197 1,114,593
═══════ ═══════
The notes on pages 11 to 17 form an integral part of these condensed
consolidated interim financial statements.
1 Reporting Entity
Bradda Head Lithium Limited (the "Company") is a company domiciled in the
British Virgin Islands. The address of the Company's registered office is
Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. The Company
and its subsidiaries together are referred to as the "Group".
The Company is a lithium exploration Group focused on developing its projects
in the USA.
These interim financial statements have been prepared in accordance with IAS
34 Interim Financial Reporting and should be read in conjunction with the last
annual consolidated financial statements as at and for the year ended 28
February 2025 ("last annual financial statements"). They do not include all of
the information required for a complete set of IFRS financial statements.
However, selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the changes in the
Group's financial position and performance since the last annual financial
statements.
The financial information in this report has been prepared in accordance with
the Company's accounting policies and in consistency with the last annual
financial statements. Full details of the accounting policies adopted by the
Company are contained in the financial statements included in the Company's
annual report for the year ended 28 February 2025, which is available on the
Group's website: www.braddheadltd.com (http://www.braddheadltd.com) . These
unaudited condensed consolidated interim financial statements should be read
in conjunction with the audited Consolidated Financial Statements for the year
ended 28 February 2025.
Going concern
The unaudited interim financial statements have been prepared on a going
concern basis, taking into consideration the level of cash held by the
Company. The Directors have a reasonable expectation that the Company will
have access to adequate cash resources, through funding from its major
shareholder and further equity fund raises, for its continuing existence and
projected activities for the foreseeable future, and for these reasons,
continue to adopt the going concern basis in preparing the financial
statements for the six-month period ended 31 August 2025.
2 General and administrative
The Group's general and administrative expenses include the following:
Six-month period ended 31 August 2025 Six-month period ended 31 August 2024
(unaudited) (unaudited)
US$ US$
Auditors' fees 39,200 39,200
Directors and management fees and salaries 175,839 231,983
Legal and accounting 36,730 28,090
Contractor costs 93,126 275,960
Professional and marketing costs 142,981 169,381
Other administrative costs 273,277 453,907
─────── ───────
Total 761,153 1,198,521
═══════ ═══════
3 Deferred mine exploration costs
The schedule below details the exploration costs capitalised to date: Total
US$
Cost and net book value
At 28 February 2024 (audited) 11,025,423
───────
Capitalised during the year 1,361,861
Disposal under royalty agreement * (55,758)
──────────
At 28 February 2025 12,331,526
──────────
Capitalised during the period 160
───────
At 31 August 2025 (unaudited) 12,331,686
═══════
Cost and net book value
At 31 August 2025 (unaudited) 12,331,686
At 28 February 2025 (audited) 12,331,526
═══════
* In terms of the LRC royalty agreement, the Company has sold a 2% royalty on
future sales from its lithium clay assets. The Company has effectively sold 2%
of its capitalised deferred mine exploration costs to date, with this
adjustment being recorded to reflect this.
The recoverability of the carrying amounts of exploration and evaluation
assets is dependent on the successful development and commercial exploitation
or sale of the respective area of interest, as well as maintaining the assets
in good standing. The Group assessed the DMEC relating to areas for which
licenses and permits are held, for impairment as at 31 August 2025. The Board
concluded that no facts and circumstances have been identified which suggest
the recoverable amount of these assets would not exceed the carrying amount
and, as such, no impairment was recognised during the period.
During the year ended 28 February 2025, an impairment charge of US$ Nil was
recognised.
4 Exploration permits and licences
The schedule below details the exploration permit and licence costs Total
capitalised to date:
US$
Cost and net book value
At 28 February 2024 (audited) 2,781,735
Capitalised during the year 308,141
Disposal under royalty agreement * (250)
──────────
At 28 February 2025 3,089,626
──────────
Capitalised during the period 188,600
───────
At 31 August 2025 (unaudited) 3,278,226
═══════
Cost and net book value
At 31 August 2025 (unaudited) 3,278,226
At 28 February 2025 (audited) 3,089,626
═══════
* In terms of the LRC royalty agreement, the Company has sold a 2% royalty on
future sales from its lithium clay assets. The Company has effectively sold 2%
of its capitalised deferred mine exploration costs to date, with this
adjustment being recorded to reflect this.
The Group assessed the carrying amount of the licences and permits held for
impairment as at 31 August 2025. The Board concluded that no facts and
circumstances have been identified which suggest the recoverable amount of
these assets would not exceed the carrying amount and, as such, no impairment
was recognised during the period.
During the year ended 28 February 2025, an impairment charge of US$ Nil was
recognised as a result of project licences and permits that were not renewed.
5 Investment in subsidiary undertakings
As at 31 August 2025 and 28 February 2025, the Group had the following
subsidiaries:
Name of company Place of incorporation Ownership interest Principal activity
Bradda Head Limited* BVI 100% Holding company of entities below
Zenolith (USA) LLC USA 100% Holds USA lithium licences and permits
Verde Grande LLC USA 100% Holds USA lithium licences and permits
Gray Wash LLC USA 100% Holds USA lithium licences and permits
San Domingo LLC USA 100% Holds USA lithium licences and permits
* Held directly by the Company. All other holdings are indirectly held
through Bradda Head Limited
The condensed interim consolidated financial statements include the results of
the subsidiaries for the full interim period from 1 March 2025 to 31 August
2025, and up to the date that control ceases.
6 Trade and other receivables and advances and deposits
Non-current
31 August 2025 28 February 2025
(unaudited) (audited)
US$ US$
Advances and deposits 109,813 109,813
═══════ ═══════
Current
US$ US$
Prepayments 134,268 114,927
═══════ ═══════
7 Trade and other payables
31 August 2025 28 February 2025
(unaudited) (audited)
US$ US$
Trade payables 77,058 75,042
Accrued expenses and other payables (3,416) 45,766
─────── ──────
73,642 120,808
═══════ ═══════
8 Plant and equipment
Motor vehicle Other equipment Total
Cost US$ US$ US$
As at 28 February 2024 and 28 February 2025 (audited) 114,390 50,000 164,390
Additions during the period - - -
────── ────── ──────
As at 31 August 2025 (unaudited) 114,390 50,000 164,390
══════ ══════ ══════
Motor vehicle Other equipment Total
Accumulated depreciation US$ US$ US$
As at 28 February 2024 (audited) (72,918) (12,500) (85,418)
Depreciation charge for the year (38,130) (16,667) (54,797)
────── ────── ──────
As at 28 February 2025 (audited) (111,048) (29,167) (140,215)
Charge for the period (3,342) (8,333) (11,675)
────── ────── ──────
As at 31 August 2025 (unaudited) (114,390) (37,500) (151,890)
══════ ══════ ══════
Carrying amount
As at 31 August 2025 (unaudited) - 12,500 12,500
As at 28 February 2025 (audited) 3,342 20,833 24,175
══════ ══════ ══════
9 Share premium
Authorised
The Company is authorised to issue an unlimited number of nil par
value shares of a single class.
Shares Share capital Share premium
Issued ordinary shares of US$0.00 each US$ US$
At 31 August 2025 (unaudited) and 28 February 2025 (audited) 390,609,439 - 30,616,373
═══════ ═══════ ═══════
10 Equity settled share based payments
The cost of equity settled transactions with certain Directors of the Company
and other participants ("Participants") is measured by reference to the fair
value at the date on which they are granted. The fair value is determined
based on the Black-Scholes option pricing model.
Options and warrants
The total number of share options and warrants in issue as at the period end
is set out below.
Recipient Grant Term Exercise Number at 1 March 2025 (audited) Number Issued Number Lapsed/ cancelled/expired Number Exercised Number at 31 August 2025 (unaudited) Fair value
Date in years Price
Options US$
Directors and Participants April 2018 5 US$ 0.15668 146,052 - - - 146,052 24,028
Directors and Participants June 2021 5 US$ 0.048 18,000,000 - - - 18,000,000 1,110,556
Directors and Participants September 2021 5 £0.09 3,000,000 - - - 3,000,000 119,080
Directors and Participants April 2022 5 £0.18 7,000,000 - - - 7,000,000 490,750
Directors and Participants December 2022 5 £0.105 1,000,000 - - - 1,000,000 59,150
Directors and Participants April 2023 5 £0.06 3,850,000 - - - 3,850,000 39,921
Directors and Participants February 2024 5 £0.00867 2,850,000 - - - 2,850,000 31,229
─────── ─────── ─────── ─────── ─────── ───────
35,846,052 - - - 35,846,052 1,874,714
Warrants
Supplier warrants July 2021 5 £0.0550 1,818,182 - - - 1,818,182 124,482
─────── ─────── ─────── ─────── ─────── ───────
37,664,234 - - - 37,664,234 1,999,196
═══════ ═══════ ═══════ ═══════ ═══════ ═══════
The amount expensed in the income statement has been calculated by reference
to the fair value at grant date of the equity instrument and the estimated
number of equity instruments to vest after the vesting period.
Six-month period ended 31 August 2025 Six-month period ended 31 August 2024
(unaudited) (unaudited)
US$ US$
Share based payment (expense)/write-back - 103,539
═══════ ═══════
During the period ended 31 August 2025, no new options were granted.
12 Basic and diluted loss per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the period.
The calculation of diluted earnings per share is based on the basic earnings
per share, adjusted to allow for the issue of shares, on the assumed
conversion of all dilutive share options.
Six-month period ended 31 August 2025 Six-month period ended 31 August 2024
(unaudited) (unaudited)
US$ US$
(Loss)/profit for the period (728,816) 1,176,472
Weighted average number of ordinary shares in issue 390,609,439 390,609,439
Dilutive effect of shares to be issued (Note 10) 37,664,234 37,664,234
Diluted number of ordinary shares 428,273,673 428,273,673
Basic (loss)/earnings per share (pence) (0.19) 0.30
Diluted (loss)/earnings per share (pence) (0.19) 0.27
13 Related party transactions and balances
Edgewater Associates Limited ("Edgewater")
During the six-month period ended 31 August 2025, Directors and Officers
insurance was obtained through Edgewater, which is a 100% subsidiary of Manx
Financial Group ("MFG"). James Mellon and Denham Eke are Directors of MFG and
Denham Eke is a Director of Edgewater.
During the period, the premium payable on the policy was US$ 41,576 (six-month
period to 31 August 2024: US$ 42,566), of which US$ 32,905 was prepaid as at
the period end (28 February 2025: US$ 10,854).
14 Commitments and contingent liabilities
The Group has certain obligations to expend minimum amounts on exploration
works on mining tenements in order to retain an interest in them, which would
be approximately US$ 201,000 during the next 12 months. This includes annual
fees in respect of licence renewals. These obligations may be varied from time
to time, subject to approval and are expected to be filled in the normal
course of exploration and development activities of the Company.
15 Events after the reporting date
Post period end, the Company entered into a short-term loan facility agreement
with Galloway Limited, a related party and significant shareholder. The
funding was provided in connection with the undertaking made by Galloway
Limited as noted in the audited statutory accounts for the year ending 28
February 2025 to provide support for the Company to maintain its good
standing and will be used for general working capital purposes.
ENDS
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