REG - Clontarf Energy PLC - Interim Results for the period ended 30 June 2025
10/09/2025 07:00
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RNS Number : 6701Y Clontarf Energy PLC 10 September 2025
10(th) September 2025
Clontarf Energy plc
("Clontarf" or the "Company")
Interim Statement for the period ended 30 June 2025
Clontarf Energy plc (AIM: CLON), the energy company focused on clean Bolivian
Lithium brines, as well as petroleum in Australia and Africa, announces its
unaudited financial results for the six months ended 30 June 2025:
Industry and Company Highlights
Innovating Direct Lithium & Magnesium Extraction from brines:
· Our confidence in the potential of new Direct Extraction Techniques
to transform the industry by increasing purities, minimising deleterious
elements, and boosting throughput, has been vindicated through test-work
recently undertaken:
· Laboratory & pilot plant testing of samples provided by YLB, and
previous sampling campaigns, as well as synthetic brines, are highly
encouraging - as are more extensive brines' production runs, including those
based on observed Uyuni chemistries.
· By solving, together with our technical partners, the need to extract
100% of contained Magnesium, we have opened up potentially two independent
income streams - both Lithium and Magnesium.
· The initial pilot plant of our JV technical partner NEXT-ChemX is
progressing well at a trusted partner's industrial site in India. We now
have the technical and commercial confidence to build larger-scale production
plants, whether in Bolivia or elsewhere, as soon as legal and commercial
requirements are satisfied.
· The Magnesium breakthrough may enable development of salares, in
additional countries, that would not have been economic at current prices
through production of their Lithium content alone.
· Concern over security of supply of both mining and processing of
Critical Resource Minerals is now mainstream - not just in Japan and China,
but also in the USA and Europe. Off-takers are now more open to financing
arrangements for juniors, while EU funding is available for infrastructural
development.
· The next stage is to complete and implement the revised Memorandum of
Understanding, and process further even larger brine volumes containing
Magnesium as well as traditional salts through the pilot-plant in India.
· There is strong market interest in long-term offtake contracts for
reliable, high-purity clean Lithium and Magnesium from brines - at higher than
current spot prices.
Chairman's Statement
Recent months have witnessed accelerated work on Clontarf's key projects on
several fronts.
Attitudes and management of Critical Resource Minerals are being transformed
worldwide, as players grasp the scale and importance of securing adequate
supplies of clean materials. We believe there are inadequate fresh projects
to deliver the anticipated demand.
Offtakers worldwide are now keenly aware of the need to secure reliable, clean
and competitive materials. It is hard to express how procurement attitudes
have changed since 2000 - prompted by a successful Chinese industrial policy,
which Europe and the USA have now been forced to counter.
Historically, Washington and Brussels have been thought of as slow-moving
behemoths, but the fast adoption and funding of the USA's Inflation Reduction
Act, and the EU Commission's Critical Resource Minerals Act, shows how fast
policy-makers can move when realisation of vulnerability dawns. The EU
Commission has pulled together a "Team Europe" of explorers, miners,
processors and financiers to deliver some measure of materials diversity.
The EU Commission's 'dream-team' focuses on practical steps necessary to
reduce dependence on mining and processing in potentially hostile regions.
Included are financiers, refiners, chemical production experts, state and EU
players, as well as explorers and developers. It is the Board's belief that
operators like Clontarf are key to achieving these objectives.
Bolivia has committed itself to becoming a key supplier to all key markets.
This requires urgent de-bottlenecking of licensing, clearer legal title,
financing arrangements and high-throughput production of battery-grade Lithium
salts. For example, Clontarf saw how EU Global Gateway funds can provide
20-year money at circa 3% interest for state-allocated infrastructure projects
to support new operations in fresh regions. This effectively funds
two-thirds of total capex, while meeting EU controls and respecting Bolivian
sovereignty.
Our process does not use significant volumes of fresh water, involve high
electricity use or toxic chemicals, but there are sensitivities surrounding
some alternative technologies used by other companies. Accordingly, all
participating companies have been discreet on progress in country.
Since late-2024, the authorities have focused on the maturity of the
technology offered, especially whether an operating pilot plant is already
commissioned - as well as financial criteria. This makes sense, since a
proven Direct Lithium Extraction ("DLE") technology can be funded by
offtakers, who are keen to secure supplies of battery-grade Lithium. With
proven technologies, many companies will be in a position to negotiate
development contracts.
Following technical breakthroughs at our pilot facilities, we have worked on
the chemical and operating engineering necessary to scale-up the process,
while maintaining high quality and competitive costs. Once the authorities
are comfortable with, and sign-off on this more detailed engineering phase, we
anticipate early despatch of large bulk samples, to be followed by site-visits
to pilot-plants, as originally planned.
The recent Bolivian elections signalled a shift to more pro-business policies
in order to accelerate growth, including the growth of commodity exports as
well as to resolve consumer shortages due to a controlled currency and
subsidies.
If confirmed in the second round scheduled for October 2025, it is likely that
the new administration will accelerate reform of the Lithium Law. Similar
arguments suggest reform of the Hydrocarbon Law, which would end the 20-year
exploration strike and re-open efforts to tap Bolivia's substantial gas and
condensate potential. Last time exploration was pursued vigorously, from
1995 through 2000, Bolivian achieved the world's 2(nd) largest addition of oil
& gas barrels equivalent (after Angola).
Positive test results have encouraged us to further expand bulk testing,
especially for the improved Magnesium extraction techniques.
Clontarf has sourced the required Intermediate Bulk Containers ("IBCs"), to
ship the bulk samples to Mumbai, in whatever volumes are agreed.
The Company originally planned to deploy a pilot-plant to one or more Bolivian
salares during summer 2024. Because of logistics and weather issues, the
Bolivian authorities opted for the operating companies to remain in their
original plant location, until YLB could conduct due diligence visits.
On arrival at our partners' Indian plant which is expected to occur about 2
months after export, the Bolivian bulk samples will be expedited through the
production process. Larger bulk samples will help us plan to optimise
recovery and throughput not just for Lithium, but also for Magnesium and other
economic minerals.
Assuming positive results, we are proposing to open agreement negotiations as
soon as appropriate. Clontarf Energy is hoping to deploy a pilot plant (at a
scale of 500 tonnes / year) to a Bolivian site for arrival ideally by mid-2026
(i.e. six to seven months after arrival of the bulk samples at the Indian
plant), after which it will be promptly commissioned, connected to power and
brine sources, under applicable laws, and start work. All such schedules
are subject to permitting and applicable rules.
Longer-term, the Company plans to deploy an additional production plant to a
total of five separate salares, adding a new plant every six months. Our
plant size will accord with any restrictions under law, initially at a scale
of 500 tonnes / year.
Clontarf Energy's long-term aim is to produce 150,000 tonnes of LCE by 2030.
Funding
Clontarf has successfully tapped the financial markets when necessary. Subject
to technical verification and permitting of its exploration projects, Clontarf
is confident of adequate funding, whether in London or Australia, for near to
medium-term ongoing activities. Our preference, where possible, is to avoid
dilution by relying on offtakers or EU institutions for necessary
infrastructural support.
It is our belief that the projected offtaker demand for clean high-purity
Lithium cannot be met without Bolivian supplies.
David Horgan
Chairman
9(th) September 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six Months Ended Year Ended
30 June 25 30 June 24 31 Dec 24
unaudited unaudited audited
£'000 £'000 £'000
Administrative expenses (158) (334) (592)
Impairment of exploration and evaluation assets (87) (69) (173)
LOSS BEFORE TAXATION (245) (403) (765)
Income Tax - - -
COMPREHENSIVE INCOME FOR THE PERIOD (245) (403) (765)
LOSS PER SHARE - basic and diluted (0.003p) (0.01p) (0.01p)
CONDENSED CONSOLIDATED BALANCE SHEET
30 June 25 30 June 24 31 Dec 24
unaudited unaudited audited
£'000 £'000 £'000
ASSETS:
NON-CURRENT ASSETS
Intangible assets 434 625 521
Investment in Joint Venture 888 888 888
1,322 1,513 1,409
CURRENT ASSETS
Other receivables 39 - 13
Cash and cash equivalents 579 601 818
618 601 831
TOTAL ASSETS 1,940 2,114 2,240
LIABILITIES:
CURRENT LIABILITIES
Trade and other liabilities (1,356) (1,439) (1,411)
(1,356) (1,439) (1,411)
TOTAL LIABILITIES (1,356) (1,439) (1,411)
NET LIABILITES 584 675 829
EQUITY
Called-up share capital 6,509 6,409 6,509
Share premium 13,517 13,195 13,517
Share based payment reserve 825 731 825
Retained deficit (20,267) (19,660) (20,022)
TOTAL EQUITY 584 675 829
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Called-up Share based
Share Share Payment Retained
Capital Premium Reserves Deficit Total
£'000 £'000 £'000 £'000 £'000
As at 1 January 2024 6,209 12,737 615 (19,257) 304
Shares issued 200 500 700
Share issue expenses - (42) - - (42)
Share based payment charge - - 116 - 116
Total comprehensive income (403) (403)
As at 30 June 2024 6,409 13,195 731 (19,660) 675
Shares issued 100 350 - - 450
Share issue expenses - (28) - - (28)
Share based payment charge 94 94
Total comprehensive income - (362) (362)
As at 31 December 2024 6,509 13,517 825 (20,022) 829
Total comprehensive income - - - (245) (245)
As at 30 June 2025 6,509 13,517 825 (20,267) 584
CONDENSED CONSOLIDATED CASH FLOW Six Months Ended Year Ended
30 June 25 30 June 24 31 Dec 24
unaudited unaudited audited
£'000 £'000 £'000
CASH FLOW USED IN OPERATING ACTIVITIES
Loss for the period (245) (403) (765)
Impairment of exploration and evaluation assets 87 69 173
Share based payment charge - 116 210
Exchange movements - 1 3
(158) (217) (379)
Increase in other receivables (26) - (13)
Decrease in trade and other payables (55) (21) (49)
MOVEMENTS IN WORKING CAPITAL (81) (21) (62)
NET CASH USED IN OPERATING ACTIVITIES (239) (238) (441)
CASH FLOWS USED IN INVESTING ACTIVITIES
Payments for intangible assets - - -
NET CASH USED IN INVESTING ACTIVITIES - - -
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares - 700 1,150
Share issue expenses - (42) (70)
NET CASH GENERATED FROM FINANCING ACTIVITIES - 658 1,080
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (239) 420 639
Cash and cash equivalents at beginning of the period 818 182 182
Exchange loss on cash and cash equivalents - (1) (3)
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD 579 601 818
Notes:
1. INFORMATION
The financial information for the six months ended 30 June 2025 and the
comparative amounts for the six months ended 30 June 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 U.K. The accounting policies and
methods of computation used in the preparation of the Interim Financial Report
are consistent with those used in the Group 2024 Annual Report, which is
available at www.clontarfenergy.com (http://www.clontarfenergy.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
year attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue and ranking for dividend during the year. Diluted
earnings per share is computed by dividing the loss after taxation for the
year 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 year.
The following table sets out the computation for basic and diluted earnings
per share ("EPS"):
Six Months Ended Year Ended
30 June 25 30 June 24 31 Dec 24
Numerator £'000 £'000 £'000
Loss for the year (245) (403) (765)
Denominator Number Number Number
For basic and diluted EPS 8,193,326,117 6,025,351,235 6,884,911,244
Basic and diluted EPS (0.003p) (0.01p) (0.01p)
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
30 June 25 30 June 24 31 Dec 24
Number Number Number
'000 '000 '000
Share options (980) (820) (980)
4. INTANGIBLE ASSETS
30 June 25 30 June 24 31 Dec 24
£'000 £'000 £'000
Exploration and evaluation assets
Cost:
At 1 January 12,735 12,735 12,735
Additions - - -
Closing Balance 12,735 12,735 12,735
Impairment:
At 1 January 12,214 12,041 12,041
Provision for impairment 87 69 173
Closing Balance 12,301 12,110 12,214
Carrying value:
At 1 January 521 694 694
At period end 434 625 521
Exploration and evaluation assets relate to expenditure incurred in
prospecting and exploration for lithium, oil and gas in Bolivia and Ghana. 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 capitalised exploration and evaluation
assets.
During 2018 the Group resolved the outstanding issues with the Ghana National
Petroleum Company (GNPC) regarding a contract for the development of the Tano
2A Block. The Group has signed a Petroleum Agreement in relation to the block
and this agreement awaits ratification by the Ghanian government.
As ratification has not yet been achieved,, as a matter of prudence, the
directors opted to write down 20% of the carrying value of the Tano 2A Block
historic expenditure. Accordingly, an impairment charge of £173,609 was
recorded in the prior and £86,805 in the current period.
The directors believe that there were no facts or circumstances indicating
that the carrying value of the remaining intangible assets may exceed their
recoverable amount and thus no impairment review was deemed necessary by the
directors. The realisation of these intangibles assets is dependent on the
successful discovery and development of economic deposit resources and the
ability of the Group to raise sufficient finance to develop the projects. It
is subject to a number of potential significant risks, as set out below.
The Group's activities are subject to a number of significant potential risks
including:
· licence obligations;
· exchange rate risks;
· uncertainties over development and operational costs;
· political and legal risks, including agreements with
Governments for licences, 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
· ability to raise finance.
5. INVESTMENT IN JOINT VENTURE
30 June 25 30 June 24 31 Dec 24
£'000 £'000 £'000
Cost:
At 1 January 888 888 888
Additions - - -
Closing Balance 888 888 888
Carrying value:
At period end 888 888 888
On 15 February 2023 the Group announced a heads of agreement around the
potential formation of a 50:50 Joint Venture with US based, OTC Markets
traded, technology company, NEXT-ChemX Corporation ("NCX") covering testing,
marketing, and deploying of NCX's proprietary (patent pending) Direct Lithium
Extraction ("DLE") technology in Bolivia. Formation of the JV was subject to
final due diligence and the parties entering into formal documentation.
The terms of the JV are:
§ A 50:50 joint venture company to be formed on completion of due
diligence covering the exclusive rights to the marketing, testing and
deployment of the NCX DLE technology in Bolivia.
§ Clontarf Energy plc to contribute $500,000 in cash towards the pilot
plant construction and testing as an exclusivity fee for the use of the NCX
technology.
§ NCX will then issue shares equal to $500,000 at its next financing
(CHMX:OTC) to Clontarf Energy plc.
§ Clontarf Energy plc will issue shares as follows to NCX:
i. 385 million new Ordinary Shares on proceeding with the Pilot Plant;
ii. 250 million new Ordinary Shares after successful pilot processing of
Bolivian brines through the NCX pilot plant; and
iii. 250 million new Ordinary Shares after entry into a construction and
processing contract between the JV and the Bolivian authorities on processing
of Bolivian brines utilising NCX processing technology.
On 5 May 2023 the Company announced that all conditions had
been satisfied with respect to the JV with NCX coming into force. In this
regard, Clontarf paid NCX US$500,000 and issued 385 million new Ordinary
Shares in the capital of Clontarf of which half was subjected to a 12-month
lock in requirement.
As at 30 June 2025 no trading activity had commenced in the JV
and as such there are no results or expenses recorded.
6. SHARE CAPITAL
Deferred Shares - nominal value of 0.24p
Number Share Capital Share Premium
£'000 £'000
At 1 January 2024 2,370,826,117 5,690 -
At 31 December 2024 and 30 June 2025 2,370,826,117 5,690 -
Ordinary Shares - nominal value of 0.01p
Allotted, called-up and fully paid:
Number Share Capital Share Premium
£'000 £'000
At 1 January 2024 5,193,326,117 519 12,737
Issued during the period 2,000,000,000 200 500
Share issue expenses - (42)
At 30 June 2024 7,193,326,117 719 13,195
Issued during the period 1,000,000,000 100 350
Share issue expenses - - (28)
At 31 December 2024 8,193,326,117 819 13,517
Issued during the period - - -
Share issue expenses - - -
At 30 June 2025 8,193,326,117 819 13,517
Movements in issued share capital
There was no movement in the issued share capital in the six months to 30 June
2025.
7. SHARE BASED PAYMENTS
SHARE OPTIONS
The Group issues equity-settled share-based payments to certain Directors and
individuals who have performed services for the Group. Equity-settled
share-based payments are measured at fair value at the date of grant.
Fair value is measured by the use of a Black-Scholes model.
The Group plan provides for a grant price equal to the average quoted market
price of the ordinary shares on the date of grant.
30 Jun 25 30 Jun 24 31 Dec 24
Options Number Weighted average exercise price in pence Options Number Weighted average exercise price in pence Options Number Weighted average exercise price in pence
'000 '000 '000
At 1 January 980,500 0.09 500,500 0.03 500,000 0.035
Issued - - 320,000 0.0365 480,000 0.045
Outstanding at end of period 980,500 0.09 820,500 0.1 980,500 0.09
Exercisable at end of period 980,500 0.09 820,500 0.1 980,500 0.09
The Group capitalised expenses of £Nil (2024: £Nil) and expensed costs of
£Nil (2024: £209,835) relating to equity-settled share-based payment
transactions during the year.
Warrants
30 Jun 25 30 Jun 24 31 Dec 24
Warrants Weighted average exercise price in pence Warrants Number Weighted average exercise price in pence Warrants Weighted average exercise price in pence
Number '000 Number
'000 '000
At 1 January 435,683 0.25 533,183 0.22 533,183 0.22
Issued - - - - - -
Expired (435,683) 0.25 - - (97,500) 0.065
Exercisable at end of period - - 533,183 0.22 435,683 0.25
On 12 January 2022 the directors were granted a total of 435,683,300
warrants. These warrants had a term of three years and an exercise price of
0.25p. These warrants expired on 11 January 2025.
8. POST BALANCE SHEET EVENTS
There are no significant post balance sheet events affecting the Company.
9. The Interim Report for the six months to 30 June 2025 was approved by
the Directors on 9(th) September 2025.
10. The Interim Report will be available on the Company's website at
www.clontarfenergy.com (http://www.clontarfenergy.com) .
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.
ENDS
For further information please visit http://clontarfenergy.com
(http://clontarfenergy.com) or contact:
Clontarf Energy +353 (0) 1 833 2833
David Horgan, Chairman
Jim Finn, Director
Nominated & Financial Adviser +44 (0) 20 7409 3494
Strand Hanson Limited
Rory Murphy
Ritchie Balmer
Broker +44 (0) 207 399 9400
Novum Securities Limited
Colin Rowbury
Public Relations +44 (0) 207 138 3206
BlytheRay
Megan Ray
Teneo +353 (0) 1 661 4055
Luke Hogg
Molly Mooney
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