REG - Contango HoldingsPLC - Unaudited Interim Accounts to 30 November 2025
26/02/2026 07:00
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RNS Number : 5185U Contango Holdings PLC 26 February 2026
Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources
26 February 2026
Contango Holdings Plc
('Contango' or the 'Company')
Unaudited Interim Results for the six months to 30 November 2025
Contango Holdings Plc, the London listed natural resource royalty company,
announces its results for the six-month period ended 30 November 2025.
Highlights
· Royalty model delivering contracted cashflows: Second US$1.0m receipt
under the US$2.0m p.a. minimum royalty framework received post period end.
Minimum royalty framework supporting improved cashflow visibility.
· Key milestone: operatorship and registrations completed: Post period
end, registration was completed with the Reserve Bank of Zimbabwe for the
transfer of 51% ownership and operatorship to PGI, alongside confirmation of
US$1.0m received from PGI following the change in proposed operator/majority
owner.
· Strengthening the balance sheet and governance: Proposed ~£5m
subscription at 1.11p per share (premium to the current market price) to repay
all outstanding debt and leave the Company debt free, subject to shareholder
approval and obtaining Rule 9 Waiver by the Takeover Panel
For further information, please visit www.contango-holdings-plc.co.uk or
contact:
Contango Holdings plc E: investors@contango-holdings-plc.co.uk
Chief Executive Officer
Daniel Dos Santos
T: +44 (0)20 7100 5100
Tavira Financial Limited
Financial Adviser & Broker
Jonathan Evans
Chairman's Statement
I am pleased to provide this update during a period of progress for the
Company for the six-month period to 30 November 2025. We have continued to
advance our strategy as a cash-generative royalty business anchored around our
coal interests at Muchesu.
Although the Group reported a loss of £0.49 million for the period under
review, from my perspective this reflects a streamlined royalty-focused
structure and not operational weakness. Net assets of £17.3 million and
substantial receivables associated with Muchesu underscore the embedded value
within the balance sheet, while contracted minimum royalty payments provide
increasing shareholder visibility over cash flows. Collectively, this enhances
the Company's value proposition as a capital-light vehicle with structured
exposure to a large-scale asset.
Royalty receipts and strengthening of the capital position
During June 2025, the Company confirmed that it had received further royalty
payments totalling US$500,000 since February 2025, taking total royalty
receipts under the Mineral Royalty Agreement to US$1,000,000. Importantly, the
agreement provides for minimum royalties of US$2,000,000 per annum, and the
second US$1,000,000 payment has since been received.
More recently, after this current interim period, in February 2026, the
Company announced a proposed subscription of approximately £5 million from
strategic investors Pacific Goal Investments Private Limited ("PGI") and Huo
Investments (Pvt) Limited at 1.11 pence per share, representing a premium of
approximately 40% to the then prevailing market price. The proceeds are
intended to repay all outstanding debt, including shareholder loans, leaving
the Company debt free and better positioned as royalty income grows at
Muchesu. The proposed subscription is subject to shareholder approval at a
General Meeting and a waiver of Rule 9 of the Takeover Code. The Company is
now busy working on completing this transaction.
Muchesu: continued investment and partnership structure
Operational activity and investment at Muchesu has continued to build
momentum. In June 2025 the Company reported ongoing work and capital
investment at site, including initiation of installation works for additional
coke oven batteries to expand metallurgical coal processing capacity.
In October 2025, the Company announced a variation to its strategic
partnership arrangements for Muchesu, under which Huo Investments (Pvt)
Limited transferred its rights and obligations relating to the asset-level
acquisition and the US$20 million revolving facility to Pacific Goal
Investments Private Limited ("PGI"), an entity associated with Pacific Goal
Group. The Company confirmed that royalty terms remain unchanged for the life
of mine (including the per-tonne structure and the minimum US$2,000,000 per
annum).
The October update also set out the revised ownership structure of the
Muchesu, the operating company - Monaf Investments Pvt Limited ("Monaf") -
with PGI now holding 51%, Contango holding 24% and other shareholders
comprising the balance. The Board views these changes as an important step in
aligning the project with a committed operator that has a meaningful
in-country footprint, while preserving the Company's royalty and
debt-repayment economics.
In January 2026, the Company further confirmed that registration had been
completed with the Reserve Bank of Zimbabwe for the transfer of the 51%
ownership of Monaf to PGI, and that PGI had been registered as operator of the
project. At the same time, the Company confirmed receipt of US$1,000,000 from
PGI, described as the first payment received from PGI following the change in
proposed operator/majority owner.
Leadership and governance
In June 2025, the Company strengthened its in-country leadership with the
appointment of Daniel Dos Santos as Chief Executive Officer. Carl Esprey
stepped down as CEO while remaining as an Executive Director for a
transitional period to support continuity.
On governance matters, the Company convened its Annual General Meeting in
December 2025, with all resolutions duly passed.
Outlook
The Board remains focused on delivering shareholder value through the
Company's royalty position and associated economics linked to Muchesu,
alongside disciplined corporate stewardship. The recent confirmation of the
updated ownership/operator registrations and the receipt of funds from PGI are
encouraging milestones, and the Company has indicated its intention to provide
further operational updates in due course.
We remain grateful for the continued support of shareholders as we progress
the Company through this next phase.
Gordon Thompson
Chairman
26 February 2026
CEO REPORT
Since 1 June 2025, Contango has continued to progress its strategy of
unlocking value from the +2 billion tonne Muchesu coal project in Zimbabwe
through a capital-light, royalty-focused model supported by strong in-country
partnerships. This has been a pivotal period for the Company, marked by
further validation of our structure, continued partner commitment at site, and
tangible cash receipts under our royalty arrangements.
Strategic progress at Muchesu
A key strength of Contango is the quality and scale of the underlying asset
base at Muchesu, allied to a structure that seeks to translate operational
momentum on the ground into contracted regular royalty revenue streams for the
Company. The Mineral Royalty Agreement ("MRA") remains in place for the life
of mine, providing per-tonne royalties across thermal, industrial and coking
coal production, together with a minimum payment obligation of US$2,000,000
per annum.
During the period, the Company announced a variation to the previously
reported Strategic Partnership for Muchesu. Under the updated arrangement,
Pacific Goal Investments Private Limited ("PGI") replaced Huo Investments
(Pvt) Limited as the proposed operator and 51% owner at the Monaf (project)
level, while Huo Investments maintained its strategic alignment through its
20.42% shareholding in Contango. We view this as an important evolution in the
partnership structure, introducing a group with an established operational
footprint in Zimbabwe that is complementary to the long-term development of
Muchesu.
The variation also reaffirmed a critical feature of Contango's investment
case: royalty payments to Contango are prioritised, and repayments relating to
Contango's historic funding at Monaf (the "CGO Debt") and the project
revolving facility are structured on an equal basis thereafter, supporting
alignment and discipline in cash distributions from the operating subsidiary.
Royalty receipts and contracted cashflows
Contango's focus on a royalty-company model is intended to remove future
equity dilution while maintaining meaningful exposure to the value uplift at
Muchesu. In June 2025, the Company confirmed that total receipts under the MRA
had reached US$1,000,000 to date (including a further US$500,000 received
since February 2025), and noted the minimum annual royalty obligation of
US$2,000,000 with the second US$1,000,000 payment schedule under discussion at
that time. This has since been received.
In October 2025, the Company reiterated that the MRA terms were unchanged and
stated that PGI had confirmed the next minimum royalty payment of US$1,000,000
would be made in the then-current quarter, reflecting continued operational
progress and partner support.
Following the period end, and importantly for stakeholders, Contango confirmed
in January 2026 that the Reserve Bank of Zimbabwe registration process had
been completed for the transfer of 51% ownership of Monaf to PGI, with PGI
registered as operator of the project. The Company also confirmed receipt of
US$1,000,000 from PGI, the first payment received from PGI since it replaced
Huo Investments in the relevant roles at the asset level.
In February 2026, the Company announced a proposed subscription of
approximately £5 million from strategic investors PGI and Huo Investments at
1.11 pence per share (a premium to the prevailing market price), with proceeds
intended to repay all outstanding debt, including shareholder loans, leaving
Contango debt free and better positioned to commence future dividends as
royalty income grows at Muchesu. The proposed subscription is subject to
shareholder approval at a General Meeting and a waiver of Rule 9 of the
Takeover Code.
Leadership and governance
In June 2025, I joined the Company as Chief Executive Officer, strengthening
the executive leadership team in-country at an important stage in the
development of the Muchesu Project. I bring extensive regional experience and
on-mine perspective and have been closely involved with Muchesu since June
2024 through my role as a director of Monaf, where I focused on relationship
development as the Definitive Agreements progressed.
At the same time, Carl Esprey stepped down as CEO and has continued to serve
as an Executive Director during a transition period to ensure continuity and
stability.
My objective is clear: to maintain operational momentum, strengthen
stakeholder alignment in Zimbabwe and internationally, and position the
Company to deliver long-term value for shareholders as the project advances.
In October 2025, Non-Executive Director Oliver Stansfield increased his
shareholding in the Company to 18,000,000 ordinary shares (representing 2.4%
of the voting rights at the time). I view Oliver's additional investment as an
endorsement of the progress we are making and the strategic direction we have
set for the Company.
Finally, in December 2025, the Company announced that all resolutions were
duly passed at its Annual General Meeting, providing a further demonstration
of shareholder support for the Company's strategy and direction.
Outlook
Contango's value proposition is built on a high-quality asset base, a clear
route to monetisation via royalties and structured repayments, and
partnerships that are investing in the development of Muchesu. With the
registration of PGI's 51% interest and operatorship now confirmed, and cash
receipts received, the Company is focused on maintaining momentum and
communicating operational progress as activity on the ground continues to
build. We remain confident that the strategy-centred on disciplined capital
allocation and structured contracted economics-offers a compelling pathway to
building value for stakeholders over the medium term.
Daniel Dos Santos
CEO
26 February 2026
Chairman's Statement
I am pleased to provide this update during a period of progress for the
Company for the six-month period to 30 November 2025. We have continued to
advance our strategy as a cash-generative royalty business anchored around our
coal interests at Muchesu.
Although the Group reported a loss of £0.49 million for the period under
review, from my perspective this reflects a streamlined royalty-focused
structure and not operational weakness. Net assets of £17.3 million and
substantial receivables associated with Muchesu underscore the embedded value
within the balance sheet, while contracted minimum royalty payments provide
increasing shareholder visibility over cash flows. Collectively, this enhances
the Company's value proposition as a capital-light vehicle with structured
exposure to a large-scale asset.
Royalty receipts and strengthening of the capital position
During June 2025, the Company confirmed that it had received further royalty
payments totalling US$500,000 since February 2025, taking total royalty
receipts under the Mineral Royalty Agreement to US$1,000,000. Importantly, the
agreement provides for minimum royalties of US$2,000,000 per annum, and the
second US$1,000,000 payment has since been received.
More recently, after this current interim period, in February 2026, the
Company announced a proposed subscription of approximately £5 million from
strategic investors Pacific Goal Investments Private Limited ("PGI") and Huo
Investments (Pvt) Limited at 1.11 pence per share, representing a premium of
approximately 40% to the then prevailing market price. The proceeds are
intended to repay all outstanding debt, including shareholder loans, leaving
the Company debt free and better positioned as royalty income grows at
Muchesu. The proposed subscription is subject to shareholder approval at a
General Meeting and a waiver of Rule 9 of the Takeover Code. The Company is
now busy working on completing this transaction.
Muchesu: continued investment and partnership structure
Operational activity and investment at Muchesu has continued to build
momentum. In June 2025 the Company reported ongoing work and capital
investment at site, including initiation of installation works for additional
coke oven batteries to expand metallurgical coal processing capacity.
In October 2025, the Company announced a variation to its strategic
partnership arrangements for Muchesu, under which Huo Investments (Pvt)
Limited transferred its rights and obligations relating to the asset-level
acquisition and the US$20 million revolving facility to Pacific Goal
Investments Private Limited ("PGI"), an entity associated with Pacific Goal
Group. The Company confirmed that royalty terms remain unchanged for the life
of mine (including the per-tonne structure and the minimum US$2,000,000 per
annum).
The October update also set out the revised ownership structure of the
Muchesu, the operating company - Monaf Investments Pvt Limited ("Monaf") -
with PGI now holding 51%, Contango holding 24% and other shareholders
comprising the balance. The Board views these changes as an important step in
aligning the project with a committed operator that has a meaningful
in-country footprint, while preserving the Company's royalty and
debt-repayment economics.
In January 2026, the Company further confirmed that registration had been
completed with the Reserve Bank of Zimbabwe for the transfer of the 51%
ownership of Monaf to PGI, and that PGI had been registered as operator of the
project. At the same time, the Company confirmed receipt of US$1,000,000 from
PGI, described as the first payment received from PGI following the change in
proposed operator/majority owner.
Leadership and governance
In June 2025, the Company strengthened its in-country leadership with the
appointment of Daniel Dos Santos as Chief Executive Officer. Carl Esprey
stepped down as CEO while remaining as an Executive Director for a
transitional period to support continuity.
On governance matters, the Company convened its Annual General Meeting in
December 2025, with all resolutions duly passed.
Outlook
The Board remains focused on delivering shareholder value through the
Company's royalty position and associated economics linked to Muchesu,
alongside disciplined corporate stewardship. The recent confirmation of the
updated ownership/operator registrations and the receipt of funds from PGI are
encouraging milestones, and the Company has indicated its intention to provide
further operational updates in due course.
We remain grateful for the continued support of shareholders as we progress
the Company through this next phase.
Gordon Thompson
Chairman
26 February 2026
CEO REPORT
Since 1 June 2025, Contango has continued to progress its strategy of
unlocking value from the +2 billion tonne Muchesu coal project in Zimbabwe
through a capital-light, royalty-focused model supported by strong in-country
partnerships. This has been a pivotal period for the Company, marked by
further validation of our structure, continued partner commitment at site, and
tangible cash receipts under our royalty arrangements.
Strategic progress at Muchesu
A key strength of Contango is the quality and scale of the underlying asset
base at Muchesu, allied to a structure that seeks to translate operational
momentum on the ground into contracted regular royalty revenue streams for the
Company. The Mineral Royalty Agreement ("MRA") remains in place for the life
of mine, providing per-tonne royalties across thermal, industrial and coking
coal production, together with a minimum payment obligation of US$2,000,000
per annum.
During the period, the Company announced a variation to the previously
reported Strategic Partnership for Muchesu. Under the updated arrangement,
Pacific Goal Investments Private Limited ("PGI") replaced Huo Investments
(Pvt) Limited as the proposed operator and 51% owner at the Monaf (project)
level, while Huo Investments maintained its strategic alignment through its
20.42% shareholding in Contango. We view this as an important evolution in the
partnership structure, introducing a group with an established operational
footprint in Zimbabwe that is complementary to the long-term development of
Muchesu.
The variation also reaffirmed a critical feature of Contango's investment
case: royalty payments to Contango are prioritised, and repayments relating to
Contango's historic funding at Monaf (the "CGO Debt") and the project
revolving facility are structured on an equal basis thereafter, supporting
alignment and discipline in cash distributions from the operating subsidiary.
Royalty receipts and contracted cashflows
Contango's focus on a royalty-company model is intended to remove future
equity dilution while maintaining meaningful exposure to the value uplift at
Muchesu. In June 2025, the Company confirmed that total receipts under the MRA
had reached US$1,000,000 to date (including a further US$500,000 received
since February 2025), and noted the minimum annual royalty obligation of
US$2,000,000 with the second US$1,000,000 payment schedule under discussion at
that time. This has since been received.
In October 2025, the Company reiterated that the MRA terms were unchanged and
stated that PGI had confirmed the next minimum royalty payment of US$1,000,000
would be made in the then-current quarter, reflecting continued operational
progress and partner support.
Following the period end, and importantly for stakeholders, Contango confirmed
in January 2026 that the Reserve Bank of Zimbabwe registration process had
been completed for the transfer of 51% ownership of Monaf to PGI, with PGI
registered as operator of the project. The Company also confirmed receipt of
US$1,000,000 from PGI, the first payment received from PGI since it replaced
Huo Investments in the relevant roles at the asset level.
In February 2026, the Company announced a proposed subscription of
approximately £5 million from strategic investors PGI and Huo Investments at
1.11 pence per share (a premium to the prevailing market price), with proceeds
intended to repay all outstanding debt, including shareholder loans, leaving
Contango debt free and better positioned to commence future dividends as
royalty income grows at Muchesu. The proposed subscription is subject to
shareholder approval at a General Meeting and a waiver of Rule 9 of the
Takeover Code.
Leadership and governance
In June 2025, I joined the Company as Chief Executive Officer, strengthening
the executive leadership team in-country at an important stage in the
development of the Muchesu Project. I bring extensive regional experience and
on-mine perspective and have been closely involved with Muchesu since June
2024 through my role as a director of Monaf, where I focused on relationship
development as the Definitive Agreements progressed.
At the same time, Carl Esprey stepped down as CEO and has continued to serve
as an Executive Director during a transition period to ensure continuity and
stability.
My objective is clear: to maintain operational momentum, strengthen
stakeholder alignment in Zimbabwe and internationally, and position the
Company to deliver long-term value for shareholders as the project advances.
In October 2025, Non-Executive Director Oliver Stansfield increased his
shareholding in the Company to 18,000,000 ordinary shares (representing 2.4%
of the voting rights at the time). I view Oliver's additional investment as an
endorsement of the progress we are making and the strategic direction we have
set for the Company.
Finally, in December 2025, the Company announced that all resolutions were
duly passed at its Annual General Meeting, providing a further demonstration
of shareholder support for the Company's strategy and direction.
Outlook
Contango's value proposition is built on a high-quality asset base, a clear
route to monetisation via royalties and structured repayments, and
partnerships that are investing in the development of Muchesu. With the
registration of PGI's 51% interest and operatorship now confirmed, and cash
receipts received, the Company is focused on maintaining momentum and
communicating operational progress as activity on the ground continues to
build. We remain confident that the strategy-centred on disciplined capital
allocation and structured contracted economics-offers a compelling pathway to
building value for stakeholders over the medium term.
Daniel Dos Santos
CEO
26 February 2026
Condensed Consolidated Statements of Comprehensive Income
For the six months ended 30 November 2025
Audited Year to
Unaudited Six Months ended Unaudited Six Months ended 31 May 2025
30 November 2025 30 November 2024
Notes £ £ £
Administrative fees and other expenses (230,424) (330,715) (554,647)
Profit on disposal of subsidiary - - 9,103,167
Impairment of loan to related party (1,053,412)
Operating profit/(loss) (230,424) (330,715) 7,495,108
Finance expense (255,314) (413,394) (795,530)
Profit/(Loss) before tax (485,738) (744,109) 6,699,578
Income tax - - -
Profit/(Loss) for the period from continuing operations (485,738) (744,109) 6,699,578
Loss for the period from discontinued operations - (126,129) (48,602)
Profit/(Loss) for the period (485,738) (870,238) 6,650,976
Profit/(Loss) attributable to owners of the parent company (480,667) (832,402) 6,671,068
Loss attributable to non-controlling interests (5,071) (37,836) (20,092)
(485,738) (870,238) 6,650,976
Other comprehensive income (41,890) (282,086) (172,228)
Total comprehensive profit/(loss) for the period (527,628) (1,152,324) 6,478,748
Total comprehensive profit/(loss) attributable to owners of Contango Holdings (514,321) (1,033,444) 6,494,955
Plc
Total comprehensive loss attributable to non-controlling interests (13,307) (118,880) (16,207)
Total comprehensive profit/(loss) for the period (527,628) (1,152,324) 6,478,748
Basic and diluted profit/(loss) per share from total operations (pence) 3 (0.07) (0.16) 0.94
Basic and diluted profit/(loss) per share from continuing operations 3 (0.07) (0.14) 0.95
Basic and diluted loss per share from discontinued operations 3 - (0.02) (0.01)
Condensed Consolidated Statements of Financial Position
For the six months ended 30 November 2025
Notes Unaudited as at Unaudited as at Audited as at
30 November 2025 30 November 2024 31 May 2025
£ £ £
Non-current assets
Investments 472,850 5,811 472,850
Other receivables 4 20,607,274 - 20,764,724
Property, plant and equipment - 43,670 21,860
Total non-current assets 21,080,124 49,481 21,259,434
Current assets
Other receivables 4 1,851,064 31,238 1,908,962
Cash and cash equivalents 32,964 1,090 3,216
Total current assets 1,884,028 32,328 1,912,178
Disposal Group assets - 16,677,801 -
Total assets 22,964,152 16,759,610 23,171,612
Current liabilities
Trade and other payables 5 (732,328) (2,243,787) (727,644)
Investor loans (4,922,312) (4,418,062) (4,666,998)
Total current liabilities (5,654,640) (6,661,849) (5,394,642)
Disposal Group liabilities - (637,569) -
Total liabilities (5,654,640) (7,299,418) (5,394,642)
Net assets/(liabilities) 17,309,512 9,460,192 17,776,970
Equity
Share capital 6 7,579,793 5,667,240 7,579,793
Share premium 6 17,423,560 17,285,180 17,423,560
Shares to be issued - - -
Warrant reserve 90,385 1,022,515 1,026,466
Option reserve - - -
Foreign exchange reserve (10,986) (2,261) 22,668
Retained earnings (7,773,240) (15,728,173) (8,228,654)
Total equity attributable to owners of ownersowners of Contango Holdings 17,309,512 8,244,501 17,823,833
owners of Contango Holdings owners of the parent company
Non-controlling interests - 1,215,691 (46,863)
Total equity 17,309,512 9,460,192 17,776,970
Condensed Consolidated Statements of Changes in Equity
For the six months ended 30 November 2020
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 November 2025
Share capital Share premium Warrant Translation reserve Retained earnings Total Equity of Owners Non-controlling interests Total
reserve
£ £ £ £ £ £ £ £
Balance at 31 May 2024 5,667,240 17,285,180 2,107,277 198,781 (15,980,533) 9,277,945 1,334,571 10,612,516
Profit for the year - - - - 6,671,068 6,671,068 (20,092) 6,650,976
Other comprehensive income
Translation reserve realised on disposal of Monaf - - - (176,113) - (176,113) - (176,113)
Translation differences - - - - - - 3,885 3885
Total comprehensive income for the year - - - (176,113) 6,671,068 6,494,955 (16,207) 6,478,748
Transactions with owners 1,912,553 210,380 - - - 2,122,933 - 2,122,933
Share issues
Share issue costs - (72,000) - - - (72,000) - (72,000)
Warrants expired - - (1,080,811) - 1,080,811 - - -
NCI elimination on disposal of Monaf - - - - - - (1,365,227) (1,365,227)
Total transactions with owners 1,912,553 138,380 (1,080,811) - 1,080,811 2,050,933 (1,365,227) 685,706
Balance at 31 May 2025 7,579,793 17,423,560 1,026,466 22,668 (8,228,654) 17,823,833 (46,863) 17,776,970
Loss for the period - - - - (480,667) (480,667) (5,071) (485,738)
Other comprehensive income
Translation differences - - - (33,654) - (33,654) (8,236) (41,890)
Total comprehensive income for the period - - - (33,654) (480,667) (514,321) (13,307) (527,628)
Transactions with owners - - - - - - - -
Share issues
Warrants expired - - (936,081) - 936,081 - - -
NCI elimination on disposal of CGM - - - - - - 60,170 60,170
Total transactions with owners - - (936,081) - 936,081 - 60,170 60,170
Balance at 30 Nov 2025 7,579,793 17,423,560 90,385 (10,986) (7,773,240) 17,309,512 - 17,309,512
Condensed Consolidated Statements of Cash Flows
For the six months ended 30 November 2025
Notes Unaudited Six Months Unaudited Six Months Audited Year
ended ended ended
30 November 2025 30 November 2024 31 May 2025
£ £ £
Operating activities
Profit/(Loss) after tax (485,738) (744,109) 6,699,578
Adjustment for:
Depreciation 20,151 - 18,423
Royalties received against deferred income 226,619 - 567,551
Loan facility fees 255,314 233,322 507,258
Impairment of listed investment - - 3,994
Gain on disposal of subsidiary - - (9,103,167)
Foreign exchange reserves eliminated
on disposal of subsidiary - - (172,623)
Impairment of loan - - 1,053,412
Impairment of PPE 11,604
Changes in working capital
(Increase)/decrease in trade and other receivables (11,271) 5,550 (327,542)
Increase/(decrease) in trade and other payables 4,684 (234,264) (1,084,972)
Cash used in continuing operating activities 21,363 (739,501) (1,838,088)
Cash used in discontinued operating activities - (732,345) (48,602)
Decrease in cash from operating activities 21,363 (1,471,846) (1,886,690)
Investing activities
Cash used investing in continuing operating activity - - -
Cash used investing in discontinued operating activity - (26,060) -
Net cash outflow from investing activities - (26,060) -
Financing activities
Ordinary Shares issued - - 1,850,000
Share issue costs - - (72,000)
(Repayment of)/Proceeds from investor loans - - (25,000)
Proceeds from Huo subscription payments - 1,522,753 -
Net cash flows from financing activities - 1,522,753 1,753,000
Increase/(Decrease) in cash and cash equivalents 21,363 24,847 (133,690)
Cash and short-term deposits as at the start of period 3,216 1,166 1,166
Effect of foreign exchange changes 8,385 (24,923) 135,740
Cash at the end of the period 32,964 1,090 3,216
Notes to the Condensed Consolidated Financial Statements
For the six months ended 30 November 2025
1 General information
The Company was incorporated in England under the Laws of England and Wales
with registered number 10186111 on 18 May 2016. All of the Company's
Ordinary Shares were admitted to the London Stock Exchange's Main Market and
commenced trading on 1 November 2017. The company was re-registered as a
public company under Companies Act 2006 on 1 June 2017, by the name Contango
Holdings plc.
The Company is listed on the Standard Market of London Stock Exchange plc.
The unaudited interim consolidated financial statements for the six months
ended 30 November 2025 were approved for issue by the board on 26 February
2026.
The figures for the six months ended 30 November 2025 and 30 November 2024 are
unaudited and do not constitute full accounts. The comparative figures for the
period ended 31 May 2025 are extracts from the annual report and do not
constitute statutory accounts.
2 Basis of Preparation and Risk Factors
The Company Financial Information has been prepared in accordance with and
comply with IFRS as adopted by the European Union, International Financial
Reporting Interpretations Committee interpretations and the Companies Act
2006. The financial statements have been prepared under the historical cost
convention as modified for financial assets carried at fair value.
The financial information of the company is presented in British Pound
Sterling ("£").
The accounting policies and methods of calculation adopted are consistent with
those of the financial statements for the year ended 31 May 2025.
The business and operations of the Company are subject to a number of risk
factors which may be sub-divided into the following categories:
Political risks, including but not limited to:
• Political stability
• Enforcement of foreign judgements
• Potential legal proceedings or disputes may have
a material adverse effect on the Group's financial performance, cash flow and
results of operations
Financial risks, including but not limited to:
• Foreign exchange effects
• Valuation of investments
• The Group is reliant on royalty receipts from a
single source (Monaf)
• The Group will be subject to taxation in several
different jurisdictions, and adverse changes to the taxation laws of such
jurisdictions could have a material adverse effect on its profitability
• The Group's insurance may not cover all
potential losses, liabilities and damage related to its business and certain
risks are uninsured and uninsurable
Commodity prices, including but not limited to:
• The price of coal may affect production volumes
at Muchesu which will have a direct follow through effect on royalty receipts
3. Loss per Ordinary Share
The calculation of the basic and diluted loss per Ordinary Share is based on
the following data:
Unaudited Six Months to Unaudited Six Months to Audited Year
30 November 30 November to
2025 2024 31 May
2025
£ £ £
Earnings
Profit/(Loss) from continuing operations for the period attributable to the (480,667) (832,402) 6,671,068
equity holders of the Company
Number of Ordinary Shares
Weighted average number of Ordinary Shares for the purpose of basic and
diluted earnings per Ordinary Share (number)
736,825,615 532,987,037 706,212,402
Basic and diluted earnings/(loss) per Ordinary Share (pence) (0.07) (0.16) 0.94
Basic and diluted earnings/(loss) per Ordinary Share (pence) on continuing (0.07) (0.14) 0.95
activities
Basic and diluted loss per Ordinary Share (pence) on discontinued activities - (0.02) (0.01)
There are no potentially dilutive Ordinary Shares in issue.
4. Other receivables
Unaudited As at Unaudited As at Audited As at
30 November 30 November 31 May
2025 2024 2025
£ £ £
Non-current
Deferred consideration receivable 4,724,702 - 4,882,152
Loan to related party 15,882,572 - 15,882,572
20,607,274 - 20,764,724
Current
Prepayments 40,456 28,544 45,599
Deferred consideration receivable 1,581,420 - 1,581,420
Other receivables 229,188 2,694 281,943
1,851,064 31,328 1,908,962
5. Trade and other payables
Unaudited As at Unaudited As at Audited As at
30 November 30 November 31 May
2025 2024 2025
£ £ £
Trade payables (334,841) (406,723) (466,437)
Accruals and other payables (397,487) (314,311) (261,207)
Huo share subscription payable - (1,522,753) -
(732,328) (2,243,787) (727,644)
6. Share capital
Number of Ordinary Shares issued and fully paid Share Capital Share Premium Total Share Capital
£ £ £
As at 01 June 2025 757,979,240 7,579,793 17,423,560 25,003,353
Shares issued - - - -
As at 30 November 2025 757,979,240 7,579,793 17,423,560 25,003,353
The Ordinary Shares issued by the Parent Company have par value of 1p each and
each Ordinary Share carries one vote on a poll vote. The authorised share
capital of the Parent Company is £8,667,240 ordinary shares at £0.01 per
share resulting in 866,724,023 ordinary shares.
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