Interim Report for the 6 months ended 30 June 2026

Eurasia Mining

30/09/2026 07:00

RNS Number : 7610W
  
Eurasia Mining PLC
  
30 September 2026
  
 



THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN REGULATION NO. 596/2014 (AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.


 


30 September 2026


Eurasia Mining plc


Interim report for the six months ended 30 June 2026


 


Eurasia Mining plc ("Eurasia" or the "Company"), the iridium, osmium, palladium, platinum, rhodium, ruthenium and gold mining company, announces its interim report for the six months ended 30 June 2026. 


 


Chairman’s Statement


It is my pleasure to summarise our progress, as the first half of 2026 saw an important step in our plans to realise value from our assets. Our majority interest in the West Kytlim mine, held through our 68% ownership in Kosvinsky Kamen, was approved for sale by shareholders in January this year. The plan for the sale would allow us to focus on our key assets, holding 99.7% of our reserves and resources of the key metals (nickel-copper-precious metals) in the key region of Arctic in Kola, comprising the Monchetundra permitted mine and the adjacent NKT formerly operating mine. The combination of these two mines is planned as the nexus for the first-mover advantage in the development of a new mining cluster in the Arctic.


 


As we have discussed before, we continue to keep our options open, as changes in the geopolitical context may change our priorities.


 


Geopolitics


Geopolitics has been the most important driver of Eurasia’s market value for the past five years; thus, it is important to summarise the key geopolitical developments.


 


We wait hopefully for a negotiated settlement of the conflict in Ukraine, as highlighted as a feasible option in JPMorgan’s insight piece in May 20261. Unfortunately, as predicted, escalation is happening prior to the settlement. However, and most importantly, the negotiations have started involving not only the parties to the conflict, but also several third parties that are key to a successful conflict resolution:



The US leadership is motivated to resolve the conflict fast, especially due to the upcoming midterm elections in the US in early November of this year. Not only was peace in Ukraine one of the election promises, but the resolution will also bring back to the international markets additional supply of oil, gas and, most importantly, diesel, which is critical in the context of the Middle East crisis and supply crunch. It is common knowledge that the current diesel price in the US is at the historical high and thus one of the key drivers impacting the outcome of the midterm elections.


In this regard, the US is putting in significant negotiating effort, which includes the unprecedented Kyiv visit of Witkoff and Kushner following their Moscow visit earlier this month, top-level meetings of the US with Ukraine and the US with Russia in New York last week and other efforts; all directed at the negotiated settlement and diesel crisis relief before the US midterms.


Joining the invitation by the US of the Russian leadership to G20 in Miami, the UK has extended an invitation to all G20 member states, including Russia, to attend the Manchester summit in the UK2. This comes as no surprise, because according to the Telegraph: “Experts warn that proposed US diesel export restrictions would be catastrophic for Britain”. The swift Ukraine peace effort and return of Russian diesel to the international markets is a viable solution to prevent events “catastrophic for Britain”3; thus, the UK is joining the peace efforts.


Russia was invited to G20 finance ministers’ and trade ministers’ meetings in the US.


Unprecedented for the last five years, a meeting between foreign ministers of Germany and Russia took place last week.


Vatican Pope’s envoy’s visit to Moscow on a 3-day peace mission this week.



 


The above list can be continued, as more countries have now joined the effort for a negotiated settlement by the end of this year and to prevent a global economic crisis.


 


West Kytlim


As announced in the Annual Report, 2025 ended with the record level of production exceeding 10Koz of PGM concentrate, with two plants fully equipped for running under freezing temperatures. By the time of this interim report publication, two additional plants (four in total) have been fully equipped for the winter season.


 


The major part of production normally takes place in the second half of the year, as was the case in 2025, when there was no revenue in the first six months of the year. This year, £2,297,735 in revenue was already generated in the first half of the year (nil in 1H2025), and the profit for 1H2026 was  approximately £0.8 million.


 


Kola Arctic Assets


In the Arctic, advancement of the tier-1 world-class NKT brownfield asset continued. As reported, Kola Arctic assets comprise approximately 99.7% of the Group's total reserves and resources. These include the Monchetundra mine launch and the NKT formerly operating mine relaunch.


 


The Company remains well prepared for the next steps planned since early 2026, and we look forward to updating you as work proceeds.


 


As a long-term significant shareholder myself, I am grateful to our shareholders for their continued patience and support. Geopolitics has had its impact on our plans for a number of recent years. Thus, the ongoing multinational peace effort discussed above is helping the company to get back on track to create value for all shareholders.


 


Christian Schaffalitzky


Executive Chairman


 


For further information, please contact:



Eurasia Mining plc


Christian Schaffalitzky




+44 (0)20 7118 1095


info@eurasiamining.co.uk  


 




SPARK Advisory Partners Limited (Nominated Adviser)


Andrew Emmott


 




+44 (0)20 3368 3555


 




CREST Corporate Broking


Jerry Keen


 




+44 (0)20 3973 3678


 




Yellow Jersey PR (Financial PR) 


Charles Goodwin / Shivantha Thambirajah


 




+44 (0)20 3004 9512


eurasia@yellowjerseypr.com




Condensed consolidated statement of comprehensive income


for the six months ended 30 June 2026



 




Note




6 months to




12 months to




6 months to




 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




(unaudited)




(audited)




(unaudited)




 




 




 £ 




 £ 




 £ 




 




 




 




 




 




Sales




4




2,297,735




5,420,759




-




Cost of sales




 




(1,228,734)




      (4,183,819)




-




Gross profit




 




1,069,001




1,236,940




-




 




 




 




 




 




Administrative costs




 




(965,260)




(2,330,865)




(1,220,285)




Investment income




 




46,167




272,818




186,702




Finance costs




 




(57,628)




(424,733)




(280,093)




Other gains




5




671,507




8,465,985




7,868,944




Other losses




5




-




-




(135,190)




 




 




 




 




 




Profit/(loss) before tax




 




763,787




7,220,145




6,420,078




 




 




 




 




 




Income tax expense                                                                                              




 




42,617




(52,331)




(1,242)




 




 




 




 




 




Profit/(loss) for the period




 




806,404




7,167,814




6,418,836




 




 




 




 




 




Other comprehensive (loss)/income:




 




 




 




 




Items that will not be reclassified subsequently to 
profit and loss:




 




 




 




 




NCI share of foreign exchange differences on translation of foreign operations




 




(316,471)




(1,237,813)




(1,159,340)




Items that will be reclassified subsequently to 
profit and loss:




 




 




 




 




Parents share of foreign exchange differences on translation 
of foreign operations




 




(893,301)




(3,020,231)




(2,750,579)




 




 




 




 




 




Other comprehensive (loss)/income for the period, net of tax




(1,209,772)




(4,258,044)




1,351,389




 




 




 




 




 




Total comprehensive income/(loss) for the period




 




(403,368)




2,909,770




2,508,917




 




 




 




 




 




Profit/(loss) for the period attributable to:




 




 




 




 




Equity holders of the parent




 




415,599




4,450,211




4,561,693




Non-controlling interest




 




390,805




2,717,603




1,857,143




 




 




806,404




7,167,814




6,418,836




 




 




 




 




 




Total comprehensive income/(loss) for the period attributable to:




 




 




 




 




Equity holders of the parent




 




(477,702)




1,429,980




1,811,114




Non-controlling interest




 




74,334




1,479,790




697,803




 




 




(403,368)




2,909,770




2,508,917




 




 




 




 




 




Basic and diluted earnings/(loss)  (pence per share)




 




0.01




0.15




0.16


Condensed consolidated statement of financial position


As at 30 June 2026



 




Note




At 30 June  


2026




At 31 December 


2025




At 30 June 2025




 




 




(unaudited)




(audited)




(unaudited)




 




 




£




£




£




ASSETS




 




 




 




 




Non-current assets




 




 




 




 




Property, plant and equipment




6




9,696,461




9,490,263




10,399,446




Assets in the course of construction




 




267,145




165,647




392,213




Intangible assets




7




3,836,970




3,757,489




3,668,526




Investment in financial assets




 




 




-




-




 




 




 




 




 




Total non-current assets




 




13,800,576




13,413,399




14,460,185




 




 




 




 




 




Current assets




 




 




 




 




Inventories




 




4,652,560




3,603,272




2,581,413




Trade and other receivables




8




501,624




664,180




927,048




Other financial assets




 




42,722




41,648




428,030




Current tax assets




 




5,668




4,072




4,243




Cash and bank balances




 




1,167,836




2,540,859




1,872,447




 




 




 




 




 




Total current assets




 




6,370,410




6,854,031




5,813,181




 




 




 




 




 




Total assets




 




20,170,986




20,267,430




20,273,366




 




 




 




 




 




EQUITY




 




 




 




 




Capital and reserves




 




 




 




 




Issued capital




9




64,477,397




64,477,397




64,477,397




Reserves




10




2,955,307




3,848,608




4,118,260




Accumulated losses




 




(45,743,903)




(46,159,502)




(46,048,020)




 




 




 




 




 




Equity attributable to equity holders of the parent




 




21,688,801




22,166,503




22,547,638




Non-controlling interest




 




(3,707,959)




(3,782,293)




(4,564,280)




 




 




 




 




 




Total equity




 




17,980,842




18,384,210




17,983,358




 




 




 




 




 




LIABILITIES




 




 




 




 




Non-current liabilities




 




 




 




 




Provisions




14




412,170




396,880




386,191




 




 




 




 




 




Total non-current liabilities




 




412,170




396,880




386,191




 




 




 




 




 




Current liabilities




 




 




 




 




Borrowings




11




745,450




745,450




642,741




Lease liabilities




12




5,894




17,849




208,014




Trade and other payables




13




928,174




626,041




831,501




Current tax liabilities




 




36,229




35,512




906




Provisions




14




62,227




61,488




220,655




 




 




 




 




 




Total current liabilities




 




1,777,974




1,486,340




1,903,817




 




 




 




 




 




Total liabilities




 




2,190,144




1,883,220




2,290,008




 




 




 




 




 




Total equity and liabilities




 




20,170,986




20,267,430




20,273,366







Condensed statement of changes in equity


For the six months ended 30 June 2026 (unaudited)



 




 




 




 




 




 




 




 




 




 




 




 




Attributable to owners of the parent




 




 




 




 




Note




Share
capital




Share premium




Deferred shares




Other reserves




Foreign currency translation reserve




Accumulated losses




Total attributable to owners of parent




Non-controlling interest




Total equity




 




 




£




£




£




£




£




£




£




£




£




 




 




 




 




 




 




 




 




 




 




 




Balance at 1 January 2026




 




2,951,415




54,500,499




7,025,483




3,539,906




308,702




(46,159,502)




22,166,503




(3,782,293)




18,384,210




 




 




 




 




 




 




 




 




 




 




 




Transaction with owners




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




Profit for the period




 




 




 




 




 




 




415,599




415,599




390,805




806,404




 




 




 




 




 




 




 




 




 




 




 




Other comprehensive loss




 




 




 




 




 




 




 




 




 




 




Exchange differences on translation 
of foreign operations




 




 




 




 




 




(893,301)




 




(893,301)




(316,471)




(1,209,772)




Total comprehensive income




 




 




 




 




 




(893,301)




415,599




(477,702)




74,334




(403,368)





Balance at 30 June 2026




 




2,951,415




54,500,499




7,025,483




3,539,906




(584,599)




(45,743,903)




21,688,801




(3,707,959)




17,980,842



Condensed statement of changes in equity


For the six months ended 30 June 2026 (unaudited)



 




 




Attributable to owners of the parent




 




 




 




 




Note




Share
capital




Share premium




Deferred shares




Other reserves




Foreign currency translation reserve




Accumulated losses




Total attributable to owners of parent




Non-controlling interest




Total equity




 




 




£




£




£




£




£




£




£




£




£




 




 




 




 




 




 




 




 




 




 




 




Balance at 1 January 2025




 




2,879,382




51,670,946




7,025,483




3,539,906




3,328,933 




(50,609,713)




17,834,937




(5,262,083)




12,572,854




 




 




 




 




 




 




 




 




 




 




 




Issue of shares 




 




72,033




2,829,554




 




 




 




 




2,901,587




 




2,901,587







 




 




 




 




 




 




 




 




 




 




 




Transaction with owners




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




 




Profit for the period




 




-




-




-




-




-




4,561,693




4,561,693




1,857,143




6,418,836




 




 




 




 




 




 




 




 




 




 




 




Other comprehensive loss




 




 




 




 




 




 




 




 




 




 




Exchange differences on translation 
of foreign operations




 




-




-




-




-




(2,750,579)




-




(2,750,579)




(1,159,340)




(3,909,919)




Total comprehensive income




 




-




-




-




-




(2,750,579)




4,561,693




1,811,114




697,803




2,508,917





Balance at 30 June 2025




 




2,951,415




54,500,500




7,025,483




3,539,906




578,354




(46,048,020)




22,547,638




(4,564,280)




17,983,358

























































 


 
Condensed consolidated statement of cash flows


for the six months ended 30 June 2026



 




 




6 months to 30 June




12 months to 31 December




6 months to 30 June




 




 




2026




2025




2025




 




 




(unaudited)




(audited)




(unaudited)




 




 




£




£




£




Cash flows from operating activities




 




 




 




 




 




 




 




 




 




Profit for the period




 




806,404




7,167,814




6,418,836




Adjustments for:




 




 




 




 




Depreciation and amortisation of non-current assets




 




337,967




560,456




254,591




Finance costs recognised in profit or loss




 




57,628




424,733




280,093




Investment revenue recognised in profit or loss




 




(46,167)




(272,818)




(186,702)




Impairment loss recognised on inventory




 




-




-




135,190




Rehabilitation cost recognised in profit or loss




 




(23,458)




(131,016)




27,960




Income tax (reversal)/expense recognised in profit or loss




 




(42,617)




52,331




1,242




Net foreign exchange profit




 




(671,507)




(8,465,985)




(7,868,944)




 




 




418,250




376,740




(937,734)




Movements in working capital




 




 




 




 




Increase in inventories




 




(989,220)




(3,171,604)




(2,474,638)




Decrease in trade and other receivables




 




171,349




1,170,400




295,948




Increase/(decrease) in trade and other payables




 




289,742




(2,042,041)




(849,748)




Cash (used in)/generated by operations




 




(109,879)




(3,666,505)




(3,966,172)




 




 




 




 




 




Income taxes reversed/(paid)




 




41,806




(17,072)




(2,536)




Net cash (used in)/generated by operating activities




 




(68,073)




(3,683,577)




(3,968,708)




 




 




 




 




 




Cash flows from investing activities




 




 




 




 




Payments for bank trust agreement




 




-




-




(200,557)




Interest received




 




46,167




272,092




-




Payments for property, plant and equipment




 




(477,142)




(1,986,794)




(1,168,297)




Payments for other intangible assets




 




(6,519)




(130,542)




(96,061)




Net cash (used in)/generated by investing activities




 




(437,494)




(1,845,244)




(1,464,915)




Cash flows from financing activities




 




 




 




 




Proceeds from issues of equity shares




 




-




2,901,587




2,901,587




Proceeds from borrowings




 




-




329,000




329,000




Repayment of short-term loan




 




-




(245,224)




(230,482)




Repayment of lease liability




 




(18,063)




(22,904)




(566,338)




Interest paid




 




(2,045)




(29,395)




(18,878)




Net cash used in financing activities




 




(20,108)




2,933,064




2,414,888




 




 




 




 




 




Net decrease in cash and cash equivalents




 




(525,675)




(2,595,757)




(3,018,734)




Effects of exchange rate changes on the balance of 
cash held in foreign currencies




 




(847,348)




1,454,324




1,208,889




Cash and cash equivalents at the beginning of period




 




2,540,859




3,682,292




3,682,292




 




 




 




 




 




Cash and cash equivalents at the end of the period




 




1,167,836




2,540,859




1,872,447


Selected notes to the condensed consolidated financial statements


for the six months ended 30 June 2026


 


1. General information


 


Eurasia Mining plc (the “Company”) is a public limited company incorporated and domiciled in Great Britain with its registered office at International House, 42 Cromwell Road, London SW7 4EF, United Kingdom and principal place of business at Clubhouse Bank, 1 Angel Court, EC2R 7HJ. The Company’s shares are listed on AIM, a market of the London Stock Exchange and Astana International Exchange. The principal activities of the Company and its subsidiaries (the “Group”) are related to the exploration for and development of platinum group metals, gold and other minerals.


 


The financial information set out in these condensed interim consolidated financial statements (the "Interim Financial Statements") do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2025, prepared in accordance with UK-adopted International Accounting Standards, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified. The report did not contain a statement under Section 498(2) of the Companies Act 2006.


 


2. Basis of preparation


 


The Group prepares consolidated financial statements in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. These condensed consolidated interim financial statements for the period ended 30 June 2026 have been prepared by applying the recognition and measurement provisions of the standards and the accounting policies adopted in the audited accounts for the year ended 31 December 2025.


 


These Interim Financial Statements have been prepared under the historical cost convention.


 


The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.


 


The Interim Financial Statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.


 


3. Accounting policies


 


The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 December 2025.


 


4. Revenue



 




 




6 months to




12 months to




6 months to




 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Sale of platinum and other metals 




 




2,297,735




5,420,759




-




 




 




 




 




 




 




 




2,297,735




5,420,759




-


5. Other gains and losses



 




 




6 months to




12 months to




6 months to




 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Gains




 




 




 




 




Net foreign exchange gain




 




671,507




8,465,985




7,868,944




 




 




 




-




 




Losses




 




 




 




 




Loss on revaluation of stock to net realisable value




 




-




-




(135,190)




Net foreign exchange loss




 




-




-




-




 




 




671,507




8,465,985




7,733,754




 




 




 




 




 




 




 




671,507




8,465,985




7,733,754



 


The majority of the foreign exchange gains and losses are a result of the revaluation of monetary assets and liabilities in the subsidiary accounts as a result of movements in the Rouble exchange rates.


Loss on revaluation of stock available at 30 June 2025 represents platinum concentrate ready for sale or refining, which was valued (i) using methodology set in the refining and sale and purchase agreement made with local refinery and (ii) exchange rate and metal prices at 30 June 2025.


 


6. Property, plant and equipment



 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Net book value at the beginning of period 




 




9,490,263




6,928,215




6,928,215




Additions




 




335,870




1,198,148




910,049




Transferred from assets under construction




 




48,494




845,073




809,957




Disposals




 




(504)




-




-




Depreciation 




 




(337,967)




(369,486)




(254,591)




Exchange differences




 




160,305




888,313




2,005,816




 




 




 




 




 




Net book value at the end of period




 




9,696,461




9,490,263




10,399,446



 

7. Intangible assets



 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Net book value at the beginning of period




 




3,757,489




2,761,023




2,761,023




Additions




 




6,519




130,542




96,061




Exchange differences




 




72,962




865,924




811,442




 




 




 




 




 




Net book value at the end of period




 




3,836,970




3,757,489




3,668,526



 


Intangible assets represent capitalised costs associated with Group’s exploration, evaluation and development of mineral resources.


 


8. Trade and other receivables



 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




 




 




 




 Trade receivables 




 




-




24




-




 Advances made 




 




260,717




217,904




136,946




 Prepayments 




 




36,850




120,211




12,235




 VAT recoverable 




 




40,911




100,945




531,186




 Other receivables 




 




163,146




225,096




246,681




 




 




 




 




 




 




 




501,624




664,180




927,048



 


The fair value of trade and other receivables is not materially different to the carrying values presented. None of the receivables are provided as security or past due.


 

9. Share capital



 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




 




 




 




 Issued ordinary shares with a nominal value of 0.1p: 




 




 




 




 




Number




 




2,951,414,922




2,951,414,922




2,951,414,922




 Nominal value (£) 




 




2,951,415




2,951,415




2,951,415




 




 




 




 




 




Fully paid ordinary shares carry one vote per share and carry the right to dividends.




 




 




 




 




 




 




 




 Issued deferred shares with a nominal value of 4.9 p: 




 




 




 




 




 Number 




 




143,377,203




143,377,203




143,377,203




 Nominal value (£) 




 




7,025,483




7,025,483




7,025,483




Deferred shares have the following rights and restrictions attached to them:


- they do not entitle the holders to receive any dividends and distributions; 


- they do not entitle the holders to receive notice or to attend or vote at General Meetings of the Company;

- on return of capital on a winding up the holders of the deferred shares are only entitled to receive the amount paid up on such shares after the holders of the ordinary shares have received the sum of 0.1p for each ordinary share held by them and do not have any other right to participate in the assets of the Company.



There had been no change in the issued share capital during the reporting period





Ordinary shares 




 




 Number of shares 




 Share 
capital 




 Share
premium 




 




 




 




£




£




Balance at 1 January 2026




 




2,951,414,922




2,951,415




54,500,499 




 




 




 




 




 




 Balance at 30 June 2026 




 




2,951,414,922




2,951,415




54,500,499




 




 




 




 




 




Deferred shares 




 




 Number of deferred shares 




 Deferred share 
capital 




 




 




 




 




£




 




Balance at 1 January and 30 June 2026 




 




143,377,203




7,025,483




 



 


10. Reserves



 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Capital redemption reserve




 




3,539,906




3,539,906




3,539,906




Foreign currency translation reserve




 




(584,599)




308,702




578,354




 




 




 




 




 




 




 




2,955,307




3,848,608




4,118,260



The capital redemption reserve was created as a result of a share capital restructuring in earlier years. There is no policy of regular transactions affecting the capital redemption reserve.


The foreign currency translation reserve represents exchange differences relating to the translation from the functional currencies of the Group’s foreign subsidiaries into GBP.


The equity-based payments reserve represents a reserve arisen on (i) the grant of share options to employees under the employee share option plan and (ii) on issue of warrants under terms of professional service agreements. 

11. Borrowings



 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Current




 




 




 




 




Unsecured loan




 




745,450




745,450




642,741




 




 




 




 




 




 




 




745,450




745,450




642,741



 


On 6 September 2024 the Company signed convertible loan agreement with Sanderson Capital Partners Ltd (“Sanderson”) to borrow up to GBP 2,500,000. Sanderson has an option to convert all or part of the loan into Company’s shares.


 


12. Lease liabilities


The Group has the following leases in place: 


i) Leases of mining equipment. The average lease term is 4.5 years, expired in 2025. The Group has option to purchase the equipment for a nominal amount at the maturity of the finance lease. The Group’s obligations under finance leases are secured by the lessor’s title to the leased assets. 


Interest rates underlying obligations under finance leases are fixed at respective contract dates ranging from 21.9% to 23.5% per annum. All lease liabilities for mining equipment were fully repaid in 2025.


ii) Rent of offices and other properties. The average lease term is three years expiring in 2027. There is no option to purchase properties at the end of rental period.


Interest rates underlying obligations under finance leases are fixed at respective contract dates at 10.27% per annum.



Minimum lease payments




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Less than one year




 




6,135




18,579




224,668




Between one and five years




 




-




-




-




 




 




6,135




18,579




224,668




Less future finance charges




 




(241)




(730)




(16,654)




 


Present value of minimum lease payments




 




5,894




17,849




208,014




 




 




 




 




 




Present value of minimum lease payments




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Less than one year




 




5,894




17,849




208,014




Between one and five years




 




 




-




-




 


Present value of minimum lease payments




 




5,894




17,849




208,014


13. Trade and other payables



 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




 




 




 




 Trade payables 




 




134,827




167,012




514,739




 Accruals 




 




628,285




434,651




124,125




 Social security and other taxes 




 




9,959




8,281




34,095




 Other payables 




 




155,103




16,097




158,542




 




 




 




 




 




 




 




928,174




626,041




831,501



 


The fair value of trade and other payables is not materially different to the carrying values presented. The above listed payables were all unsecured.


 


14. Provision



 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




Long term provision:




 




 




 




 




Environment rehabilitation




 




412,170




396,880




386,191




Short term provision:




 




 




 




 




Environment rehabilitation




 




62,227




61,488




220,655




 




 




 




 




 




 




 




474,397




458,368




606,846




 




 




 




 




 




Movement in provision




 




 Six month to 




 12 month to 




 Six month to 




 




 




30 June




31 December




30 June




 




 




2026




2025




2025




 




 




£




£




£




At 1 January




 




458,368




408,540




408,540




Utilised in the period




 




(23,458)




(131,016)




26,695




Unwinding of discount and effect of changes in the discount rate




 




33,639




46,031




35,366




Exchange difference




 




5,848




134,813




136,245




 




 




 




 




 




At the end of the period




 




474,397




458,368




606,846



 


Provision is made for the cost of restoration and environmental rehabilitation of the land disturbed by the West Kytlim mining operations, based on the estimated future costs using information available at the reporting date.


 


The provision is discounted using a risk-free discount rate of from 13.39% to 16.93% (2025: 12.99% to 14.99%) depending on the commitment terms, attributed to the Russian Federal Bonds.


 


Provision is estimated based on the sub-areas within general West Kytlim mining licence the company has carried down its operations on by the end of the reporting period. Timing is stipulated by the forestry permits issued at the pre-mining stage for each of sub-areas. Actual costs in respect of the long-term provision recognised by 30 June 2026 will be incurred within 2026-2040.




1 https://www.jpmorganchase.com/center-for-geopolitics/insights/jmpc-cfg-ukraine-report


 


2 https://londonlovesbusiness.com/burnham-does-the-unthinkable-and-invites-putin-to-g20-sparking-security-fury-in-whitehall


 


3 https://www.telegraph.co.uk/business/2026/09/23/trumps-catastrophic-threat-of-diesel-ban-risks-fuel-crisis



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