First Dev. Resources - Final Results
18/11/2025 07:00
RNS Number : 8857H
First Development Resources PLC
18 November 2025
18 November 2025
First Development Resources plc
('First Development", "FDR" or the "Company')
Final Results
First Development Resources plc (AIM: FDR) the UK based, Australia focused exploration company with mineral interests in Western Australia and the Northern Territory, is pleased to announce audited annual report and financial statements for the year ended 30 June 2025 (the "2025 Annual Accounts").
The 2025 Annual Accounts, extracts of which are contained below, will shortly be available on the Company's website at https://firstdevelopmentresources.com/investor-centre/financial-reports/
FIRST DEVELOPMENT RESOURCES PLC
CHIEF EXECUTIVE OFFICER'S REVIEW
FOR THE YEAR ENDED 30 JUNE 2025
The key focus for the Business throughout the reporting period was to complete its primary objective and secure funding to complete the Company's IPO and gain Admission to the AIM segment of the London Stock Exchange which was achieved following a Placing to raise £2.3 million (before expenses) shortly after the reporting date on 29th July 2025.
In parallel to advancing the IPO process, the Company also maintained its Exploration Licenses in Western Australia and Australia's Northern Territory in good standing. To facilitate exploration at the Company's Wallal Project and Selta Project preparatory work was completed to enable the rapid deployment of funds post IPO.
Highlights from the year under review:
· Significantly advance financing strategy to support FDR's IPO and Admission to the AIM segment of the London Stock Exchange;
· Contract negotiation with drilling contractors for rig deployment to Wallal for Phase 1 drilling programme post IPO and AIM Admission.
Corporate Developments
Financial Highlights
The Group incurred a loss for the year to 30 June 2025 of £463,000 (2024 - loss of £296,000). The loss mainly arose from salaries, professional fees and costs associated with listing on the AIM market.
Cash used in operations totalled £43,000 and investment in its mining assets totalled £89,000 (2024 - £50,000). As at 30 June 2025, the Group had a cash balance of approx. £17,000 (2024 - £12,000). At the date of this report, the Group's cash balance was £2,034,000.
Funding Activities
Subsequent to reporting date on 29 July 2025, the Company completed a listing on the AIM market of the London Stock Exchange in conjunction with a fundraise of £2,300,000 before costs through the issue of 34,482,758 new ordinary shares at a price of 6.67p per share to new and existing shareholders. On 27 October 2025 the Company raised additional £1,000,000 before costs through the issue of 33,333,333 new ordinary shares at a price of 3p per share via a broker led placing.
Events after the year end:
For information regarding events after the reporting date see note 21 to the financial statements.
Post the Reporting Period the Company secured Admission to the AIM segment of the London Stock Exchange in conjunction with a fundraise of £2,300,000 before costs through the issue of 34,482,758 new ordinary shares to new and existing shareholders. The completion of the IPO and Admission process was a significant milestone for the Company and enabled FDR to deploy funds into its exploration portfolio. Initial exploration focused on the Phase I diamond core drilling programme at the Wallal Project in Western Australia.
Gold / copper exploration, Wallal Project, Western Australia
The Phase I diamond core drilling programme was designed in conjunction with Perth based consultancy Resource Potentials Pty Ltd ("Resource Potentials").
The programme targeted the Proterozoic basement rocks which are believed to host the sources of the magnetic geophysical bullseye anomalies, located below several hundred metres of Permian age cover sequence. The bullseye anomalies were identified as part of an in-depth review of all geological and geophysical data associated with the Wallal project area. Three magnetic geophysical bullseye anomalies were identified in the review, the Western, Eastern and Border anomalies. The magnetic bullseye anomalies are of particular interest due to their possible geological similarities to Greatland Resources' (LON: GGP, ASX: GGP) regionally significant Havieron discovery.
FDR's drilling partner DDH1 Drilling Ltd mobilised to Wallal in late August 2025 and drilling operations commenced on 7th September 2025. Due to deteriorating downhole conditions at the base of the Canning Basin sedimentary sequence, the drillhole could not be advanced to the planned depth of 1,220 metres and the decision was taken to cease drilling. The drillhole reached a depth of 918.7 metres (916.2 metres total vertical depth) but did not intersect the basement geology interpreted to host the magnetic anomalies identified in the Company's desktop studies. Despite drilling to a significant depth, the basement rock believed to host the bullseye anomaly was not intersected and the Eastern anomaly remains untested. With the data obtained from the drilling programme, the Company is working with its consultants to refine the geological interpretation of the Eastern anomaly whilst it assesses potential next steps.
Gold exploration, Selta Project, Northern Territory
Whilst the Phase I drilling programme was underway at Wallal, plans to commence exploration at the Company's Selta project in the Northern Territory were being developed. Following the completion of in-depth desktop review by Resource Potentials, nine exploration targets were defined at Selta. The targets are interpreted to be prospective for gold (Au), copper (Cu), rare-earth elements (REE), uranium (U) and lithium (Li). On 20 October 2025, the Company provided an update in respect of its gold exploration strategy at Selta which included additional geophysical surveying and focused Reverse Circulation ("RC") drilling.
High-resolution aeromagnetic surveying ("AMAG") is now planned to be carried out over the prospective Au corridors within the Selta tenements. The AMAG survey will help delineate structural features and hydrothermal alteration zones within the metasediment-volcanic host bedrock, providing high-resolution anomaly image detail to support interpretation of potential gold mineralised trends and structures for drill testing. The AMAG survey will be completed using a low-flying fixed-wing aircraft with survey lines spaced at along 50m intervals, compared to the existing 200m AMAG survey line spacing. The AMAG survey is expected to be completed during Q4 2025.
In addition to the AMAG survey, gradient array induced polarisation ("GAIP") surveying has been planned over four survey blocks each measuring approximately 2km x 1.5km and located over anomalous Au and pathfinder element concentrations intersected from historical drilling and anomalous rock-chip sample results. The GAIP surveying will acquire electrical resistivity data that can help map subsurface geology and structures, and chargeability data to map anomalies potentially related to disseminated sulphide minerals related to gold alteration systems and sources for the pathfinder elements which form sulphide minerals in the fresh bedrock. The GAIP, and potential survey lines of dipole-dipole IP across anomalies to get depth extents, will be integrated into a three-dimensional targeting workspace with magnetic inversion model results and drilling data to provide robust targets for planning RC drilling into key gold targets.
Strategic Placing
In late October 2025 the Company announced it had successfully raised £1,000,000 (before expenses) through an over-subscribed placing of 33,333,333 new ordinary shares. The proceeds of the Strategic Placing will be used to fast-track exploration activities to target REE and to develop drill targets for gold at the previously defined Lander West target at the Selta Project, and to secure access and permitting ahead of further drilling activities at its Wallal Project. The Placing was completed in response to the establishment by the United States of America and Australia of a Framework for securing the supply of Critical Minerals and Rare-Earth Elements to reduce the reliance on supply from China. The REE potential at Selta is central to the Company's plans for the Selta project and this shift in geo-political policy has allowed FDR to greatly accelerate its planned REE exploration programme to properly define its potential as another world-class Australian REE project.
REE Exploration, Selta Project Northern Territory
Following completion of multiple phases of in-depth desktop review, two REE targets have been defined at Selta.
The target areas are named Ingallan and West Nintabrinna. Ingallan is considered prospective for LCT (lithium-caesium-tantalum) and REE mineralisation, while West Nintabrinna is considered prospective for REE mineralisation. Proceeds from the October 2025 Strategic Placing will be used to fund first-pass exploration targeting REE. Exploration will include Stream sediment sampling and reconnaissance mapping. The primary objective of which is to advance the understanding of surface geochemical responses associated with the underlying lithological and structural features, and to identify potential zones of mineralisation for follow-up exploration. A field team will be deployed to Selta in Q4 2025 to compete the initial work programme.
Gold / copper exploration, Wallal Project, Western Australia
The disappointing outcome of the Phase I diamond drilling programme at Wallal means the Eastern anomaly remains untested. The Eastern anomaly has all the necessary permits, approvals and site infrastructure to facilitate the drilling of another hole. By applying the experience gained from the Phase I programme and modifying the design of the drillhole, the Company and the drilling contractor believe that it will be possible to intersect the basement geology if FDR decide to redrill. Drillhole FDRDW002 ended at a depth of 917.8m but did not intersect the basement geology, as a result, the depth of the target must be taken into consideration, the Company is reviewing the other magnetic bullseye targets at Wallal. The Border anomaly may be a preferrable target due to its interpreted shallower depth relative to the Eastern anomaly. To facilitate diamond drilling at the Border anomaly an Access Agreement must first be established with a third-party and a Permit of Works obtained from the Western Australian Government. The process of acquiring the necessary permits and approvals is underway.
Outlook:
Over the coming period working capital will be deployed into the Company's exploration portfolio. Exploration will focus on the development of gold and REE potential at the Company's Selta project. The Company expects that through the disciplined deployment of capital, systematic and methodical exploration will develop early-stage targets across Selta with the aim of identifying drill targets to be tested at the earliest opportunity.
In parallel to the ongoing exploration at Selta, the Company is working to secure all necessary permissions and approvals to return to Wallal. The magnetic bullseye anomalies identified at Wallal remain compelling targets which the Company hope to test. Once permissions are in place, FDR plan to mobilise a drilling rig to Wallal in H1 2026.
The Company is actively looking to expand the project portfolio with the addition of new exploration opportunities.
Tristan Pottas, Chief Executive Officer
17 November 2025
FIRST DEVELOPMENT RESOURCES PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The Directors present their strategic report for First Development Resources Plc ("FDR" or "the Company") for the year ended 30 June 2025.
Principal Activity and business model
The principal activity of the Group is the holding of Australian based mining assets and progressing the exploration and exploitation of those assets. The Group holds four mining assets comprising the wholly owned Wallal, Selta, Rippon Hills, and Braeside West Projects.
Background and review of business in the year
First Development Resources Plc was incorporated on 29 April 2021 under the laws of England and Wales with company number 13367677. On 18 August 2022 the Company was re-registered as a public limited company. The Company is the parent company of First Development Resources PTY Ltd, Pardoo Resources PTY Ltd, RH Resources PTY Ltd and URE Metals PTY Ltd. (together "the Group").
During the year under review the Group incurred administrative expenses of £465,000 (2024: £296,000).
Future developments
FDR will undertake exploration activities on its existing assets with the intention to make a material discovery which will create value for shareholders, while at the same time continue to review additional opportunities within Australia that could complement the existing project portfolio, with an emphasis on district-scale opportunities that are competitively valued and offer potentially significant returns through exploration success.
Principal risks and uncertainties
Strategic risk
The Group's strategy may not deliver the results expected by shareholders. The Directors regularly monitor the appropriateness of the strategy, taking into account both internal and external factors, together with progress in implementing the strategy, and modify the strategy as may be required based on developments and exploration results.
Exploration, development and operating risk
There is no certainty that the expenditures to be made in the exploration and development of the Group's Projects will result in the definition of resources and reserves or ultimately in the establishment of profitable commercial operations. Most exploration projects do not result in the discovery of commercially mineable deposits.
The successful exploration and development of mining projects is speculative and subject to a number of uncertainties and hazards which even a combination of careful evaluation, experience and knowledge may not eliminate. In addition, the development of the Group's projects may be subject to unexpected problems and delays. Factors affecting the economics of developing mineral exploration projects and commercial viability of such projects include, but are not limited to, variations in grade, deposit size, density, unusual or unexpected rock formations and other geological problems, structural cave-ins or slides, seismic activity, flooding, fires, explosions, periodic interruptions due to inclement or hazardous weather conditions, environmental hazards, hydrological conditions, delays in installing and commissioning plant and equipment, metallurgical and other processing problems, mechanical equipment performance problems and other technical problems, the unavailability of materials and equipment including fuel, labour force disruptions or shortage of skilled workers, unanticipated interruptions or significant changes in the costs of services and supplies including but not limited to water, transport, fuel and power, and unanticipated regulatory changes, quality of management, quality and availability of geological expertise and government regulations (relating to such things as prices, taxes, royalties, land use, importing and exporting of minerals and environmental protection).
Government Regulation
The mineral exploration and development activities which are undertaken by the Group is subject to various laws governing prospecting, development, production, taxes, labour standards and occupational health, mine safety, toxic substances, land use, water use, land claims of local people and other matters.
Exploration and development activities may also be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on future exploration and production, price controls, export controls, currency availability, foreign exchange controls, income taxes, delays in obtaining or the inability to obtain necessary permits, opposition to mining from environmental and other non-governmental organisations, limitations on foreign ownership, expropriation of property, ownership of assets, environmental legislation, labour relations, limitations on repatriation of income and return of capital, limitations on mineral exports, high rates of inflation, increased financing costs, and site safety. This may affect both the Group's ability to undertake exploration and development activities in respect of its properties, as well as its ability to explore and operate those properties in which it currently holds an interest or in respect of which it obtains exploration and/or development rights in the future.
No assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner which could limit or curtail development or future potential production. Amendments to current laws and regulations governing operations and activities of mining and milling or more stringent implementation thereof could have a substantial adverse impact on the Group.
Permitting
The Group's future operations in respect of the Projects, including exploration and any development activities or the commencement of production, require permits and approvals from various governmental authorities and such operations are and will be governed by laws and regulations governing prospecting, development, mining, production, exports, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, protection of endangered and protected species, treatment of indigenous people and Native Title, mine safety and other matters.
There is no guarantee that such permits or approvals will be granted. To the extent that such permits or approvals are required and not obtained, the Group may be delayed or prohibited from proceeding with planned exploration or development of its Projects. Management of the Group believes it has received the necessary permits for the current operations.
Environmental and Other Regulatory Requirements
The Group's current and future operations in Australia, including exploration, evaluation, development, extraction and production activities, are subject to environmental regulations. The Group is subject to potential risks and unanticipated liabilities associated with its activities, including negative impacts to the environment from operations, waste management and site discharges.
If the Group is unable to remedy an environmental problem fully, it may be required to suspend operations or enter into interim compliance measures pending completion of the required remedy. The potential financial exposure may be significant.
Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, Directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Group's operations.
The Group's exploration programmes at the Projects will, in general, be subject to approval by the competent authorities in Australia. Development of mining projects located in Australia will be dependent on the projects meeting environmental regulations and guidelines set by governmental agencies in Australia and, where required, being approved by governmental authorities.
Financing and liquidity risk
The Group requires substantial funds to determine whether commercial mineral deposits exist on the Projects. Any potential development and production of the Projects depends upon the results of exploration programmes and/or feasibility studies and the recommendations of duly qualified mining engineers, geologists and other professional advisers.
Such programmes require substantial additional funds. Any decision to further expand the Group's operations in respect of the Projects is anticipated to involve consideration and evaluation of several significant factors including, but not limited to:
- the cost of bringing a project into production, including exploration work, preparation of feasibility studies and construction of production facilities;
- the availability and cost of financing;
- the ongoing costs of production;
- the market prices for the minerals to be produced;
- environmental compliance regulations and restraints; and
- the political climate and/or governmental regulation and control.
Currency risk
The Group's financial results could be adversely affected by changes in foreign currency exchange rates. The functional currency of the Group is Sterling but given all Group's projects are located in Australia, the majority of the Group's operating costs will be incurred in Australian dollar. Consequently, fluctuations in the exchange rate of Sterling against other currencies, most notably the Australian dollar, may materially affect the Group's translated results of operations. In particular the appreciation of the Australian dollar against Sterling, the Fundraising currency, would reduce the amount of Australian dollars available for exploration which would adversely affect the Company's financial condition, and may limit the Company's ability to carry on its planned exploration activities.
The Group does not have a policy of using hedging instruments but will continue to keep this under review.
Key performance indicators
The key performance indicators the Directors use in assessing performance of the Group given its stage of development are:
- Cash management. This is monitored on a regular basis to ensure that the Group can meet its obligations as they fall due;
- Ensuring that all licences remain in good standing. The Group has implemented processes to ensure that all permitting fees and filing obligations are made within the required deadlines;
- Ensuring adherence to all regulatory obligations. The Group liaises regularly with legal counsel and other advisers to ensure that all regulatory obligations are met.
Section 172 statement
Section 172 of the Companies Act 2006 ("the Act) requires Directors to take into consideration the interests of stakeholders in their decision making, having regard to the following matters:
- Consider the likely consequences of any decision in the long term,
- Act fairly between the members of the Company,
- Maintain a reputation for high standards of business conduct,
- Consider the interests of the Group's employees,
- Foster the Group's relationships with suppliers, customers and others, and
- Consider the impact of the Group's operations on the community and the environment.
The Directors believe they have acted in the way most likely to promote the success of the Company for the benefit of its members as a whole, as required by the Act. The Directors have engaged with the Company's stakeholders during the year as detailed below:
- Attended the 2024 AGM to answer questions and receive additional feedback from investors;
- Arranged meetings with certain stakeholders to provide them with updates on the Company's operational activities and other general corporate updates; and
- Monitored company culture and engaged with employees on efforts to continuously improve company culture and morale.
The Board believes that appropriate steps and considerations have been taken during the year so that each Director has an understanding of the various key stakeholders of the Company. The Board recognises its responsibility to contemplate all such stakeholder needs and concerns as part of its discussions, decision-making, and in the course of taking actions, and will continue to make stakeholder engagement a top priority in the coming years.
This report was approved by the board of Directors and signed on its behalf by:
Tristan Pottas
Chief Executive Officer
FIRST DEVELOPMENT RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
FOR THE YEAR ENDED 30 JUNE 2025
| Year ended 30 June 2025 | Year ended 30 June 2024 | ||||
| Note | £'000 | £'000 | |||
| Continuing operations | |||||
| Other operating income | 5 | - | |||
| Administrative expenses | 4 | (465) | (296) | ||
| Loss from operating activities | (460) | (296) | |||
| Finance expense | 5 | (3) | - | ||
| Loss before taxation | (463) | (296) | |||
| Taxation | 7 | - | - | ||
| Loss for the year | (463) | (296) | |||
| Other comprehensive income | |||||
| Items that may be reclassified to profit or loss | |||||
| Exchange rate differences on translation of foreign operations | 16 | - | |||
| Total comprehensive loss for the year attributable to owners of the Company | (447) | (296) | |||
| Earnings per share from continuing operations attributable to the ordinary equity holder of the parent: | |||||
| Basic and diluted loss per share (pence) | 16 | (0.68) | (0.61) | ||
| FIRST DEVELOPMENT RESOURCES PLC CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2025 | |||||
| 30 June | 30 June | ||||
| 2025 | 2024 | ||||
| Note | £'000 | £'000 | |||
| ASSETS | |||||
| Non-current assets | |||||
| Intangibles | 8 | 3,735 | 3,681 | ||
| Property, plant and equipment | - | 1 | |||
| Total non-current assets | 3,735 | 3,682 | |||
| Current assets | |||||
| Trade and other receivables | 10 | 6 | 9 | ||
| Cash and cash equivalents | 9 | 17 | 12 | ||
| Total current assets | 23 | 21 | |||
| Total assets | 3,758 | 3,703 | |||
| LIABILITIES | |||||
| Current liabilities | |||||
| Trade and other payables | 11 | 619 | 282 | ||
| Borrowings | 12 | 389 | 224 | ||
| Total current liabilities | 1,008 | 506 | |||
| Total liabilities | 1,008 | 506 | |||
| Net assets | 2,750 | 3,197 | |||
| EQUITY | |||||
| Share capital | 14 | 659 | 659 | ||
| Share premium | 14 | 3,739 | 3,739 | ||
| Foreign exchange reserve | 15 | (3) | (19) | ||
| Accumulated losses | 15 | (1,645) | (1,182) | ||
| Total equity | 2,750 | 3,197 | |||
| FIRST DEVELOPMENT RESOURCES PLC COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2025 | |||||
| 30 June | 30 June | ||||
| 2025 | 2024 | ||||
| Note | £'000 | £'000 | |||
| ASSETS | |||||
| Non-current assets | |||||
| Intangibles | 8 | 1,786 | 1,786 | ||
| Property, plant and equipment | - | 1 | |||
| Investments | 13 | 1,596 | 1,596 | ||
| Total non-current assets | 3,382 | 3,383 | |||
| Current assets | |||||
| Trade and other receivables | 10 | 528 | 439 | ||
| Cash and cash equivalents | 9 | 15 | 8 | ||
| Total current assets | 543 | 447 | |||
| Total assets | 3,925 | 3,830 | |||
| LIABILITIES | |||||
| Current liabilities | |||||
| Trade and other payables | 11 | 606 | 272 | ||
| Borrowings | 12 | 389 | 224 | ||
| Total current liabilities | 995 | 496 | |||
| Total liabilities | 995 | 496 | |||
| Net assets | 2,930 | 3,334 | |||
| EQUITY | |||||
| Share capital | 14 | 659 | 659 | ||
| Share premium | 14 | 3,739 | 3,739 | ||
| Accumulated losses | 15 | (1,468) | (1,064) | ||
| Total equity | 2,930 | 3,334 | |||
| FIRST DEVELOPMENT RESOURCES PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025 | |||||
| Share capital | Share premium | Foreign exchange reserve | Accumulated losses | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance at 01 July 2023 | 659 | 3,739 | (19) | (886) | 3,493 |
| Loss for the year | - | - | - | (296) | (296) |
| Total comprehensive loss for the year | - | - | - | (296) | (296) |
| Balance at 30 June 2024 | 659 | 3,739 | (19) | (1,182) | 3,197 |
| Balance at 01 July 2024 | 659 | 3,739 | (19) | (1,182) | 3,197 |
| Loss for the year | - | - | - | (463) | (463) |
| Exchange differences | - | - | 16 | - | 16 |
| Total comprehensive loss for the year | - | - | 16 | (463) | (447) |
| Balance at 30 June 2025 | 659 | 3,739 | (3) | (1,645) | 2,750 |
| FIRST DEVELOPMENT RESOURCES PLC COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025 | ||||
| Share capital | Share premium | Accumulated losses | Total | |
| £'000 | £'000 | £'000 | £'000 | |
| Balance at 01 July 2023 | 659 | 3,739 | (800) | 3,598 |
| Loss for the year | - | - | (264) | (264) |
| Total comprehensive loss for the year | - | - | (264) | (264) |
| Balance at 30 June 2024 | 659 | 3,739 | (1,064) | 3,334 |
| Balance at 01 July 2024 | 659 | 3,739 | (1,064) | 3,334 |
| Loss for the year | - | - | (404) | (404) |
| Total comprehensive loss for the year | - | - | (404) | (404) |
| Balance at 30 June 2025 | 659 | 3,739 | (1,468) | (2,930) |
| FIRST DEVELOPMENT RESOURCES PLC CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025 | |||||
| Year ended 30 June | Year ended 30 June | ||||
| 2025 | 2024 | ||||
| Note | £'000 | £'000 | |||
| Cash flows from operating activities | |||||
| Loss for the year before taxation | (463) | (296) | |||
| Adjusted for: | |||||
| Depreciation of property, plant and equipment | 1 | 1 | |||
| Interest on convertible loan note | 5 | 3 | - | ||
| Movement in foreign exchange | 52 | - | |||
| Changes in working capital: | |||||
| Decrease in trade and other receivables | 10 | 2 | 14 | ||
| Increase in trade and other payables | 11 | 362 | 134 | ||
| Net cash generated used in operating activities | (43) | (147) | |||
| Cash flows from investing activities | |||||
| Purchase of intangible assets | 8 | (89) | (50) | ||
| Net cash used in investing activities | (89) | (50) | |||
| Cash flows from financing activities | |||||
| Drawdowns of loans from related parties | 12 | 89 | 187 | ||
| Proceeds from convertible loan note | 12 | 50 | - | ||
| Net cash generated from financing activities | 139 | 187 | |||
| Net increase/(decrease) in cash and cash equivalents | 7 | (10) | |||
| Cash and cash equivalents at beginning of year | 12 | 22 | |||
| Effect of foreign exchange rates | (2) | - | |||
| Cash and cash equivalents at end of year | 9 | 17 | 12 | ||
| FIRST DEVELOPMENT RESOURCES PLC COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025 | |||||
| Year ended 30 June | Year ended 30 June | ||||
| 2025 | 2024 | ||||
| Note | £'000 | £'000 | |||
| Cash flows from operating activities | |||||
| Loss for the year before taxation | (404) | (264) | |||
| Adjusted for: | |||||
| Depreciation of property, plant and equipment | 1 | 1 | |||
| Interest on convertible loan note | 5 | 3 | - | ||
| Changes in working capital: | |||||
| Increase in trade and other receivables | 10 | (90) | (83) | ||
| Increase in trade and other payables | 11 | 358 | 155 | ||
| Net cash used in operating activities | (132) | (191) | |||
| Cash flows from financing activities | |||||
| Drawdowns of loans from related parties | 12 | 89 | 188 | ||
| Proceeds from convertible loan note | 12 | 50 | - | ||
| Net cash generated from financing activities | 139 | 188 | |||
| Net increase/(decrease) in cash and cash equivalents | 7 | (3) | |||
| Cash and cash equivalents at beginning of year | 8 | 11 | |||
| Cash and cash equivalents at end of year | 9 | 15 | 8 | ||
| - Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) |
| - Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments; and Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments; and |
| - IFRS 18 - Presentation and Disclosure of Financial Statements |
| - IFRS 19 - Subsidiaries without Public Accountability: Disclosures |
| Year ended 30 June | Year ended 30 June | |||
| 2025 | 2024 | |||
| £'000 | £'000 | |||
| Administrative expenses include: | ||||
| Audit and accountancy fees | 70 | 80 | ||
| Professional | 4 | 25 | ||
| Consulting | 4 | 14 | ||
| Legal | 51 | 33 | ||
| Staff costs (note 6) | 111 | 68 | ||
| IPO related costs | 83 | - | ||
| Office costs | 33 | 31 | ||
| Other | 109 | 45 | ||
| 465 | 296 |
| Year ended 30 June | Year ended 30 June | |||
| 2025 | 2024 | |||
| Auditors' remuneration | £'000 | £'000 | ||
| Fee payable for the audit of the Group's and Company's financial statements | 32 | 27 | ||
| Fees relating to other services - IPO costs | 85 | - | ||
| 117 | 27 |
| Year ended 30 June | Year ended 30 June | |||
| 2025 | 2024 | |||
| £'000 | £'000 | |||
| Interest expense on CLN | 3 | - | ||
| 3 | - |
| 30 June | 30 June | |||
| 2025 | 2024 | |||
| Directors | 5 | 6 | ||
| 5 | 6 |
| 30 June | 30 June | |||
| 2025 | 2024 | |||
| £'000 | £'000 | |||
| Wages and salaries | 101 | 60 | ||
| Social security costs | 10 | 2 | ||
| Consultancy fees | - | 6 | ||
| 111 | 68 |
| 30 June | 30 June | |||
| 2025 | 2024 | |||
| £'000 | £'000 | |||
| Current taxation | - | - | ||
| Deferred taxation | - | - | ||
| Total taxation for the year | - | - |
| 30 June 2025 | 30 June 2024 | |||
| £'000 | £'000 | |||
| Loss for the year | (463) | (296) | ||
| Loss multiplied by the standard corporation tax in the UK of 25% (2024: 19%) | (116) | (56) | ||
| Effect of tax losses not recognised as deferred tax assets | 116 | 56 | ||
| Tax charge for the year | - | - |
| Website | Prospecting and exploration rights | Total | |
| £'000 | £'000 | £'000 | |
| Cost | |||
| At 1 July 2023 | 3 | 3,627 | 3,630 |
| Additions | - | 50 | 50 |
| Effects of foreign exchange | - | 1 | 1 |
| Balance at 30 June 2024 | 3 | 3,678 | 3,681 |
| Cost | |||
| At 1 July 2024 | 3 | 3,678 | 3,681 |
| Additions | - | 88 | 88 |
| Effects of foreign exchange | - | (34) | (34) |
| Balance at 30 June 2025 | 3 | 3,732 | 3,735 |
| Website | Prospecting and exploration rights | Total | |
| £'000 | £'000 | £'000 | |
| Cost | |||
| At 1 July 2023 | 3 | 1,783 | 1,786 |
| Additions | - | - | - |
| Balance at 30 June 2024 | 3 | 1,783 | 1,786 |
| Cost | |||
| At 1 July 2024 | 3 | 1,783 | 1,786 |
| Additions | - | - | - |
| Balance at 30 June 2025 | 3 | 1,783 | 1,786 |
| Group | Group | Company | Company | ||||
| 30 June | 30 June | 30 June | 30 June | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| £'000 | £'000 | £'000 | £'000 | ||||
| Cash and cash equivalents | 17 | 12 | 15 | 8 | |||
| 17 | 12 | 15 | 8 |
| Group | Group | Company | Company | ||||
| 30 June | 30 June | 30 June | 30 June | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| £'000 | £'000 | £'000 | £'000 | ||||
| Amounts falling due within one year | |||||||
| VAT receivable | 6 | 9 | 7 | 8 | |||
| Amounts due from related parties | - | - | 521 | 431 | |||
| 6 | 9 | 528 | 439 |
| Group | Group | Company | Company | ||||
| 30 June | 30 June | 30 June | 30 June | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| £'000 | £'000 | £'000 | £'000 | ||||
| Amounts falling due within one year | |||||||
| Trade payables | 339 | 168 | 330 | 160 | |||
| Other payables | 2 | 1 | - | - | |||
| Accrued expenses | 278 | 113 | 276 | 112 | |||
| 619 | 282 | 606 | 272 |
| Group | Group | Company | Company | ||||
| 30 June | 30 June | 30 June | 30 June | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| £'000 | £'000 | £'000 | £'000 | ||||
| Amounts falling due within one year | |||||||
| Borrowings | 336 | 224 | 336 | 224 | |||
| Convertible loan note | 53 | - | 53 | - | |||
| 389 | 224 | 389 | 224 |
| Subsidiaries | Country of incorporation | Registered Address | Activity | Proportion of ordinary shares held |
| First Development Resources Pty Ltd | Australia | Unit 1 160 Stirling Hwy Nedlands Wa 6009 Australia | Mineral exploration | 100% |
| Pardoo Resources Pty Ltd | Australia | Unit 1 160 Stirling Hwy Nedlands Wa 6009 Australia | Mineral exploration | 100% |
| RH Resources Pty Ltd | Australia | Unit 1 160 Stirling Hwy Nedlands Wa 6009 Australia | Mineral exploration | 100% |
| URE Metals Pty Ltd | Australia | Unit 1 160 Stirling Hwy Nedlands Wa 6009 Australia | Mineral exploration | 100% |
| No. of shares | Share capital | Share premium | |||
| No. | £'000 | £'000 | |||
| Opening balance | 65,894,076 | 659 | 3,739 | ||
| As at 30 June 2024 | 65,894,076 | 659 | 3,739 | ||
| As at 30 June 2025 | 65,894,076 | 659 | 3,739 |
| Group | Group | Company | Company | ||||
| 30 June | 30 June | 30 June | 30 June | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| £'000 | £'000 | £'000 | £'000 | ||||
| Financial assets - carried at amortised cost: | |||||||
| Cash and cash equivalents | 17 | 12 | 15 | 8 | |||
| Amounts from related parties | - | - | 521 | 431 | |||
| 17 | 12 | 536 | 439 | ||||
| Financial liabilities - carried at amortised cost: | |||||||
| Trade and other payables | 341 | 169 | 330 | 160 | |||
| Borrowings | 336 | 224 | 336 | 224 | |||
| Convertible loan note | 53 | - | 53 | - | |||
| 730 | 393 | 719 | 384 |
| First Development Resources plc Tristan Pottas (CEO) | Tel: +44 (0) 20 3778 1397 |
| Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak | Tel: +44 (0) 20 7628 3396 |
| SI Capital Limited Broker Nick Emerson | Tel: +44 (0) 1483 413 500 |
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