First Dev. Resources - Interim Results

First Development Resources

26/03/2026 07:00

RNS Number : 1667Y

First Development Resources PLC

26 March 2026

 

26 March 2026

 

 

First Development Resources PLC

("FDR" or the "Company")

 

Interim Results

 

First Development Resources PLC (LON: FDR), the AIM quoted metals exploration company, announces its unaudited interim results for the six-month period ended 31 December 2025 (the "Period").

 

KEY DEVELOPMENTS IN THE PERIOD TO 31 DECEMBER 2025

The six-month period to 31 December 2025 represents a transformational phase for First Development Resources PLC, highlighted by the Company's successful Admission to the AIM segment of the London Stock Exchange in July 2025 raising £2.3 million before expenses (the "IPO"). Admission marked a significant milestone, providing access to international growth capital and establishing a strong public market platform from which to advance our Australian exploration portfolio.

In October 2025, the Company successfully raised a further £1.0 million in response to market demand through an oversubscribed placing. The placing materially strengthened the balance sheet and enabled the continued systematic progression of our priority assets, while maintaining a disciplined and capital-efficient exploration strategy.

Proceeds from the IPO and subsequent placing were promptly deployed across the Company's exploration portfolio. Key operational highlights during the period included:

·    Completion of the Phase I diamond drilling programme at the Eastern Anomaly within the Wallal Project, Paterson Province, Western Australia.

·   Advancement of the gold exploration strategy at the Lander West gold target within the Selta Project, Northern Territory.

·   Acceleration of rare-earth element (REE) exploration at Selta, with focused targeting at the high-priority West Nintabrinna and Ingallan prospects.

Together, these activities reflect the Company's commitment to systematic exploration, disciplined capital allocation and the advancement of drill-ready targets capable of delivering sustainable shareholder value.

 

KEY DEVELOPMENTS SINCE 31 DECEMBER 2025

Subsequent to the reporting period, exploration activities have accelerated at the Company's Selta Project in the Northern Territory, Australia, with a focus on advancing structural understanding at the Lander West gold target.

The Company commissioned a high-resolution aeromagnetic ("AMAG") and radiometric ("RAD") survey, delivering detailed imaging of subsurface structures and lithological variations across the Lander West prospect. The results are being integrated with data from the ongoing Gradient Array Induced Polarisation ("GAIP") survey to refine and prioritise drill targets. The GAIP programme is expected to be completed in Q2 2026.

To support the next phase of exploration, the Company has submitted an application for an Environmental (Mining) Permit ("EMP") to the Northern Territory Government. Approval of the EMP will permit ground-disturbing exploration activities, including drilling, to test priority gold targets identified at Lander West.

In February 2026, the Company reported the results of the December 2025 rare-earth element ("REE") stream sediment sampling programme at Selta. The programme returned encouraging results including 2,103 ppm total rare-earth elements + yttrium ("TREE+Y") at West Nintabrinna - the strongest REE result recorded at the Project to date. Coherent multi-sample anomalism and supporting geological indicators suggest the presence of a fertile intrusive system. The dataset has materially refined exploration targeting at both West Nintabrinna and Ingallan, reducing the priority search area by approximately 85% and establishing a clear pathway toward drill testing through detailed mapping, systematic rock-chip sampling and targeted geophysics.

In March 2026, the Company announced its intention to commence exploration activities at the Hawkshead lithium and rare earth element target within the Selta Project. A high-resolution unmanned aerial vehicle magnetic ("UAV-Mag") survey has been commissioned, with execution planned for May 2026, subject to weather conditions. The survey area lies immediately adjacent to a recently identified lithium prospect on neighbouring tenure held by iTech Minerals Ltd, which is currently subject to a farm-in agreement with Sociedad Química y Minera de Chile.

The UAV-Mag survey is designed to enhance the Company's geological understanding of the project area and to assist in the identification and delineation of pegmatite bodies prospective for lithium-caesium-tantalum ("LCT") mineralisation.

The Northern Territory remains a key focus for the Company, which continues to advance its exploration strategy at Selta while maintaining close engagement with governmental and regulatory stakeholders to ensure efficient permitting and compliance.

In Western Australia, the Company has applied for three new Exploration Licences located immediately east of its existing Wallal Project tenure. The applications cover ground previously held by Rio Tinto and are currently being assessed by the Western Australian Department of Mines, Petroleum and Exploration to ensure compliance with regulatory, environmental and land access requirements.

In parallel, the Company is engaging with relevant Traditional Owner groups in accordance with the Aboriginal Heritage Act and Native Title Act consultation processes. All future exploration activities are contingent on the requisite statutory approvals (including Native Title and heritage clearences on commercially viable terms) being secured in conjunction with agreeing proportionate access rights encompassing a framework suitable for such initial exploration activities and beyond in the event of a discovery.

If granted, the additional licences will strengthen the Company's landholding in the Paterson Province. The Company may elect to relinquish less prospective areas within its existing tenure to focus on higher-priority targets, thereby optimising capital allocation and enhancing the potential for discovery.

 

FINANCIAL HIGHLIGHTS FOR THE PERIOD TO 31 DECEMBER 2025

·      Loss for the Period of £926k (31 Dec 2024: £176k), resulting in loss per share of 0.83 pence (2024: 0.25 pence). The increase in loss for the period is primarily due to personnel costs, costs associated with the admission to AIM and general corporate overheads;

 

·      Total funds raised of £3,300k in the Period;

 

·      Total assets of £5,900k at the Period end (30 June 2025: £3,758k); and

 

·      Net assets of £5,567k at the Period end (30 June 2025: £2,750k).

 

Tristan Pottas, CEO, commented: "It has been a transformational period for the Company with our successful IPO in July. Since Admission we have made significant progress in understanding our licences and obtaining data to inform or next drilling works scheduled for later this year. In parallel we have sought to expand our licence portfolio improving the overall prospectivity of our portfolio. In doing so we have been prudent with our exploration expenditure and remain well funded for the proposed exploration programmes to come during the remainder of 2026. On behalf of the whole board I would like to welcome new shareholders and together with existing shareholders thank them for their ongoing support."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The Directors of the Company are responsible for the contents of this announcement.

 

For further information please visit First Development https://firstdevelopmentresources.com/ or contact:

 

First Development Resources PLC
Tristan Pottas (Chief Executive Officer)
+44 (0) 20377 81397
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish / Asia Szusciak
+44 (0) 20 7628 3396
SI Capital Limited (Broker)
Nick Emerson
+44 (0) 1483 413 500


Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

 

FIRST DEVELOPMENT RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

 

Note
6 months ended
31
December 2025
(unaudited)
6 months ended
31 December 2024
(unaudited)
Year
Ended
30
June
2025
(audited)
£'000
£'000
£'000
Continuing operations
Other operating income
22
-
5
Administrative expenses
(671)
(176)
(465)
Listing costs
(273)
-
-
Loss from operating activities
(922)
(176)
(460)
Finance expense
(4)
-
(3)
Loss before taxation
(926)
(176)
(463)
Taxation
-
-
-
Loss for the period from continuing operations
(926)
(176)
(463)
Items that may be reclassified to profit or loss
Exchange translation
(6)
11
16
Total other comprehensive income
(932)
11
16
Total comprehensive loss for the period attributable to owners of the company
(932)
(165)
(447)
Earnings per share from continuing operations attributable to the ordinary equity holder of the parent:
Basic and diluted loss per share (pence)
4
(0.83)
(0.27)
(0.70)

 

 

FIRST DEVELOPMENT RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

 

31 Dec
31 Dec
30 Jun
2025
2024
2025
(unaudited)dd)
(unaudited)
(audited)
Note
£'000
£'000
£'000
ASSETS
Non-current assets
Intangible assets
6
4,284
3,674
3,735
Property, plant & equipment
-
1
-
Total non-current assets
4,284
3,675
3,735
Current assets
Trade and other receivables
55
9
6
Cash and cash equivalents
1,561
9
17
Total Current assets
1,616
18
23
Total assets
5,900
3,693
3,758
LIABILITIES
Current liabilities
Trade and other payables
197
331
619
Borrowings
136
330
389
Total current liabilities
333
661
1,008
Total liabilities
333
661
1,008
Net assets
5,567
3,032
2,750
EQUITY
Share capital
5
1,392
659
659
Share premium
5
6,499
3,739
3,739
Foreign exchange reserve
(9)
(8)
(3)
Accumulated losses
(2,571)
(1,358)
(1,645)
Share based payment reserve
256
-
-
Total equity
5,567
3,032
2,750


 

 

FIRST DEVELOPMENT RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

 

Share
capital
£'000
Share
premium
£'000
Foreign exchange reserve
£'000
Share based payment reserve
£'000
Accumulated
losses
£'000
Total
equity
£'000
Balance as at 1 July 2024 (audited)
659
3,739
(18)
-
(1,182)
3,197
Loss for the period
-
-
-
-
(176)
(176)
Currency translation
-
-
11
-
-
11
Total comprehensive expense for the period
-
-
11
-
(176)
(165)
Balance at 31 December 2024 (unaudited)
659
3,739
(8)
-
(1,358)
3,032
Loss for the period
-
-
-
-
(287)
(287)
Currency translation
-
-
5
-
-
5
Total comprehensive expense for the period
5
-
(287)
(282)
Balance at 30 June 2025 (audited)
659
3,739
(3)
-
(1,645)
2,750
Loss for the period
-
-
-
-
(926)
(926)
Currency translation
-
-
(6)
-
-
(6)
Total comprehensive expense for the period
-
-
(6)
-
(926)
(932)
Issue of ordinary shares
733
2,933
-
-
-
3,666
Cost of issue
-
(173)
-
-
-
(173)
Share based payment expenses
-
-
-
256
-
256
Total transactions with owners
733
(2,760)
-
256
-
3,749
Balance at 31 December 2025 (unaudited)
1,392
6,499
(9)
256
(2,571)
5,567

 

FIRST DEVELOPMENT RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

 

6 months ended
31 December 2025
(unaudited)
6 months ended
31 December 2024
(unaudited)
Year
ended
30
June
2025
(audited)
Note
£'000
£'000
£'000
Cash flows from operating activities
Loss for the period
(926)
(176)
(463)
Adjustments for:
Depreciation of property, plant and equipment
-
-
1
Finance expense
5
-
3
Share-based payment expense
256
-
-
2Expenses settled in shares
25
-
-
Foreign exchange differences
(19)
40
51
Changes in working capital:
(Increase)/ decrease in trade and other receivables
(24)
-
2
(Decrease)/increase in trade and other payables
(339)
50
362
Net cash used in operating activities
(1,022)
(86)
(45)
Cash flows from investing activities
Purchase of intangible assets
6
(537)
(22)
(89)
Net cash used in investing activities
(537)
(22)
(89)
Cash flows from financing activities
Issue of new ordinary share capital1 & 2
3,277
-
-
Share issue costs
(173)
-
-
Increase in borrowings
-
105
89
Proceeds from convertible loan note
-
-
50
Net cash flows from financing activities
3,104
105
139
Net increase / (decrease) in cash and cash equivalents
1,545
(3)
5
Cash and cash equivalents at beginning of period
17
12
12
Effect of foreign exchange rates
(1)
-
-
Cash and cash equivalents at end of period
1,561
9
17

 

Significant non-cash transactions during the period

1During the period ended 31 December 2025, the £50,000 convertible loan note and accrued interest of £8,000 was converted into 872,400 new ordinary shares. The intercompany balance of £200,000 owed to Power Metal Resources Plc was also converted into 2,998,501 new ordinary shares and Director's remuneration of £107,500 was converted to 1,236,882 new ordinary shares. All share conversions was at a price of 6.67p per share.

2During the period ended 31 December 2025, Director's expenses of £25,000 were settled in shares.

There have been no other significant non-cash transactions during the period.

 

 

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT

1.     Reporting entity 

First Development Resources Plc is a public company limited by shares and is incorporated and domiciled in the United Kingdom. The address of its registered office is 6th Floor, 99 Gresham Street, London, England, EC2V 7NG. The registered number of the Company is 13367677.

 

The unaudited consolidated financial statements of the Group as at and for the period ended 31 December 2025 include the Company and consolidates its subsidiaries, First Development Resources PTY LTD, URE Metals PTY LTD, Pardoo Resources PTY LTD, and RH Resources PTY LTD, who are incorporated in Australia.

 

The principal activity of the Group is the exploration and exploitation of mineral resources in Australia.

 

2.     Basis of preparation

(a)           Statement of compliance

As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report. While the financial figures included in this half-year report have been computed in accordance with international accounting standards applicable to Interim periods, this half-yearly report does not contain sufficient information to constitute an Interim Financial report as that term is defined in IAS 34.

 

The financial information presented in this interim report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 30 June 2026.

 

These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards, and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the United Kingdom, and these principles are disclosed in the Financial Statements for the year ended 30 June 2025.

 

The interim results have been prepared on a going concern basis. The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The 2025 interim financial report has not been audited.

 

The Annual Report and Financial Statements for 2025 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2025 was unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

 

The Board of Directors approved these condensed consolidated interim financial statements on 25 March 2026.

 

(b)           Judgements and estimates

Preparing the interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expense.  Actual results may differ from these estimates.

In preparing this consolidated interim financial report, significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2025, and there have been no material changes during the six-month period ended 31 December 2025.

(c)           Going concern

The interim financial report has been prepared on a going concern basis. Although the Group's assets are not generating revenues, the directors believe, having considered all available information, including the Company's proven ability to raise further equity funds from its supportive shareholder base, that the Group will have sufficient funds to meet its expected committed and contractual expenditure for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the interim financial report for the period ended 31 December 2025.

3.     Earnings per share

Basic loss per share

The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders and a weighted average number of ordinary shares in issue. The basic and diluted earnings per share are the same given the loss for the year, making the outstanding share options and warrants anti-dilutive.

 

Period
ended 31 December 2025
Period ended 31 December 2024
Year
ended
 30 June 2025
Weighted average number of ordinary shares (No.)
111,335,905
65,894,076
65,894,076
Loss attributable to ordinary shareholders (£'000)
(926)
(176)
(463)
Basic loss per share (pence)
(0.83)
(0.27)
(0.70)

 

4.     Share Capital

No. of Shares
Share capital
Share premium
£
£
Balance at 31 December 2024 (Unaudited)
65,894,076
658,941
3,738,815
Balance as at 30 June 2025 (Audited)
65,894,076
658,941
3,738,815
Issued forcash
73,298,687
732,987
2,932,702
Cost of issue
-
-
(172,735)
Balance at 31 December 2025 (Unaudited)
139,192,763
1,391,928
6,498,782

 

During the period ended 31 December 2025, the Company:

-      On 27 July 2025 issued 34,482,759 new ordinary shares at a price of 6.67p per share and its entire share capital, being 105,859,430 ordinary shares of 1 pence each, was admitted to trading on the AIM market of the London Stock Exchange.

 

-      On 27 October 2025 announced an oversubscribed strategic placing that raised £1,000,000 through the issue of 33,333,333 new ordinary shares at a price of 3p per share.

 

At the date of this interim report, the Company had 139,192,763 Ordinary Shares in issue.

 

5.     Intangible assets

Prospecting
and
Exploration
rights
Total
£'000
£'000
Cost
At 1 July 2024 (Audited)
3,664
3,664
Additions
22
22
Effect of foreign exchange
(12)
(12)
Balance at 31 December 2024 (Unaudited)
3,674
3,674
Cost
At 1 July 2025 (Audited)
3,734
3,734
Additions
537
537
Effect of foreign exchange
12
12
Balance at 31 December 2025 (Unaudited)
4,284
4,284

 

Intangible assets relate to exploration and evaluation project costs capitalised as at 31 December 2025. Additions to project costs during the period ended were in relation to projects in Australia. The exploration projects comprise of the Wallal Project, Selta Project, Rippon Hills and Braeside Project.

 

6.     Post balance sheet events

There have been no significant events since the end of the reporting period.

 

7.     Availability of interim report

A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at is 6th Floor 99 Gresham Street, London, England, EC2V 7NG. A copy can also be downloaded from the Company's website at https://firstdevelopmentresources.com//. First Development Resources PLC is registered in England and Wales with registered number 13367677.

 

**Ends**

 

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