REG - First Dev. Resources - Final Results
18/11/2025 07:00
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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/
(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 29(th) 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 7(th) 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 Year ended
30 June 2025 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)
The notes below form part of these financial statements.
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
These financial statements of First Development Resources Plc, company number
13367677, were approved by the Directors on 17 November 2025 and are signed on
their behalf by:
Benjamin Hodges
Finance Director
The notes below form part of these financial statements.
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
As permitted by Section 408 of the Companies Act 2006, the Company has not
presented its own income statement. The parent Company loss for the year was
£404,000 (2024: loss of £264,000).
These financial statements were approved by the Directors on 17 November 2025
and are signed on their behalf by:
Benjamin Hodges
Director
The notes below form part of these financial statements.
FIRST DEVELOPMENT RESOURCES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Foreign exchange Accumulated losses
Share capital Share premium reserve 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
See note 15 for the nature and purpose of each reserve.
The notes below form part of these financial statements.
FIRST DEVELOPMENT RESOURCES PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Accumulated losses
Share capital Share premium 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)
See note 15 for the nature and purpose of each reserve.
The notes below form part of these financial statements.
FIRST DEVELOPMENT RESOURCES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
Year Year
ended ended
30 June 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
There have been no significant non-cash transactions during the year.
The notes below form part of these financial statements.
FIRST DEVELOPMENT RESOURCES PLC
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
Year Year
ended ended
30 June 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
There have been no significant non-cash transactions during the year.
The notes below form part of these financial statements.
FIRST DEVELOPMENT RESOURCES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
1. General information
First Development Resources Plc ("the Company") is a public limited 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, England, EC2V 7NG. The registered number of the Company is 13367677.
On 29(th) July 2025 the Company announced the admission of its entire share
capital to trading on the AIM Market of the London Stock Exchange.
This financial information comprises the Company and consolidates its wholly
owned subsidiary undertakings, First Development Resources PTY LTD, Pardoo
Resources PTY LTD, RH Resources PTY LTD and URE Metals PTY LTD, incorporated
in Australia (together "the Group").
The principal activity of the Group is the exploration and exploitation of
mineral resources in Australia.
2. Accounting policies
Basis of preparation
The consolidated financial statements have been prepared in accordance with
UK-adopted international accounting standard As regards the Company financial
statements, as applied in accordance with the requirements of the Companies
Act 2006. The financial statements are prepared on the historical cost
convention.
The preparation of financial statements in accordance with UK-adopted IAS
requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group's
accounting policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed in note 3.
The financial statements are presented in Pound Sterling ("£") and all values
are rounded to the nearest thousand (£'000), except where otherwise stated.
The functional currency of the Company is Pound Sterling (£).
Going concern
The Group meets its working capital requirements from its cash and cash
equivalents. The Company is pre-revenue, and to date the Company has raised
finance for its activities through the issue of equity.
The Group had £17,000 of cash and cash equivalents at 30 June 2025, and
subsequent to reporting date on 29th July 2025 the Company raised £2,300,000
before costs pursuant to its admission to AIM and in October 2025 further
£1,000,000 before costs through the issue of 33,333,333 new ordinary shares
via a broker led placing. The Group's and Company's ability to meet
operational objectives and general overheads is reliant on raising further
capital in the future.
The financial statements are prepared on a going concern basis. In assessing
whether the going concern assumption is appropriate, The Board regularly
reviews market conditions. The groups cash balance is alignment with the
Company's forward commitments and shall where deemed necessary revise
expenditure commitments. At the date of this report, based on management
prepared cashflow forecasts, The Directors are confident that the Group has
raised sufficient capital to fund the Group's key project for the period to
December 2026. These financial statements do not include the adjustments that
would be required if the Group could not continue as a going concern.
New and amended standards and interpretations
Information on new standards, amendments and interpretations that effective
for the period beginning 1 January 2025 is provided below:
- Lack of Exchangeability (Amendments to IAS 21 The Effects of
Changes in Foreign Exchange Rates)
The Group did not have to change its accounting policies or make retrospective
adjustments as a result of adopting these new standards and amendments and
they did not have a material impact.
At the date of approval of these financial statements, the following standards
and interpretations which have not been applied in these financial statements
were in issue for the period beginning 1 January 2026 but not yet effective:
- 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
The adoption of these amendments is not expected to have a material impact on
the consolidated and company financial statements.
Basis of consolidation
The Group financial statements incorporate the financial statements of the
Company and entities controlled by the Company (its subsidiaries) prepared to
30 June 2025. Control is achieved when the Group is exposed, or has rights, to
variable returns from its involvement with the investee and has the ability to
affect those returns through its power over the
investee.
Generally, there is a presumption that a majority of voting rights results in
control. To support this presumption and when the Group has less than a
majority of the voting or similar rights of an investee, the Group considers
all relevant facts and circumstances in assessing whether it has power over an
investee, including:
• The contractual arrangement with the other vote
holders of the investee;
• Rights arising from other contractual
arrangements; and
• The Group's voting rights and potential voting
rights.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated from the
date that control ceases. Assets, liabilities, income and expenses of a
subsidiary acquired or disposed of during the year are included in the
consolidated financial statements from the date the Group gains control until
the date the Group ceases to control the subsidiary.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used in line with those used by
other members of the Group.
All intragroup assets and liabilities, equity, income, expenses, and cash
flows relating to transactions between members of the Group are eliminated in
full on consolidation.
Foreign currency translation
The financial information of the Group is presented in the currency of the
primary economic environment in which the entity operates is Pounds Sterling
(£). The functional currency of the Company is Pounds Sterling (£). All
financial information presented has been rounded to the nearest thousand
dollars, except where otherwise indicated.
Foreign currency translation (continued)
In preparing the financial information of the Group, transactions in
currencies other than the entity's functional currency (foreign currencies)
are recorded at the rates of exchange prevailing on the dates of the
transactions. At the balance sheet date, monetary items denominated in
foreign currencies are retranslated at the rates prevailing at the balance
sheet date. Exchange differences arising on the settlement of monetary items
and on the retranslation of monetary items are included in the statement of
comprehensive income for the year.
The results and financial position of all Group entities that have a
functional currency different from the presentation currency are translated
into the presentation currency as follows:
• Assets and liabilities for the statement of
financial position presented are translated at the closing rate at the date of
that statement of financial position;
• Income and expenses for the income statement are
translated at average exchange rates; and
• All resulting exchange differences are
recognised as a separate component of equity.
Taxation
Income tax represents the sum of the current tax and deferred tax charge or
credit for the year.
Current tax
Current tax is based on the taxable profit or loss for the year calculated
using tax rates that have been enacted or substantively enacted by the end of
the reporting year. The Group does not currently generate taxable profits.
Deferred tax
Deferred tax is recognised on differences between the carrying amounts of
assets and liabilities in the financial statements and the corresponding tax
bases and is accounted for using the balance sheet liability method.
Deferred tax is calculated at the tax rates that have been enacted or
substantively enacted and are expected to apply in the year when the liability
is settled, or the asset realised. Deferred tax is charged or credited to the
statement of comprehensive income, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also dealt with
in equity.
Tax assets are recognised to the extent that it is probable that taxable
profits will be available against which deductible temporary differences can
be utilised.
Judgement is applied in making assumptions about future taxable income to
determine the extent to which the Group recognises deferred tax assets, as
well as the anticipated timing of the utilisation of the losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Financial assets
Loans and receivables
(a) Classification
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They are
included in current assets. The Group's loans and receivables are included
within Trade and other receivables.
(b) Recognition and measurement
Loans and receivables are initially recognised at fair value through profit or
loss and are subsequently measured at amortised cost using the effective
interest rate method, less provision for impairment.
(c) Impairment of Financial Assets
Assets carried at amortised cost
The Group assesses at the reporting date whether there is objective evidence
that a financial asset, or a group of financial assets, is impaired. A
financial asset, or a group of financial assets, is impaired, and impairment
losses are incurred, only if there is objective evidence of impairment as a
result of one or more events that occurred after the initial recognition of
the asset (a "loss event"), and that loss event (or events) has an impact on
the estimated future cash flows of the financial asset, or group of financial
assets, that can be reliably estimated.
Receivables that are known to be uncollectible are written off by reducing the
carrying amount directly. The Group considers that there is evidence of
impairment if any of the following indicators are present:
• Significant financial difficulties of the debtor
• Probability that the debtor will enter
bankruptcy or financial reorganisation
• Default or delinquency in payments
Financial liabilities
The Group classifies its financial liabilities into one of the categories
discussed below, depending on the purpose for which the liability was
incurred. The Group's accounting policy for each category is as follows:
Amortised cost
The Group's financial liabilities held at amortised cost are recognised in the
statement of financial position when the Group becomes a party to the
contractual provision of the instrument.
Financial liabilities measured at amortised cost comprise trade payables and
other short-dated monetary liabilities, which are initially recognised at fair
value and subsequently carried at amortised cost using the effective interest
rate method.
Determination of Fair values
All assets and liabilities for which fair value is measured or disclosed in
the historical financial information are categorised within the fair value
hierarchy. The fair value hierarchy prioritises the inputs to valuation
techniques used to measure fair value. The Group uses the following hierarchy
for determining and disclosing the fair value of financial instruments and
other assets and liabilities for which the fair value was used:
• level 1: quoted prices in active markets for
identical assets or liabilities;
• level 2: inputs other than quoted prices
included in level 1 that are observable for the asset or liability, either
directly (as prices) or indirectly (derived from prices); and
• level 3: inputs for the asset or liability that
are not based on observable market data (unobservable inputs)
Intangible assets
(i) Prospecting and exploration rights
Rights acquired with subsidiaries are recognised at fair value at the date of
acquisition. Other rights acquired and development expenditure is recognised
at cost.
The Group recognises expenditure as exploration and evaluation assets when it
determines that those assets will be successful in finding specific mineral
resources (IFRS 6 assets). Expenditure included in the initial measurement of
exploration and evaluation assets, and which are classified as intangible
assets relate to the acquisition of rights to undertake topographical,
geological, geochemical and geophysical studies, exploratory drilling,
trenching, sampling and other activities to evaluate the technical feasibility
and commercial viability of extracting a mineral resource.
Capitalisation of pre-production expenditure ceases when the mining property
is capable of commercial production.
When a project is deemed not feasible, related costs are expensed as incurred.
Costs incurred include any costs pertaining to technical and administrative
overheads. Administration costs that are not directly attributable to a
specific exploration area are expensed as incurred, and subsequently
capitalised if it is reasonably certain that a resource will be defined.
Capitalised development expenditure will be measured at cost less accumulated
amortisation and impairment losses.
(ii) Impairment
Intangible assets not yet available for use are tested for impairment
annually. Whenever events or changes in circumstance indicate that the
carrying amount of an asset may not be recoverable, an asset is reviewed for
impairment. An asset's carrying value is written down to its estimated
recoverable amount (being the higher of the fair value less costs to sell and
value in use) if that is less than the asset's carrying amount.
Impairment reviews for deferred exploration and evaluation expenditure are
carried out on a project-by-project basis, with each project representing a
potential single cash generating unit. An impairment review is undertaken when
indicators of impairment arise such as:
• unexpected geological occurrences that render
the resource uneconomic;
• title to the asset is compromised;
• variations in mineral prices that render the
project uneconomic;
• substantive expenditure on further exploration
and evaluation of mineral resources is neither budgeted nor planned; and
• the year for which the Group has the right to
explore has expired and is not expected to be renewed.
Impairment losses are recognised in profit or loss. For all assets, an
impairment loss is reversed only to the extent that the asset's carrying
amount does not exceed the carrying amount that would have been determined,
net of depreciation or amortisation, if no impairment loss had been
recognised.
Convertible loans
Convertible loan notes are recognised initially at fair value, net of directly
attributable transaction costs.
The notes are assessed under IAS 32 Financial Instruments: Presentation to
determine whether they contain both a liability and an equity component.
Where the conversion feature results in the delivery of a variable number of
shares (for example, when the conversion price is linked to a future
fundraising price), the instrument is classified in its entirety as a
financial liability.
Subsequent to initial recognition, the notes are measured at amortised cost
using the effective interest method, with interest expense recognised in
finance costs in the statement of profit or loss.
Where conversion occurs, the carrying amount of the liability (including any
accrued interest) is derecognised and credited to share capital and share
premium at the date of conversion.
If the notes are redeemed in cash, the carrying amount is derecognised upon
settlement.
Share Capital
Ordinary shares are classified as equity. There is one class of ordinary share
in issue, as detailed in note 14.
3. Critical accounting estimates and judgements
In the application of the accounting policies, which are described in note 2,
the Directors are required to make judgements, estimates and assumptions which
affect reported income, expenses, assets, liabilities and disclosure of
contingent assets and liabilities. The estimates and associated assumptions
are based on historical experience, expectations of future events and other
factors that are believed to be reasonable under the circumstances. Actual
results in the future could differ from such estimates. The estimates and
underlying assumptions are reviewed on an on-going basis. Revisions to
accounting estimates are recognised in the year in which the revision is made.
Sources of estimation uncertainty
Carrying value of intangible exploration assets - Note 8
As at 30 June 2025, the Group held mineral resource intangible assets of
£3,735,000 (2024: £3,678,000). In arriving at the carrying value of
intangible assets, the Group determines the need for impairment on an annual
basis based on the level of geological knowledge and confidence of the mineral
resources, by reference to the specific impairment indicators prescribed in
IFRS 6. Such decisions are taken on the basis of the exploration and research
carried out in the year and by utilising expert reports including the latest
Competent Person's Report.
As a result of the exploration and research carried out to date, the budget
for further exploration costs and the licenses being valid, the Directors do
not consider that any intangible assets are impaired as at 30 June 2025.
These estimates and assumptions are subject to risk and uncertainty and
therefore there is a possibility that changes in circumstances will impact the
assessment of impairment indicators.
Impairment of investment in subsidiary - Note 13
The investments in subsidiaries are assessed annually to determine if there is
any indication that any of the investments might be impaired. Given that the
major assets on the balance sheet of all subsidiaries is exploration and
evaluation ("E&E") minerals interests, and that it is the Company's
intention to undertake further exploration activities on each of the E&E
cash generation units, subject to funding, the Company does not believe that
an impairment of investment in subsidiaries is warranted for the year ended 30
June 2025.
Converitble loan note - Note 12
Management exercises significant judgement in determining whether a
convertible instrument contains both liability and equity components. Where
the number of shares to be issued upon conversion is variable, or the
conversion price is not fixed, the instrument fails the "fixed-for-fixed"
criterion under IAS 32 and is therefore classified wholly as a financial
liability.
4. Administrative expenses
Year ended Year ended
30 June 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 Year ended
30 June 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
5. Finance Expense
Year ended Year ended
30 June 30 June
2025 2024
£'000 £'000
Interest expense on CLN 3 -
3 -
6. Employees and Directors
Key management compensation
Key management personnel include all Directors, who together have authority
and responsibility for planning, directing, and controlling the activities of
the Group.
Average monthly number of people employed by activity:
30 June 30 June
2025 2024
Directors 5 6
5 6
Total key management personnel compensation for the year was as follows:
30 June 30 June
2025 2024
£'000 £'000
Wages and salaries 101 60
Social security costs 10 2
Consultancy fees - 6
111 68
7. Taxation
30 June 30 June
2025 2024
£'000 £'000
Current taxation - -
Deferred taxation - -
Total taxation for the year - -
A reconciliation of the income tax expense applicable to the accounting loss
before tax at the statutory income tax rate to the income tax expense at the
Group's effective income tax rate is as follows:
30 June 30 June
2025 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 - -
The Company has approximately £1,641,000 (2024: £1,181,000) of tax losses to
carry forward against future taxable profits. A deferred tax asset has not
been recognised because of uncertainty over future taxable profits against
which the losses may be used. Tax losses can be carried forward indefinitely.
8. Intangible assets
Group
Website Prospecting Total
and
exploration
rights
£'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
Company
Website Prospecting Total
and
exploration
rights
£'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
Intangible assets relate to exploration and evaluation project costs
capitalised as at 30 June 2025. Additions to project costs during the year
ended 30 June 2025 were in relation to projects in Australia.
Intangible assets represent the rights to exploration in each of the three
project areas:
Wallal Project: Our 100% owned flagship Wallal copper-gold Project is located
in the Paterson Province of Western Australia. The Wallal project covers an
area of 572km(2) and is our primary focus in the region. It is of particular
interest due to a number of geophysical anomalies which have been identified
following the completion of an in-depth study which included the reprocessing
of historic seismic data along with the analysis of historic magnetic and
gravity geophysical surveys.
Selta Project: The Selta Project in the Northern Territory is located in an
area considered highly prospective for uranium and Rare Earth Element
mineralisation along with base and precious metal mineralisation. Numerous
companies are actively exploring within the region. The Selta project is
comprised of three granted exploration licences and covers a total land area
of almost 1,600km(2). The project is located less than 70km northwest of
Arafura Rare Earths high-grade, world-class Nolans REE deposits.
Ripon Hills and Braeside Projects: First Development Resources fully licenced
Ripon Hills and Braeside West Projects cover a combined area of approximately
167km(2). The tenements are located approximately 250km southeast of Port
Hedland on the western edge of the Paterson Province in Western Australia. The
projects are located on the western and eastern limbs of the Oakover Syncline.
The area is primarily prospective for manganese, similar to the nearby Woodie
Woodie manganese mine, as well as base-metal and gold mineralisation
associated with deep seated north to north-westerly trending fault structures.
These fault structures have the potential to be conduits for various styles of
hydrothermal mineralisation as evidenced by recent exploration conducted by
ASX listed Rumble Resources Limited on land adjacent to the Braeside West
tenement.
9. Cash and cash equivalents
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
10. Trade and other receivables
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
The amount due from related parties relates to loan amounts from First
Development Resources Plc to each of the four subsidiaries in the Group. The
advances are unsecured, interest free and repayable when sufficient cash
resources are available in each subsidiary.
11. Trade and other payables
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
12. Borrowings
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
Borrowings relate to amounts due to Power Metal Resources Plc, the majority
shareholder. The advances are unsecured, interest free and repayable when
sufficient cash resources are available in the Group.
In December 2024, the Company issued £50,000 unsecured convertible loan notes
("CLNs") bearing interest at 10% per annum, maturing on the earlier of the
Company's admission to AIM or twelve months from issue. The CLNs were issued
to provide working capital in connection with the Company's proposed AIM
admission.
Under the terms of the instrument:
· On the Maturity Date, the principal and accrued interest are
automatically converted into ordinary shares at the fundraising price
applicable on Admission, provided the Admission condition is satisfied.
· If Admission does not occur, or if the Company elects to redeem
the notes, the CLNs are redeemable in cash at par plus accrued interest.
As the conversion price is determined by reference to a future fundraising
price, the conversion feature does not meet the fixed-for-fixed criterion
under IAS 32. Accordingly, the entire instrument has been classified as a
financial liability.
At 30 June 2025, the CLNs remain outstanding and are presented as current
liabilities. The CLNs automatically converted into ordinary shares in July
2025 following Admission, extinguishing the liability in exchange for equity.
13. Investment in subsidiaries
The direct subsidiary undertakings of the Company are presented below:
Subsidiaries Country of incorporation Registered Address Activity Proportion of ordinary shares held
First Development Resources Pty Ltd Australia Unit 1 160 Mineral exploration 100%
Stirling Hwy
Nedlands Wa 6009
Australia
Pardoo Resources Pty Ltd Australia Unit 1 160 Mineral exploration 100%
Stirling Hwy
Nedlands Wa 6009
Australia
RH Resources Pty Ltd Australia Unit 1 160 Mineral exploration 100%
Stirling Hwy
Nedlands Wa 6009
Australia
URE Metals Pty Ltd Australia Unit 1 160 Mineral exploration 100%
Stirling Hwy
Nedlands Wa 6009
Australia
14. Share capital
a) Issued and allotted capital
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
The shares have attached to them full voting, dividend, and capital
distribution (including winding up) rights; they do not confer any rights of
redemption.
15. Reserves
Share capital
The share capital comprises the issued ordinary shares of the Company at par
value.
Share premium
The share premium comprises the excess value recognised from the issue of
ordinary shares above par value.
Shares to be issued
Shares to be issued represents share subscription monies received before a
share placement has closed and shares issued.
Foreign exchange reserve
The foreign exchange reserve comprises exchange differences arising on
translation of assets from functional currency to presentational currency.
Accumulated losses
Accumulated losses comprise cumulative accounting losses since incorporation.
16. Earnings per share
Basic and diluted loss per share
The calculation of basic loss per share is based on the loss attributable to
ordinary shareholders of £447k (2024: £296k), and a weighted average number
of ordinary shares in issue of 65,894,076 (2024: 65,894,076.)
17. Financial instruments
Categories of financial instruments
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
The Directors consider that the carrying amounts of the financial instruments
approximate to their fair value.
Risk management
The Group's activities expose it to a variety of financial risks: market risk
(including cash flow and interest rate risk), liquidity risk, foreign exchange
risk and credit risk. Risk management is carried out by the Directors of the
Group. The Group uses financial instruments to provide flexibility regarding
its working capital requirements and to enable it to manage specific financial
risks to which it is exposed.
The Group finances its operations through a mixture of debt finance, cash and
liquid resources and various items such as trade debtors and trade payables
which arise directly from the Group's operations.
Credit risk and management
Credit risk refers to the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group. In order to
minimise the risk, the Group endeavours only to deal with companies which are
demonstrably creditworthy and this, together with the aggregate financial
exposure, is continuously monitored. The maximum exposure to credit risk is
the carrying value of its financial receivables, trade and other receivables
and cash and cash equivalents as disclosed in the notes.
The Group does not consider that there is any concentration of risk within
either trade or other receivables. Current receivables currently consist of
amounts due from related parties and minor other debtors. These balances are
evaluated on a regular basis for recoverability, considering historic, current
and forward-looking information
Credit risk on cash and cash equivalents is considered to be very low as the
counterparties are all substantial banks with high credit ratings.
Currency risk
Foreign currency risk refers to the risk that the value of a financial
commitment or recognised asset or liability will fluctuate due to changes in
foreign exchange rates. The Group operates internationally and is exposed to
currency risk, primarily between Pound Sterling and the Australian Dollar,
arising on cash and cash equivalents, receivables and payables denominated in
a currency other than the respective functional currencies of the Group. The
Group does not have a policy of using hedging instruments but will continue to
keep this under review
Market risk
Market risk is the risk that changes in market prices, such as commodity
prices, interest rates, foreign exchange rates, and equity prices
will affect the Group's income or the value of its holdings in financial
instruments.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows
associated with the instrument will fluctuate due to changes in market
interest rates. Interest bearing assets including cash and cash equivalents
are considered to be short-term liquid assets. Due to the nature of the
organisation of the Group, the Group does not have any exposure to interest
rate risk given it does not have any assets or liabilities linked to variable
interest rates. It is the Group's policy to settle payables within the
credit terms allowed and the Group does therefore not incur interest on
overdue balances. No sensitivity analysis has been prepared as a 1% rise or
fall in the Bank of England base rate would not have a material effect on the
Group's interest charge.
Capital risk management
The capital structure of the business consists of cash and cash equivalents,
debt and equity. Equity comprises share capital, share premium and retained
earnings and is equal to the amount shown as 'Equity' in the balance sheet.
Debt comprises various items which are set out in further detail above and in
note 12.
The Group's current objectives when maintaining capital are to:
- Safeguard the Group's ability as a going concern
so that it can continue to pursue its growth plans.
- Provide a reasonable expectation of future
returns to shareholders.
- Maintain adequate financial flexibility to
preserve its ability to meet financial obligations, both current and long
term.
The Group sets the amount of capital it requires in proportion to risk. The
Group manages its capital structure and adjusts it in the light of changes in
economic conditions and the risk characteristics of underlying assets. In
order to maintain or adjust the capital structure, the Group may issue new
shares or sell assets to reduce debt.
For the year under review to 30 June 2025, First Development Resources Plc's
business strategy remained unchanged.
18. Related parties
Transactions with related parties
During the year, the Company received funds of £89,145 (2024: £144,687) and
was recharged expenditure of £22,862 (2024: £43,599) from Power Metal
Resources Plc. At the year end, the Group owed Power Metal Resources Plc
£336,176 (2024: £224,169).
During the year, the Company incurred expenses of £17,154 (2024: £12,847) in
relation to Director's services from Moulton Metals Pty Ltd in which Craig
Moulton had an ultimate beneficial interest. At year end, £8,000 (2024:
£12,847) was included in trade and other payables.
Advances from First Development Resources Plc to subsidiaries
As at 30 June 2025 there were amounts receivable of £382,490 (2024:
£322,093) due from First Development Resources Pty Ltd, £60,257 (2024:
£60,412) due from URE Metals Pty Ltd, £28,162 (2024: £19,507) due from RH
Resources Pty Ltd and £50,514 (2024: £30,038) due from Pardoo Resources Pty
Ltd. The advances were interest-free and repayable when sufficient cash
resources are available in the subsidiaries.
During the year the Company made cash advances to its subsidiaries of £90,449
(2024: £94,523) (Refer to note 10).
All Group transactions were eliminated on consolidation.
19. Ultimate Controlling Party
The ultimate controlling party of the Company is Power Metal Resources Plc.
20. Capital commitments
The Wallal Project tenements have expiry dates of either 23 September 2026, 29
September 2026 or 24 October 2026. The minimum annual expenditure required to
be incurred on those tenements amounts to AU$178,000 (£88,500).
The Ripon Hills and Braeside Project tenements have expiry dates of 5 July
2028 and 21 November 2026. The minimum annual expenditure required to be
incurred on those tenements amounts to AU$93,000 (£46,200).
The Selta Project tenements expire on 15 February 2028. The minimum annual
expenditure required to be incurred on those tenements amounts to AU$219,000
(£109,000).
21. Events after the reporting date
On 29 July 2025, the Company raised gross proceeds of £2.3 million through
the issue of 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 7 October 2025, The Company announced the change of Registered Office to
D&A Secretarial Services Limited, 6th Floor, 99 Gresham Street, London
EC2V 7NG.
On 27 October 2025, The Company 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 in the Company.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
For further information visit www.firstdevelopmentresources.com
(http://www.firstdevelopmentresources.com) or contact the following:
First Development Resources plc Tel: +44 (0) 20 3778 1397
Tristan Pottas (CEO)
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Nominated Adviser
Roland Cornish / Asia Szusciak
SI Capital Limited Tel: +44 (0) 1483 413 500
Broker
Nick Emerson
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.
ABOUT FIRST DEVELOPMENT RESOURCES
First Development Resources' assets comprise eight granted tenements covering
a total area of 2,314.4km(2). Five of the tenements, comprising three
prospective copper-gold projects, are located in Western Australia (WA) while
the remaining three tenements, comprising a rare-earth element (REE), uranium,
lithium and gold project, are located in the Australian's Northern Territory.
All tenements are wholly owned by FDR. The assets are a mixture of drill ready
and earlier stage exploration.
The WA Projects include the Company's Wallal Project as well as Ripon Hills
and Braeside West Projects situated in the Paterson Province, which is widely
regarded as one of the most productive regions in Australia for the discovery
of world-class gold-copper deposits, and which is home to several world-class
mines and more recent discoveries.
The Selta Project in the Northern Territory is located in an area considered
highly prospective for uranium and rare-earth element mineralisation along
with base and precious metal mineralisation. Numerous companies are actively
exploring within the region.
Beyond the existing portfolio, FDR is actively looking to expand its portfolio
through the acquisition of early-stage exploration projects in Australia.
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. END FR FFFLILDLDLIE
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