REG - First Dev. Resources - Interim Results
26/03/2026 07:00
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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 6 months ended Year
31 31 December 2024 Ended
December 2025 (unaudited) 30
(unaudited) 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 Share Foreign exchange reserve Share based payment reserve Accumulated Total
capital premium £'000 £'000 losses equity
£'000 £'000 £'000 £'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 6 months ended Year
31 December 2025 31 December 2024 ended
(unaudited) (unaudited) 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 - -
(2)Expenses 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 capital(1 & 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
(1)During 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.
(2)During 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 Period ended 31 December 2024 Year
ended 31 December 2025 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 for cash 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 Total
and
Exploration
rights
£'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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