REG - GCM Resources PLC - Interim results for the 6 months ended 31 Dec 2025
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RNS Number : 6823Y GCM Resources PLC 31 March 2026
31 March 2026
GCM Resources plc
("GCM" or the "Company")
Interim Results for the 6 months ended 31 December 2025
GCM Resources plc (AIM: GCM), the AIM traded resource exploration and
development company, announces its interim results for the six months ended
31 December 2025. The Chairman's Statement and the full unaudited interim
report are presented below and will shortly be available at the Company's
website www.gcmplc.com (http://www.gcmplc.com) .
Highlights and Outlook
· Geopolitical energy disruption in early 2026 exposed Bangladesh's
vulnerability to imported fuel shocks; policy debate has shifted toward
greater use of domestic energy resources:
· Phulbari remains development‑ready and capable of supplying at
least 60% of Bangladesh's current domestic coal power demand, with the
additional benefit of reducing the country's FX outflow.
· Metallurgical coal traded on the international market will increase
FX.
· Corporate progress: MOU with PowerChina extended to Dec 2027; EPC
scope evolved; two post‑period placings raised circa £2.25m (Jan-Feb 2026)
to strengthen working capital; board change (interim NED Chair).
· H1 FY26 financials: loss after tax £1.012m; lower admin costs and
continued capitalised pre‑development expenditure.
· BNP won the Bangladesh National Election and the Company is well
positioned to support its evolving energy security strategy. Management
priorities:
· Advance engagement with the newly elected government and remain
responsive to government policy and market conditions.
· Preserve technical studies, permit readiness and keep stakeholders
informed.
· Manage costs and liquidity with current cash from recent placings.
Chairman's Statement
Before moving on to review the reporting period, recent developments in global
energy markets and Bangladesh's evolving energy policy warrant highlighting
given their relevance to the long-term outlook for the Phulbari Coal and Power
Project.
Over the past year the debate surrounding Bangladesh's energy security has
intensified. The country has invested heavily in modern coal-fired generation
capacity, with some 8,000 megawatts of predominantly high-efficiency,
low-emission Ultra-Supercritical ("HELE") coal-based power plants installed.
However, many of these facilities depend on imported coal, resulting in
pressure on foreign exchange reserves ("FX") and exposing the power sector to
volatility in international fuel markets.
The vulnerability associated with heavy reliance on imported energy has become
increasingly evident in global markets during early 2026 following the
escalation of conflict involving Iran and other regional actors in the Middle
East. The Strait of Hormuz, through which approximately 20% of the world's oil
and liquefied natural gas ("LNG") supply passes, has experienced significant
disruption. This has resulted in volatility in oil and LNG markets and
increased shipping risks and associated costs.
Energy analysts note that even temporary disruption to this strategic
chokepoint can result in significant long-term price increases and supply
chain instability, highlighting the vulnerability of energy-importing
economies to geopolitical shocks affecting global fuel supply routes.
For developing economies in particular, these developments reinforce the
importance of maintaining a balanced energy strategy which combines imported
fuels with the development of domestic energy resources where available. The
ongoing disruption has served as a reminder across many energy-importing
nations, such as Bangladesh, of the risks associated with excessive dependence
on international energy markets and long supply chains.
Against this broader global context, there has been growing recognition within
Bangladesh's policy community that the country should consider utilising its
own substantial domestic coal resources. Bangladesh is estimated to possess
more than 7.8 billion tonnes of coal resources. However, much of this is
destined to remain in the ground, with "proved" mining reserves known only for
the Phulbari, Barapukuria and Dighipara coal deposits.
Bangladesh currently produces coal only from the Barapukuria underground mine,
which supplies the adjacent Barapukuria power station. In policy discussions
concerning the future of the country's coal sector, officials frequently
reference both Barapukuria and the much larger Phulbari deposit as the
principal known coal resources capable of contributing to domestic energy
supply. While Barapukuria has demonstrated that coal can be successfully
produced within Bangladesh, the significantly larger scale and favourable
geology of the Phulbari resource has long been recognised as offering the
potential to supply a substantial portion of the country's long-term coal
requirements through open pit mining, should development approval be granted.
Energy Policy Developments in Bangladesh
During the reporting period Bangladesh's Interim Government continued to
review national energy policy considering rising fuel import costs and
concerns regarding long-term energy security.
In July 2025, advisers to the Interim Government's Energy and Power Division
publicly noted that Bangladesh's growing fleet of coal-fired power plants had
created a structural dependence on imported coal. Officials indicated that
while imported fuels will remain an important component of the country's
energy mix, consideration should also be given to the responsible development
of domestic energy resources where feasible.
Senior officials within the Ministry of Power, Energy and Mineral Resources
also highlighted the increasing pressure that energy imports place on the
country's foreign exchange reserves. Officials observed that Bangladesh's
energy import bill has risen significantly in recent years due to global price
volatility affecting coal, liquefied natural gas and petroleum products.
An important milestone in this policy discussion occurred prior to the
reporting period in February 2025 when the Ministry convened a
government-organised seminar titled "Prospects and Challenges of Bangladesh's
Coal Resources and Measures to Overcome." The seminar, chaired by the Energy
Secretary and attended by government officials, academics and sector
specialists, examined the role that domestic coal resources could potentially
play in strengthening long-term energy security and highlighted the importance
of the proposed Phulbari coal mine development.
During the seminar it was noted that Bangladesh's existing coal-fired power
plants cannot consistently operate at full capacity due to constraints
associated with imported coal supply and the associated foreign currency
requirements.
Working Environment - Reporting Period
The reporting period occurred during a period of significant political
transition in Bangladesh following the establishment of an Interim Government
led by Nobel laureate Dr Muhammad Yunus after the political events of 2024.
The Interim Government had been tasked with overseeing governance reforms and
preparing the country for future national elections. Reform commissions were
established to review a range of areas including the constitution, electoral
processes, judicial administration and anti-corruption frameworks.
Throughout the second half of 2025 the political environment remained
relatively stable, although debate regarding the timing of future elections
continued among political parties.
During this period the Bangladesh Nationalist Party ("BNP"), one of the
country's principal political parties, also articulated policy views regarding
national energy security. BNP leaders have stated publicly that Bangladesh
should examine options to strengthen domestic energy production in order to
reduce reliance on imported fuels.
Tarique Rahman, the son of former Prime Minister Khaleda Zia, returned to
Bangladesh on 25 December after 17 years of exile in London. Following the
passing of former Prime Minister Khaleda Zia on 30 December, he became the BNP
party's Chairman.
In several public addresses during late 2025, the BNP Chairman emphasised that
long-term economic stability would require Bangladesh to develop its own
natural resources while maintaining appropriate environmental safeguards. BNP
advisers reinforced the message that the country's energy policy should
balance imported energy sources with responsible development of domestic
resources where viable.
Working Environment - Post Reporting Period
The Bangladesh general election of 12 February 2026 marked a dramatic
political shift in the country's post-Hasina era. It was the first national
vote since the 2024 uprising that forced Prime Minister Sheikh Hasina from
power, ending more than fifteen years of Awami League rule. The BNP won in a
decisive landslide, securing roughly two-thirds of parliamentary seats and
forming a majority government.
The newly elected BNP government with Tarique Raham as Prime Minister was
sworn in on 17 February 2026. Within a matter of weeks, the new government was
confronted with rapidly rising global energy prices and supply disruptions
linked to the Middle East conflict. With Bangladesh's heavy reliance on
imported fuels to sustain electricity generation and industrial production,
disruption to maritime energy supply chains or price spikes quickly translates
into domestic power shortages and fiscal stress. As a result, Prime Minister
Rahman's government entered office confronting the dual challenge of
stabilising fuel and electricity supply while also containing inflation and
maintaining economic confidence in a fragile transition environment.
Compounding these pressures is the timing of the Islamic calendar. The
government's first weeks coincide with Ramadan and the Eid al-Fitr holidays, a
period when political and administrative activity traditionally slows.
Parliamentary work, legislative initiatives and bureaucratic decision-making
are often delayed as ministers and civil servants take leave and public life
shifts toward religious observance and family gatherings. At the same time,
Ramadan typically increases demand for electricity and imported food
commodities, placing additional stress on energy supply and prices. For the
newly installed BNP administration, this combination of a global energy shock,
immediate economic expectations from voters, and the temporary slowdown of
governance during Ramadan and Eid has created a challenging start to Tarique
Rahman's premiership.
While the Company does not take positions on domestic political matters, the
Board continues to monitor developments in the national policy debate
regarding energy security and resource development.
Strategic Importance of the Phulbari Coal and Power Project
During the reporting period the Company's activities focused on promoting the
Project's relevance, particularly with government officials, many of whom were
new in their roles. At the same time our team maintained the Project in a
position of development readiness, preserving the extensive technical data
assembled during earlier feasibility work and monitoring policy developments
within Bangladesh's energy sector.
The Board believes that the Project remains well positioned to contribute to
Bangladesh's long-term energy security objectives should the Government decide
to proceed with the development of domestic coal resources. As with any major
resource project, development of the Phulbari Project remains subject to the
approval of the Government of Bangladesh and the completion of all applicable
regulatory and permitting processes.
Large Domestic Energy Resource
The Phulbari coal deposit represents one of the largest undeveloped coal
resources in South Asia, with a substantial JORC-compliant 572 million tonnes
resource capable of supporting multi-decade production.
Supports Existing Power Infrastructure
Bangladesh has installed approximately 8,000 MW of modern coal-fired
generation capacity, the majority of which currently relies on imported coal
supplies. The Phulbari coal mine will supply over 60% of the domestic coal
power station demand.
Foreign Exchange Savings
Domestic coal production from Phulbari has the potential to reduce
Bangladesh's reliance on imported fuels and alleviate pressure on foreign
exchange reserves by several billions of dollars per annum. In addition,
Phulbari is planned to produce 3 million tonnes per annum Metallurgical Coal
destined for international markets which will earn foreign currency and
further positively impact foreign exchange reserves. It will also produce
large volumes of industrial mineral co-products from the mine overburden
(removed to access coal), further reducing pressure on foreign exchange
reserves as large amounts of these materials are imported.
Development-Ready Project
Extensive feasibility studies, environmental assessments and technical
planning have been completed, positioning the Project for potential
development subject to Government approval.
Long-Term Energy Security
Phulbari could provide a stable long-term domestic fuel source capable of
supporting baseload electricity generation. In addition, it is planned to
operate a 2,000 MW solar power plant located within the mine project area and
ramp up to some 4,000 MW capacity progressively towards and post mine closure.
Announcements during the Reporting Period
(July - December 2025)
On 21 November 2025, the company released its results for the financial year
ended 30 June 2025. Subsequently, the Company's annual general meeting took
place on 17 December 2025 and all ordinary and special resolutions set out in
the notice of meeting were passed.
On 29 December 2025, the company announced the extension of the memorandum of
understanding ("MOU") for coal mine development with PowerChina for a further
24 months to 6 December 2027. The EPC contract for "Phulbari Coal Mining
Infrastructure Construction and Overburden Stripping", announced on 11 March
2024, had evolved under this MOU and now GCM and PowerChina will work on other
work packages and financing for developing the Phulbari coal mine.
Announcements after the Reporting Period
(January - March 2026)
After the reporting period the Company strengthened its financial position
through two capital raisings. The proceeds of these placings provide
additional working capital to support the Company's ongoing operations and to
maintain the Phulbari Project in development readiness.
On 16 January 2026, the Company raised approximately £1.0 million before
expenses through the placing of new ordinary shares at 6.0 pence per share.
On 11 February 2026, the Company completed a further placing raising
approximately £1.25 million before expenses through the issue of new ordinary
shares at 8.2 pence per share.
On 27 January 2026, the Company announced Non-Executive Director, Paul
Shackelton, had been dismissed and that Non-Executive Director, Charlie Green,
would assume the role of interim Non-Executive Chairman.
Financials
GCM incurred a loss after tax of £1,012,000 for the six months ended 31
December 2025 (31 December 2024: loss after tax of £1,302,000). The most
significant expenditure during the period was pre-development (non-cash)
expenditure, while administrative expenses for the six months ended 31
December 2025 were £411,000 (31 December 2024: £461,000) and capitalised
project expenditure for the period was £194,000 (31 December 2024:
£259,000).
On 16 January 2026, GCM announced that it had raised approximately £1.0
million (before expenses) by way of a placing of a total of 16,666,667 new
ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a price
of 6.0 pence per new Ordinary Share. On 11 February 2026, GCM raised a
further £1.25 million (before expenses) by way of a placing of a total of
15,244,000 new Ordinary Shares at a price of 8.2 pence per new Ordinary
Shares. The net proceeds of the aforementioned fundraises will provide the
necessary working capital to support GCM's ongoing operations. These funds
will also be allocated to corporate overheads, legal and advisory costs, and
general administrative expenses associated with managing the Company
effectively. The net proceeds of the fundraises will help ensure that the
Company is in the financial position to advance its broader strategic and
project objectives.
Outlook
Global energy markets have entered a period of increased geopolitical
uncertainty. The events surrounding the conflict involving Iran during early
2026 have demonstrated how quickly international energy supply chains can be
disrupted, particularly where critical maritime chokepoints are involved.
For many energy-importing economies this environment has reinforced the
importance of maintaining a diversified energy strategy that combines imported
fuels with the development of domestic energy resources where appropriate.
Within Bangladesh the national discussion regarding energy security and the
utilisation of domestic coal resources continues to evolve. The country has
already invested significantly in coal-based power generation capacity but
remains largely dependent on imported fuels to supply these plants.
Within this context the Phulbari Coal and Power Project remains uniquely
positioned as a large-scale, development-ready domestic coal supply option
capable of supporting Bangladesh's existing coal-fired power generation fleet.
The Directors remain appreciative of the continued support of the Company's
shareholders and stakeholders and look forward to updating the market on
further developments as they arise.
Charlie Green
Non-Executive Chairman
Interim Consolidated Income Statement
6 months ended 31 December 2025 6 months ended 31 December 2024 Year ended
unaudited unaudited 30 June
£000 £000 2025
audited
£000
Operating expenses
Pre-development expenditure (222) (628) (850)
Exploration and evaluation costs (28) 41 69
Administrative expenses (411) (461) (847)
Operating loss (661) (1,048) (1,628)
Finance revenue 6 12 20
Finance costs (357) (266) (541)
Loss before tax (1,012) (1,302) (2,149)
Taxation - - -
Loss and total comprehensive income for the period (1,012) (1,302) (2,149)
Earnings per share
Basic loss per share (pence) (0.3p) (0.5p) (0.7p)
Diluted loss per share (pence) (0.3p) (0.5p) (0.7p)
Interim Consolidated Statement of Changes in Equity
Share capital Share premium account Share based payments not settled Accumulated losses Total
£000
£000
£000 £000
£000
Balance at 1 July 2024 13,437 59,878 481 (35,340) 38,456
Total comprehensive loss - - - (2,149) (2,149)
Share issuances 599 1,150 - - 1,749
Share issuance costs - (76) - - (76)
Shares to be issued - - 111 - 111
Share based payments - - 2 - 2
Balance at 30 June 2025 14,036 60,952 594 (37,489) 38,093
Total comprehensive loss - - - (1,012) (1,012)
Share issuances - - - - -
Shares to be issued - - 222 - 222
Share based payments - - 1 - 1
Balance at 31 December 2025 (unaudited) 14,036 60,952 817 (38,501) 37,304
Balance at 1 July 2024 13,437 59,878 481 (35,340) 38,456
Total comprehensive loss - - - (1,302) (1,302)
Share issuances - - - - -
Shares to be issued - - 628 - 628
Share based payments - - 1 - 1
Balance at 31 December 2024 (unaudited) 13,437 59,878 1,110 (36,642) 37,783
Interim Consolidated Balance Sheet
31 December 2025 31 December 2024 30 June
unaudited unaudited 2025
Notes £000 £000 audited
£000
Current assets
Cash and cash equivalents 706 983 1,310
Receivables 19 37 24
Total current assets 725 1,020 1,334
Non-current assets
Right of use assets 6 11 15
Intangible assets 3 44,520 44,069 44,326
Total non-current assets 44,526 44,080 44,341
Total assets 45,251 45,100 45,675
Current liabilities
Payables 4 (1,455) (1,385) (1,373)
Lease liabilities (3) (9) (7)
Borrowings 5 (6,488) - (6,198)
Total current liabilities (7,946) (1,394) (7,578)
Non-current liabilities
Lease liabilities (1) - (4)
Borrowings - (5,923) -
Total non-current liabilities (1) (5,923) (4)
Total liabilities (7,947) (7,317) (7,582)
Net assets 37,304 37,783 38,093
Equity
Share capital 6 14,036 13,437 14,036
Share premium account 6 60,952 59,878 60,952
Other reserves 817 1,110 594
Accumulated losses (38,501) (36,642) (37,489)
Total equity 37,304 37,783 38,093
Interim Consolidated Statement of Cash Flows
6 months ended 31 December 2025 6 months ended 31 December 2024 Year ended
unaudited unaudited 30 June
£000 £000 2025
audited
£000
Cash flows used in operating activities
Loss before tax (1,012) (1,302) (2,149)
Adjusted for:
Non-cash pre-development expenditure 222 628 850
Non-cash finance costs 357 266 541
Other non-cash expenses 1 - 10
(432) (408) (748)
Movements in working capital:
Decrease(increase) in operating receivables 5 (14) (2)
Increase/(decrease) in operating payables 10 1 (1)
Cash used in operations (417) (421) (751)
Net cash used in operating activities (417) (421) (751)
Cash flows from investing activities
Payments for intangible assets (187) (254) (521)
Payments for property, plant and equipment - - -
Net cash generated from investing activities (187) (254) (521)
Cash flows from financing activities
Issue of ordinary share capital - - 1,000
Share issue costs - - (76)
Interest paid - - -
Net cash from financing activities - - 924
Total (decrease) in cash and cash equivalents (604) (675) (348)
Cash and cash equivalents at the start of the period 1,310 1,658 1,658
Cash and cash equivalents at the end of the period 706 983 1,310
Notes to the Interim Condensed Consolidated Financial Statements
1. Accounting policies
GCM Resources plc (GCM) is domiciled in England and Wales, was incorporated as
a Public Limited Company on 26 September 2003 and admitted to the London Stock
Exchange Alternative Investment Market (AIM) on 19 April 2004.
This unaudited interim report was authorised for issue by the Board of
Directors on 31 March 2026.
Basis of preparation
The annual consolidated financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRSs) as they apply to the
financial statements of the Group for the year ended 30 June 2025 and applied
in accordance with the Companies Act 2006.
The interim condensed consolidated financial statements for the six months
ended 31 December 2025 have been prepared using the same policies and methods
of computation as applied in the financial statements for the year ended 30
June 2025. The financial information contained herein does not constitute
statutory accounts within the meaning of Section 435 of the Companies Act 2006
and is unaudited. The figures for the year ended 30 June 2025 have been
extracted from the statutory accounts for that year. Those accounts have
been delivered to the Registrar of Companies and contained an unqualified
auditors' report which included a material uncertainty paragraph for the Group
to continue as a going concern and did not include a statement under section
498(2)(a) or (b), or section 498(3) of the Companies Act 2006.
Political and economic risks - carrying value of intangible asset
The principal asset is in Bangladesh and accordingly subject to the political,
judicial, fiscal, social and economic risks associated with operating in that
country.
The Group's principal project relates to thermal coal and semi-soft coking
coal, the markets for which are subject to international and regional supply
and demand factors, and consequently future performance will be subject to
variations in the prices for these products.
GCM, through its subsidiaries, is party to a Contract with the Government of
Bangladesh which gives it the right to explore, develop and mine in respect of
the licence areas. The Group holds a mining lease and exploration licences in
the Phulbari area covering the prospective mine site. The mining lease has a
30-year term from 2004 and may be renewed for further periods of 10 years
each, at GCM's option.
In accordance with the terms of the Contract, GCM submitted a combined
Feasibility Study and Scheme of Development report on 2 October 2005 to the
Government of Bangladesh. Approval of the Scheme of Development from the
Government of Bangladesh is necessary to proceed with development of the mine.
GCM continues to await approval.
The Group has received no notification from the Government of Bangladesh (the
"Government") of any changes to the terms of the Contract. GCM has received
legal opinion that the Contract is enforceable under Bangladesh and
International law, and will consequently continue to endeavour to receive
approval for development.
Accordingly, the Directors believe that the Phulbari Coal and Power Project
(the "Project") will ultimately receive approval, although the timing of
approval remains in the hands of the Government. To enhance the prospects of
the Project, GCM has engaged in a strategy to align the Project with the needs
and objectives of the Government. This includes the option to supply coal to
both privately owned and the Government's own commissioned and in the pipeline
power plants, which currently totals 8,175MW. The Government is seeking to
grow its economy and deliver electricity at prices that will ensure
competitiveness of its industries. The Group's strategy of developing the
Phulbari coal deposit as a captive, large-scale, open pit mining operation
supporting some 6,600MW of highly energy-efficient Ultra-Supercritical power
generation will enable cheaper coal-fired electricity than imported coal
options. This evolving strategy has been enhanced to include installation of a
large-scale Solar Power Park (up to 2,000MW) within the Project area, to be
installed within the first two years of gaining land access; operating the
Phulbari coal mine as a "Net Zero Carbon" or "Green Mine"; and participation
modalities for Government.
Until approval of the Scheme of Development from the Government of Bangladesh
is received there is continued uncertainty over the recoverability of the
intangible mining assets. The Directors consider that it is appropriate to
continue to record the intangible mining assets at cost, however if for
whatever reason the Scheme of Development is not ultimately approved the Group
would impair all of its intangible mining assets, totalling £44,520,000 as at
31 December 2025.
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.
Upon achieving approval of the Phulbari Coal and Power Project, significant
additional financial resources will be required to proceed to development.
2. Segment analysis
The Group operates in one segment being the exploration and evaluation of
energy related projects. The only significant project within this segment is
the Phulbari Coal and Power Project in Bangladesh.
3. Intangibles
During the period intangibles increased by £194,000. The increase is due to
capitalised mining exploration and evaluation expenditure relating to the
Phulbari Coal and Power Project in Bangladesh.
4. Payables
31 December 2025 31 December 2024 30 June
unaudited unaudited 2025
£000 £000 audited
£000
Trade payables 594 591 579
Related party accrued payable 861 794 794
1,455 1,385 1,373
The related party accrued payable of £861,000 at 31 December 2025 relates to
accrued fees (including interest of £67,000) owing to the management services
company of the Chief Executive Officer of the Company, Datuk Michael Tang PJN.
5. Borrowings
31 December 2025 31 December 2024 30 June
unaudited unaudited 2025
£000 £000 audited
£000
Short-term loan facility from related party 6,488 5,923 6,198
6,488 5,923 6,198
The Company become aware on 26 June 2025, that Polo Resources Ltd ("Polo"), a
British Virgin Islands ("BVI") incorporated company, was dissolved on 5
September 2023 as the result of the resignation of its BVI agent. The Company
has been informed that the officers of Polo are currently undertaking steps to
restore its status as a registered company in the BVI including the
appointment of a new BVI agent. This is expected to occur following, inter
alia, the satisfactory completion of customary due diligence on Polo and its
stakeholders by the new BVI agent, followed by a court order as required under
the laws of the BVI. Notwithstanding this, there can be no certainty that Polo
will be restored as a registered company in the BVI, nor as to the timing of
any such restoration. The board of directors of GCM believe that the Company's
indebtedness to Polo which, at 31 December 2025 amounted to £6,488,000
including loan interest remains unaffected given the expectation that the
officers of Polo will restore Polo's status as a registered company in the
BVI, which at the date of this report, Polo continues to remain dissolved, and
cannot call in any Loan Repayments whilst their status remains as such.
As a result of the amendment in terms noted below, the interest rate on the
loan facility increased from 15% to 16.5% effective 25 March 2024, and from
16.5% to 18% effective 25 March 2025.
The Company on 1 March 2022, as part of the completed placing and
subscriptions, amended the terms of the loan facility, such that the lender
may request conversion by the issuance of new ordinary shares in the Company
at 5.14 pence per share (being the Issue Price) subject to any necessary
regulatory approvals. All other terms of the agreement remained unchanged.
The Company on 26 March 2021, as part of the completed placing, extended and
amended the terms of the loan facility provided by Polo Resources Limited (the
"Facility") of which, as was announced on 7 January 2021, there was at 31
December 2025, £300,000 of the initial £3.5 million facility remaining
undrawn. The lender has agreed that it will not serve a repayment request on
the company for 5 years from the date of the agreement replacing the previous
provision that it was payable on demand with 90 days' notice. The lender from
26 March 2026, may request the borrower repays all or part of the utilised
portion of the loan, however as noted above whilst the Lender remains
dissolved, they are unable to issue any repayment request. The Company and
Polo Resources Limited previously agreed an increase in the interest rate from
12% to 15% per annum rising by 1.5% on the third anniversary and by a
subsequent 1.5% on each anniversary thereafter. Furthermore, the lender may
request conversion by the issuance of new ordinary shares in the Company at
7.5 pence per share (being the Issue Price) subject to any necessary
regulatory approvals. The Company may elect to repay all or part of the
outstanding loan at any time giving 60 days' notice and with the agreement of
Polo Resources Limited. Any share issue to the Lender is conditional upon the
Lender's interest, together with the interest of any parties with which it is
in concert, remaining below 30% of the Company's issued capital. All other
principal terms of the loan facility remain unchanged. Refer to the Group
accounting policies for details of Management judgement used in accounting for
the loan amendment.
5. Share issues
There were no shares issued during the period.
6. Events after the end of the reporting period
The following events took place subsequent to 31 December 2025, for which
there has been no adjustment to the 31 December 2025 financial statements:
- On 16 January 2026, GCM announced that it had conditionally
raised approximately £1.0 million (before expenses) by way of a placing of a
total of 16,666,667 new ordinary shares of 1 pence each in the Company
("Ordinary Shares") at a price of 6.0 pence per new Ordinary Share.
Highlights;
o Equity raise of approximately £1.0 million at 6.0 pence per new
Ordinary Share.
o The net proceeds from the placing are intended to be used by the Company
for working capital purposes.
o The issue price of 6.0 pence represents a discount of approximately 20 per
cent. to the closing bid price of 7.50 pence per Ordinary Share on 15
January 2026.
o Clear Capital Markets Corporate Broking ("Clear Capital") acted as sole
bookrunner in connection with the placing.
o In addition, Clear Capital, who acted as sole bookrunner in respect of the
pacing, was issued with 1,000,000 warrants to subscribe for new Ordinary
Share at a price of 6 pence per Ordinary Share exercisable for a period of 3
years from admission.
- On 27 January 2026, GCM announced that Paul Shackleton was
unanimously dismissed as a non-executive director of the Company on 26 January
2026 by the board of directors of GCM (the "Board"). The Board have commenced
the process to identify and appoint a non-executive chairman. During this
intervening period, Charlie Green will act as the Board's interim
non-executive chairman.
- On 11 February 2026, GCM announced that it had conditionally
raised approximately £1.25 million (before expenses) by way of a placing
of a total of 15,244,000 new Ordinary Shares at a price of 8.2 pence per
new Ordinary Share. Highlights;
o Equity raise of approximately £1.25 million at 8.2 pence per new
Ordinary Share.
o The net proceeds from the placing are intended to be used by the Company
for working capital purposes.
o The issue price of 8.2 pence represents a discount of approximately 18 per
cent. to the closing bid price of 10.00 pence per Ordinary Share on 9
February 2026.
o Clear Capital acted as sole bookrunner in connection with the placing.
o In addition, Clear Capital, was issued with 914,640 warrants to subscribe
for new Ordinary Share at a price of 8.2 pence per Ordinary Share
exercisable for a period of 3 years from Admission.
-
This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014 and has been announced in accordance
with the Company's obligations under Article 17 of that Regulation.
For further information:
GCM Resources plc Tel: +44 (0) 20 7290 1630
Keith Fulton, Finance Director info@gcmplc.com
www.gcmplc.com (http://www.gcmplc.com)
Allenby Capital Limited Tel: +44 (0)20 3328 5656
Nominated Adviser and Joint Broker info@allenbycapital.com (mailto:info@allenbycapital.com)
John Depasquale / Vivek Bhardwaj (Corporate Finance)
Kelly Gardiner / Lauren Wright (Sales and Corporate Broking)
Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Joint Broker
Richard Hutchison/ Lewis Jones
About GCM Resources plc
GCM Resources plc (LON: GCM), the AIM resource exploration and development
company, has identified a high-quality coal resource of 572 million tonnes
(JORC 2004 compliant) at the Phulbari Coal and Power Project (the "Project")
in north-west Bangladesh.
Utilising the latest highly energy efficient power generating technology the
Phulbari coal mine can support some 6,600MW. GCM requires approval from the
Government of Bangladesh in order to develop the Project. The Company has a
strategy of linking the Company's mine proposal to supplying coal to the
Government of Bangladesh's existing and in the pipeline coal-fired power
plants and / or power plants developed development partners. Together with
credible, internationally recognised strategic development partners, GCM aims
to deliver a practical power solution to provide the cheapest coal-fired
electricity in the country, in a manner amenable to the Government of
Bangladesh.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
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. END IR DZGFFDGMGVZM
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