REG - Great Southrn.Copper - Interim Results
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RNS Number : 8168K Great Southern Copper PLC 09 December 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
9 December 2025
Great Southern Copper plc
("GSC" or the "Company")
Interim Results
Great Southern Copper plc (LSE: GSCU), the Company focused on
copper-gold-silver exploration in Chile, announces its results for the six
months ended 30 September 2025 ("the Period").
HIGHLIGHTS
Especularita Project
Cerro Negro
· Assay results released at the start of the Period for the
Company's maiden Phase I drilling programme at the Mostaza mine demonstrate
the high-grade nature of the Mostaza system, with highest reported assay
grades of 16.15% copper ("Cu") and 646 grammes per tonne ("g/t") silver
("Ag"), with four samples reporting copper assay grades over 8.0% Cu. Other
standout intercepts included 33 metres ("m") at 1.96% Cu and 60.6 g/t Ag and
9.67% Cu & 175 g/t Ag from 116.4m.
· In conjunction with the drilling, ground exploration work extended
the potential mineralised strike of the Mostaza mineralised system by a
further two kilometres ("km") south of the historic Mostaza mine defining the
"Mostaza Fault Zone", with new breccia-hosted mineralisation, altered volcanic
units and additional artisanal workings identified.
· Geophysical surveys were conducted across the Mostaza Fault Zone,
targeting deeper extensions of the high-grade lenses and defining priority
drill targets. These surveys were undertaken to assist in targeting Phase III
exploration drilling at Cerro Negro up to two kilometres south of the Mostaza
mine ("Mostaza") where Phase I drilling intersected significant Cu-Ag
mineralisation.
o The survey identified an IP anomaly consistent with the high-grade
sulphide mineralisation drilled beneath the Mostaza mine, confirming the
potential for sulphide mineralisation along trend south of the mine.
· Phase II diamond drilling delivered further encouraging results
across the full programme, including intercepts of 13.9m at 1.74% Cu and 153
g/t Ag, 5m at 3.04% Cu and 322.4 g/t Ag with highest assay grades up to 10.4%
Cu and 672g/t Ag. The campaign confirmed manto-style mineralisation beneath
leached outcropping lenses, extended Lens 2 along strike and at depth, defined
multiple new drill targets for Phase III in combination with geophysics, and
confirmed a new mineralised lens ("Lens 1") north of the main Lens 2 body.
· Phase III diamond drilling commenced with the first rig arriving at
site in August. This programme is designed to extend the high-grade
copper-silver mineralisation intersected in Phases I and II, test beneath
shallow leached zones where drilling ended in strong silver grades, and then
to step out along the Mostaza Fault trend to drill priority geochemical and
geophysical targets to the south.
· Post-period on 14 October, results of the Company's channel rock
chip sampling programme at the Monolith Cu-Ag prospect ("Monolith") identified
a new 50m-wide zone of Ag-Cu mineralisation, with assays grades up to 271 g/t
Ag and 2.05% Cu.
· Post-period on 14 October, the Company reported that a second
diamond drill rig had arrived on site to advance Mostaza Phase III drill
programme, targeting extensions and in-fill to the Lens 2 mineralisation.
· Post-period on 11 November, the Company announced it had mobilised
a third drill rig to commence scout reverse circulation ("RC") drilling. This
drilling programme comprises up to 2,000m of RC drilling and is designed to
test the Mostaza Fault Zone and newly identified oxide copper mineralisation
in the hanging wall volcanics, where recent rock chip samples returned grades
up to 2.56% Cu and 293 g/t Ag.
Viuda Negra
· Results of an initial seven-hole scout RC drilling campaign at
Viuda were announced at the start of the Period, which confirmed a broad-scale
porphyry type alteration system with zoned geochemistry and trace element
trends consistent with porphyry type deposits, inclusing notable assay results
of 12m at 1.5 g/t gold ("Au") and 0.47% Cu.
· Scout diamond drilling at Viuda Negra commenced during the period
with four drill holes completed for a total of 553 m. Drilling targeted
surface alteration and Ag-Au rock geochemistry anomalies with all holes
intersecting broad zones of quartz-magnetite banded veining and breccia hosted
mineralisation in feldspar porphyry.
· Assay results from the diamond drilling programme confirmed the
discovery of a porphyry gold mineralised system with broad mineralised
intervals, including 121.5m at 0.11 g/t Au and 0.05% Cu. This system is
measured at 1.2km by 0.8 km and is open, with planning underway for further
exploration.
Corporate
· Post-period on 20 November, the Company successfully raised £2.5
million through a private placing with existing and new investors. This
funding will be used to finance its ongoing exploration programmes at the
Especularita Project in Chile.
Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "This has
been another strong Period for Great Southern Copper, with our exploration
programmes delivering excellent progress and results across the Especularita
Project. The continued success at Cerro Negro, where high-grade copper and
silver mineralisation has now been intersected over an expanding footprint,
reinforces our confidence in the potential scale of this system.
"We are also encouraged by the confirmation of a new porphyry gold system at
Viuda Negra, which adds meaningful depth to our exploration portfolio and
highlights the broader potential of Especularita to host multiple mineralised
centres.
"With Phase III drilling now underway at Cerro Negro, supported by an expanded
multi-rig programme and our financial position strengthened following the
recent fundraise, we are well positioned for the next stage of work across our
key targets. We look forward to maintaining the momentum of this Period as we
work to unlock the full potential of our assets."
Enquiries:
Great Southern Copper plc
Sam Garrett, Chief Executive Officer +44 (0)20 4582 3500
SI Capital Limited
Nick Emerson +44 (0)14 8341 3500
BlytheRay
Tim Blythe / Megan Ray +44 (0) 20 7138 3204
Notes for Editors:
About Great Southern Copper
Great Southern Copper PLC is a UK-listed mineral exploration company focused
on the discovery of copper-gold-silver deposits in Chile. The Company has the
option to acquire mining rights to 100% of Especularita project in the
under-explored coastal belt of Chile that is prospective for large scale
copper-gold-silver deposits. Chile is a globally significant mining
jurisdiction being the world's largest producer and exporter of copper.
The Especularita Project is located in the coastal metallogenic belt of Chile
which hosts significant copper mines and deposits, including Teck's Carmen de
Andacollo copper mine, and boasts excellent access to infrastructure such as
roads, power and ports. Significant historical small-scale and artisanal
workings for both copper and gold are readily evident in the exploration
project area. The coastal belt offers deposit type optionality for copper
including porphyry and IOCG style deposits as well as newly recognised
intrusive-related copper and gold deposits.
Great Southern Copper is strategically positioned to support the global market
for copper - a critical battery metal in the clean energy transition around
the world. The Company is actively engaged in exploration and evaluation work
programmes targeting both large tonnage, low to medium grade Cu-Au as well as
high-grade Cu-Ag-Au deposits. Further information on the Company is available
on the Company's website: https://gscplc.com (https://gscplc.com/)
INTERIM MANAGEMENT REPORT 30 SEPTEMBER 2025
During the six months to 30 September 2025, Great Southern Copper continued to
make substantial progress across its Especularita Project, with multiple
exploration campaigns delivering highly encouraging results and further
expanding the scale and potential of the Company's copper, silver and gold
assets. The Period saw significant advances at both the Cerro Negro and Viuda
Negra prospects, and post period-end the Company strengthened its financial
position through a successful £2.5 million fundraise to support ongoing and
expanded drilling programmes.
Especularita Project
Exploration at the Especularita project advanced considerably during the
Period, with work at Cerro Negro and the Viuda Negra prospect areas continuing
to validate the Company's confidence in the emerging district-scale
opportunity within this highly prospective project.
Cerro Negro Prospect
At Cerro Negro, the Company completed its Phase II drilling programme, which
delivered consistently high-grade results across the full campaign. Over the
course of Phase I and II of the drilling campaign, 25 holes were completed
with all holes intersecting the target mineralisation zone. The Phase II
drilling confirmed manto-style copper-silver mineralisation and extended the
high-grade footprint around the Mostaza Mine. Importantly, further high-grade
intercepts were returned throughout the programme, and the integration of
drilling with the geophysical surveys completed during the Period helped
identify several new high-priority targets for follow-up. The Phase II
programme also confirmed the presence of a second mineralised lens (Lens 1),
located north of the main Lens 2 body, demonstrating that the system remains
open in multiple directions.
During the Period, the Company also completed 5 lines of pole-dipole IP (PDIP)
and audio magneto-telluric (AMT) geophysical surveys along a 2.5km strike
length of the Mostaza Fault Zone at Cerro Negro. These surveys successfully
identified strong chargeability and resistivity anomalies consistent with
potential extensions of the mineralised lenses and provided valuable input
into drill planning.
With the results from previous drilling campaigns and geophysical surveys, GSC
commenced its Phase III diamond drilling programme late in the Period. The
initial focus is on extending the high-grade lenses defined in Phases I and
II, testing deeper sulphide targets beneath leached zones, and evaluating
step-out targets along the broader Mostaza Fault Zone.
Post-period end, the Company expanded its drilling capacity at Cerro Negro
with the addition of a second diamond drill rig and a dedicated RC rig to
accelerate testing of new regional targets identified along the southern
extension of the Mostaza Fault Trend and in adjacent volcanic units. Mapping
and sampling work also identified a new area of interest at the Monolith
prospect, where a broad zone of silver-copper mineralisation was confirmed
through a channel rock chip sampling programme.
Viuda Negra Prospect
At Viuda Negra, the Company achieved significant milestones during the Period.
Scout RC drilling at Viuda confirmed the presence of a porphyry-type
gold-copper alteration system, supported by encouraging gold-copper intervals
and zoned alteration patterns consistent with porphyry-type deposits.
Following this, the Company commenced and completed a scout diamond drilling
programme at Viuda Negra. All holes intersected strong veining and
breccia-style alteration.
Assay results for scout diamond drilling at Viuda Negra were received in
September and confirmed the discovery of a porphyry gold system extending over
approximately 1.2km by 0.8km. Interestingly, this porphyry appears to share
characteristics of porphyry gold deposits in Chile's Maricunga Belt, which
have not previously been recognised in the coastal belt of Chile. Broad
intervals of low-grade gold and copper mineralisation were intersected,
providing strong exploration vectors suggesting that higher-grade parts of the
system may potentially lie to the south and southeast. These results
significantly enhance the strategic value of the wider Especularita Project
and provide an additional major target for follow-up drilling.
Corporate
During the Period, the Company continued to exercise prudent financial
management while advancing its exploration programmes. Post period-end, the
Company successfully raised £2.5 million through an equity placing,
attracting strong support from both new and existing investors. The funds
raised will allow GSC to accelerate drilling at Cerro Negro, advance follow-up
exploration at Viuda Negra, and test several newly identified regional targets
across the Especularita Project.
There were no changes to the Board during the Period, and the Company
continues to adhere to strong governance and risk management practices.
Risks and uncertainties
The Directors do not consider that the Company's principal risks and
uncertainties have changed since the publication of its annual report and
accounts for the financial year ended 31 March 2025 on 17 July 2025, which
contains a detailed explanation of the risks relevant to the Company and is
available at:
https://gscplc.com/investors/documents-and-reports
(https://gscplc.com/investors/presentations-reports/)
Outlook
The Board is very encouraged by the progress achieved over the Period. The
Company has significantly advanced both the high-grade copper-silver
discoveries at Cerro Negro and the emerging porphyry gold system at Viuda
Negra, while also identifying several promising new prospects for further
evaluation. With three drill rigs now actively undertaking Phase III drilling
at Cerro Negro, a strengthened financial position, and a robust pipeline of
targets across Especularita, the Company is well positioned to continue its
exploration momentum.
The long-term fundamentals for copper, silver and gold remain strong,
underpinned by global electrification trends, sustained demand for critical
minerals and record precious metal prices. The Company's portfolio in Chile
provides a highly strategic platform to benefit from these trends, and the
Board looks to the next Period with utmost confidence.
Responsibility Statement
We confirm that to the best of our knowledge:
· The Interim Financial Statements have been prepared in accordance with
International Accounting Standard 34, 'Interim Financial Reporting' ('IAS
34'), as endorsed for use in the United Kingdom;
· The Interim Report gives a true and fair value of the assets,
liabilities, financial position and loss of the Group;
· The Interim Report includes a fair review of the information required
by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the set of interim financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
· The Interim Report includes a fair review of the information required
by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information
required on related party transactions.
The Interim Report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by
Charles Bond, Chairman
8 December 2025
Forward looking statement
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as "believe", "could", "should", "envisage",
"estimate", "intend", "may", "plan", "will", or the negative of those,
variations or comparable expressions, including references to assumptions.
These forward looking statements are not based upon historical facts but
rather on the Directors' current expectations and assumptions regarding the
Company's future growth, results of operations, performance, future capital
and other expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, business prospects and opportunities.
Such forward looking statements reflect the Directors' current beliefs and
assumptions and are based upon information currently available to the
Directors. A number of factors could cause actual results to differ materially
from the results discussed in the forward looking statements, including risks
associated with vulnerability to general economic and business conditions,
competition, environmental and other regulatory changes, actions by government
authorities, the availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which are beyond
the control of the Company. Although any forward looking statements contained
in this announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that actual
results will be consistent with such forward looking statements.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
For the 6 months ended 30 September 2025
6 months to September 2025 6 months to September 2024
(Unaudited) (Unaudited)
£000 £000
Note
Continuing operations
Operating loss (1,172) (1,007)
Loss before taxation (1,172) (1,007)
Taxation - -
Loss for the year attributable to the owners of the Company (1,172) (1,007)
Other comprehensive income
Items that may be reclassified subsequently to
profit or loss:
Exchange rate differences on translation of foreign operations 136 40
Total comprehensive income attributable to the owners of the Company
(1,036) (967)
Pence Pence
Earnings per share - basic and diluted 5 (0.207) (0.254)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Financial Position
As at 30 September 2025
As at As at
30 September 2025 31 March
(Unaudited) 2025
Note £000 (Audited)
£000
Assets
Non-current assets
Intangible assets 6 2,713 1,980
Property, plant and equipment 1 1
Total non-current assets 2,714 1,981
Current assets
Trade and other receivables 75 97
Cash and cash equivalents 261 1,003
Total current assets 336 1,100
Total assets 3,050 3,081
Liabilities
Current Liabilities
Trade and other payables (833) (451)
Total liabilities (833) (451)
Net current assets (497) (451)
Net assets 2,217 649
Equity
Share capital 7 5,735 5,509
Share premium 5,115 4,756
Share based payment reserve 440 402
Foreign currency translation reserve 187 51
Retained earnings (9,260) (8,088)
Total equity attributable to the owners of the Company 2,217 2,630
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Changes in Equity
For the 6 months ended 30 September 2025
Share Foreign currency translation reserve
Share Share based £000
capital premium payment reserve Retained earnings
£000 £000 Total Equity
£000 £000 £000
As at 1 April 2024 3,435 3,816 342 6 (4,004) 3,595
Loss for the period - - - - (1,007) (1,007)
Exchange rate differences on translation of foreign operations
- - - 40 - 40
Total comprehensive income for the period
- - - 40 (1,007) (967)
Transactions with shareholders 1,047 213 - - - 1,260
Issue of share capital
Shares issue costs - (39) - - - (39)
Share based payments - - 83 - - 83
As at 30 September 2024 4,482 3,990 425 46 (5,011) 3,932
As at 1 April 2025 5,509 4,756 402 51 (8,088) 2,630
Loss for the period - - - - (1,172) (1,172)
Exchange rate differences on translation of foreign operations
- - - 136 - 136
Total comprehensive income for the period
- - - 136 (1,172) (1,036)
Transactions with shareholders:
Issue of share capital 226 359 - - - 585
Share based payments - - 38 - - 38
As at 30 September 2025 5,735 5,115 440 187 (9,260) 2,217
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Cash Flows
For the 6 months ended 30 September 2025
6 months to 30 September 2025 6 months to
(Unaudited) 30 September
£000 2024
(Unaudited)
£000
Cash flows from operating activities
Loss for the period (1,172) (1,007)
Adjustments for:
Share based payments 38 83
Net foreign exchange losses 70 186
Working capital adjustments
Decrease/(increase) in trade and other receivables 22 (13)
Decrease in trade and other payables (125) (29)
Net cash outflow from operations (1,167) (780)
Cash flows from investing activities
Purchase of intangible assets (752) (376)
Net cash used in investing activities (752) (376)
Cash flows from financing activities
Issue of ordinary share capital 519 1,056
Amounts received from convertible loan 522 -
Net cash generated from financing activities 1,041 1,056
Net decrease in cash and cash equivalents (878) (100)
Exchange gains on cash and cash equivalents 136 38
Cash and cash equivalents at the beginning of the period 1,003 654
Cash and cash equivalents at the end of the period 261 343
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2025
1. GENERAL INFORMATION
Great Southern Copper plc ('the Company') and its subsidiary's
(together 'the Group') principal activity is currently focused upon the
exploration for copper, gold and silver in Chile. Further detail is covered in
the Interim Management Report.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in England and Wales. The
address of its registered office is 6th Floor, 99 Gresham Street, London, EC2V
7NG.
2. BASIS OF PREPARATION
These consolidated condensed interim financial statements for the
half-year reporting period ended 30 September 2025 have been prepared in
accordance with International Accounting Standard ('IAS') IAS 34 'Interim
Financial Reporting'. as issued by the International Accounting Standards
Board ('IASB') and as adopted for use in the United Kingdom ('UK'), the
Companies Act 2006 applicable to companies reporting under International
Financial Reporting Standards and applicable UK law.
The condensed consolidated interim financial statements contained in
this document do not constitute statutory accounts. In the opinion of the
Directors, the condensed consolidated interim financial statements for this
period fairly present the financial position, result of operations and cash
flows for this period. The statutory accounts for the year ended 31 March 2025
were prepared in accordance with UK-adopted International Accounting Standards
('IFRS') and have been delivered to the Registrar of Companies. The auditor's
report on those accounts was unqualified, but did draw attention to a material
uncertainty with regard to going concern that was in existence at the time of
the approval of those accounts. It did not contain a statement under Sections
498(2) or 498(3) of the Companies Act 2006.
Tax charged within the six months ended 30 September 2025 has been
calculated by applying the effective rate of tax which is expected to apply to
the Group for the year ending 31 March 2025 as required by IAS 34 'Interim
Financial Reporting'.
The financial statements have been prepared on the historical cost
basis. The financial statements are prepared in Sterling, which is the
functional currency and presentational currency of the parent Company.
Monetary amounts in these financial statements are rounded to the nearest
£000 unless otherwise stated.
The Board of Directors approved this Interim Financial Report on 7
December 2025.
STATEMENT OF COMPLIANCE
The condensed consolidated interim financial statements for the
period ended 30 September 2025 have not been audited or reviewed in accordance
with the International Standard on Review Engagements (UK) 2410 issued by the
Auditing Practices Board. The figures were prepared using applicable
accounting policies and practices consistent with those adopted in the
statutory annual financial statements for the year ended 31 March 2025. There
have been no new accounting policies adopted since 31 March 2025.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the condensed consolidated interim financial
statements requires directors 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 judgements and estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
the same as those that applied to the audited consolidated financial
statements for the year ended 31 March 2025.
GOING CONCERN
As at 30 September 2025, the Group's cash at bank, and cash equivalents,
amounted to £0.3m; at the date of approving these condensed financial
statements, the balance amounted to £2.6m.
In common with many other mineral exploration companies, the Group has
previously raised equity and debt finance for its exploration activities. The
Board recognises that further finance will need to be raised as and when
required to progress its exploration projects and add shareholder value. The
Board also acknowledges that previous success in raising funds does not
necessarily provide any guarantee that the Group will be able to do so in the
future.
The Board has reviewed the Group's cash flow forecast up to 31 December 2026,
taking into account its current resources, recent fund raise and its
operational objectives. The Board is satisfied that the cash reserves are
sufficient to finance budgeted overheads and to advance ongoing exploration
activities. The Board continues to closely monitor its cash position, allocate
funds in line with its detailed budget and maintain a strict control over
non-project spend. The Directors remain confident in the Company's ability
to raise additional funds as required, from existing and/or new investors and
therefore consider it appropriate to continue to adopt the going concern basis
of accounting in preparing these financial statements.
FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
The Board continually assesses and monitors the key risks of the
business. The key risks that could affect the Group's medium-term performance
and the factors that mitigate those risks have not substantially changed from
those set out in the Group's 2025 Annual Report and Financial Statements, a
copy of which is available from the Group's website: www.gscplc.com
The key financial risks are market risk (including currency risk),
credit risk and liquidity.
3. SEGMENTAL REPORTING
Operating segments are reported in a manner that is consistent with the
internal reporting provided to the chief operating decision maker. The chief
operating decision maker has been identified as the Board. The Board is
responsible for allocating resources and assessing performance of operating
segments.
The Group has two reportable segments, exploration and corporate,
which are the Group's strategic divisions. For each of the strategic divisions
the Board reviews internal management reports on a regular basis.
The Group's reportable segments are:
Exploration: the exploration segment is presented as an aggregate of all
Chile licences held. Expenditure on exploration activities for each licence is
used to measure agreed upon expenditure targets for each licence to ensure the
licence clauses are met.
Corporate: the corporate segment includes the holding company costs
in respect of managing the group.
Segment result: 6 months to 30 September 2025 6 months to
(Unaudited) 30 September
£000 2024
(Unaudited)
£000
Exploration - Chile (640) (560)
Corporate - UK (532) (447)
Loss before tax (1,172) (1,007)
Taxation - -
Loss after tax (1,172) (1,007)
Segment assets and liabilities:
Non-current assets
6 months to Year ended
30 September 2025 31 March
(Unaudited) 2025
£000 (Audited)
£000
Exploration - Chile 2,714 1,981
Corporate - UK - -
Total 2,714 1,981
Total Assets
6 months to Year ended
30 September 2025 31 March
(Unaudited) 2025
£000 (Audited)
£000
Exploration - Chile 2,726 2,200
Corporate - UK 324 881
Total 3,050 3,081
Total Liabilities
6 months to Year ended
30 September 2025 31 March
(Unaudited) 2025
£000 (Audited)
£000
Exploration - Chile (36) (196)
Corporate - UK (797) (255)
Total (833) (451)
4. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net income for
the period attributable to ordinary equity holders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing the profit
attributable to owners of the parent by the weighted average number of
ordinary shares in issue during the financial year, adjusted for the effects
of potentially dilutive options. The dilutive effect is calculated on the full
exercise of all potentially dilutive ordinary share options granted by the
Group, including performance-based options which the Group considers to have
been earned.
The calculations of earnings per share are based upon the following:
6 months to 30 September 2025 6 months to
(Unaudited) 30 September
£000 2024
(Unaudited)
£000
Loss for the period (1,172) (1,007)
Number Number
Weighted average number of shares in issue 565,510,253 396,296,160
Weighted average number of shares - basic and diluted 565,510,253 396,296,160
Pence Pence
Earnings per share - basic and diluted (0.207) (0.254)
Basic and diluted earnings per share are identical for the group as the
effect of the exercise of the share options in existence would be to decrease
the loss per share.
5. INTANGIBLE ASSETS
Exploration
Group assets
Cost £000
As at 1 April 2024 3,202
Additions 1,062
Exchange difference (55)
As at 31 March 2025 4,209
Additions 803
Exchange difference (158)
As at 30 September 2025 4,854
Impairment
As at 1 April 2024 -
Impairment in period 2,229
Exchange difference -
As at 31 March 2025 2,229
Impairment in period -
Exchange difference (88)
As at 30 September 2025 2,141
Carrying Amount:
At 30 September 2025 (Unaudited) 2,713
At 31 March 2025 (Audited) 1,980
Exploration projects in Chile are at an early stage of development and
there are no JORC (Joint Ore Reserves Committee) or non-JORC compliant
resource estimates available to enable value in use calculations to be
prepared.
In accordance with IFRS 6, the directors have undertaken an assessment of the
following areas and circumstances which could indicate the existence of
impairment:
· The Group's right to explore in an area has expired, or will
expire in the near future without renewal.
· No further exploration or evaluation is planned or budgeted for.
· A decision has been taken by the Board to discontinue exploration
and evaluation in an area due to the absence or expected absence of a
commercial level of reserves.
· Sufficient data exists to indicate that the book value may not be
fully recovered from future development and production.
Following their assessment, the Directors concluded that no further
impairment charge was necessary.
6. SHARE CAPITAL
Number of Shares in Issue
Authorised, issued and fully paid: Number £000
Ordinary shares of £0.01 as at 1 April 2024 343,491,487 3,435
Issued during the year 207,360,836 2,074
Ordinary shares of £0.01 as at 31 March 2025 550,852,323 5,509
Issued during the period 22,669,077 226
Total shares as at 30 September 2025 573,521,400 5,735
Share issues during the period
On 14 April 2025, the Company issued 5,041,657 ordinary shares with
a nominal value of £0.01 per share, following the exercising of warrants.
On 2 May 2025, the Company issued 5,000,000 ordinary shares with a
nominal value of £0.01 per share, following the exercising of warrants.
On 8 July 2025, the Company issued 10,416,667 ordinary shares with
a nominal value of £0.01 per share, following the exercising of warrants.
On 8 July 2025, the Company issued 811,240 ordinary shares with a
nominal value of £0.01 per share, as remuneration for work performed by key
management personnel. The amount of remuneration in relation to the share
issue amounted to £15,556.
On 8 July 2025, the Company issued 1,399,513 ordinary shares with a
nominal value of £0.01 per share, as part payment to the vendors of the
Especularita and Artemisa projects, at a share price of £0.0371 per share.
7. RELATED PARTY TRANSACTIONS
During the period payments in respect of the services of the Chief Executive
were made through Metal Ventures Inc totalling £115,035 (30 September 2024 -
£66,995).
8. CONVERTIBLE LOAN NOTE
On 5 March 2025, the Company entered into a convertible loan totalling
£522,000 with its major shareholder Foreign Dimensions Pty Ltd. The loan is
interest free, unsecured and automatically converts to equity once the Company
has the relevant shareholder authorities in place, or a prospectus has been
published. As at the period end, and at the date of this report, the loan was
fully drawn and expected to convert in January 2026.
The convertible loan note is recognised as a compound financial instrument.
The host contract is recognised as a liability on the balance sheet. The
conversion element can be recognised as equity, although the balance is
calculated as immaterial, and accordingly the balance is fully recognised in
current liabilities.
9. EVENTS AFTER THE REPORTING PERIOD
On 1 December 2025, the Company completed a fund-raising through the placing
and subscription of 99,640,000 new ordinary shares of 1p each at £0.025 per
share, raising £2,491,000 before expenses.
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