Interim Results
31/03/2026 07:00
RNS Number : 7083Y
Kazera Global PLC
31 March 2026
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
31 March 2026
Kazera Global plc
("Kazera" or the "Company")
Interim Results
Kazera Global plc (AIM: KZG), the AIM-quoted investment company, is pleased to announce its unaudited interim results for the six months ended 31 December 2025.
HIGHLIGHTS & FINANCIAL HIGHLIGHTS
Whale Head Minerals ("WHM") Heavy Mineral Sands ("HMS") Project
· July 2025: New processing infrastructure commissioned, including twelve double-stage spirals to improve separation efficiency and concentrate quality. Initial testing showed significant improvements in TiO₂ content with circa 32% TiO₂ achieved.
· October 2025: Improvements to plant performance and processing efficiency to continue optimising HMS production. Opportunities identified to increase production capacity by up to three times.
· November 2025: Withdrawal of objection by local community relating to the 2A Mining Right application enabled the regulatory process to move forward.
Post Period End
· February 2026: Upgrade of trommel screen commenced to improve processing efficiency and HMS product quality.
· February 2026: Implemented a 1.5 shift operating programme which is expected to increase HMS production to over 4,000 tonnes per month.
· March 2026: Discussions progressing with various potential offtakers to sell HMS with greater purity at higher prices.
· March 2026: Advised by the South African Department of Mineral Resources and Energy ("DMRE") that the 2A Mining Right application is part of a backlog currently being processed.
Deep Blue Minerals ("DBM") Diamond Project
· September 2025: First diamond recoveries achieved during commissioning of newly installed Pulsating Jig and FlowSort system. Delivered approximately 45 carats (89 stones) from 100 tonnes during optimisation, with recovery rates around 3x original forecasts and larger-than-average stones.
· September 2025: Recovery plant commissioned with capacity of up to 20 tonnes per hour. Processed 150 tonnes recovering 133 diamonds (68 carats, including a 6.13-carat stone), supporting expectation of around 200 carats per month at full production.
· September 2025: Award of a new high-potential in-land diamond block by Alexkor RMC JV ("Alexkor") within the Alexander Bay mining area, locally recognised for some of the highest carats per 100 tonnes.
· October 2025: 57 diamonds recovered from just 40 tonnes of screened gravel in 1.5 days, averaging 0.72 carats per stone and including a diamond of nearly 7 carats. In -house processing enabling rapid analysis of gravels and targeting of highest diamond-to-gravel ratios.
· October 2025: Revised commercial agreement with Alexkor increases Deep Blue's share of diamond sales revenue, with diamond production expected to become a more significant contributor to future Group revenues.
· October and December 2025: First diamond sales completed following commissioning of diamond plant. A total of 390 diamonds weighing 201.28 carats sold through the October and December auction cycles.
Post Period End
· January 2026: Commenced mining new inland diamond block following delivery of heavy machinery acquired following fundraise.
· February 2026: Further diamond sales completed, with 320 diamonds weighing 135.54 carats sold through the February auction cycle as production continues to ramp up.
African Tantalum Pty Ltd ("Aftan") - Tantalum and Lithium Project
· November 2025: Engagement with three independent parties exploring potential development or commercialisation of the Aftan tantalum mine, including two parties under confidentiality agreements at an advanced stage of technical review and site assessment, and a third party undertaking preliminary due diligence.
· November 2025: Ongoing enforcement of the US$11.9 million plus interest and costs arbitration award against Hebei Xinjian Construction Close Corp ("Hebei") following its failure to complete the US$13.0 million acquisition of Aftan.
· November 2025: Hebei initiated proceedings to challenge the award, seeking for it to be considered by the Namibian Supreme Court.
Post Period End
· January 2026: Namibian Supreme Court hearing held regarding Hebei's challenge. Now awaiting judgment.
· February 2026: Ongoing engagement with multiple third parties regarding potential commercialisation opportunities for the Aftan project.
Corporate
· October 2025: Extension of loan facilities with Richard Jennings and Tracarta Limited, providing additional financial flexibility as the Company continues to advance its operational projects.
· November 2025: Appointment of a new corporate broker to support the Company's capital markets strategy.
· November and December 2025: Raised £1.56 million through a placing, subscription and retail offer to accelerate HMS and diamond production, support operational development and prepare for the anticipated award of the 2A Mining Right.
· Cash at 31 December 2025: £664k (30 June 2025: £155k).
Post Period End
· February 2026: Appointed additional South Africa-based operational specialists, including senior technical leadership, strengthening operational capability ahead of the anticipated 2A Mining Right.
Dennis Edmonds, CEO of Kazera Global plc, commented:
"Despite some unexpected delays, we have continued to make good operational progress across both our heavy mineral sands and diamond activities during the period as the Group advances its transition from development-stage projects into early-stage production."
"At Whale Head Minerals, the commissioning of new processing infrastructure and the continued optimisation of the processing plant have delivered encouraging results, with TiO₂ grades of around 32 per cent. consistently achieved through the circuit. Our focus remains on increasing production volumes so that this quality can translate into meaningful commercial sales as the operation continues to scale. At the same time, discussions are underway with potential end users and offtakers regarding pricing that reflects the improved purity now being achieved."
"We have also been advised by the DMRE that the long-awaited Mining Right over 2A remains in progress and forms part of a current backlog that is being processed."
"At Deep Blue Minerals, the successful commissioning of the diamond recovery systems has demonstrated the potential of the operation, with the Company completing its first diamond sales during the period. As production continues to ramp up, we expect diamond recoveries to increase, sales to become more frequent and the diamond operation to develop into an increasingly meaningful contributor to Group revenues."
"In parallel, we continue to pursue enforcement of the arbitration award relating to the Aftan project while maintaining engagement with a number of parties exploring potential commercial pathways for the asset. While these discussions remain active, and despite the Company's confidence in the strength of its claim, it is understandable that potential counterparties are progressing cautiously while the legal proceedings await judgement by the Namibian Supreme Court."
Chairman's Statement
The Group made solid operational progress during the period as its heavy mineral sands and diamond operations in South Africa continued to transition from development-stage projects into early-stage producers. During this phase of operational ramp-up, the Board has remained focused on increasing production volumes, optimising processing performance and maintaining a disciplined approach to capital allocation.
At Whale Head Minerals, the Company successfully commissioned new processing infrastructure and continued to optimise the operation as it works towards increasing production volumes. During the period, the processing circuit achieved encouraging results, consistently delivering heavy mineral concentrates with TiO₂ grades of around 32 per cent. The Board is focused on increasing production volumes and further improving product purity, which are key to achieving meaningful commercial sales and maximising profit margins by reducing transport and shipping costs. The Company is also in discussions with a prospective joint venture partner who may be able to accelerate and enhance these improvement and support the next phase of production growth.
At the current stage of development, HMS production continues to be optimised as the operation scales. As a result, and in line with a prudent accounting approach, the Company does not presently recognise HMS inventories, as the recoverable grades and commercial value of the material can only be reliably determined once it has been fully processed and prepared for sale.
At Deep Blue Minerals, the commissioning of the Company's diamond recovery systems has delivered encouraging diamond recoveries and further demonstrated the potential of the operation. During the period, the Company recorded diamond sales revenue of £26,000, representing its share of proceeds from the October and December diamond auctions in respect of 390 diamonds weighing a total of 201.28 carats recovered from operations, with an average stone size of approximately 0.52 carats.
Under the terms of the Company's operating arrangements, diamonds are sold in conjunction with Alexkor RMC JV ("Alexkor"), which owns the diamonds. Alexkor's royalties and certain marketing costs are deducted from the auction proceeds before the Company receives its share of revenue, and the £26,000 reflects the Company's net proceeds from these sales.
Due to the nature of the diamond recovery process, the grade and value of diamond-bearing gravels can only be reliably determined once material has passed through the FlowSort recovery system and the diamonds have subsequently been processed and graded in conjunction with Alexkor prior to sale. Accordingly, the Company has adopted a prudent accounting approach that does not recognise diamond inventories until this process has been completed.
Given the commercial sensitivities associated with individual diamond auctions, the Company does not expect to provide routine announcements in respect of each sale and will instead update the market periodically or where sales are considered to be material.
The Board was also pleased to receive strong support from shareholders in the fundraisings undertaken in November and December, which raised approximately £1.6 million in aggregate. The additional capital is being deployed to support the next phase of operational growth across the Group's HMS and diamond businesses, including increasing throughput, enhancing recoveries and strengthening operational capability as the Company prepares for the anticipated granting of the 2A Mining Right.
Alongside operational development, the Company continues to pursue enforcement of the arbitration award relating to the Aftan project while maintaining ongoing engagement with potential counterparties exploring possible commercial pathways for the asset. While these discussions remain active, progress towards any transaction is likely to remain measured while awaiting a ruling on the arbitration award by the Namibian Supreme Court.
While broader market conditions for small-cap resource companies remain volatile, the Board is encouraged by the operational progress made across the Group's producing assets during the period. With increasing production at Whale Head Minerals, the continued development of the Deep Blue Minerals diamond operation and a strengthened financial position following the recent fundraisings, the Company is well positioned to advance the next phase of growth. The Board remains focused on disciplined capital allocation, operational delivery and unlocking the long-term value of the Group's asset base.
Outlook
The Company's focus in the near term remains on increasing production and operational efficiency across its core producing assets as the Group continues its transition from development-stage projects into early-stage producers.
The additional capital raised during the period is being deployed to support the next phase of operational growth across both the HMS and diamond businesses, including increasing throughput, enhancing recoveries and strengthening operational capability as production continues to scale.
The Company's loan facilities with Tracarta Limited and Richard Jennings were extended in October 2025 and are due to mature on 30 April 2026, if not otherwise extended. The Board is in discussions with both parties regarding the extension of these facilities as the Company continues to progress offtake agreements and scale production.
At Whale Head Minerals, ongoing optimisation of the processing plant and increased operating hours are expected to support further increases in HMS production. As production volumes grow, the Company expects to reach a scale of output that is increasingly attractive to offtakers, enabling the marketing of consistent and commercially meaningful shipments of HMS product.
Following the withdrawal of the objection to the Mining Right application for the 2A concession, the Company has been advised that the application forms part of a backlog being addressed by the DMRE. 2A will provide access to a substantially larger mining area located close to the existing Walviskop operation and has the potential to significantly increase the scale of HMS production over time.
At Deep Blue Minerals, the Company will continue processing diamond-bearing gravels and developing newly awarded inland blocks. As production continues to ramp up, management expects diamond recoveries to increase, sales to become more frequent and the diamond operation to develop into an increasingly meaningful contributor to Group revenues.
In relation to Aftan, the Company will continue to pursue enforcement of the arbitration award while maintaining engagement with potential counterparties exploring possible commercial pathways for the asset. Despite the Company's confidence in the strength of its claim, the pace at which any transaction may progress is likely to depend on the timing of judgment by the Namibian Supreme Court, which is a matter outside of the Company's control.
In common with most businesses at the moment, the Company's operations are exposed to increasing costs due to the conflict in the Middle East, especially insofar as it impacts the price or availability of fuel. However, overall, the Board is encouraged by the operational progress made during the period and remains focused on increasing production across its core assets, strengthening operational capability and unlocking the significant long-term value within the Group's portfolio.
Further information:
For further information, visit www.kazeraglobal.com or contact:
| Kazera Global plc Dennis Edmonds, CEO | kazera@stbridespartners.co.uk |
| Strand Hanson Limited (Nominated, Financial Adviser and Joint Broker) Christopher Raggett / Ritchie Balmer / Imogen Ellis | Tel: +44 (0)207 409 3494 |
| Zeus Capital Limited (Joint Broker) Harry Ansell / Simon Johnson / Katy Mitchell | Tel: +44 (0)203 829 5000 |
| St Brides Partners Limited (Financial PR) Paul Dulieu / Isabel de Salis | kazera@stbridespartners.co.uk |
| Notes | Six months ended 31 December 2025 Unaudited | Six months ended 31 December 2024 Unaudited | |
| Continuing operations | £'000 | £'000 | |
| Revenue | 26 | - | |
| Cost of sales | (123) | - | |
| Gross loss | (97) | - | |
| Administrative expenses | (905) | (618) | |
| Foreign exchange gain/(loss) | 346 | (10) | |
| Impairment of financial assets | (132) | (38) | |
| Finance expense | (203) | (98) | |
| Finance income | 228 | 209 | |
| Operating loss before taxation | (763) | (555) | |
| Income tax | - | - | |
| Loss for the period | (763) | (555) | |
| Total comprehensive loss | |||
| Loss attributable to owners of the Company | (633) | (493) | |
| Non-controlling interests | (130) | (62) | |
| (763) | (555) | ||
| Other comprehensive loss | |||
| Exchange (losses)/gains on translation of foreign operations | (265) | 61 | |
| Other comprehensive (loss)/gain for the period, net of tax | (265) | 61 | |
| Total comprehensive loss attributable to the owners of the Company | (898) | (432) | |
| Non-controlling interests | (130) | (62) | |
| (1,028) | (494) | ||
| Earnings per share: | |||
| Basic and diluted loss per share (pence) | 3 | (0.06)p | (0.05)p |
| Notes | 31 December 2025 Unaudited | 31 December 2024 Unaudited | 30 June 2025 Audited | |
| £'000 | £'000 | £'000 | ||
| Non-current assets | ||||
| Mines under construction | 864 | 817 | 844 | |
| Property, plant and equipment | 1,104 | 952 | 917 | |
| Other long-term receivables | 1 | 1 | 1 | |
| Total non-current assets | 1,969 | 1,770 | 1,762 | |
| Current assets | ||||
| Trade and other receivables | 4 | 4,068 | 6,503 | 3,850 |
| Cash and cash equivalents | 664 | 113 | 155 | |
| Current assets | 4,732 | 6,616 | 4,005 | |
| Total assets | 6,701 | 8,386 | 5,767 | |
| Current liabilities | ||||
| Trade and other payables | 388 | 204 | 370 | |
| Convertible loan - liability component | 601 | 424 | 553 | |
| Other borrowings | 5 | 1,009 | 228 | 862 |
| Total current liabilities | 1,998 | 856 | 1,785 | |
| Total liabilities | 1,998 | 856 | 1,785 | |
| Net assets | 4,703 | 7,530 | 3,982 | |
| Equity attributable to owners of the parent | ||||
| Share capital | 3,683 | 3,543 | 3,563 | |
| Share premium account | 19,704 | 17,800 | 18,107 | |
| Capital redemption reserve | 2,077 | 2,077 | 2,077 | |
| Share option reserve | 151 | 600 | 151 | |
| Equity component of the convertible loan reserve/warrant reserve | 46 | - | 14 | |
| Currency translation reserve | 234 | 416 | 499 | |
| Retained earnings | (20,806) | (16,749) | (20,173) | |
| Equity attributable to owners of the Company | 5,089 | 7,687 | 4,238 | |
| Non-controlling interests | (386) | (157) | (256) | |
| Total equity | 4,703 | 7,530 | 3,982 |
| Unaudited | Share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Share option reserve £'000 | Equity component of convertible loan/warrants reserve £'000 | Currency translation reserve £'000 | Retained earnings £'000 | Equity attributable to owners £'000 | Non-controlling interests £'000 | Total £'000 | |||||||||||
| 1 July 2024 | 3,516 | 17,556 | 2,077 | 479 | - | 355 | (15,805) | 8,178 | (259) | 7,919 | |||||||||||
| Loss for the period | - | - | - | - | - | - | (493) | (493) | (62) | (555) | |||||||||||
| Other comprehensive income: | |||||||||||||||||||||
| Exchange movement on translation of foreign operations | - | - | - | - | - | 61 | - | 61 | - | 61 | |||||||||||
| Total comprehensive loss for the period | - | - | - | - | - | 61 | (493) | (432) | (62) | (494) | |||||||||||
| Transactions with owners: | |||||||||||||||||||||
| Issue of share capital | 27 | 244 | - | - | - | - | - | 271 | - | 271 | |||||||||||
| Options lapsed during the period | - | - | - | (98) | - | - | 98 | - | - | - | |||||||||||
| Warrants granted during the period | - | - | - | 205 | 14 | - | - | 219 | - | 219 | |||||||||||
| NCI reduction related to increased interest in subsidiaries | - | - | - | - | - | - | (549) | (549) | 164 | (385) | |||||||||||
| Total transactions with owners, recognised directly in equity | 27 | 244 | - | 107 | 14 | - | (451) | (59) | 164 | 105 | |||||||||||
| Balance at 31 December 2024 | 3,543 | 17,800 | 2,077 | 586 | 14 | 416 | (16,749) | 7,687 | (157) | 7,530 | |||||||||||
| Unaudited | Share Capital £'000 | Share Premium £'000 | Capital redemption reserve £'000 | Share option reserve £'000 | Equity component of convertible loan/warrants reserve £'000 | Foreign exchange reserve £'000 | Retained earnings £'000 | Equity attributable to owners £'000 | Non-controlling interests £'000 | Total equity £'000 | |||||||||||
| 1 July 2025 | 3,563 | 18,107 | 2,077 | 151 | 14 | 499 | (20,173) | 4,238 | (256) | 3,982 | |||||||||||
| Loss for the period | - | - | - | - | - | - | (633) | (633) | (130) | (763) | |||||||||||
| Other comprehensive income: | |||||||||||||||||||||
| Exchange movement on translation of foreign operations | - | - | - | - | - | (265) | - | (265) | - | (265) | |||||||||||
| Total comprehensive loss for the period | - | - | - | - | - | (265) | (633) | (898) | (130) | (1,028) | |||||||||||
| Transactions with owners: | |||||||||||||||||||||
| Issue of ordinary shares | 110 | 1,509 | - | - | - | - | - | 1,619 | - | 1,619 | |||||||||||
| Warrants exercised during the period | 10 | 88 | - | - | (2) | - | - | 96 | - | 96 | |||||||||||
| Warrants granted during the period | - | - | - | - | 34 | - | - | 34 | - | 34 | |||||||||||
| Total transactions with owners, recognised directly in equity | 120 | 1,597 | - | - | 34 | - | - | 1,749 | - | 1,749 | |||||||||||
| Balance at 31 December 2025 | 3,683 | 19,704 | 2,077 | 151 | 46 | 234 | (20,806) | 5,089 | (386) | 4,703 | |||||||||||
| Six months to 31 December 2025 Unaudited | Six months to 31 December 2024 Unaudited | ||
| £'000 | £'000 | ||
| Cash flows from operating activities | |||
| Loss before taxation | (763) | (555) | |
| Depreciation | 66 | 41 | |
| Net foreign exchange | (345) | 7 | |
| Interest receivable | (228) | (209) | |
| Interest expense | 203 | 98 | |
| Impairment loss on financial asset | 132 | 38 | |
| Net cashflow before changes in working capital | (935) | (580) | |
| (Increase)/decrease in receivables | (48) | 22 | |
| Increase in payables | 14 | 251 | |
| Net cash used in operating activities | (969) | (307) | |
| Cash flows from investing activities | |||
| Purchase of property plant and equipment | (185) | (14) | |
| Development costs | (5) | (7) | |
| Acquisition of additional interest in the subsidiaries | - | (116) | |
| Interest received | 1 | 1 | |
| Net cash generated from investing activities | (189) | (136) | |
| Cash flows from financing activities | |||
| Proceeds from issue of ordinary shares | 1,658 | - | |
| Proceeds from new loans and borrowings | - | 495 | |
| Net cash used in financing activities | 1,658 | 495 | |
| Net decrease in cash and cash equivalents during the period | 500 | 52 | |
| Cash at the beginning of period | 155 | 61 | |
| Currency exchange differences on retranslation of cash | 9 | - | |
| Cash and cash equivalents at the end of the period | 664 | 113 |
| Six months to 31 December 2025 | Six months to 31 December 2024 | |
| £'000 | £'000 | |
| Loss from continuing operations attributable to equity holders of the Company | (633) | (493) |
| Weighted average number of ordinary shares in issue | 1,013,274,497 | 948,747,598 |
| Basic and fully diluted loss per share from continuing operations | (0.06)p | (0.05)p |
| Six months to 31 December 2025 | Six months to 31 December 2024 | 30 June 2025 Audited | |
| £'000 | £'000 | £'000 | |
| Trade receivables | 3 | 3 | 2 |
| Aftan receivable | 3,869 | 6,364 | 3,697 |
| Other financial assets | 65 | 65 | 65 |
| VAT receivable | 118 | 46 | 69 |
| Prepayments and accrued income | 13 | 25 | 17 |
| 4,068 | 6,503 | 3,850 |
| Six months to 31 Dec 2025 £'000 | Six months to 31 Dec 2024 £'000 | Year ending 30 June 2025 £'000 | |
| As at 1 July | 3,697 | 6,107 | 6,107 |
| Amounts received during the period | - | ||
| Interest charged | 227 | 208 | 423 |
| Foreign exchange | 77 | 87 | (366) |
| Aftan receivable | 4,001 | 6,402 | 6,164 |
| ECL provision change for the reporting period | (132) | (38) | (2,467) |
| As at the end of the period | 3,869 | 6,364 | 3,697 |
| Six months to 31 Dec 2025 | Six months to 31 Dec 2024 | Year ending 30 June 2025 | |
| £'000 | £'000 | £'000 | |
| At the start of the reporting year | 862 | - | - |
| Borrowings drawn down | - | 228 | 893 |
| Interest accrued | 67 | - | 47 |
| Repayments | (3) | - | (49) |
| Loss on foreign exchange rate change | 83 | - | (29) |
| At end of the reporting period | 1,009 | 228 | 862 |
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Holding(s) in Company