Lansdowne Resources - Interim Results for Six Months Ended 30 June 2026

Lansdowne Resources

01/10/2026 07:00

RNS Number : 0810X
  
Lansdowne Resources PLC
  
01 October 2026
  
 



The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boldy, the Chief Executive Officer of the Company (responsible for arranging release of this announcement).


 


01 October 2026


Lansdowne Resources plc


(“Lansdowne” or the “Company”)


Interim Results for the six months ended 30 June 2026 


 


Lansdowne Resources Plc (“Lansdowne” or “the Company”) is pleased to announce its unaudited results for the six months ended 30 June 2026.


First half highlights


Operational


Reverse Take Over (“RTO”) of Sao Gabriel Mineracao Ltda and pivot to Critical Minerals Sector.



In April 2026 the Company announced the proposed acquisition of Sao Gabriel Mineracao Ltda. and associated fundraise of £1.9 million.


During May a Retail Offer took place to raise an additional £99,000.


All aspects of the transaction were approved at an AGM on 26 May 2026.


The Company’s name was changed to Lansdowne Resources plc and the shares resumed trading on AIM on 27 May 2026.



 


Ireland 


Energy Charter Treaty Barryroe Oil and Gas Field (SEL 1/11)



The Company continued to progress its claim under the terms of the Energy Charter Treaty to advance a claim for compensation for Ireland’s refusal to award a Lease Undertaking for the Barryroe Oil and Gas field.


Following the securing of third-party funding in December 2025, Lansdowne’s lawyers, Diamond McCarthy and Mantle Law progressed the case through the first half of the year and the necessary processes continue.


The first formal stage is the constitution of the tribunal that will hear the claim, a process carried out in conjunction with Ireland. Good progress has been made, and this is expected to be finalised in the near future.



 


 


Financial highlights 



Cash balances at 30 June 2026 of £0.77 million (31 December 2025: £0.006 million).




Loss for the period after tax of £0.33 million (2025: loss £0.34 million).


Loss per share of 0.02 pence (2025: loss 0.03 pence).



 


Post Balance Sheet Events



Work has commenced in the next phase of field work on the Macaubas graphite project.



 



Board Changes:


As part of the RTO process, Luis Azevedo joined the Board of Directors of the Company. Luis has extensive experience in the minerals sector and of Brazil.


As announced earlier this year, Stephen Boldy stepped down from his role as CEO. He continues to serve as a non-executive director of the Company and supports the Company, including work related to the ongoing Energy Charter Treaty claim.


Following the pivot to Critical Minerals, in September 2026 Jeffrey Auld stepped down as Chairman of the Company and Luis Azevedo has been appointed as Interim Chairman.


The search for a replacement CEO is at an advanced stage, and it is anticipated that an appointment will be made shortly, subject to satisfactory completion of regulatory due diligence.



Chairman’s Statement


The first half of 2026 delivered the RTO that the Company and its advisers had been working on for the past 18 months. This was a truly significant event, accompanied by fundraising and a return to trading on AIM.


I would like to thank our Board and advisers for all their efforts in achieving this result. Jeffrey Auld has stepped down after 13 years of service on the Lansdowne Board and I would like to thank him for all his work and wish him well in his continued activities in the oil and gas sector.


The focus has now returned to operational matters, progressing further exploration and appraisal work on the Macaubas graphite project and advancing the Company’s Energy Charter Treaty claim for the loss of the Barryroe asset.


Luis Azevedo


Interim Chairman


 


For further information please contact:


Lansdowne Resources plc


 


Luis Azevedo


 


 


 


SP Angel Corporate Finance LLP


+44 (0) 20 3470 0470


Nominated Adviser and Joint Broker


 


Stuart Gledhill


 


Charlie Bouverat


 


 


 


 


 


Tavira Securities Limited


+44 (0) 20 3192 1739


Joint Broker


 


Oliver Stansfield


 


 


 


Notes to editors:


 


About Lansdowne


Lansdowne Resources (LRES.LN) was founded as an oil and gas exploration and appraisal company focused on the North Celtic Sea and quoted on the AIM market.


In May 2023 the application for a Lease Undertaking for the Barryroe Field, in which Lansdowne held a 20% interest, was refused by the Irish Department of the Environment, Climate and Communications.


In June 2023 Lansdowne announced the commencement of action under the Arbitration Process of the Energy Charter Treaty. In December 2025 the Company announced that it had secured third-party litigation funding to pursue its claim. In May 2026 it was announced that the case had been registered at ICSID (International Centre for the Settlement of Investor Disputes). Work is continuing to progress the claim.


In April 2026 the Company announced the proposed acquisition of Sao Gabriel Mineracao Ltda., a company with a graphite mining concession in Brazil. All aspects of this transaction were approved by shareholders at an AGM on 26 May 2026 and the Company resumed trading on AIM on 27 May 2026.


Field work on the graphite tenements commenced during the third quarter of 2026.


For more information on Lansdowne, please refer to www.lansdowneresources.com.


 


 


 




 


Lansdowne Resources plc


Condensed Consolidated Income Statement and Statement of Comprehensive Income


Six months ended 30 June 2026


 


 


Unaudited
6 months 
ended
30 June ‘26


Unaudited
6 months
ended
30 June ‘25


Audited
Year
ended
31 Dec. ‘25


 


£000s


£000s


£000s


 


 


 


 


Administration expenses


(299)


(322)


(839)


 


______


______


_______


Operating loss


(299)


(322)


(839)


 


 


 


 


Finance costs


(28)


(27)


(64)


Other gains


                            


9


21


 


______


______


_______


Loss before tax 


(327)


(340)


(882)


 


 


 


 


Income tax credit


-


-


-


 


______


______


______


Loss for the financial period


(327)


(340)


(882)


 


 


 


 


Other Comprehensive Income/Loss


-


-


1


Total comprehensive loss for the financial period


(327)


(340)


(881)


 


=====


=====


======


Loss per share (pence)


 


 


 


 

Basic and diluted


(0.02p)


(0.03p)


(0.08p)


 


=====


=====


======


 


Lansdowne Resources plc


Condensed Consolidated Statement of Financial Position


As at 30 June 2026


 


Unaudited
30 June ‘26


Unaudited
30 June ‘25


Audited
31 Dec. ‘25


 


£000s


£000s


£000s


 


 


 


 


Assets


 


 


 


Current Assets


 


 


 


Trade and other receivables


                             123


                 -


                            47


Cash and cash equivalents


766


13


6


 


_______


_______


_______


 


889


13


53


 


_______


_______


_______


Total Assets


889


13


53


 


=======


=======


=======


 


 


 


 


Equity & Liabilities


 


 


 


 


 


 


 


Shareholders’ Equity


 


 


 


Share capital


10,915


9,175


9,175


Share premium 


31,899


31,899


31,899


Convertible loan reserve


-


103


127


Warrants reserve


115


115


115


Accumulated deficit


(43,589)


(42,848)


(43,389)


 


_______


_______


_______


Total Equity


(660)


(1,556)


(2,073)


 


 


 


 


Non-Current Liabilities


 


 


 


Derivative financial liability


                               


55


 


 


 


 


 


Current Liabilities


 


 


 


Trade and other payables


371


402


977


Shareholder loan


1,178


1,112


1,149


 


_______


_______


_______


Total Liabilities


1,549


1,559


2,126


 


_______


_______


_______


Total Equity and Liabilities


889


13


53


 


=======


=======


=======


 


 


 


 


 


 


 


 


Lansdowne Resources plc


Condensed Consolidated Statement of Cash flows


Six months ended 30 June 2026


 


Unaudited
6 months 
ended
30 June ‘26


Unaudited
6 months
ended
30 June ‘25


Audited
Year
ended
31 Dec. ‘25


 


£000s


£000s


£000s


 


 


 


 


Cash flows from operating activities


 


 


 


Loss for the period 


(327)


(340)


(881)


Adjustments for:


 


 


 


Interest payable and similar charges


28


27


64


Gain from Derivative liability


-


(9)


(21)


Decrease in trade and other receivables 


(20)


-


(47)


Increase/Decrease in trade and other payables 


(661)


229


738


 


 


 


 


 


_______


_______


_______


Net cash used in operating activities


(980)


(93)


(147)


 


 


 


 


Cash flows from investing activities


 


 


 


 


 


 


 


 


_______


_______


_______


Net cash from investing activities


-


-


-


 


 


 


 


 


 


 


 


Cash flows from financing activities


 


 


 


Proceeds from the issue of share capital


1,740


 


-


Cost of raising shares


-


 


-


Issue of convertible loans


-


95


144


 


_______


_______


_______


Net cash from financing activities


1,740


95


144


 


-----------


-----------


-----------


 

Net increase/(decrease) in cash and cash equivalents


760


2


(3)


 

Cash and cash equivalents at start of period 


6


11


11


Effect of foreign exchange rates


-


-


(2)


 

 


_______


_______


_______


Cash and cash equivalents at end of period


766


13


                 6


 


=======


=======


=======


 


Lansdowne Resources plc


Condensed Consolidated Statement of Changes in Equity


Six months ended 30 June 2026


 


 


Share Capital


Share Premium


Convertible loan reserve


Warrants Reserve


Retained Losses


Total


 


£000s


£000s


£000s


£000s


£000s


£000s


 


 


 


 


 


 


 


Unaudited


 


 


 


 


 


 


At 1 January 2025


9,175


31,899


45


115


(42,508)


(1,274)


Loss for the period


-


-


-


-


(340)


(340)


 


_____


_______


_______


_______


_______


_______


Total comprehensive loss for the period


-


-


-


 

-


(340)


(340)


 


 


 


 


 


 


 


Issue of new shares – gross consideration


-


-


-


 

-


-


-


Cost of convertible loan


-


-


58


-


-


58


 


---------


---------


---------


----------


----------


----------


At 30 June 2025


9,175


31,899


103


115


(42,848)


(1,556)


 


_____


_______


_______


_______


_______


_______


 

 

Audited


 


 


 


 


 


 


At 1 January 2025


9,175


31,899


45


115


(42,508)


(1,274)


Loss for the period


-


-


-


-


(881)


(881)


 


_____


_______


_______


_______


_______


_______


Total comprehensive loss for the period


-


-


-


 

-


(881)


(881)


 


 


 


 


 


 


 


Issue of new shares – gross consideration


-


-


-


 

-


-


-


Cost of convertible loan


-


-


82


-


-


82


 


---------


---------


---------


----------


----------


----------


At 31 December 2025


9,175


31,899


127


115


(43,389)


(2,073)


 


_____


_______


_______


_______


_______


_______


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 

 

 

Lansdowne Resources plc

Condensed Consolidated Statement of Changes in Equity (continued)

Six months ended 30 June 2026

 


 

Unaudited


 


 


 


 


 


 


At 1 January 2026


9,175


31,899


127


115


(43,389)


(2,073)


Loss for the period


-


-


-


-


(327)


(327)


 


_____


_______


_______


_______


_______


_______


Total comprehensive loss for the period


-


-


-


 

-


(327)


(327)


Transfer on conversion of


 


 


 


 


 


 


Convertible loan notes


 


 


(127)


 


127


 


Issue of Share capital


1,740


-


-


-


-


1,740


 


_____


_______


_______


_______


_______


_______


At 30 June 2026


10,915


31,899


-


115


(43,589)


(660)


 


_____


_______


_______


_______


_______


_______


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Lansdowne Resources plc


Notes to the Interim Condensed Financial Statements


Six months ended 30 June 2026


 



Basis of Presentation



Accounting Policies


The interim financial information for the six months ended 30 June 2026 has been prepared on the basis of the accounting policies adopted in the 2025 Annual Report and Accounts and in accordance with IAS 34, “Interim Financial Reporting”.


The interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The results for the six months to 30 June 2026 and the   interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with International Accounting Standards (UK IASs). Those 2025 financial statements have been delivered to the Registrar of Companies and include an auditor’s report which was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. It did, however, include a material uncertainty related to going concern.  


 



Going Concern



The Directors have prepared the interim financial information on the going concern basis which assumes that the Group and Company and its subsidiaries will continue in operational existence for the foreseeable future.



Loss per share



The loss for the period was wholly from continuing operations.


 


Unaudited
6 months 
ended
30 June ‘26


Unaudited
6 months
ended
30 June ‘25


Audited
Year
ended
31 Dec. ‘25


 


£000s


£000s


£000s


 


 


 


 


Loss per share arising from continuing operations attributable to the equity holders of the Company


 


 


 


- basic and diluted (in pence)


(0.01)


(0.02)


(0.06)


The calculations were based on the following information:


 


 


 


Loss attributable to equity holders of the Company


(327)


(340) 


(881)


Weighted average number of ordinary shares


 


 


 


In issue – basic and diluted


2,638,982,6671


1,393,618,337


1,393,179,981


At 30 June 2026, potential ordinary shares relate to share options. Convertible loan notes outstanding at the start of the period converted into ordinary shares on 26 May 2026. As a loss was recorded for all periods presented, the effect of any remaining potential ordinary shares would be anti-dilutive and has therefore not been included in diluted loss per share.


 


 



Convertible Loan Notes



In January and March 2026, the Company announced the completion of further Convertible Loan Agreements, for a total of £210,000.


The Loans were granted on the same terms as those issued in 2024 and 2025. They are unsecured, carry no interest, have no maturity date and were to be converted into new ordinary shares of 0.01 pence each in the Company (“New Ordinary Shares”) at time of completing a reverse takeover and subject to shareholder approval for the extension of share issuance authorities. The conversion price was the lower of 0.1 pence (being the share price at the time of suspension on 21 March 2024), or a 20% discount price to the issue price at the time of any issuance of shares alongside a future reverse takeover.


Conversion of the loans took place following shareholder approval at the AGM held on 26 May 2026.


 



Post Balance Sheet Events



On 9 September 2026 the Company announced the resignation of Jeffrey Auld as Non-Executive Chairman and Director of the Group’s Companies, with Luis Azevedo taking over as Chairman on an interim basis pending the appointment of a new Chief Executive Officer.



Shareholder loan



As part of the RTO process, the LC Capital shareholder loan has been extended for 18 months from the date of re-admission to AIM, 27 May 2026. The amount outstanding has increased to £1.178 million (31 December 2025: £1.149 million). The coupon rate is 5%.



Copies of the Interim Report



Copies of the interim results can be obtained from the Company’s website  www.lansdowneresources.com.


 



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