REG - Medcaw Investments - Final Results

Medcaw InvestmentsAnnouncement

05/03/2026 12:30

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RNS Number : 5415V  Medcaw Investments PLC  05 March 2026

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 UNION (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.

 

5 March 2026

 

Medcaw Investments Plc

 

("Medcaw" or the "Company")

 

Audited Financial Results for the Year Ended 31 December 2025

 

Medcaw Investments Plc (LSE: MCI), a company listed on the Main Market of the
London Stock Exchange, announces its audited financial results for the year
ended 31 December 2025.

 

The Company's Annual Report and Accounts will be made available on the
Company's website at www.medcaw-invest.com (http://www.medcaw-invest.com) .

 

NOTE: Trading in the Company's shares is temporarily suspended pending
publication of the AIM admission document and completion of the proposed
Reverse Takeover of the Eagle Lake Gold Project. This announcement is made
pursuant to the Company's obligations under the UK Listing Rules.

 

Key Points

 

During the Year:

·    Loss before taxation of £144,478 (FY24: £432,360), a reduction of
67%, reflecting the elimination of impairment charges and the waiver of
accrued director fees totalling £182,454

·    Basic and diluted loss per share of 0.65p (FY24: 1.95p)

·    Cash and cash equivalents of £320,829 at 31 December 2025 (FY24:
£72,286)

·    On 10 September 2025, the Company issued unsecured Convertible Loan
Notes ("CLNs") with a total principal value of £550,000 to fund ongoing
corporate costs and transaction expenses

·    Board refined investment strategy toward natural resources, focusing
on Tier 1 mining jurisdictions

·    On 19 December 2025, the Company entered into binding heads of terms
with Ulvestone Ltd for the proposed acquisition of 90% of the Eagle Lake Gold
Project, located in Ontario, Canada, by way of Reverse Takeover ("RTO")

 

Post Year End:

·    Work on the proposed RTO is progressing to plan. Further details of
the RTO, including the Notice of General Meeting, will be set out in the
Admission Document, which the Company will publish in due course.

 

Marcus Yeoman, Non-Executive Chairman of Medcaw Investments Plc commented
"Following a challenging period, 2025 saw Medcaw take decisive steps to
reposition the Company for growth. The Board believes that the proposed
acquisition of the Eagle Lake Gold Project in Ontario, if completed, could
represent a significant strategic pivot and provide shareholders with exposure
to a quality gold asset in a Tier 1 mining jurisdiction. The proposed move to
AIM would provide a more suitable platform to deliver long-term value, with
access to a broader natural resources investor base. The Board is pleased with
the progress being made and looks forward to updating shareholders further in
due course."

For further information:

 Medcaw Investments plc              +44 (0) 203 475 6834

 Charlie Wood (Executive Director)

 Bowsprit Partners Limited (Broker)  +44 (0)203 883 4430

 Luis Brime

 John Treacy

 

For more information please visit: www.medcaw-invest.com
(http://www.medcaw-invest.com)

About Medcaw Investments Plc

Medcaw Investments Plc (LSE: MCI) is a UK company currently listed on the Main
Market of the London Stock Exchange. The Company has agreed, subject to
Shareholder approval and Admission, to acquire 90% of Wedgetail Mining Ltd,
the holder of the Eagle Lake Gold Project in Ontario, Canada - 95 contiguous
mining claims covering approximately 1,986 hectares in the Kenora Mining
Division, prospective for orogenic gold mineralisation.

 

Chairman's Statement

 

We announced on 2 April 2025 that the Board determined the Company would not
proceed with the proposed acquisition of Abyssinian Metals Limited ("AML") as
announced on 7 July 2023. The Board reached this conclusion as a result of the
ongoing dispute between AML and the Federal Democratic Republic of Ethiopia
(including Oromia State), details of which were announced by Medcaw on 8
November 2024.

The Company's shares re-commenced trading on the London Stock Exchange on 2
April 2025.

On 19 December 2025, the Company announced binding heads of terms with
Ulvestone Ltd for the proposed acquisition, by way of a Reverse Takeover, of
90% of Wedgetail Mining Ltd ("Wedgetail"), which holds 95 contiguous mining
claims comprising the Eagle Lake Gold Project in the Kenora Mining Division,
Ontario, Canada, covering approximately 1,986 hectares. The Project is located
approximately 27 km west-southwest of Dryden and lies within a historically
underexplored greenstone belt that is prospective for orogenic gold
mineralisation. The proposed consideration of £4.17 million comprises
£170,000 in cash and £4.0 million to be satisfied through the issue of
266,666,667 new ordinary shares at 1.5 pence per share.

The Proposals form part of a wider corporate reorganisation, comprising: (i)
cancellation of the Company's listing on the Main Market of the London Stock
Exchange; (ii) Admission of the enlarged group to trading on AIM; (iii); and a
Placing to fund initial exploration activities and working capital. A Rule 9
Waiver under the City Code on Takeovers and Mergers may be required in
connection with the issue of the Consideration Shares.

The proposed acquisition of the Eagle Lake Gold Project represents a
significant step forward for Medcaw and signals the start of a more focused
growth phase. In an environment of ongoing macro uncertainty, gold continues
to demonstrate its defensive qualities, and Ontario offers a stable,
mining-friendly jurisdiction with strong infrastructure and regulatory
clarity.

The Board believes that combining a high-quality gold asset with a move to AIM
will provide the Company with a clearer strategic direction, enhanced market
profile and access to a broader natural resources investor base. Subject to
completion of the transaction and associated fundraise, the Directors are
confident the Company will be appropriately capitalised to advance the Eagle
Lake Gold Project and drive the next stage of development.

I would like to thank our shareholders, fellow directors and colleagues for
their continued support during this period of significant corporate activity.

Marcus Yeoman

Non-Executive Chairman

4 March 2026

 

Statement of Comprehensive Income

For the Year Ended 31 December 2025

 

                                                                     Year       Year ended

                                                                     ended      31

                                                                     31         Dec 2024

                                                                     Dec 2025
                                                              Note   £          £
 Revenue                                                             -          -
 Administrative expenses                                      4      (118,485)  (267,097)
 Impairment                                                   11     -          (196,141)
 Operating result                                                    (118,485)  (463,238)
 Finance income                                               11/15  (25,993)   30,878
 Loss before taxation                                                (144,478)  (432,360)
 Income tax                                                   7      -          -
 Loss for the year and total comprehensive loss for the year         (144,478)  (432,360)

 Basic and diluted loss per Ordinary Share (pence)            8      (0.65)     (1.95)

 

The statement has been prepared on the basis that all operations are
continuing operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Financial Position

As at 31 December 2025

 

                                      As at         As at

                                      31 Dec 2025   31 Dec 2024
                                Note  £             £
 ASSETS
 Current assets
 Cash and cash equivalents      9     320,829       72,286
 Other current assets           10    44,326        26,191
 Total assets                         365,155       98,477

 Liabilities
 Current liabilities
 Trade and other payables       12    96,944        261,781
 Convertible Loan Notes         15    524,284       -
 Total liabilities                    621,228       261,781

 Net (Liabilities) / Assets           (256,073)     (163,304)

 EQUITY AND LIABILITIES
 Equity attributable to owners
 Ordinary share capital         13    221,320       221,320
 Share premium                  13    1,005,110     1,005,110
 Share based payment reserve    14    14,903        14,903
 Convertible Loan Note reserve  15    51,709        -
 Accumulated losses                   (1,549,115)   (1,404,637)
 Total equity and liabilities         (256,073)     (163,304)

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows

For the Year Ended 31 December 2025

 

                                                          Note  Year ended 31 Dec 2025 £   Year ended 31 Dec 2024 £
 Cash flows from operating activities
 Loss before income tax                                         (144,478)                  (432,360)
 Adjustments for:
    Impairment                                            11    -                          196,141
 Adjustments for changes in working capital:
    (Increase)/decrease in trade and other receivables          (18,135)                   114,132
    Increase/(decrease) in trade and other payables             359,447                    19,030
    Interest income                                             -                          (30,878)
 Net cash from / (used in) operating activities                 196,834                    (133,935)

 Cash flows from financing activities
 No financing activities in the year                            -                          -
 Net cash from financing activities                             -                          -

 Cash flows from investing activities
    Proceeds from issue of Convertible Loan Notes         15    51,709                     -
    Loan notes advanced                                   11    -                          (165,263)
 Net cash from / (used in) investing activities                 51,709                     (165,263)

 Net increase / (decrease) in cash and cash equivalents         248,543                    (299,198)
 Cash and cash equivalents at beginning of year                 72,286                     371,484
 Cash and cash equivalents at end of year                       320,829                    72,286

 

 

Important Notice

The financial information set out in this announcement does not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006. The statutory accounts for the year ended 31 December 2025 were approved
by the Board on 4 March 2026 and will be filed with the Registrar of
Companies. The auditors' report on those accounts was unqualified, though it
contained an emphasis of matter in respect of going concern. The person
responsible for arranging the release of this announcement on behalf of the
Company is Charles Wood, Executive Director.

 

 

 

Caution regarding forward looking statements

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'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on 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 on information
currently available to the Directors.

 

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