Final Results
RNS Number : 8499ZMila Resources PLC21 October 2026Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources
21 October 2026
Mila Resources Plc
(“Mila” or the “Company”)
Final Results
Audited Accounts for the Year Ended 30 June 2025
Mila Resources Plc (LSE: MILA), the post-discovery gold and copper resource development company focused on Australia, is pleased to announce its final results for the year ended 30 June 2026.
Highlights
- Sustained exploration success at the flagship Yarrol Gold Project has established a well-defined gold system with a clear pathway to economic resource definition.
- Targeting an initial MRE at Yarrol by the end of 2026, with further drilling underway to expand further.
- Advanced exploration at the Monal Copper-Gold Project establishes a strategic second pillar of the Queensland portfolio, with compelling drill targets identified for potential epithermal and porphyry copper-gold mineralisation.
- Initiated a strategic review and desktop-led MRE upgrade programme at Kathleen Valley, which post-period end delivered an upgraded MRE at Coffey, comprising 41,300oz contained gold Inferred Mineral Resource from 599,000 tonnes at 2.1g/t Au based on a 0.5g/t Au cut-off.
- Following an internal review, the Board has resolved to realise value from its interest in the KV project through a disposal process – Mila will cease substantive activities at the KV project in order to prioritise the Queensland portfolio.
- Strengthened operational team, including a dedicated geological team in Queensland, enabling the Company to expedite exploration work, maintain continuity across drilling campaigns, and develop more intellectual property in-house.
- As at 30 June 2026, consolidated cash and cash equivalents amounted to £489,262 (2025: £350,301) and consolidated net asset position was £2,115,512 (2025: £6,411,881).
- Consolidated loss for the year of £6,616,424 (2025: £800,435) largely attributable to the non-cash impairment of Kathleen Valley.
- Post period end exercised option with EMX to secure 100% ownership of the three project areas in Queensland: Yarrol, Mount Steadman and Mount Weary (which encompasses the Monal Gold-Copper Project).
To view the audited report and accounts document, click here:
http://www.rns-pdf.londonstockexchange.com/rns/8499Z_1-2026-10-21.pdf
For more information visit www.milaresources.com or contact:
Mark Stephenson
Mila Resources Plc
info@milaresources.com
Jonathan Evans
Tavira Financial Limited
+44 (0) 20 7100 5100
Nick Emerson
SI Capital
+44 (0) 20 3143 0600
Damon Heath
Shard Capital Partners LLP
+44 (0) 20 3971 7000
Susie Geliher
St Brides Partners Ltd
+44 (0) 20 7236 1177
Statement from the Board
Dear Shareholder,
This has been a significant year in Mila's development, during which time we exercised the option with EMX (subsequently re-named Elemental Royalty Corp. following the merger of EMX Royalty Corp. and Elemental Royalty) to take full control of our portfolio in Queensland in November 2025 which subsequently completed in August 2026 following the full transfer of licences. Also, during this period we have invested in our operations in Australia by building our own exploration team on the ground in Queensland and more recently we incorporated our Australian subsidiary in May 2026 in preparation for the acquisition of control in Queensland.
We are now firmly set for a period of progress at the Yarrol Gold Project (“Yarrol”) with the initial mineral resource estimate (“MRE”) scheduled to be delivered by the end of this year. Also, we are currently drilling at Yarrol and this resource drilling along with further drilling scheduled in H1 2027 will allow us to build the initial MRE with anticipated further gold resources beyond the MRE scheduled for 2026. Our objective is very clear; to build a robust economic gold inventory at Yarrol that can deliver a mine and we firmly believe we can reach that goal with the exploration results that are unfolding. Moreover, we have now begun to advance our second project in Queensland being the Monal Copper-Gold Project (“Monal”) following exploration this year.
We began this financial year ending 30 June 2026, following the highly encouraging first-phase drilling results at Yarrol in May 2025 which exceeded expectations, with highlights including 11m @ 2.91 g/t gold (“Au”) from near surface and 17m @ 5.46 g/t Au from 42m. Following these results, we raised £776,000 (gross) in July 2025 to progress exploration at Yarrol. In November 2025, we trigged our option to become 100% owners of the licences in Queensland through the option we held with EMX (now called Elemental Corp) (the “EMX Option”). This decision was taken so that we could control our own destiny and exploration plans. Also, in conjunction with the commitment to developing our portfolio, the Company incorporated a subsidiary in Australia to hold the licences and administrative functions of our operations.
During the financial year we have made material progress at Yarrol. We have recorded successive economic mineralisation from the drilling results that will contribute to the development of the MRE at Yarrol and importantly give our technical team further intelligence to de-risk their geological model. In April 2026, we raised a further £600,000 to complete further resource drilling at Yarrol and to begin reviewing the wider portfolio in Queensland.
Following our year end, in September 2026, the Group raised £1.5m (before expenses) that will be dedicated to further resource drilling to build on the scheduled MRE in 2026. We believe we can grow the MRE at Yarrol and this is now fully funded and will continue our exploration across our portfolio of licences in Queensland.
Yarrol Gold Project
Yarrol is now the flagship project of the Group and has been the focus of our investment in the current financial year. We are now 100% owners of Yarrol and this has progressed from a project with a small historic gold resource albeit with interesting gold exploration to becoming a well-defined gold system with a clear pathway to economic resource definition.
In the first half of the year, we completed a 1,451.1m diamond drilling campaign and received assay results in batches through to early 2026, confirming the continuity of gold mineralisation and its extension beyond the footprint of the historic Yarrol North resource. In February 2026, we commenced an initial 12-hole reverse circulation (“RC”) drilling programme, designed to test the scale and grade distribution of the system. The results, reported in tranches through to June 2026, were outstanding. Highlights included 24m @ 29.4 g/t Au from 8m (including 1m @ 112 g/t), 29m @ 0.74 g/t Au from 50m (including 9m @ 1.3 g/t), and 9m @ 2.48 g/t Au from 31m (including 1m @ 15.05 g/t). These results confirmed the presence of multiple high-grade gold shoots from shallow depth within a broader mineralised envelope, with the gold system remaining open along strike and at depth across a continuous ~20 km structural corridor.
By the end of the financial year, the Group had completed approximately 5,000 metres of drilling across three separate drilling campaigns at Yarrol. Data integration and geological modelling work commenced in preparation for resource estimation studies, marking a key transition point from exploration-led drilling towards resource definition and future economic assessment.
Our focus on Yarrol has continued post year end and on 3 August 2026, we announced the engagement of MINML Ltd (“MINML”) to apply AI-assisted target generation in the Yarrol vicinity by ranking prospective targets using geological, geophysical and geochemical datasets calibrated against Mila's interpretations and historical data.
This new phase of target identification has been invaluable in the shaping of an efficient and effective campaign and on 17 August 2026, we announced a further 1,400m drilling programme at Yarrol. The new programme, which comprises nine holes targeting depths of up to 200 metres, is designed to infill and extend known mineralisation and test new targets along strike, with results expected to inform an updated Mineral Resource Estimate (“MRE”) and the commencement of preliminary economic studies.
In October 2026, the Group reported 43m @ 1.06 g/t from 45m and we are looking forward to providing further assay results from this programme imminently.
Monal Copper-Gold Project
Alongside our flagship gold project at Yarrol, we made significant progress in advancing our knowledge and geological interpretation at Monal. The Board see Monal as a second strategic pillar of the Queensland portfolio. Geological mapping and rock chip sampling at key targets was undertaken during the year, and in June 2026 we commenced an Induced Polarisation ("IP") geophysical survey programme designed to generate and refine drill targets for potential porphyry copper-gold mineralisation.
Post year end, on 20 August 2026, we announced highly positive results from these IP surveys. At the Basilica Prospect, IP surveys revealed a clear target at 200 to 300m depth with porphyry characteristics, supported by rock chip sampling from surface quartz veins returning assays of up to 0.72 g/t Au, 1.77% copper (“Cu”) and 51 g/t silver (“Ag”). At the Childs Prospect, a compact chargeability anomaly consistent with a buried intrusive source was identified, lying approximately 10km from the Mount Cannindah deposit (JORC MRE 14.5Mt @ 1.09% copper equivalent).
These results have generated compelling drill targets for potential epithermal and porphyry copper-gold mineralisation and have significantly strengthened our resolve to further develop the Monal Project.
We expect further news to come from our active exploration programmes at Monal in Q4 2026.
In summary, the Group expects to deliver its first MRE at the Yarrol Project and outline the roadmap to build the resource inventory given the relatively limited exploration drilling performed to date. Also, we are now advancing Monal more rapidly given the highly encouraging geological evidence thus far.
Kathleen Valley, Western Australia
At Kathleen Valley (“KV”), we initiated a strategic review and desktop-led MRE upgrade programme with external consultants during the year. This work was designed to demonstrate the value of the asset and support potential value-realisation initiatives. Heritage clearance is already in place over the Coffey target area, where the MRE is focussed, providing a clear pathway for future exploration drilling.
Following the year end, on 26 August 2026, we announced an upgraded MRE at Coffey, comprising 41,300oz contained gold Inferred Mineral Resource from 599,000 tonnes at 2.1g/t Au based on a 0.5g/t Au cut-off. Additional elements were calculated during the MRE, including 4.6g/t Ag and 0.71% Zn at a 0.5g/t Au cut-off. The August 2026 MRE roughly doubles the tonnes and contained ounces of gold from the previous MRE in November 2020 and strengthens the Group’s position as it reviews its options regarding the future of Kathleen Valley.
Following an internal review, the Board concluded that the Group was not in a position to continue funding both the KV and Queensland projects. As a result, it resolved to seek to realise value from its interest in the KV project through a disposal process. This strategic decision to cease substantive activities at the KV project, other than meeting minimum expenditure commitments, represented an indicator of impairment. Accordingly, management performed an impairment assessment of the carrying value of the related exploration and evaluation asset. Therefore, the Board reviewed the fair value of KV in the event of any disposal and on the basis that KV’s carrying value is £5,820,106, the Group has impaired KV to a value of £461,000 through an impairment charge of £5,359,106. Whilst the impairment charge is material, given the size and scale of the Group, we cannot devote resources to develop KV. We recently upgraded the MRE at KV and continue to believe this is an attractive project that can be further developed with further investment in exploration. We anticipate that we will be in a position to recover the carrying value of KV through its disposal and the Group is in discussions with its partners at KV regarding the process of disposal.
The Board, in determining fair value regarding a disposal, reviewed valuations in transactions from the gold sector in Western Australia that provided a spectrum of valuations for gold resources in the ground. Based on its assessment of these market observations and reviews, the Board have applied a valuation of $71 per resource ounce, which falls within the observed range of comparable section transaction when applied to the revised MRE of 41,300 oz would provide a value of gross value of A$2.9m. Mila holds 30% of the KV project, therefore, on a net basis we have reached a value of £461,000. There are several considerations that we did not factor in any further exploration and additional gold resources that may deliver.
The Board remain of the view that KV is an attractive exploration project and that it’s carrying value in use would be far greater than the ascribed disposal value, however, to fully unlock KV would require capital and resources the Group cannot provide especially given the focus on Queensland.
Moreover, the Group continues to have the flexibility to increase its interest in KV to 80% (from 30%) through its earn-in agreement at the time of acquiring KV although the Board doesn’t believe it’s prudent to dilute shareholders for a non-core project. The Directors, as in previous year, remain of the view that the value in use exceeds the carrying value of the project (prior to the impairment).
The Group will update shareholders in due course regarding KV with discussions underway with its partners in the project including parties undertaking due diligence on KV.
Team and Capability
During the year, we invested significantly in building our in-house exploration capabilities and our operations in Australia. Alastair Goodship was appointed Chief Operating Officer and Director in September 2025 and has been instrumental in assembling a dedicated geological team in Queensland. This move, from an external consultant-led model, has allowed us to move faster, maintain continuity across drilling campaigns, and develop more intellectual property in-house. We have also engaged MINML, a UK-based AI geoscience specialist, to integrate machine learning into our target generation process at Yarrol, ensuring our drilling programmes are supported by the most rigorous data-driven targeting available.
Corporate
The Company has undertaken a major overhaul this year by its decision to undertake the option to fully acquire its Queensland portfolio and impairing Kathleen Valley. The impairment is a recognition of our decision to focus on Queensland which has been well supported by existing and new shareholders that have supported our capital raises during and post financial year. As at 30 June 2026, consolidated cash and cash equivalents amounted to £489,262 (2025: £350,301). Consolidated net asset position was £2,115,512 (2025: £6,411,881). Whilst Mila Resources Pty Ltd was incorporated in May 2026. As the subsidiary's only transactions between incorporation and the year end related to its initial share capital and intercompany funding, the Group and Company results, cash flows and changes in equity are identical, with the only differences arising in the statement of financial position from the investment in subsidiary and intercompany balances eliminated on consolidation.
Results
As an exploration and development Group which has no revenue, Mila is reporting a consolidated loss for the year ended 30 June 2026 of £6,616,424 (2025: £800,435) largely attributable to the impairment of Kathleen Valley resulting in a non-cash accounting charge of £5,359,106 and a further non-cash accounting charge of £739,565 attributable to the issue of share options. Our administrative costs were £517,753 (2025: £539,926) for the financial period indicating that our costs have been controlled particularly in the context of the level of activity undertaken across the group during this period.
The Group exercised the EMX Option Agreement in November 2025 and it was formally completed on 12 August 2026 when the licences were registered with Mila Resources Pty Ltd, a subsidiary of the Company. This entailed the Group securing 100% ownership of three project areas in Queensland: Yarrol, Mount Steadman and Mount Weary (which encompasses the Monal Gold-Copper Project).
Outlook
The Group entered the new financial year ending 30 June 2027 in its strongest position to date with a pipeline of work streams that will underpin shareholder value. Ultimately, our focus is delivering value through exploration and ensuring that we can demonstrate that mineral resources can be built to a scale that successfully allows the development of the project. We now have a clear route to building our gold resources at Yarrol and we have only just begun the copper-gold porphyry target generation at Monal.
At Yarrol, our current drilling campaign is underway, and results are expected in the weeks and months ahead. During Q4 2026, metallurgical test work will be carried out on key ore zones, running alongside updated geological and resource modelling as the project progresses towards a Mineral Resource Estimate. This will be complemented by the drilling of new targets along the Yarrol Fault corridor, designed to test the extent of mineralisation and demonstrate the project's potential for further resource growth beyond the current footprint. We are now firmly focused on delivering a commercially and technically compelling development prospect.
At Monal, the highly positive IP geophysics results have opened a significant copper-gold opportunity. Additional geological mapping and geophysical surveys will continue to refine the definition of priority drill targets, with scout drilling planned at priority prospects to test their potential.
At Kathleen Valley, we are actively engaged with our partners to seek a disposal or some form of transaction that will allow another group to develop the project whereby we can unlock value for shareholders.
Overall, the Board believes the forthcoming financial year will materially build value through our delivery of the MRE at Yarrol and a clear roadmap to grow the resource inventory whilst also demonstrating the exploration potential across the wider licences. We are witnessing a renewed level of interest in gold and copper exploration in Queensland with many other companies in the region highly active having raised substantial capital. We believe that we are in the right place and right commodities at the right time.
I would like to thank our shareholders for your continued support, together with our growing team, both in Queensland and the UK.
Mark Stephenson
Executive Chairman
20 October 2026
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2026
Notes
Year ended
30 June 2026
£
Year ended
30 June 2025
£
Administrative expenses
(517,753)
(539,926)
Share option and warrant expense
(739,565)
(260,509)
Impairment of exploration and evaluation assets
8
(5,359,106)
-
Operating Loss
3
(6,616,424)
(800,435)
Interest receivable
-
-
Loss before taxation
(6,616,424)
(800,435)
Income tax expense
6
-
-
Loss and total comprehensive income for the year attributable to the owners of the Group and Company
(6,616,424)
(800,435)
Earnings per share (basic and diluted) attributable to the equity holders (pence)
7
(0.97)
(0.15)
The above results relate entirely to continuing activities.
The accompanying notes form part of these consolidated financial statements.
CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2026
Company number: 09620350
Notes
GROUP
Year ended
30 June 2026
£GROUP
Year ended
30 June 2025
£COMPANY
Year ended
30 June 2026
£COMPANY
Year ended
30 June 2025
£NON-CURRENT ASSETS
Exploration and evaluation assets
8
1,806,993
6,257,968
1,806,993
6,257,968
Investments in subsidiary
9
-
-
500
-
1,806,993
6,257,968
1,807,493
6,257,968
CURRENT ASSETS
Trade and other receivables
10
46,085
35,751
46,085
35,751
Cash and cash equivalents
11
489,262
350,301
489,262
350,301
535,347
386,052
535,347
386,052
TOTAL ASSETS
2,342,340
6,644,020
2,342,840
6,644,020
CURRENT LIABILITIES
Trade and other payables
12
226,828
168,384
227,328
168,384
226,828
168,384
227,328
168,384
NON-CURRENT LIABILITIES
Trade and other payables
13
-
63,755
-
63,755
TOTAL LIABILITIES
226,828
232,139
227,328
232,139
NET ASSETS
2,115,512
6,411,881
2,115,512
6,411,881
EQUITY
Share capital
14
5,615,248
5,419,653
5,615,248
5,419,653
Share premium
14
5,879,417
4,494,522
5,879,417
4,494,522
Share based payment reserve
14
1,539,403
799,838
1,539,403
799,838
Retained loss
(10,918,556)
(4,302,132)
(10,918,556)
(4,302,132)
TOTAL EQUITY
2,115,512
6,411,881
2,115,512
6,411,881
The accompanying notes form part of these consolidated financial statements.
The exemption under section 408 of the Companies Act 2006 from presenting the Parent Company’s income statement has been implemented. The Company’s loss for the year was £6,616,424.
These consolidated financial statements were approved by the Board of Directors on 20 October 2026 and were signed on its behalf by:
Jonathan Evans
Non-Executive Director
CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2026
GROUP
Year ended
30 June 2026
£GROUP
Year ended
30 June 2025
£COMPANY
Year ended
30 June 2026
£COMPANY
Year ended
30 June 2025
£Cash flows from operating activities
Loss for the year
(6,616,424)
(800,435)
(6,616,424)
(800,435)
Adjustments for:
Warrants / Options expense (non-cash)
739,565
260,509
739,565
260,509
Impairment of exploration and evaluation assets
5,359,106
-
5,359,106
-
Operating cashflow before working capital movements
(517,753)
(539,926)
(517,753)
(539,926)
Increase in trade and other receivables
(10,334)
(4,230)
(10,334)
(4,230)
Decrease / (Increase) in trade and other payables
44,689
(140,893)
44,689
(140,893)
Net cash outflow from operating activities
(483,398)
(685,049)
(483,398)
(685,049)
Cash flow from investing activities
Purchase of options
-
(47,221)
-
(47,221)
Funds used for drilling and exploration
(908,131)
(335,139)
(908,131)
(335,139)
Net cash outflow from investing activities
(908,131)
(382,360)
(908,131)
(382,360)
Cash flow from financing activities
Proceeds from share issues*
1,645,999
-
1,645,999
-
Share issue costs
(115,509)
-
(115,509)
-
Net cash inflow from financing activities
1,530,490
1,530,490
Net Increase / (Decrease) in cash and cash equivalents
138,961
(1,067,409)
138,961
(1,067,409)
Cash and cash equivalents at beginning of the year
350,301
1,417,710
350,301
1,417,710
Cash and cash equivalents at end of the year
489,262
350,301
489,262
350,301
The accompanying notes form part of these consolidated financial statements.
* Major non-cash item: During the year, the contingent consideration which was included within current trade and other payables as at 30 June 2025 was settled via the issuing of shares
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2026
Ordinary Share Capital
Share Premium
Share Based Payment Reserve
Retained Loss
Total
£
£
£
£
£
Balance at 30 June 2024
5,419,653
4,494,522
539,329
(3,501,697)
6,951,807
Total comprehensive income for the year
-
-
-
(800,435)
(800,435)
Share option expense
-
-
260,509
-
260,509
Balance at 30 June 2025
5,419,653
4,494,522
799,838
(4,302,132)
6,411,881
Total comprehensive income for the year
-
-
-
(6,616,424)
(6,616,424)
Transactions with Shareholders
Issue of shares
195,595
1,500,404
-
-
1,695,999
Issue costs
-
(115,509)
-
-
(115,509)
Share option expense
-
-
739,565
-
739,565
Balance at 30 June 2026
5,615,248
5,879,417
1,539,403
(10,918,556)
2,115,512
The accompanying notes form part of these consolidated financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2026
Ordinary Share Capital
Share Premium
Share Based Payment Reserve
Retained Loss
Total
£
£
£
£
£
Balance at 30 June 2024
5,419,653
4,494,522
539,329
(3,501,697)
6,951,807
Total comprehensive income for the year
-
-
-
(800,435)
(800,435)
Share option expense
-
-
260,509
-
260,509
Balance at 30 June 2025
5,419,653
4,494,522
799,838
(4,302,132)
6,411,881
Total comprehensive income for the year
-
-
-
(6,616,424)
(6,616,424)
Transactions with Shareholders
Issue of shares
195,595
1,500,404
-
-
1,695,999
Issue costs
-
(115,509)
-
-
(115,509)
Share option expense
-
-
739,565
-
739,565
Balance at 30 June 2026
5,615,248
5,879,417
1,539,403
(10,918,556)
2,115,512
The accompanying notes form part of these consolidated financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
1 GENERAL INFORMATION
The Company and subsidiary together comprise the Group (the ‘Group’). Mila Resources Plc (the ‘Company’) was listed on the London Stock Exchange in 2016 with a view to acquiring projects in the natural resources sector.
In November 2021, the Company acquired an interest in the Kathleen Valley gold exploration project in Western Australia. In October 2024, the Company entered into an option to acquire gold and copper projects from EMX in Queensland, Australia. The EMX option was exercised in November 2025 and the process of acquiring full control of the portfolio was completed in August 2026. The Company is the parent company of Mila Resources Pty Ltd, registered in Australia with company number 698231659.
The Company is domiciled in the United Kingdom and incorporated and registered in England and Wales, with registration number 09620350.
- ACCOUNTING POLICIES
- Basis of preparation
The consolidated financial statements have been prepared on a going concern basis using the historical cost convention and in accordance with the UK-Adopted International Accounting Standards, and in accordance with the provisions of the Companies Act 2006.
The Group’s consolidated financial statements for the year ended 30 June 2026 were authorised for issue by the Board of Directors on 20 October 2026 and were signed on the Board’s behalf by Mr J Evans.
The Group’s consolidated financial statements are presented in pounds Sterling and presented to the nearest pound.
- Business Combinations
Acquisitions of business are accounted for using the acquisition method. At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value.
Consideration is also measured at fair value at the acquisition date. This is calculated as the sum of the fair values of assets transferred less the fair value of the liabilities incurred by the Group.
Acquisition‑related costs are recognised in profit or loss as incurred.
- Going concern
The consolidated financial statements have been prepared under the going concern assumption, which presumes that the Group will be able to meet its obligations as they fall due for at least the next twelve months from the date of the signing of the consolidated financial statements.
The Group had a net cash inflow for the year of £138,961 (2025: outflow of £1,067,409) and at 30 June 2026 had cash and cash equivalents balance of £489,262 (2025: £350,301).
An operating loss of £6,616,424 has been made although the Group remained in a net current asset position of £2,115,512 at 30 June 2026.
Subsequent to the year end, the Group successfully completed an equity fundraising which has strengthened its financial position and provided additional working capital to support its planned activities.
In assessing the appropriateness of the going concern basis, the Directors have prepared cash flow forecasts covering the period to 31 October 2027, being at least twelve months from the date of approval of these financial statements. The forecasts include the Group's planned exploration, evaluation and corporate expenditure and reflect the Directors' current expectations regarding the timing and level of future activities.
The base case forecasts indicate that, in the absence of additional funding, the Group would reach a cash shortfall in October 2027, being the final month of the assessment period. The Directors believe that additional funding can be secured, consistent with the Group's history of accessing capital markets, including the successful fundraising completed after the reporting date.
Furthermore, a substantial proportion of the Group's forecast expenditure during the assessment period is discretionary in nature. Should additional funding not be secured as anticipated, the Directors have identified a number of mitigating actions available to the Group, including the deferral or reduction of exploration and evaluation expenditure and other discretionary costs. The Directors believe that such actions could be implemented in a timely manner to preserve liquidity and enable the Group to continue to meet its liabilities as they fall due.
Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing these consolidated financial statements.
- Basis of Consolidation
The consolidated financial statements represents the first set of consolidated financial statements prepared by the Group following the incorporation of the subsidiary undertakings during the year. Subsidiaries are entities over which the Company has control. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity.
Control exists when the group has:
- the power over the investee;
- exposure, or rights, to variable returns from its involvement with the investee;
- the ability to use its power over the investee to affect the amount of the investor’s returns.
All intra-group transactions, balances, income and expenses are eliminated on consolidation. Uniform accounting policies are applied by the Group to ensure consistency.
The Company incorporated Mila Resources Australia Pty Ltd on 19 May 2026 and consequently prepared consolidated financial statements for the first time for the year ended 30 June 2026. As no subsidiary existed in the comparative period, the comparative amounts presented in the consolidated primary statements relate solely to the Company.
- Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Group
New standards, amendments to standards and interpretations:
No new standards, amendments or interpretations, effective for the first time for the financial year beginning on or after 1 July 2025 have had a material impact on the Group.
Standards issued but not yet effective:
At the date of authorisation of these consolidated financial statements, the following standards and interpretations relevant to the Group and which have not been applied in these consolidated financial statements, were in issue but were not yet effective.
Standard
Impact on initial application
Effective date
IFRS 18
Presentation and Disclosure in Financial Statements. A new presentation standard that replaces IAS 1
01 January 2027
IFRS 19
Subsidiaries without public accountability. Eligible subsidiaries can apply IFRS recognition while producing reduced disclosures
01 January 2027
IFRS 20
Requirement for recognition, measurement, presentation and disclosure of regulatory assets, liabilities, income and expenses
01 January 2029
The Directors do not consider that these standards will impact the consolidated financial statements of the Group.
- Asset acquisition
Where an acquisition transaction constitutes the acquisition of an asset and not a business, the cost of the asset acquired is measured as the fair value of the consideration transferred to obtain control of the asset. Transaction costs directly attributable to the acquisition are capitalised. No gain or loss is recognised.
The Group recognises the fair value of contingent consideration in respect of an asset acquisition where it is probable that a liability has been incurred and the amount of that liability can be reasonably estimated. Such contingent consideration is recognised at the point control of the underlying asset is obtained and is included in the initial measurement of the cost of the acquired asset.
For contingent cash consideration milestones, the Group estimates the probability of milestone completion to determine the expected liability. This estimate is reassessed at each reporting period, and any changes in the fair value of the contingent cash consideration are capitalised as part of the asset.
For contingent share consideration milestones, the Group estimates the probability of milestone completion at the acquisition date. If the milestone is not deemed probable or cannot be reliably measured at that time, no amount is recognised. If the milestone becomes probable and measurable in a subsequent reporting period, the contingent consideration is recognised at that time, with the corresponding amount added to the cost of the acquired asset. The assessment of whether recognition criteria are met is reviewed at each reporting date based on new information.
Deferred tax is not recognised upon an asset acquisition.
- Foreign currency translation
The financial information is presented in Sterling which is the Group’s functional and presentational currency.
Transactions in currencies other than the functional currency are recognised at the rates of exchange on the dates of the transactions. At each balance sheet date, monetary assets and liabilities are retranslated at the rates prevailing at the balance sheet date with differences recognised in the Statement of Comprehensive Income in the period in which they arise.
- Financial instruments
Initial recognition
A financial asset or financial liability is recognised in the statement of financial position of the Group when it arises or when the Group becomes part of the contractual terms of the financial instrument.
Classification
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met:
- the asset is held within a business model whose objective is to collect contractual cash flows; and
- the contractual terms of the financial asset generating cash flows at specified dates only pertain to capital and interest payments on the balance of the initial capital.
Financial assets which are measured at amortised cost, are measured using the Effective Interest Rate Method (EIR) and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is de-recognised, modified or impaired.
Financial liabilities at amortised cost
Financial liabilities measured at amortised cost using the effective interest rate method include current borrowings and trade and other payables that are short term in nature. Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are discharged or cancelled.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate (“EIR”). The EIR amortisation is included as finance costs in profit or loss. Trade payables and other payables are non-interest bearing and are stated at amortised cost using the effective interest method.
Derecognition
A financial asset is de-recognised when:
- the rights to receive cash flows from the asset have expired, or
- the Group has transferred its rights to receive cash flows from the asset or has undertaken the commitment to fully pay the cash flows received without significant delay to a third party under an arrangement and has either (a) transferred substantially all the risks and the assets of the asset or (b) has neither transferred nor held substantially all the risks and estimates of the asset but has transferred the control of the asset.
Impairment
The Group recognises a provision for impairment for expected credit losses regarding all financial assets. Expected credit losses are based on the balance between all the payable contractual cash flows and all discounted cash flows that the Group expects to receive. Therefore, at every reporting date, provision for losses regarding a financial instrument is measured at an amount equal to the expected credit losses over its lifetime without monitoring changes in credit risk. To measure expected credit losses, trade receivables and contract assets have been grouped based on shared risk characteristics.
Trade and other receivables
Trade and other receivables are initially recognised at fair value when related amounts are invoiced then carried at this amount less any allowances for doubtful debts or provision made for impairment of these receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and are subject to an insignificant risk of changes in value.
Trade payables
These financial liabilities are all non-interest bearing and are initially recognised at the fair value of the consideration payable with subsequent measurement at amortised cost.
- Equity
Share capital is determined using the nominal value of shares that have been issued.
The Share premium account includes any excess premiums received over the nominal value of the share capital issued. Any transaction costs associated with the issuing of shares are deducted from the Share premium account, net of any related income tax benefits.
Equity-settled share-based payments are credited to a share-based payment reserve as a component of equity until related options or warrants are exercised, cancelled or lapse.
Retained losses includes all current and prior period results as disclosed in the consolidated Statement of Comprehensive Income.
- Share-based payments
The Group records charges for share-based payments where options, warrants or other similar instruments are issued in lieu of services provided to the Group.
For warrant-based or option-based share-based payments issued in lieu of services provided to the group which do not contain any market-based conditions to determine the value of the warrants or options, management estimate certain factors used in the Black Scholes Pricing Model, including volatility, vesting date exercise date of the warrants or option and the number likely to vest. At each reporting date during the vesting period management estimate the number of shares that will vest after considering the vesting criteria. If these estimates vary from actual occurrence, this will impact on the value of the equity carried in reserves.
- Taxation
Tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as reported in the income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
- Intangible assets – Exploration and evaluation expenditures (E&E)
The Group applies the successful efforts method of accounting, having regard to the requirements of IFRS 6 ‘Exploration for and Evaluation of Mineral Resources’. Under the successful efforts method of accounting, exploration and evaluation expenditure is capitalised where it relates to areas considered to have the potential for economically recoverable mineral resources. Expenditure incurred in respect of unsuccessful exploration activities is charged to the income statement as incurred or written off when the relevant prospect is no longer considered commercially viable. Having regard to the requirements of IFRS 6 ‘Exploration for and Evaluation of Mineral Resources’. Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the consolidated Statement of Comprehensive Income.
Expenditure incurred on the acquisition of a licence interest is initially capitalised within intangible assets on a licence by licence basis. Costs are held, unamortised, until such time as the exploration phase of the field area is complete or commercial reserves have been discovered. The cost of the licence is subsequently transferred into property, plant and equipment and depreciated over its estimated useful economic life.
Exploration expenditure incurred in the process of determining exploration targets is capitalised initially within intangible assets as drilling costs. Drilling costs are initially capitalised on a licence by licence basis until the success or otherwise has been established. Drilling costs are written off unless the results indicate that reserves exist and there is a reasonable prospect that these reserves are commercially viable. Drilling costs are subsequently transferred into ‘Drilling expenditure’ within property, plant and equipment and depreciated over their estimated useful economic life.
- Impairment of Exploration and Evaluation assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. This includes consideration of the IFRS 6 impairment indicators for any intangible exploration and evaluation expenditure capitalised as intangible assets. Examples of indicators of impairment include whether:
- the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future and is not expected to be renewed.
- substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned.
- exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area.
- sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.
If any such indication exists the Group makes an estimate of the asset’s recoverable amount, which is the higher of its fair value less costs to sell and its value in use. Any impairment identified is recorded in the consolidated Statement of Comprehensive Income.
- Earnings per share
Basic earnings per share is calculated as profit or loss attributable to equity holders of the Group for the period, adjusted to exclude any costs of servicing equity (other than dividends), divided by the weighted average number of ordinary shares, adjusted for any bonus element. The diluted loss per share is the same as the basic loss per share for the year because all warrants and options in issue were out of the money at the year-end and the Group reported a loss.
- Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board as a whole.
All operations and information are reviewed together therefore at present there are only two reportable operating segments.
The Group’s strategy is to act as a post discovery accelerator, where the Group identifies target(s) that have already had an early-stage geological discovery. To date the Group has identified and invested in two projects, namely the Kathleen Valley Project and the Yarrol and Monal projects in Queensland. Hence during the year and as at the year-end, there were only two reportable operating segments.
In compliance with IFRS 8 ‘Operating Segments’, the following table reconciles the exploration and evaluation assets of each reportable segment with the total figures presented in these consolidated financial statements. No analysis of the liabilities and expenses or assets beyond the exploration and evaluation asset of each segment is provided to the chief operating decision maker therefore no measure of segmental liabilities, other assets or expenses is disclosed within this note.
GROUP AND COMPANY
Kathleen Valley
£
Queensland
£
Total
£
Opening Exploration and evaluation assets
5,800,116
457,852
6,257,968
Additions
19,990
888,141
908,131
Impairment
(5,359,106)
-
(5,359,106)
Exploration and evaluation assets by reportable segment
461,000
1,345,993
1,806,993
A detailed breakdown of this is also found in Note 8.
- Critical accounting judgements and key sources of uncertainty
In the process of applying the entity’s accounting policies, management makes estimates and judgements that have an effect on the amounts recognised in the financial information. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are as follows:
Impairment of intangible assets
For details on the accounting policy for the impairment of exploration and evaluation assets, see Note 2.13 “Impairment of Exploration and Evaluation Assets” in the “Notes to the Consolidated Financial Statements”.
The first stage of the impairment process is the identification of an indication of impairment. Such indications can include significant geological or geophysical information which may negatively impact the existing assessment of a project’s potential for recoverability, significant reductions in estimates of resources, significant falls in commodity prices, a significant revision of the Group Strategy, operational issues which may require significant capital expenditure, political or regulatory impacts and others. This list is not exhaustive and management judgement is required to decide if an indicator of impairment exists.
The Group regularly assesses the intangible assets for indicators of impairment. For more information on impairment indicators see Note 2.13 “Impairment of Exploration and Evaluation Assets” in the “Notes to the Consolidated Financial Statements”. Also see IFRS 6 ‘Exploration for and Evaluation of Mineral Resources’.
When an impairment indicator exists an impairment test is performed; the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.
At Kathleen Valley (“KV”), we initiated a strategic review and desktop-led MRE upgrade programme with external consultants during the year. This work was designed to demonstrate the value of the asset and support potential value-realisation initiatives.
Following the year end, on 26 August 2026, we announced an upgraded MRE at Coffey, comprising 41,300oz contained gold Inferred Mineral Resource from 599,000 tonnes at 2.1g/t Au based on a 0.5g/t Au cut-off. Additional elements were calculated during the MRE, including 4.6g/t Ag and 0.71% Zn at a 0.5g/t Au cut-off. The August 2026 MRE roughly doubles the tonnes and contained ounces of gold from the previous MRE in November 2020 and strengthens the Group’s position as it reviews its options regarding the future of Kathleen Valley.
Following an internal review, the Board concluded that the Group was not in a position to continue funding both the KV and Queensland projects. As a result, it resolved to seek to realise value from its interest in the KV project through a disposal process. This strategic decision to cease substantive activities at the KV project, other than meeting minimum expenditure commitments, represented an indicator of impairment. Accordingly, management performed an impairment assessment of the carrying value of the related exploration and evaluation asset. Therefore, the Board reviewed the fair value of KV in the event of any disposal and on the basis that KV’s carrying value is £5,820,106, the Group has impaired KV to a value of £461,000 through an impairment charge of £5,359,106. Whilst the impairment charge is material, given the size and scale of the Group, we cannot devote resources to develop KV. We recently upgraded the MRE at KV and continue to believe this is an attractive project that can be further developed with further investment in exploration. We anticipate that we will be in a position to recover the carrying value of KV through its disposal and the Group is in discussions with its partners at KV regarding the process of disposal.
The Board, in determining fair value regarding a disposal, reviewed valuations in transactions from the gold sector in Western Australia that provided a spectrum of valuations for gold resources in the ground. Based on its assessment of these market observations and reviews, the Board have applied a valuation of $71 per resource ounce, which falls within the observed range of comparable section transaction when applied to the revised MRE of 41,300 oz would provide a value of gross value of A$2.9m. Mila holds 30% of the KV project, therefore, on a net basis we have reached a value of £461,000. There are several considerations that we did not factor in any further exploration and additional gold resources that may deliver.
The Board remain of the view that KV is an attractive exploration project and that it’s carrying value in use would be far greater than the ascribed disposal value, however, to fully unlock KV would require capital and resources the Group cannot provide especially given the focus on Queensland.
Share based payments
The Group records charges for share-based payments where they are within the scope of IFRS 2.
For option and warrant-based share-based payments, to determine the value of the options and warrants management estimates certain factors used in the option and warrant pricing model, including volatility, vesting date, exercise date of options and warrants and the number of option or warrants likely to vest. At each reporting date during the vesting period, management estimates the number of shares that will vest after considering the vesting criteria. If these estimates vary from actual occurrence, this will impact on the value of the equity carried in the reserves.
- OPERATING LOSS
This is stated after charging:
GROUP AND COMPANY
2026
£
2025
£
Auditor’s remuneration:-
Audit of the Group
49,000
49,000
Directors’ remuneration
184,167
205,515
Stock exchange and regulatory expenses
44,053
19,302
Share based payments expense
739,565
260,509
Other expenses
240,533
266,109
Impairment of exploration assets
5,359,106
-
Operating expenses
6,616,424
800,435
- AUDITOR’S REMUNERATION
GROUP AND COMPANY
2026
£
2025
£
Fees payable to the Group’s current auditor:
- audit of the Group’s consolidated financial statements
49,000
49,000
49,000
49,000
- DIRECTORS AND STAFF COSTS
During the year the in total five employees of the Group, four were the Directors and as such key management personnel, together with one employee in Australia. Management remuneration, other benefits supplied and social security costs to the Directors during the year was as follows below. For Directors costs see the Directors remuneration report.
GROUP AND COMPANY
2026
£
2025
£
Directors’ Salaries
Social security costs
Share based payments
184,167
6,909
739,565
205,515
20,207
260,509
930,641
486,231
Other than the Directors, the sole remaining member of key management personnel was an employee whose remuneration for the year ended 30 June 2026 totalled £50,666 (2025: Nil) and was capitalised in full to exploration and evaluation assets.
- TAXATION
GROUP AND COMPANY
2026
£
2025
£The charge/credit for the year is made up as follows:
Current tax
-
-
Deferred tax
-
-
Taxation charge / credit for the year
-
-
A reconciliation of the tax charge / credit appearing in the income statement to the tax that would result from applying the standard rate of tax to the results for the year is:
Loss per accounts
(6,616,424)
(800,435)
Tax credit at the standard rate of corporation tax in the UK of 25% (2025: 25%)
(1,654,106)
(200,109)
Impact of costs disallowed for tax purposes
1,339,801
50
Deferred tax in respect of temporary differences
-
-
Impact of unrelieved tax losses carried forward
314,305
200,159
-
-
Estimated tax losses of £5,391,179 (2025: £4,133,959) are available for relief against future profits and a deferred tax asset of £1,347,795 (2025: £1,033,490) has not been provided for in the accounts due to the uncertainty of future profits.
Deferred taxation
No deferred tax asset has been recognised by the Group due to the uncertainty of generating sufficient future profits and tax liability against which to offset the tax losses.
- EARNINGS PER SHARE
The calculation of the earnings per share is based on the loss for the financial period after taxation of £6,616,424 (2025: £800,435) and on the weighted average of 680,115,781 (2025: 541,965,183) ordinary shares in issue during the period.
Diluted loss per share is equal to basic loss per share because the inclusion of potential ordinary shares would be anti-dilutive due to the loss incurred during the year.
GROUP AND COMPANY
Earnings
£
Weighted average number of shares
unit
Per-share amount
pence
30 June 2026: Loss per share attributed to ordinary shareholders
(6,616,424)
680,115,781
(0.97)
30 June 2025: Loss per share attributed to ordinary shareholders
(800,435)
541,965,183
(0.15)
- EXPLORATION AND EVALUATION ASSETS
GROUP AND COMPANY
At 30
June 2026
At 30
June 2025
£
£
Opening balance
6,257,968
5,761,853
Cost of acquisition including transaction costs
-
160,976
Exploration costs capitalised in the year – Kathleen Valley
19,990
38,263
Impairment of Kathleen Valley
(5,359,106)
-
Exploration costs capitalised in the year – Queensland
888,141
296,876
Net book value
1,806,993
6,257,968
Exploration and evaluation assets are regularly reviewed for indicators of impairment as outlined in IFRS 6. If an indicator of impairment is found an impairment test is required, where the carrying value of the asset is compared with its recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in use.
The Directors have undertaken a comprehensive impairment review and concluded that an impairment relating to Kathleen Valley should be recognised in the current year.
Following an internal review, the Board concluded that the Group was not in a position to continue funding both the KV and Queensland projects. As a result, it resolved to seek to realise value from its interest in the KV project through a disposal process. This strategic decision to cease substantive activities at the KV project, other than meeting minimum expenditure commitments, represented an indicator of impairment. Accordingly, management performed an impairment assessment of the carrying value of the related exploration and evaluation asset. Therefore, the Board reviewed the fair value of KV in the event of any disposal and on the basis that KV’s carrying value is £5,820,106, the Group has impaired KV to a value of £461,000 through an impairment charge of £5,359,106. Whilst the impairment charge is material, given the size and scale of the Group, we cannot devote resources to develop KV. We recently upgraded the MRE at KV and continue to believe this is an attractive project that can be further developed with further investment in exploration. We anticipate that we will be in a position to recover the carrying value of KV through its disposal and the Group is in discussions with its partners at KV regarding the process of disposal.
The Board, in determining fair value regarding a disposal, reviewed valuations in transactions from the gold sector in Western Australia that provided a spectrum of valuations for gold resources in the ground. Based on its assessment of these market observations and reviews, the Board have applied a valuation of $71 per resource ounce, which falls within the observed range of comparable section transaction when applied to the revised MRE of 41,300 oz would provide a value of gross value of A$2.9m. Mila holds 30% of the KV project, therefore, on a net basis we have reached a value of £461,000. There are several considerations that we did not factor in any further exploration and additional gold resources that may deliver.
On 31 October 2024 an the Group entered an option with EMX to purchase three highly prospective projects in Queensland, each with the potential to materially expand Mila's mineral resource inventory. The costs to acquire the option and subsequent exploration costs have been capitalised as whilst the option does not grant the Group ownership of the licences in question, it does provide the Group with the right to conduct exploration and evaluation activities and the Directors assessed that it was probable that the option would be exercised. In November 2025 this Option was exercised and the transfer of licences was formally completed by August 2026, therefore, 3,225,806 ordinary shares were issued in this respect.
The Group initially paid A$25,000 in cash and issued 16 million warrants exercisable at 1p per Ordinary Share for the Option Agreement. The Group will make a further payment of A$125,000 on the second anniversary of the Option Agreement, payable in either cash or by the issue of new ordinary shares. The Group also agreed in the EMX Option Agreement to pay additional consideration for the grant of the option to EMX if, following the initiation of drilling on-site, Mila's share price exceeded 1.0p for more than 12 continuous trading days.
As at the year-end the deferred consideration of £63,755 was outstanding.
- INVESTMENT IN SUBSIDIARY
Details of the Company’s subsidiary as at 30 June 2026 is as follows:
Name
Country of incorporation
Proportion of ownership interest held
Nature of relationship
Carrying amounts of investment
£
Mila Resources Pty Ltd
Australia
100%
Subsidiary
500
- TRADE AND OTHER RECEIVABLES
GROUP AND COMPANY
2026
£
2025
£
Prepayments and other receivables
46,085
35,751
46,085
35,751
The Directors consider that the carrying value amount of trade and other receivables approximates to their fair value.
- CASH AND CASH EQUIVALENTS
GROUP AND COMPANY
2026
£
2025
£
Cash at bank
489,262
350,301
489,262
350,301
Cash at bank comprises balances held by the Group in current bank accounts. The carrying value of these approximates to their fair value.
- TRADE AND OTHER PAYABLES – CURRENT
GROUP
2026
£
2025
£
Trade payables
102,725
62,968
Accruals and other payables
60,348
55,416
Deferred consideration
63,755
-
Contingent consideration
-
50,000
226,828
168,384
COMPANY
2026
£
2025
£
Trade payables
102,725
62,968
Accruals and other payables
60,348
55,416
Deferred consideration
63,755
-
Contingent consideration
-
50,000
Amounts owed to group undertakings
500
-
227,328
168,384
Amounts due to group undertakings are unsecured, interest-free and repayable on demand.
Please refer to Note 8 above which details the contingent and deferred consideration in more detail.
- TRADE AND OTHER PAYABLES - NON-CURRENT
GROUP AND COMPANY
2026
£
2025
£
Deferred consideration on option
-
63,755
-
63,755
Note 8 above details the provision in more detail.
- SHARE CAPITAL / SHARE PREMIUM
GROUP AND COMPANY
Number of ordinary shares in issue
Number of deferred shares in issue
Combined Share capital £
Share premium £
Total £
Balance as at 1 July 2024
541,965,183
-
5,419,653
4,494,522
9,914,175
Balance as at 30 June 2025
541,965,183
-
5,419,653
4,494,522
9,914,175
Issue of ordinary shares
195,596,339
-
195,595
1,500,404
1,695,999
Issue Costs
-
-
-
(115,509)
(115,509)
Sub-division of shares
-
-
(4,877,688)
-
(4,877,688)
Sub-division of shares
-
541,965,183
4,877,688
-
4,877,668
Balance as at 30 June 2026
737,561,522
541,965,183
5,615,248
5,879,417
11,494,665
During the year, the Company subdivided each existing ordinary share of £0.01 into one new ordinary share of £0.001 and one deferred share of £0.009. The deferred shares carry no voting rights, no rights to dividends and only limited rights on a return of capital. The subdivision was undertaken to facilitate future equity fundraisings at prices below the previous nominal value of the ordinary shares.
The Directors held the following warrants at the beginning and end of the year:
Director
At 30 June 2025
Movement during the year
At 30 June 2026
Exercise price
Earliest date of exercise
Last date of exercise
M. Stephenson
7,500,000
-
7,500,000
£0.024
22 Nov 2021
31 Dec 2026
N. Hutchison
5,000,000
-
5,000,000
£0.024
22 Nov 2021
31 Dec 2026
12,500,000
-
12,500,000
The Directors held the following Options at the beginning and end of the year:
Director
At 30 June 2025
Movement during the year
At 30 June 2026
Average Exercise price
Earliest date of exercise
Last date of exercise
M. Stephenson
12,071,429
21,739,130
33,810,559
£0.0189
10 Dec 2021
25 Jun 2031
A. Goodship
8,571,429
21,739,130
30,310,559
£0.0182
25 Jun 2025
25 Jun 2031
J. Evans
8,571,429
21,739,130
30,310,559
£0.0182
25 Jun 2025
25 Jun 2031
29,214,287
65,217,390
94,431,677
- SHARE BASED PAYMENT RESERVE AND SHARE BASED PAYMENTS
SHARE BASED PAYMENT RESERVE
GROUP AND COMPANY
2026
£
2025
£At 1 July
799,838
539,329
Warrants and options expense
739,565
260,509
At 30 June
1,539,403
799,838
Warrants and Options in Issue
Number of Options in Issue
Number of Warrants in Issue
Weighted average exercise price
Expiry date
At 30 June 2024
6,000,000
478,175,568
£0.034
L. Daniels
(2,500,000)
-
£0.024
Senior management team share options Jun25
32,857,144
-
£0.011
24 June 2030
At 30 June 2025
36,357,144
478,175,568
£0.033
Investor Warrants exercised (Shard/Atom)
-
(5,500,000)
EMX Warrants exercised
(16,000,000)
Senior management team share options Jun26
91,304,347
-
£0.021
25 June 2031
At 30 June 2026
127,661,491
456,675,568
£0.0031
SHARE BASED PAYMENTS – OPTIONS
The total options issued in the year at each exercise price were 27,391,304 at 1.3p, 27,391,304 at 1.75p, 18,260,869 at 2.5p and 18,260,869 at 3.5p. These options were valued using the black scholes model and the key inputs are as noted in the table below. As a result of the options granted in the year vesting immediately, the share based payment charge recognised in the year was £739,565.
Jun 2026
Jun 2026
Jun 2026
Jun 2026
Options Exercise Price (£)
0.013
0.0175
0.025
0.035
Share price at grant date (£)
0.01075
0.01075
0.01075
0.01075
Expected Life of Options years
5
5
5
5
Volatility
113.2%
113.2%
113.2%
113.2%
Dividend yield
-
-
-
-
Risk free interest rate
4.28%
4.28%
4.28%
4.28%
The market price of the shares at year end was 1.075 pence per share.
During the year, the minimum and maximum prices were 0.425 pence and 2.7 pence per share respectively.
- CAPITAL COMMITMENTS
There were no capital commitments at 30 June 2026 and 30 June 2025.
- CONTINGENT LIABILITIES
There were no contingent liabilities at 30 June 2026 and 30 June 2025.
- COMMITMENTS UNDER LEASES
There were no commitments under operating leases at 30 June 2026 and 30 June 2025.
- FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The Group’s financial instruments comprise primarily cash and various items such as trade debtors and trade payables which arise directly from operations. The main purpose of these financial instruments is to provide working capital for the Group’s operations. The Group does not utilise complex financial instruments or hedging mechanisms.
Financial assets by category
2026
£
2025
£Current Assets:
Cash and cash equivalents
489,262
350,301
Trade and other receivables
34,316
6,172
Categorised as financial assets at amortised cost
523,578
356,473
Financial liabilities by category
2026
£
2025
£Current Liabilities:
Trade and other payables
163,073
113,384
Deferred consideration
63,755
-
Contingent consideration
-
50,000
Non-Current Liabilities :
Deferred consideration
-
63,755
Categorised as financial liabilities measured at amortised cost
226,828
227,139
Current liabilities amounts are short term and payable in 0 to 6 months.
Non-current liabilities are payable in 12 to 15 months.
Credit risk
The maximum exposure to credit risk at the reporting date by class of financial asset was:
2026
£
2025
£Trade and other receivables
34,316
6,172
Cash and cash equivalents
489,262
350,301
523,578
356,473
Capital management
The Group considers its capital to be equal to the sum of its total equity. The Group monitors its capital using several key performance indicators including cash flow projections, working capital ratios, the cost to achieve development milestones and potential revenue from partnerships and ongoing licensing activities.
The Group’s objective when managing its capital is to ensure it obtains sufficient funding for continuing as a going concern. The Group funds its capital requirements through the issue of new shares to investors.
Interest rate risk
The maximum exposure to interest rate risk at the reporting date by class of financial asset was:
2026
£
2025
£Bank balances
489,262
350,301
The Group is not financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business and the Directors have not performed a detailed sensitivity analysis.
All deposits are placed with main clearing banks, with ‘A’ ratings, to restrict both credit risk and liquidity risk. The deposits are placed for the short term, between one and three months, to provide flexibility and access to the funds.
Credit and liquidity risk
Credit risk is managed on a Group basis. Funds are deposited with financial institutions with a credit rating equivalent to, or above, the main UK clearing banks. The Group’s liquid resources are invested having regard to the timing of payment to be made in the ordinary course of the Group’s activities. All financial liabilities are payable in the short term (between 0 to 3 months) and the Group maintains adequate bank balances to meet those liabilities. A liquidity analysis is not therefore considered material to disclose.
Currency risk
The Group operates in a global market with income and costs possibly arising in a number of currencies. The Group’s strategic aim of acquiring asset(s) or business(es) acting as a post discovery accelerator, is not limited to any specific geo-political area or jurisdiction. Currently the majority of the Group’s overhead costs are incurred in £GBP. The Kathleen Valley Project is located in Western Australia, and hence the majority of the exploration and evaluation costs relating to this project are incurred in $AUD. The Group has not hedged against any currency depreciation but continues to keep the matter under review.
- RELATED PARTY TRANSACTIONS
Key management personnel compensation
The Directors are considered to be key management personnel. Detailed remuneration disclosures are provided in the remuneration report.
Neil Hutchison is a Director of the Group and also the owner of Geolithic Pty Ltd (“Geolithic”). Geolithic entered a contract agreement to Trans Pacific Energy Group (“TPE”) on 3 September 2019 to supply geological consulting, personnel hire and equipment hire to support TPEs Western Australian Projects. The Group also entered an earn in agreement with TPE and relisted on the LSE on 23 November 2021. During the financial year Geolithic provided services to the Group totalling £1,041 (2025: £70,680). As at 30 June 2026, no amounts were due to Geolithic (2025: £12,062).
Jonathan Evans is a Director of the Group and employed by Tavira Financial Limited (“Tavira”). Tavira is retained as a Financial Adviser and Joint Broker to Mila; the annual retainer is £25,000. As at 30 June 2026, no amounts were due to Tavira (2025: £nil). During the year share issue costs of £13,020 were paid to Tavira in relation to commission. During the year Mr Evans also received 21,379,130 share options (2025: 7,142,757).
Charlie Stephenson is a consultant for the Group and related to a Director the Group. Mr. Stephenson has been paid £32,330 (2025: £20,500) in investor relationship consultancy services. As at 30 June 2026 Mr Stephenson was a creditor of the Group to a value of £2,833 (2025: £4,000). During the year Mr Stephenson also received 21,379,130 share options (2025: 7,142,757).
- EVENTS SUBSEQUENT TO YEAR END
On 12 August 2026, the legal title to the three EMX projects transferred to the Group, securing 100% ownership of three project areas in Queensland: Yarrol, Mount Steadman and Mount Weary (which encompasses the Monal Gold-Copper Project). In accordance with the terms of the agreement, the Group issued 7,096,774 new ordinary shares to EMX, valued at £110,000 based on a 30 Day VWAP of 1.55 pence per share, with these shares subject to a 12-month lock-up.
On 7 September 2026, Mila successfully raised £1.5million (before costs) with an over-subscribed placing of 125,000,000 new ordinary shares at 1.2 pence per share. This funding will support building the gold resource at the Yarrol Gold Project, together with also funding exploration drilling at the Monal Copper-Gold Project and further regional exploration. The Group issued one warrant for every placing share exercisable at 2 pence per share from 1 March 2027.
- CONTROL
In the opinion of the Directors there is no single ultimate controlling party.
**ENDS**
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 or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDFR UAANRNWURURA
