REG - Mila Resources Plc - Interim Results for 6 months to 31 Dec 2025
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RNS Number : 1864V Mila Resources PLC 04 March 2026
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources
4 March 2026
Mila Resources Plc
("Mila" or "the Company")
Unaudited Interim Results for the 6 months to 31 December 2025
Mila Resources Plc, the post-discovery gold exploration accelerator, is
pleased to present its interim results for the six-month period ended 31
December 2025.
Highlights
· Secured 100% ownership of Yarrol, Mount Steadman and Monal gold and
copper licences
· Advancing Yarrol at pace - drill programmes confirm the continuity of
gold-bearing structures outside the historic resource shell
· Now targeting shallow depth mineralisation with further drilling
underway to "step out" from the historic gold resource area
· Regional work underway to advance gold and copper targets at Mount
Steadman and Monal
· Appointed Alastair Goodship to the board as COO and bolstered
exploration team
· Circa £400,000 capitalised on exploration costs during the period
· Cash position of c.£636,000 as at 31 December 2025
Chairman Statement
The period in review has arguably been the most intensive in the Company's
history, with significant operational and corporate activity. The Company has
been focusing on developing the Yarrol Gold Project ("Yarrol"), one of three
key licences we are advancing within the South-Eastern Goldfield of
Queensland, collectively known as our Queensland Gold and Copper Portfolio.
We believe Yarrol has the potential to be developed into a project of scale
and following highly encouraging drilling results published in May and June
2025 we completed a capital raise of £756,000 in July 2025 to continue
exploration at Yarrol and to fund our first diamond drilling programme ("DD"),
which commenced in September 2025 and consisted of 1,451.1m to test beyond the
historic gold resource and define key structural controls on mineralisation.
In November 2025, EMX and other investors exercised warrants, which raised a
further £270,000 for the Company.
The Company announced initial drilling results from the DD programme in
January 2026, which confirmed the continuity of gold-bearing structures
outside the historic resource shell, with intercepts of ~5g/t gold traced from
surface to ~230 metres depth. While we await the final assays from the DD
programme and continue to analyse the assays from the depth extensions, the
programme has provided critical insight into the geological model and
indicates that the most compelling near-term opportunity lies in testing
shallow targets along strike. As a result, we have already begun our current
1,600m Reverse Circulation ("RC") programme, which is focused on "stepping
out" from the historic gold resource area and testing shallow depth
mineralisation.
Alongside Yarrol, we are committed to advancing the Mt Steadman and Monal
licences, which complete our Queensland project portfolio. Regional work is
underway to advance gold and copper targets, targeting Yarrol-Like gold
targets and porphyry-like gold-copper targets similar to the recent discovery
made at the neighbouring Mt Cannindah project. We believe both Monal and Mt
Steadman offer significant development opportunities and work will look to
expand upon their historic resource areas (non JORC compliant) and multiple
confirmed copper and gold occurrences.
To support the increase of exploration activity, we promoted Alastair Goodship
to become our Chief Operating Officer ("COO") in September 2025. Alastair has
deep technical experience and knowledge with a proven ability to develop
exploration projects from greenfield through to production, making him the
ideal choice. We have also invested in an exploration team of two persons to
manage activity on the ground, giving us greater operational power and
flexibility. Alongside this, in November we notified EMX Royalty Corp that we
would be exercising our option to acquire 100% of Yarrol, Mount Steadman and
Monal licences in lieu of £110,000 of shares in the Company. With full
ownership, we now have the ability to accelerate work programmes and unlock
value at pace.
During this interim period, the Company has spent over £400,000 on
exploration at Yarrol, and our strategy remains focussed on implementing cost
effective exploration programmes to maximise the value of our portfolio. The
Board anticipates a very busy year ahead with plenty of value to build and
we'd like to thank the shareholders that continue to support the Company and
its vision.
Finance and Corporate
Results
The interim results for the six months to 31 December 2025 showed a loss of
£239,046 which consisted of administrative expenses incurred including the
increased corporate activity notably acquiring the Yarrol licences (2024:
£360,727). The Company continues to adopt a lean administrative function with
no fixed office costs nor any direct administrative staff employed.
The Company capitalised £406,298 on exploration costs which is largely
attributable to exploration and drilling at Yarrol.
Cash Position
The cash and cash equivalent position as at 31 December 2025 was £636,903
(2024: £951,845).
Directors
Mark Stephenson
Neil Hutchison
Jonathan Evans
Alastair Goodship (Appointed 23 September 2025)
Corporate Governance
The UK Corporate Governance Code (September 2014) ("the Code"), as appended to
the Listing Rules, sets out the Principles of Good Corporate Governance and
Code Provisions which are applicable to listed companies incorporated in the
United Kingdom. As a standard listed company, the Company is not subject to
the Code, but the Board recognises the value of applying the principles of the
Code where appropriate and proportionate and has endeavoured to do so where
practicable.
On behalf of the board
Mark Stephenson Director
4 March 2026
Interim Statement of Comprehensive Income (Unaudited)
For the six months ended 31 December 2025
Six months Six months Year
ended 31 December ended 31 December ended 30 June
Notes 2025 2024 2025
Unaudited Unaudited Audited
£ £ £
Administrative expenses (239,046) (360,727) (539,926)
Share warrant expense - - (260,509)
Operating loss (239,046) (360,727) (800,435)
Interest receivable - -
Income tax expense 4 - - -
Loss for the period (239,046) (360,727) (800,435)
Other comprehensive income / (loss) - -
Total comprehensive income for the (239,046) (360,727) (800,435)
period attributable to equity holders
Earnings per share (basic and diluted) attributable to equity holders (p) 5 (0.04) (0.07) (0.15)
________
The income statement has been prepared on the basis that all operations are
continuing operations.
Interim Statement of Financial Position (Unaudited)
As at 31 December 2025
At 31 At 31 At 30
December 2025 December 2024 June 2025 Audited
Unaudited Unaudited
Notes £ £ £
ASSETS
Non-current assets
Exploration and evaluation 6 6,664,266 5,805,261 6,257,968
assets
6,664,266 5,805,261 6,257,968
Current assets
Trade and other receivables 39,094 46,597 35,751
Cash at bank and in hand 636,903 951,845 350,301
675,997 998,442 386,052
TOTAL ASSETS 7,340,262 6,803,703 6,644,020
LIABILITIES
Current liabilities
Trade and other payables 52,981 212,624 168,384
52,981 212,624 168,384
Non-Current liabilities
Provisions 63,755- - 63,755
TOTAL LIABILITIES 116,736 212,624 232,139
NET ASSETS 7,223,526 6,591,079 6,411,881
EQUITY
Share capital 7 5,555,248 5,419,653 5,419,653
Share premium 7 5,409,618 4,494,522 4,494,522
Share based payment 799,839 539,329 799,838
reserve
Retained losses (4,541,178) (3,862,424) (4,302,132)
TOTAL EQUITY 7,223,526 6,591,079 6,411,881
Statements of changes in equity (Unaudited)
For the six months ended 31 December 2025
Share Capital Share Premium Share Based Retained TOTAL
Account Payment Reserve Loss
£ £ £ £ £
Balance at 31 Dec 2024 5,419,653 4,494,522 539,329 (3,862,424) 6,591,079
Total comprehensive income for the period (800,435) (800,435)
- - -
Capital Raising - Issue of shares - - - - -
Share based payments - - 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 period - - - (239,046) (239,046)
Capital Raising - Issue of shares 135,595 915,096 - - 1,050,691
Balance at 31 Dec 2025 5,555,248 5,409,618 799,838 (4,541,178) 7,223,526
Statement of cash flow (Unaudited)
For the six months ended 31 December 2025
Six months Six months 12 months
to 31 December to 31 December to 30 June
2025 2024 2025
£ £ £
Cash flows from operating activities
Loss for the period (239,046) (360,727) (800,435)
Adjustments for:
Warrants / Options expense (non-cash) - - 26,509
Less: Interest Received - - -
Foreign exchange Gains / (Losses) - - -
Operating cashflow before working capital movements (239,046) (360,727) (539,926)
Decrease / (Increase) in trade and other receivables (3,343) (15,076) (4,230)
Decrease in trade and other payables (115,403) (44,153) (140,893)
Net cash flow from operating activities (357,792) (419,956) (685,049)
Cash flow from investing activities
Purchase of options 1,096,000 - (47,221)
Funds used for drilling and exploration (406,298) (45,909) (335.139)
Interest received - - -
Net cash outflow from investing activities (406,298) (45,909) (382.360)
Cash flow from financing activities
Proceeds from share issues 1,096,000 - -
Issue costs paid in cash (45,309) - -
Convertible Loan Note - - -
Net cash inflow from financing activities 1,050,691 - -
Net Increase / (Decrease) in cash and cash equivalents 286,602 (465,865) (1,067,409)
Cash and cash equivalents at beginning of the period 350,301 1,417,710 1,417,710
Cash and cash equivalents at end of the period 636,903 951,845 350,301
Notes to the financial statements
For the six months ended 31 December 2025
1 General information
Mila Resources Plc (the "Company'') was listed on official list and the main
market of the London Stock Exchange in 2016 for the purposes of acquiring
projects in the natural resources sector. In October 2024, the Company
signed an exploration and option agreement relating to three highly
prospective gold projects in Queensland, Australia with EMX Broken Hill Pty
Ltd and EMX - NSW 1 Pty Ltd, both wholly owned subsidiaries of EMX Royalty
Corp ("EMX") which is listed on the Toronto and New York Stock Exchanges.
The Company is domiciled in the United Kingdom and incorporated and registered
in England and Wales, with registration number 09620350. The Company's
registered office is Huckletree, Level 2, 8 Bishopsgate, London EC2N 4BQ
2 Accounting policies
The principal accounting policies applied in preparation of these consolidated
financial statements are set out below. These policies have been consistently
applied unless otherwise stated.
Basis of preparation
The interim unaudited financial statements for the period ended 31 December
2025 have been prepared in accordance with IAS 34 Interim Financial Reporting.
This interim financial information is not the Company's statutory financial
statements and should be read in conjunction with the annual financial
statements for the period ended 30 June 2025, which have been prepared in
accordance with International Financial Reporting Standards (IFRS) and have
been delivered to the Registrar of Companies. The auditors have reported on
those accounts; their report was unqualified and did not contain statements
under section 498 (2) or (3) of the Companies Act 2006.
The interim financial information for the six months ended 31 December 2025 is
unaudited. In the opinion of the Directors, the interim consolidated financial
information presents fairly the financial position, and results from
operations and cash flows for the period.
The Directors have made an assessment of the Company's ability to continue as
a going concern and the interim report has been prepared on the going concern
basis, which contemplates the continuity of normal business activity and the
realisation of assets and the settlement of liabilities in the normal course
of business. The Company, therefore, continues to adopt the going concern
basis in preparing its consolidated financial statements.
The financial information of the Company is presented in British Pounds
Sterling (£).
Critical accounting estimates and judgements
The preparation of interim financial information requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities and the
reported amounts of income and expenses during the reporting period. Although
these estimates are based on management's best knowledge of current events and
actions, the resulting accounting estimates will, by definition, seldom equal
related actual results.
In preparing the interim financial information, the significant judgements
made by management in applying the Company's accounting policies and the key
sources of estimation uncertainty.
Intangible assets - Exploration and evaluation expenditures (E&E)
Development expenditure
Expenditure on the construction, installation and completion of infrastructure
facilities including service, is capitalized initially within intangible fixed
assets and when the asset has formally commenced commercial production, then
it is transferred to property, plant and equipment and is depreciated from the
commencement of production as described in the accounting policy for property,
plant and equipment.
Drilling costs and intangible licenses
The Company applies the successful efforts method of accounting, 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 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 Company 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:
(a) 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.
(b) substantive expenditure on further exploration for and
evaluation of mineral resources in the specific area is neither budgeted nor
planned.
(c) 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.
(d) 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, or when annual impairment testing for an asset
is required, the Company 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 statement of comprehensive
income.
3 Share-based payments
The Company records charges for share-based payments.
For warrant-based or option-based share-based payments, 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.
4 Taxation
No tax is applicable to the Company for the six months ended 31 December 2025.
No deferred income tax asset has been recognised in respect of the losses
carried forward, due to the uncertainty as to whether the Company will
generate sufficient future profits in the foreseeable future to prudently
justify this.
5 Earnings per share
Basic earnings per ordinary share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted average number
of ordinary shares in issue during the period. Diluted earnings per share is
calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares.
The diluted profit per share is the same as the basic profit per share because
all warrants and options in issue were out of the money at 31 December 2025
and the Company reported a loss, hence including the additional dilution would
have resulted in a reduction of the loss per share.
Earnings Weighted average Per-share
£ number of shares amount
unit pence
Loss per share attributed to ordinary shareholders (239,046) 657,655 (0.04)p
6 Exploration and evaluation assets
At 31 At 31 At 30
December 2025 December 2024 June 2025 Audited
Unaudited Unaudited
£ £ £
Cost
Opening balance 6,257,968 5,761,853 5,761,853
Cost of acquisition including transaction costs - - 160,976
Exploration costs capitalised in the period 406,298 43,408 335,139
Other - - -
movements
Net book 6,664,266 5,805,261 6,257,968
value
In October 2024, the Company signed an exploration and option agreement
relating to three highly prospective gold projects in Queensland, Australia
with EMX Royalty Corp. At the period end the capitalised exploration and
evaluation assets totalled £6.7m (31 December 2024: £5.8m) and all such
costs capitalised related to exploration and evaluation activities conducted
in relation to Kathleen Valley and more recently the Yarrol Gold Project.
Exploration and evaluation assets are regularly reviewed for indicators of
impairment. 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 assets fair
value less costs to sell and value in use. The Directors are satisfied that no
impairments are required for the current period.
7 Share capital
Number Share Share
of shares capital premium Total
In issue £ £ £
Balance at 30 June 2025 541,965,183 5,419,653 4,494,522 9,914,175
Capital Raise 135,596,339 135,596 960,404 1,096,000
Issue Costs - - (45,308) (45,308)
Balance at 31 December 2025 677,561,522 5,555,248 5,409,618 10,964,867
As at 31 December 2025 the Company also has the following options and
warrants:
Warrants and Options in Issue Number of Number of Weighted
Options in Warrants in average exercise price
Issue Issue
Expiry date
At 30 June 2024 6,000,000 478,175,568 £0.034
L Daniels (2,500,000) - -
Senior management team share options June 2025 32,857,144 - - 24 June 2030
At 30 June 2025 36,357,144 478,175,568 £0.033
Warrants exercised - (21,500,000) -
At 31 December 2025 36,357,144 456,675,568 £0.048
8 Subsequent events
Following the interim period to 31 December 2025, the Company does not have
any subsequent events to note that may impact the financial position of the
Company.
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