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REG - Nativo Resources Plc - Half-Year Report

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RNS Number : 2750B  Nativo Resources Plc  29 September 2025

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

29 September 2025

 

Nativo Resources Plc

("Nativo" or the "Company")

 

Half Year Report for the Six Months Ended 30 June 2025

 

Nativo Resources Plc (LON:NTVO), a gold-focused mining company with interests
in Peru, presents its half year report for the six-month period ended 30 June
2025 (the "Period").

 

Highlights

·      Restructured the £1 million Spartan Loan, maturing in 2028, in
January 2025.

·      Announced in March 2025 the signing of an option agreement for
the Toma La Mano tailings project ("Toma La Mano").

·      Announced in April 2025 the completion of the Morrocota Gold Mine
("Morrocota") acquisition, located in Arequipa province, 3km from the Bonanza
Gold Mine ("Bonanza").

·      Secured permits and land for a part-built gold ore processing
plant 45km from Tesoro known as La Patona in April 2025.

·      Announced in May 2025 reduced capital requirements and timescales
for La Patona.

·      Raised gross total proceeds of c.£544,000 via share issues
during the Period.

·      Announced in May 2025 that Christian Yates had transitioned from
Non-Executive to Executive Chairman.

 

For further information please contact:

 Nativo Resources                           Via Vigo Consulting

 Stephen Birrell, Chief Executive Officer   nativo@vigoconsulting.com (mailto:nativo@vigoconsulting.com)
 Zeus (Nominated Adviser and Joint Broker)

 James Joyce                                Tel: +44 (0)20 3829 5000

 James Bavister
 Peterhouse Capital limited (Joint Broker)  Tel: +44 (0)20 7469 0930

 Duncan Vasey

 Lucy Williams

Rose Greensmith
 Vigo Consulting (Investor Relations)       Tel: +44 (0)20 7390 0234

 Ben Simons                                 nativo@vigoconsulting.com (mailto:nativo@vigoconsulting.com)

 Peter Jacob

Anna Sutton

 

About Nativo Resources Plc

 

Nativo has interests in gold projects in Peru. The Company's strategy is based
on three core activities: primary gold mining, gold ore processing, and the
recovery of gold from tailings. The Company has already acquired or optioned
several projects for development and has identified additional opportunities
for expansion. Nativo's nearest-term objective is to scale operations on the
Tesoro Gold Concession, focusing on the Bonanza and Morrocota mines. Nativo
intends to allocate portions of free cash flow from mining and processing
activities, and from future fund raises, to Bitcoin purchases and to hold
Bitcoin as a long-term treasury reserve asset.

 

 

 

Follow us on social media:

 

LinkedIn: https://uk.linkedin.com/company/nativoresources-plc
(https://uk.linkedin.com/company/nativoresources-plc)

X: https://x.com/nativoresources (https://x.com/nativoresources)

Chairman and Chief Executive Officer's Statement

Nativo has now fully repositioned itself as a small-scale gold miner in areas
that offer the opportunity for near term production and cash flow, and the
potential to rapidly build a resource inventory. In line with this strategy,
the Company rebranded as Nativo Resources Plc. Accordingly, Nativo's core
strategy is as follows:

·      Achieve early cash flow from formalised artisanal mining in Peru,
initially from the Bonanza and Morrocota mines at the Tesoro Gold Concession
in the Nazca-Ocona gold corridor, Arequipa region of southern Peru.

·      Develop a gold ore processing plant, replacing use of third-party
tolling plants, to process ore supplied by artisanal small-scale mining
("ASM") operations on a fixed margin basis in addition to Nativo's own
production.

·      Secure and clean tailings deposits known to contain gold and
silver.

·      Acquire other ASM gold mines with a short runway to production
and where the level of indicated resource is attractive.

·      Establish relationships with local partners who have the
resources and competence to execute.

·      Use cash flow from operations to boost production and scale
operations.

New projects will only be considered that are either in production or
pre-production, meaning that they can be brought into production within 12
months with a low initial investment, resulting in early profitability and
with the potential to scale.

Significant milestones achieved over the past six months include the
following:

·      Restructured the £1 million Spartan Loan, maturing in 2028, in
January 2025.

·      Share consolidation to rationalise the issued share capital and
bring it into line with other listed companies in February 2025.

·      Signed up the first tailings deposit of 1.8 million tonnes in
March 2025 at Tomo La Mano in the Ancash region of Peru.

·      Acquired the Morrocota gold mine in April 2025, adjacent to the
Bonanza gold mine - increasing gold estimates for both mines to 51,000 ounces.

·      Secured permits and land for a part-built gold ore processing
plant 45km from Tesoro known as La Patona in April 2025.

·      Announced in May 2025 reduced capital requirements and timescales
for La Patona.

Significant milestones announced after the Period:

·      Restructured the €10 million Eurobond in July 2025 to a 0%
coupon convertible loan maturing in 2032, should no conversion take place
beforehand.

·      Adopted a Digital Asset Treasury policy in July 2025 whereby free
cash flow from mining and processing activities and the proceeds of any future
fund raises can be allocated to Bitcoin.

·      Established a new professional team in Peru in August 2025 to
oversee operations and develop the business.

·      Acquired the remaining 50% interest in Boku Resources ("Boku") in
August 2025, thereby taking full control of the Company's portfolio in Peru.

·      Raised gross total proceeds of c.£790,000 via share issues after
the Period, including a conditional placing and subscription to raise
£400,000 due to complete on 8 October 2025.

The Board was pleased to welcome Andrew Donovan in September 2024 as an
Independent Non-Executive Director. Martin Hull resigned from the Board in
October 2024 and immediately following his departure, Andrew Donovan also
assumed the position of Chairman of the Audit Committee. In May 2025,
Christian Yates moved from Non-Executive to Executive Chairman, leaving Andrew
Donovan as the sole Independent Director. Zeus Capital Limited continues as
the Nominated Adviser to the Company as well as Joint Corporate Broker with
Peterhouse Capital Limited.

The Board believes that Nativo, with the significant milestones achieved since
the business was repositioned as a small-scale gold miner, is well positioned
in Peru to deliver growth. We thank shareholders for their continued support.
Finally, the Directors draw attention to the Accounting Policy notes regarding
Going Concern and Estimates on page 11.

 

 

 

 Christian Yates  Stephen Birrell
 Chair            CEO

 

 

29 September 2025

 

 

Consolidated Statement of Comprehensive Income for the

Period Ended 30 June 2025

 

 Continuing operations                                         Note  Unaudited           Unaudited                        Audited

                                                                     1 January 2025 to   1 January 2024 to 30 June 2024   Year to

                   US $

                                                                     30 June 2025                                         31 December 2024
                                                                     US $

                                                                                                                          US $
 Revenue                                                       1     -                   -                                44,000
 Cost of sales                                                       -                   -                                (216,701)
 Gross profit                                                        -                   -                                (172,701)
 Distribution costs                                                  -                   -                                -
 Administrative expenses                                             (791,547)           (720,625)                        (1,418,959)
 Other losses                                                        -                   -                                3,289
 Operating loss                                                      (791,547)           (720,625)                        (1,588,371)
 Finance income                                                      1,011               448,225                          433,944
 Finance costs                                                       (1,279,324)         (416,034)                        (1,092,778)
 Net finance income/(cost)                                     2     (1,278,313)         32,191                           (658,834)
 Loss before tax                                                     (2,069,860)         (688,434)                        (2,247,205)
 Taxation                                                      3     -                   -                                -
 Minority interest adjustment                                        44,509              -                                157,133
 Loss for the year from continuing operations                        (2,025,351)         (688,434)                        (2,090,072)

 Profit/(loss) for the year                                          (2,025,351)         (688,434)                        (2,090,072)
 Other comprehensive income
 Exchange difference on translating foreign operations               -                   -                                -
 Total comprehensive income for the year                             (2,025,351)         (688,434)                        (2,090,072)
 Profit/(loss) attributable to:
 Owners of the company                                               (2,025,351)         (688,434)                        (2,090,072)
 Profit/(loss) per share (US cents)
 Basic                                                         4     (0.01)               (0.01)                          (0.01)
 Diluted                                                             (0.01)               (0.01)                          (0.01)
 Profit/(loss) per share (US cents) for continuing operations
 Basic                                                         4     (0.01)               (0.01)                          (0.01)
 Diluted                                                             (0.01)               (0.01)                          (0.01)

Consolidated Statement of Financial Position as at 30 June 2025

                                               Note    Unaudited 1 January 2025 to  Unaudited                        Audited

                                                       30 June 2025                 1 January 2024 to 30 June 2024   Year to
                                                       US $                         US $

                                                                                                                     31 December 2024

                                                                                                                     US $
 Assets
 Non-current assets
 Property, plant and equipment                 5       17,046                       1                                32,599
 Intangible assets                             6       207,623                      -                                36,200
 Goodwill                                              -                            -                                -
 Right of use asset                                    -                            27,972                           -
                                                       224,669                      27,973                           68,799
 Current assets
 Trade and other receivables                           397,091                      84,886                           178,996
 Equity accounted investments                          -                            361,552                          86,738
 Cash and cash equivalents                     7       195,074                      3,353                            46,073
                                                       592,165                      449,791                          311,807
 Total assets                                          816,834                      477,764                          380,606
 Equity and liabilities
 Equity
 Share capital                                 8       (19,967,619)                 (19,812,570)                     (19,868,311)
 Share premium                                 9       (86,846,570)                 (84,804,095)                     (86,177,203)
 Capital contribution reserve                          (7,212,492)                  (7,212,492)                      (7,212,492)
 Foreign currency translation reserve                  1,846,481                    1,846,481                        1,846,481
 Warrant reserve                                       (265,736)                    (532,726)                        (263,273)
 Share option reserve                                  (4,533)                      (676,294)                        (3,022)
 Non-Controlling Interest                              201,642                                                       157,133
 Retained earnings                                     122,564,207                  118,804,739                      120,536,393
 Equity attributable to owners of the company          10,315,380                   7,613,043                        9,015,706
 Non-current liabilities
 Loans and borrowings                          10      (8,986,932)                  (7,369,863)                      (7,609,056)

 Current liabilities
 Loans and Borrowings                                  (1,231,749)                                                   (1,133,337)
 Current portion of lease liabilities                  -                            (29,668)                         -
 Trade and other payables                              (913,533)                    (691,276)                        (653,919)
                                                       (2,145,282)                  (720,943)                        (1,787,256)
 Total liabilities                                     (11,132,214)                 (8,090,806)                      (9,396,312)
 Total equity and liabilities                          (816,834)                    (477,764)                        (380,606)

Consolidated Statement of Changes in Equity for the Period Ended 30 June 2025

                               Share capital  Shares to be issued  Share premium  Capital contribution reserve  Foreign currency translation reserve  Share option reserve  Warrant reserve                      Retained earnings  Total equity

US $

US $
US $
US $

US $

US $
US $
                                               US $                                                                                                   US $

                                                                                                                                                                                             Minority Interest

                                                                                                                                                                                             US $
 At 1 January 2025             19,868,311     -                    86,177,203     7,212,492                     (1,846,481)                           3,022                 263,273                              (120,536,393)      (9,015,706)

                                                                                                                                                                                             (157,133)
 Loss for the six months       -              -                    -              -                             -                                     -                     -                                    (2,069,860)        (2,069,860)

                                                                                                                                                                                             -
 Discontinued operations       -              -                    -              -                             -                                     -                     -                -                   -                  -
 Minority interest for Boku    -              -                    -              -                             -                                     -                     -                (44,509)            44,509             -
 Total comprehensive income    -              -                    -              -                             -                                     -                     -                                    (122,561,744)      (11,085,566)

                                                                                                                                                                                             (201,642)
 New share capital subscribed  99,308         -                    669,367        -                             -                                     -                     -                                    -                  768,675

                                                                                                                                                                                             -
 Options issued                -              -                    -              -                             -                                     1,511                 -                -                   -                  1,511
 Warrants issued               -              -                    -              -                             -                                     -                     2,463            -                   (2,463)            -
 Warrants lapsed               -              -                    -              -                             -                                     -                     -                -                   -                  -
 Share-based payments          -              -                    -              -                             -                                     -                     -                -                   -                  -
 At 30 June 2025               19,967,619     -                    86,846,570     7,212,492                     (1,846,481)                           4,533                 265,736                              (122,564,207)      (10,315,380)

                                                                                                                                                                                             (201,642)

 

                               Share capital  Shares to be issued  Share premium  Capital contribution reserve  Foreign currency translation reserve  Share option reserve  Warrant reserve  Retained earnings  Total equity
                               US $
                    US $           US $                          US $
                     US $             US $               US $
                                               US $                                                                                                   US $
 At 1 January 2024             19,796,814     -                    84,123,447     7,212,492                     (1,846,481)                           676,294               510,732          (118,094,311)      (7,621,013)
 Loss for the six months       -              -                    -              -                             -                                     -                     -                (688,434)          (688,434)
 Discontinued operations       -              -                    -              -                             -                                     -                     -                -                  -
 Exchange reserve              -              -                    -              -                             -                                     -                     -                -                  -
 Total comprehensive income    -              -                    -              -                             -                                     -                     -                (688,434)          (688,434)
 New share capital subscribed  15,756         -                    680,648        -                             -                                     -                     -                -                  696,404
 Warrants issued               -              -                    -              -                             -                                     -                     21,994           (21,994)           -
 Warrants lapsed               -              -                    -              -                             -                                     -                     -                -                  -
 Share-based payments          -              -                    -              -                             -                                     -                     -                -                  -
 At 30 June 2024               19,812,570     -                    84,804,095     7,212,492                     (1,846,481)                           676,294               532,726          (118,804,739)      (7,613,043)

 

                               Share capital  Shares to be issued  Share premium  Capital contribution reserve  Foreign currency translation reserve  Share option reserve  Warrant reserve             Retained earnings  Total equity
                               US $
                    US $           US $                          US $
                     US $
          US $               US $
                                               US $                                                                                                   US $

                                                                                                                                                                                             Minority

                                                                                                                                                                                             Interest

                                                                                                                                                                                             US $
 At 1 January 2024             19,796,814     -                    84,123,447     7,212,492                     (1,846,481)                           676,294               510,732          -          (119,370,074)      (7,621,013)
 Loss for the year             -              -                    -              -                             -                                     -                     -                -          (2,247,205)        (2,247,205)
 Discontinued operations       -              -                    -              -                             -                                     -                     -                -          9,055,875          9,055,875
 Minority Interest for Boku    -              -                    -              -                             -                                     -                     -                (157,133)  157,133            -
 Total comprehensive income    -              -                    -              -                             1,634,560                             -                     -                (157,133)  (2,090,072)        2,247,205
 New share capital subscribed  71,497         -                    2,053,756      -                             -                                     -                     -                -          -                  2,125,253
 Warrants issued               -              -                    -              -                             -                                     -                     321,278                     (321,278)          -
 Warrants lapsed               -              -                    -              -                             -                                     -                     (568,737)        -          568,737            -
 Shares lapsed                                                                                                                                        (676,294)                              -          676,294            -
 Share-based payments          -              -                    -              -                             -                                     3,022                 -                -          -
 At 31 December 2024           19,868,311     -                    86,177,203     7,212,492                     (1,846,481)                           3022                  263,273          (157,133)  (120,536,393)      (9,015,706)

 

Consolidated Statement of Cash Flows for the Period Ended 30 June 2025

                                                               Note        Unaudited 1 January 2025 to 30 June 2025  Unaudited                        Audited
                                                                           US $

                                                                                                                     1 January 2024 to 30 June 2024   Year to
                                                                                                                     US $

                                                                                                                                                      31 December 2024

                                                                                                                                                      US $
 Cash flows from operating activities
 Profit/(loss) for the year on continued operations                        (2,025,351)                               (688,434)                        (2,247,205)

 Adjustments to cash flows from non-cash items
 Depreciation and amortisation                                             735                                       13,986                           16,395
 Depreciation and depletion of intangible assets                           -                                         -                                -
 Impairment                                                                3,810                                     -                                -
 Loss from sales of tangible assets                                        14,082                                    -                                (3,289)
 Fair value losses of current investments                                  -                                         -                                208,722
 Finance income                                                2           (1,011)                                   (100,395)                        (3,025)
 Finance costs                                                 2           527,155                                   347,830                          884,056
 Exchange differences                                          2           752,169                                   (283,072)                        (401,670)
 Share option issued and lapsed                                                                                                                       (923,753)
 Share based payment transactions                                          -                                         -                                3,022
 Minority interest                                                         -                                         -                                157,133
 Loss on disposal of investments                                           -                                         -                                -
 Total adjustments                                                         1,296,940                                 (21,651)                         (62,409)

 Decrease/(increase) in inventory                                          -                                         -                                -
 Decrease/(increase) in trade and other receivables                        (211,229)                                 9,573                            (2,944)
 (Decrease)/increase in trade and other payables                           255,226                                   (53,684)                         (38,255)
 Total working capital movement                                            43,997                                    (44,111)                         (41,199)
 Net cash flow from operating activities                                   (684,414)                                 (754,196)                        (2,350,813)
 Cash flows from investing activities
 Interest received                                                         1,011                                     9,018                            3,025
 Acquisitions of property plant and equipment                              -                                         -                                -
 Proceeds on investment shares                                             39,311                                    -
 Net cash flows from investing activities                                  40,322                                    9,018                            3,025
 Cash flows from financing activities
 Issue of share capital                                                    153,675                                   81,884                           2,125,253
 Loans received                                                            639,417                                   583,520                          185,481
 Net cash flows from financing activities                                  793,092                                   665,404                          2,310,734
 Net increase/(decrease) in cash and cash equivalents                      149,001                                   (79,774)                         (37,054)
 Cash and cash equivalents at 1 January                                    46,073                                    83,127                           83,127
 Foreign exchange gains/(losses) on cash and cash equivalents              -                                         -                                -
 Cash and cash equivalents at period end                                   195,074                                   3,353                            46,073

1. ACCOUNTING POLICIES

 

GENERAL INFORMATION

These financial statements are for Nativo Resources Plc and subsidiary
undertakings ("the Group"). The Company is registered, and domiciled, in
England and Wales and incorporated under the Companies Act 2006.

 

BASIS OF PREPARATION

The condensed and consolidated interim financial statements for the period
from 1 January 2025 to 30 June 2025 have been prepared in accordance with
International Accounting Standards ("IAS") 34 Interim Financial Reporting, and
on the going concern basis. They are in accordance with the accounting
policies set out in the statutory accounts for the year ended 31 December 2024
and are expected to be applied for the year ending 31 December 2025.

 

The comparatives shown are for the period 1 January 2024 to 30 June 2024, and
for the year ended 31 December 2024, and do not constitute statutory accounts,
as defined in section 435 of the Companies Act 2006, but are based on the
statutory financial statements for the year ended 31 December 2024.

 

GOING CONCERN

The financial information has been prepared assuming the Group will continue
as a going concern. Under the going concern assumption, an entity is
ordinarily viewed as continuing in business for the foreseeable future with
neither the intention nor the necessity of liquidation, ceasing trading or
seeking protection from creditors pursuant to laws or regulations.

 

The consolidated statement of financial position at 31 December 2024 showed a
negative net asset position. The Directors have worked hard during and post
the Period to strengthen the Group's balance sheet, including restructuring
the £1 million Spartan Loan in January 2025 and then securing approvals in
July 2025 to restructure the €10 million Eurobond to a 0% coupon convertible
loan maturing in 2032, should no conversion take place beforehand.

 

The Company has also raised additional funding during and post the Period,
including a conditional placing and subscription to raise £400,000 which is
due to complete on 8 October 2025 and which should last until January 2026.
The Directors continue to hold positive discussions with existing and
potential investors, and should know within the next two weeks about further
funding which should take the Company through to June 2026. They also continue
to engage in negotiations to acquire cash generative opportunities in the
extraction of natural resources which would add to the Company's existing
portfolio of mining interests and which have the potential to deliver
significant growth.

 

Consequently, the Directors consider the going concern assumption continues to
be appropriate although there remain material uncertainties as to:

1.   Successfully raising sufficient funds; and

2.   The Company's existing assets and projects becoming sufficiently
cash-positive to fund the business going forward.

 

ESTIMATES

The preparation of the 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, income
and expense. Actual results may differ from these estimates. In preparing this
condensed interim financial information, the significant judgements made by
management in applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to consolidated
financial statements for the year ended 31 December 2024. The key source of
uncertainty in estimates that have a significant risk of causing material
adjustment to the carrying amounts of assets and liabilities, within the next
financial year, is the Group's going concern assessment.

 

REVENUE RECOGNITION

Revenue comprises the invoice value of goods and services supplied by the
Group, net of value added taxes and trade discounts. Revenue is recognised in
the case of gold ore sales when goods are delivered and title has passed to
the customer. This generally occurs when the product is physically
transferred. Gold prices vary from month to month based on seasonal demand
from customer segments and production in the market as a whole.

 

SEGMENTAL ANALYSIS

The Group has adopted IFRS 8 Operating Segments. Per IFRS 8, operating
segments are regularly reviewed and used by the Board of Directors being the
chief operating decision maker for strategic decision-making and resources
allocation, in order to allocate resources to the segment and assess its
performance.

 

At the balance sheet date, there are two business segments, the mining
operation, Boku, and the UK head office.

 

 

 

 1  Revenue

The analysis of the Group's revenue for the year from continuing operations is
as follows:

                   Unaudited                          Unaudited                        Audited

                    1 January 2025 to 30 June 2025    1 January 2024 to 30 June 2024   Year to

US $
US $

                                                                                       31 December 2024

                                                                                       US $
 Sale of minerals  -                                  -                                44,000

 

 

 2                         Finance income and costs
                                                     Unaudited                          Unaudited                        Audited

                                                      1 January 2025 to 30 June 2025    1 January 2024 to 30 June 2024   Year to

US $
US $

                                                                                                                         31 December 2024

                                                                                                                         US $
 Finance income
 Other finance income                                1,011                               -                               3,025
 Foreign exchange gains                              -                                  347.830                          401,670
 Sale of option                                      -                                  -                                 -
 Other operating income                              -                                  90,219                           29,249
 Net foreign exchange gain                           1,011                              448,255                          433,944
 Finance costs
 Fair value losses                                   -                                  -                                (208,722)
 Foreign exchange losses                             (752,169)                          -                                 -
 Interest on bank overdrafts and borrowings          (27,168)                           (41,691)                         -
 Interest expense on other financing liabilities     (499,987)                          (374,343)                        (884,056)
 Total finance costs                                 (1,279,324)                        (416,034)                        (1,092,778)
 Net finance income/(costs)                          (1,278,313)                        32,191                           (658,834)

 

 

3              Taxation

The parent entity has tax losses available to be carried forward, and further
tax losses are available in certain subsidiaries. With anticipated substantial
lead times for the Group's projects, and the possibility that these may expire
before their use, it is not considered appropriate to anticipate an asset
value for them.

 

No amounts have been recognised within tax on the results of the
equity-accounted joint ventures.

 

4              Loss per share

The calculation of basic and diluted loss per share at 30 June 2025 was based
on the loss attributable to ordinary shareholders. The weighted average number
of ordinary shares outstanding during the year ending 31 December 2024 and the
effect of the potentially dilutive ordinary shares to be issued are shown
below.

 

                                                                                 Unaudited 1 January 2025 to 30 June 2025  Unaudited                        Audited

US $

                                                                                                                           1 January 2024 to 30 June 2024   Year to

US $

                                                                                                                                                            31 December 2024

                                                                                                                                                            US $
 Net (loss)/profit for the period (US $) before exchange on translating foreign  (1,624,973)                               (688,434)                        (2,090,072)
 operations
 Net (loss)/profit on continuing operations                                      (1,624,973)                               (688,434)                        (2,809,753)
 Basic weighted average ordinary shares in issue during the period               35,374,897,853                            5,646,480,002                    35,374,897,853
 Diluted weighted average ordinary shares in issue during the period             35,374,897,853                            5,646,480,002                    35,374,897,853
 (Loss)/profit per share (cents)
 Basic and diluted (cents)                                                       (0.01)                                    (0.01)                           (0.01)
 (Loss)/profit per share on continuing operations (cents)
 Basic and diluted (cents)                                                       (0.01)                                    (0.01)                           (0.01)

 

In accordance with IAS 33 and as the entity is loss making, including
potentially dilutive share options in the calculation would be anti-dilutive.

 

Deferred shares have been excluded from the calculation of loss per share due
to their nature.

 

 

 5          Property, plant and equipment
 30 June 2025          PPE - Gold   Fixtures & Fittings      Total

US $
US $
                       Properties

US $
 Cost or valuation
 At 1 January 2025     33,814       95,219                   129,033
 Disposals             (14,818)     -                        (14,818)
 At 30 June 2025       18,996       95,219                   95,219
 Depreciation
 At 1 January 2025     1,216        95,218                   96,434
 Charge for year       735          -                        735
 Disposals             -            -                        -
 At 30 June 2025       1,951        95,218                   97,169
 Carrying amount
 At 30 June 2025       17,045       1                        17,046

 

 

 30 June 2024                      PPE - Gold Properties  Fixtures & Fittings      Total

US $
US $
US $
 Cost or valuation
 At 1 January 2024                 -                      95,219                   95,219
 Additions                         -                      -                        -
 Assets of disposal held for sale  -                      -                        -
 At 30 June 2024                   -                      95,219                   95,219
 Depreciation
 At 1 January 2024                 -                      95,218                   95,218
 Charge for year                   -                      -                        -
 Disposals                         -                      -                        -
 At 30 June 2024                   -                      95,218                   95,218
 Carrying amount
 At 30 June 2024                   -                      1                        1

 

 31 December 2024     PPE - Gold         Fixtures & Fittings           Total

US $
US $
                      Properties

US $
 Cost or valuation
 At 1 January 2024    -                  95,219                        95,219
 Additions            33,814             -                             33,814
 Disposals            -                  -                             -
 At 31 December 2024  33,814             95,219                        129,033
 Depreciation
 At 1 January 2024    -                  95,218                        95,218
 Charge for year      1,216              -                             1,216
 Disposals            -                  -                             -
 At 31 December 2024  1,216              95,218                        96,434
 Carrying amount
 At 31 December 2024  32,598             1                             32,599
 6 Intangible assets
 30 June 2025         Mining operations  Total

US $
US $
 At 1 January 2025    36,200             36,200
 Additions            171,423            171,423
 At 30 June 2025      207,623            207,623
 Depreciation
 At 1 January 2025    -                  -
 Charge for year      -                  -
 Disposals            -                  -
 At 30 June 2025      207,623            207,623
 At 30 June 2024      36,200             36,200

 31 December 2024     Mining operations  Total

US $
US $
 At 1 January 2024    -                  -
 Additions            36,200             36,200
 Disposals            -                  -
 At 31 December 2024  33,814             129,033
 Depreciation
 At 1 January 2024    -                  -
 Charge for year      -                  -
 Disposals            -                  -
 At 31 December 2024  36,200             36,200
 At 31 December 2023  -                  -

 

 7        Cash and cash equivalents
                   Unaudited                          Unaudited                        Audited

                    1 January 2025 to 30 June 2025    1 January 2024 to 30 June 2024   Year to

US $
US $

                                                                                       31 December 2024

                                                                                       US $
 Cash at bank      195,074                            3,353                            46,073
                   195,074                            3,353                            46,073

 

 8  Share capital

Issued, Called Up and Fully Paid

 

                       Unaudited                          Unaudited                        Audited

                        1 January 2025 to 30 June 2025    1 January 2024 to 30 June 2024   Year to

US $
US $

                                                                                           31 December 2024

                                                                                           US $
 1 January             19,868,311                         19,796,814                       19,796,814
 Equity shares issued  99,308                             15,756                           71,497
                       19,967,619                         19,812,570                       19,868,311

 

The holders of the 0.31¢ (0.25p) ordinary shares are entitled to receive
dividends from time to time and are entitled to one vote per share at meetings
of the Company.

 

9              Share premium account

 Share options                              Unaudited                        Unaudited                        Audited

                                            1 January 2025 to 30 June 2025   1 January 2024 to 30 June 2024   Year to

US $
US $

                                                                                                              31 December 2024

                                                                                                              US $
 1 January                                  86,177,203                       84,123,447                       84,123,447
 Premium arising on issue of equity shares  669,367                          680,648                          2,053,756
 Warrants lapsed                            -                                -                                -
 Warrants issued                            -                                -                                -
 Transaction costs                          -                                -                                -
 31 December                                86,846,570                       84,804,095                       86,177,203

 

Warrants and options which lapsed, expired or were exercised in the period
have been transferred between the warrant or option reserve and retained
earnings.

 10            Loans due in over one year
                             Unaudited 1 January 2025 to 30 June 2025  Unaudited                        Audited

US $

                                                                       1 January 2024 to 30 June 2024   Year to

US $

                                                                                                        31 December 2024

                                                                                                        US $
 Five-year secured bonds     8,986,932                                 6,235,610                        7,609,056
 Other loans                 -                                         1,134,253                        -
 Total                       8,986,932                                 7,369,863                        7,609,056

 

                                        31 December 2024                 Amortised finance charges                Exchange adjustments  30 June 2025

                                        US $              Funds raised   US $                       Converted     US $                  US $

                                                          US $                                      into equity

                                                                                                    US $
 €20 million five-year secured bonds    7,609,056         -              427,949                    -             949,927               8,986,932
 Other loans
 Total                                  7,609,056         -              427,949                    -             949,927               8,986,932

 

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