Red Rock Resources - Half-year Financial Report
01/04/2026 07:00
RNS Number : 9331Y
Red Rock Resources plc
01 April 2026
1 April 2026
Red Rock Resources plc
Unaudited Half-Yearly Results for the Six Months Ended
31 December 2025
Red Rock Resources plc ("Red Rock" or "the Company"), the natural resources investment, exploration, and development company with interests in manganese, gold, copper and cobalt, and other materials, announces its half-yearly results for the six months ended 31 December 2025.
Chairman's Statement
Dear Shareholders,
The short period that elapses between the publication of the Final Results, which takes some notice of events between 30th June 2025 and 31st December 2025, means that there may not be much new to say, especially in relation to corporate matters such as arbitration and litigation.
Early in the New Year the Company bade farewell to one of its directors. Sam Quinn has given invaluable support during a period where we had to maintain our stability and remain resolute in some of the more difficult jurisdictions in which we operate, and we are grateful to him for his steadfast support.
The Company has during the period since December 2025 conducted trips to the Democratic Republic of Congo and has worked on progressing the renewal of its gold licences in Kenya.
DRC Matters
The social housing joint venture, connected with the Company's plans for mining and its proposed tax regime, is a matter on which progress announcements have been made for over a year
The first concrete project under this head was that being entered into with the Ministère du Developpement Rural (Ministry of Rural Development). This has now been through a full tender process, with the extensive tender documents now reviewed by the Direction Générale du Contrôle des Marchés Publics (General Directorate of Public Procurement Control) and other regulators, and our partner can now accept payment from the Ministry for the establishment of the first three factories to manufacture social housing units.
This has been a process involving much hard work and follow up but establishes the JV as a provider in this space. The financial implications of this first contract with the Ministry will be set out in further presentation material, but the annual housebuilding capacity implied in this first contract would by unit numbers place the contractor among the top four housing providers if it was in the UK.
The Ministry as part of its contribution also provides the sites on which the units will be constructed, the first three of which have been identified.
In relation to the litigation/arbitration for compensation for the sale unauthorized by the Company of its most significant DRC asset, the Company has kept the market abreast of progress over the years. What should have been a simple process in what should have been an open-and-shut case has extended for too long. The Company is now at the Supreme Court (Cour de Cassation) and although it has with extremely good reason placed reliance on the release of the judgment during 2025, delays have appeared from day to day. There is progress in that originally the delays seemed to be the result of manoeuvres by other parties, but now it appears to be only inefficiency that is left, behind which perhaps lies some human frailty.
It has been the case for a while that the Company has expected release of the judgment imminently, and it may seem perverse that this continues to be said when the release fails to appear on the expected day. However, when the formula has been repeated it has always been on good, recent, and credible authority. It remains the case currently that a publication of the judgment is expected. The State mining company holds the funds and awaits the judgment of the court as to the correct payees, so that a judgment can be followed without undue delay by payment.
Review of potential licences continues.
Kenya
The Company has been engaged in a lengthy process of renewal, and has reached an indicative agreement, which now needs to pass through the final stages.
Board
As noted above, after the period under review, Sam Quinn resigned as Non-Executive Director. The Board is conducting a search for a suitable replacement Non-Executive Director to strengthen its independent oversight, and expects to make an appointment in due course.
Other
The Company retains interests in Burkina Faso, Australia, and Ivory Coast, the latter of which are in a process of sale. In connection with the Australian gold assets, the Company has a final payment to make to buy out the minorities, and has agreed an extension for this payment.
Investee company Elephant Oil Inc has been negotiating with new investors, and developments which would enhance the value of the Company's holding are hoped for in the near term.
The Company expects sales of assets and progress in the DRC to support the financial position, which remains stretched while waiting for these developments, as set out in the December results.
Andrew Bell
Chairman
31 March 2026
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Bob Roberts 0203 8696081 Broker Clear Capital Corporate Broking
This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed in accordance with the Company's obligations under Article 17.
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Consolidated statement of financial position as at 31 December 2025
| Notes | 31 December 2025 | 31 December 2024 | 30 June 2025 | |||
| Unaudited, £'000 | Unaudited, £'000 | Audited, £'000 | ||||
| ASSETS | ||||||
| Non-current assets | ||||||
| Investments in associates and joint ventures | 1,030 | 1,030 | 1,030 | |||
| Financial instruments | 8 | 334 | 736 | 334 | ||
| Exploration assets | 9 | 13,457 | 13,707 | 13,423 | ||
| Mineral tenements | 548 | 501 | 525 | |||
| Property, Plant & Equipment | 17 | 19 | 17 | |||
| Non-current receivables | 1,096 | 2,560 | 2,096 | |||
| Total non-current assets | 16,482 | 18,553 | 17,425 | |||
| Current assets | ||||||
| Cash and cash equivalents | 223 | 6 | 18 | |||
| Loans and other receivables | 235 | 846 | 287 | |||
| Total current assets | 458 | 852 | 305 | |||
| TOTAL ASSETS | 16,940 | 19,405 | 17,730 | |||
| EQUITY AND LIABILITIES | ||||||
| Equity attributable to owners of the parent | ||||||
| Called up share capital | 10 | 3,637 | 3,281 | 3,428 | ||
| Share premium account | 34,885 | 34,206 | 34,640 | |||
| Other reserves | 859 | 1,385 | 853 | |||
| Retained earnings | (31,426) | (26,871) | (29,697) | |||
| Total equity attributable to owners of the parent | 7,955 | 12,001 | 9,224 | |||
| Non-controlling interest | (94) | (152) | (92) | |||
| Total equity | 7,861 | 11,849 | 9,132 | |||
| LIABILITIES | ||||||
| Non-current liabilities | ||||||
| Borrowings | 11 | 1,055 | 1,061 | 1,003 | ||
| Total non-current liabilities | 1,055 | 1,061 | 1,003 | |||
| Current liabilities | ||||||
| Trade and other payables | 2,729 | 2,800 | 2,944 | |||
| Short term borrowings | 11 | 5,295 | 3,695 | 4,651 | ||
| Total current liabilities | 8,024 | 6,495 | 7,595 | |||
| TOTAL EQUITY AND LIABILITIES | 16,940 | 19,405 | 17,730 |
| Notes | 6 months to 31 December 2025 | 6 months to 31 December 2024 | ||
| Unaudited, £'000 | Unaudited, £'000 | |||
| Administrative expenses | 4 | (543) | (623) | |
| Project development costs | 5 | (36) | (96) | |
| Other project costs | (406) | - | ||
| Exploration expenses | (111) | (56) | ||
| Foreign exchange gain/(loss) | (47) | 31 | ||
| Finance income/(expenses), net | 6 | (586) | (804) | |
| (Loss)/profit for the period | (1,729) | (1,548) | ||
| Tax credit | - | - | ||
| (Loss)/profit for the period | 7 | (1,729) | (1,548) | |
| (Loss)/profit for the period attributable to: | ||||
| Equity holders of the parent | (1,729) | (1,548) | ||
| Non-controlling interest | - | - | ||
| (1,729) | (1,548) | |||
| (Loss)/profit per share | ||||
| (Loss)/profit per share - basic, pence | 3 | (0.02) | (0.03) | |
| (Loss)/profit per share - diluted, pence | 3 | (0.02) | (0.03) |
| 6 months to 31 December 2025 | 6 months to 31 December 2024 | ||
| Unaudited, £'000 | Unaudited, £'000 | ||
| (Loss) /profit for the period | (1,729) | (1,548) | |
| Unrealised foreign currency gain arising upon retranslation of foreign operations | 4 | 183 | |
| Total comprehensive income/(loss) for the period | (1,725) | (1,365) | |
| Total comprehensive income/(loss) for the period attributable to: | |||
| Equity holders of the parent | (1,723) | (1,363) | |
| Non-controlling interest | (2) | (2) | |
| (1,725) | (1,365) |
| Share capital | Share premium account | Retained earnings | Other reserves | Total attributable to owners of the Parent | Non- controlling interest | Total equity | |
| Unaudited | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| As at 30 June 2025 (audited) | 3,428 | 34,640 | (29,697) | 853 | 9,224 | (92) | 9,132 |
| Changes in equity for the six-month period ending 31 December 2025 | |||||||
| Loss for the period | - | - | (1,729) | - | - | - | (1,729) |
| Unrealised foreign currency gains on translation of foreign operations | - | - | - | 6 | 6 | (2) | 4 |
| Total comprehensive income/(loss) for the period | - | - | (1,729) | 6 | (1,723) | (2) | (1,725) |
| Transactions with shareholders | |||||||
| Issue of shares | 209 | 245 | - | - | 454 | - | 454 |
| Total transactions with shareholders | 209 | 245 | - | - | 454 | - | 454 |
| As at 31 December 2025 (unaudited) | 3,637 | 34,885 | (31,426) | 859 | 7,955 | (94) | 7,861 |
| As at 30 June 2024 (audited) | 3,143 | 33,804 | (25,323) | 1,193 | 12,817 | (150) | 12,667 |
| Changes in equity for the six-month period ending 31 December 2024 | |||||||
| Loss for the period | - | - | (1,548) | - | (1,548) | - | (1,548) |
| Unrealised foreign currency gains on translation of foreign operations | - | - | - | 183 | 183 | (2) | 181 |
| Total comprehensive income/(loss) for the period | - | - | (1,548) | 183 | (1,365) | (2) | (1,367) |
| Transactions with shareholders | |||||||
| Issue of shares | 138 | 402 | - | - | 540 | - | 540 |
| Warrants issued in the year | - | - | - | 9 | 9 | - | 9 |
| Total transactions with shareholders | 138 | 402 | - | 9 | 549 | - | 549 |
| As at 31 December 2024 (unaudited) | 3,281 | 34,206 | (26,871) | 1,385 | 12,001 | (152) | 11,849 |
| FVTOCI financial assets reserve | Foreign currency translation reserve | Share- based payment reserve | Warrants reserve | Other Reserve | Total other reserves | |
| Unaudited | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| As at 30 June 2025 (audited) | - | 116 | 230 | 1,155 | (648) | 853 |
| Changes in equity for six months ended 31 December 2025 | ||||||
| Unrealised foreign currency loss on translation of foreign operations | - | 6 | - | - | - | 6 |
| Total other comprehensive income for the period | - | 122 | 230 | 1,155 | (648) | 859 |
| Transactions with shareholders | ||||||
| Warrants issued in the year | - | - | - | - | - | - |
| Total transactions with shareholders | - | - | - | - | - | - |
| As at 31 December 2025 (unaudited) | - | 122 | 230 | 1,155 | (648) | 859 |
| As at 30 June 2024 (audited) | 402 | 118 | 230 | 1,091 | (648) | 1,193 |
| Changes in equity for six months ended 31 December 2024 | ||||||
| Unrealised foreign currency loss on translation of foreign operations | - | 183 | - | - | - | 183 |
| Total other comprehensive income for the period | - | 183 | - | - | - | 183 |
| Transactions with shareholders | ||||||
| Grant of warrants | - | - | - | 9 | - | 9 |
| Total transactions with shareholders | - | - | - | 9 | - | 9 |
| As at 31 December 2024 (unaudited) | 402 | 301 | 230 | 1,100 | (648) | 1,385 |
| 6 months to 31 December 2025 | 6 months to 31 December 2024 | ||
| Unaudited, £'000 | Unaudited, £'000 | ||
| Cash flows from operating activities | |||
| (Loss)/profit before tax | (1,729) | (1,548) | |
| Decrease/(Increase) in receivables | 52 | (39) | |
| Increase/(Decrease) in payables | (215) | 64 | |
| Share-based payments | - | 8 | |
| Finance costs/income, net | 586 | 796 | |
| Equity settled transactions | 30 | - | |
| Currency adjustments | (9) | (7) | |
| Net cash outflow from operations | (1,285) | (726) | |
| Cash flows from investing activities | |||
| Payments for capitalised exploration costs | (35) | (132) | |
| Proceeds from sale of investments | 1,000 | - | |
| Net cash (outflow)/inflow from investing activities | 965 | (132) | |
| Cash flows from financing activities | |||
| Proceeds from issue of shares | 424 | 251 | |
| Interest paid | - | - | |
| Proceeds from new borrowings | 345 | 605 | |
| Repayments of borrowings | (250) | (32) | |
| Net cash inflow/(outflow) from financing activities | 519 | 824 | |
| Net increase in cash and cash equivalents | 199 | (34) | |
| Cash and cash equivalents at the beginning of period | 18 | 38 | |
| Exchange gains on cash and cash equivalents | 6 | 2 | |
| Cash and cash equivalents at end of period | 223 | 6 |
| 1 | Company and group |
| 2 | Accounting Polices |
| Basis of preparation |
| Theconsolidatedinterimfinancialinformationhas been prepared in accordance with IAS 34 'Interim Financial Reporting.' The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2025, which have been prepared in accordance with IFRS. |
| 3 | Earnings per share | |||
| The following reflects the loss and number of shares data used in the basic and diluted loss per share computations: | ||||
| 6 months to 31 December 2025 | 6 months to 31 December 2024 | |||
| Unaudited | Unaudited | |||
| Profit/(loss) attributable to equity holders of the parent company, Thousand pounds Sterling | (1,729) | (1,548) | ||
| Weighted average number of Ordinary shares of £0.0001 in issue, used for basic EPS | 7,267,965,863 | 4,827,628,410 | ||
| Effect of all dilutive potential ordinary shares from potential ordinary shares that would have to be issued, if all loan notes convertible at the discretion of the noteholder converted at the beginning of the period | - | - | ||
| Weighted average number of Ordinary shares of £0.0001 in issue, including potential ordinary shares, used for diluted EPS | 7,267,965,863 | 4,827,628,410 | ||
| Profit/(loss) per share - basic, pence | (0.02) | (0.03) | ||
| Profit/(loss) per share - diluted, pence | (0.02) | (0.03) | ||
| At 31 December 2024 and 31 December 2025, the effect of the following the instruments is anti-dilutive, therefore they were not included into the diluted earnings per share calculation. | |||
| 6 months to 31 December 2025 | 6 months to 31 December 2024 | ||
| Unaudited | Unaudited | ||
| Share options granted to employees - not vested and/or out of the money | - | 21,000,000 | |
| Number of warrants given to shareholders as a part of placing equity instruments - out of the money | 1,772,976,024 | 741,450,002 | |
| Total number of contingently issuable shares that could potentially dilute basic earnings per share in future | 1,772,976,024 | 762,450,002 | |
| Total number of contingently issuable shares that could potentially dilute basic earnings per share in future and anti- dilutive potential ordinary shares that were not included into the fully diluted EPS calculation | 1,776,976,024 | 762,450,002 | |
| There were no ordinary share transactions after 31 December 2025, that could have changed the EPS calculations significantly if those transactions had occurred before the end of the reporting period. | |||
| 6 months to 31 December 2025 | 6 months to 31 December 2024 | ||
| Unaudited £'000 | Unaudited £'000 | ||
| Staff Costs: | |||
| Payroll | 164 | 235 | |
| Pension | 12 | 20 | |
| Consultants | 21 | 23 | |
| HMRC / PAYE | 22 | 19 | |
| Professional Services: | |||
| Accounting | 56 | 66 | |
| Legal | 2 | 1 | |
| Marketing | 8 | 2 | |
| Other | 66 | - | |
| Regulatory Compliance | 49 | 69 | |
| Travel | 54 | 62 | |
| Office and Admin: | |||
| General | 17 | 53 | |
| IT costs | 9 | 4 | |
| Rent | 40 | 43 | |
| Insurance | 22 | 27 | |
| Total administrative expenses | 542 | 624 |
| 6 months to 31 December 2025 | 6 months to 31 December 2024 | ||
| Unaudited £'000 | Unaudited £'000 | ||
| Project development expenses | |||
| VUP (Congo) | 34 | 13 | |
| Zlata Bana (Slovakia) | - | - | |
| Galaxy (Congo) | - | - | |
| Luanshimba (Congo) | - | - | |
| Kinsevere (Congo) | - | - | |
| Mid Migori Mines (Kenya) | - | - | |
| Zimbabwe Lithium | - | - | |
| Greenland | - | - | |
| Others | 2 | 83 | |
| Total project development expenses | 36 | 96 |
| 6 months to 31 December 2025 | 6 months to 31 December 2024 | ||
| Unaudited £'000 | Unaudited £'000 | ||
| Interest income | - | - | |
| Share based payment | - | (8) | |
| Interest expense | (586) | (796) | |
| Total Finance income/(expenses), net | (586) | (804) |
| 7 | Segmental analysis |
| Kenyanexploration | Australianexploration | DRC exploration | Other exploration | Corporate andunallocated | Total | |
| For the six-month period to 31 December 2025 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Revenue | ||||||
| Total segment external revenue | - | - | - | - | - | - |
| Result | ||||||
| Segment results | (104) | - | - | (415) | (624) | (1,143) |
| Loss before tax and finance costs | ||||||
| Finance income | - | |||||
| Interest expense | (586) | |||||
| Loss before tax | ||||||
| Tax | - | |||||
| Loss for the period | (1,729) | |||||
| Kenyanexploration | Australianexploration | DRC exploration | Other exploration | Corporate andunallocated | Total | |||||||
| For the six-month period to 31 December 2024 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||
| Revenue | ||||||||||||
| Total segment external revenue | - | - | - | - | - | - | ||||||
| Result | ||||||||||||
| Segment results | (46) | (117) | - | (10) | (579) | (752) | ||||||
| Loss before tax and finance costs | ||||||||||||
| Interest income | - | |||||||||||
| Interest expense | (796) | |||||||||||
| Loss before tax | (1,548) | |||||||||||
| Tax | - | |||||||||||
| Loss for the period | (1,548) | |||||||||||
| A measure of total assets and liabilities for each segment is not readily available and so this information has not been presented. | ||||||||||||
| 8 | Financial instruments - Fair value through other comprehensive income | |||||||||||
| 31 December 2025 Unaudited £'000 | 31 December 2024 Unaudited £'000 | 30 June 2025 Audited £'000 | ||||||||||
| At the beginning of the period | 334 | 736 | 736 | |||||||||
| Additions | - | - | - | |||||||||
| Disposals | - | - | - | |||||||||
| Change in fair value | - | - | (402) | |||||||||
| At the end of the period | 334 | 736 | 334 | |||||||||
| 9 | Exploration assets | ||||
| 31 December 2025 Unaudited £'000 | 31 December 2024 Unaudited £'000 | 30 June 2025 Audited £'000 | |||
| At the beginning of the period | 13,423 | 13,576 | 13,576 | ||
| Additions | 34 | 131 | 186 | ||
| Impairments | - | - | (339) | ||
| Reclassification from other current assets | - | - | - | ||
| At the end of the period | 13,457 | 13,707 | 13,423 | ||
| 10 | Share Capital of the company | ||||
| Number | Nominal, £'000 | ||||
| Deferred shares of £0.0009 each | 2,371,116,172 | 2,134 | |||
| A deferred shares of £0.000096 each | 6,033,861,125 | 579 | |||
| Ordinary shares of £0.0001 each | 9,244,509,373 | 924 | |||
| As at 31 December 2025 | 3,637 |
| 11 | Borrowings |
| Group | 30 June 2025 | Cash flow loans received | Cash flow repayments | Non - cash flow Conversions | Non - cash flow Interest accrued | Non-cash flow Reclassification | Non-cash flow Forex movement | 31 Dec 2025 |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Convertible notes | 899 | - | - | - | 52 | - | - | 951 |
| Other loans | 3,752 | 345 | (250) | - | 497 | - | - | 4,344 |
| Total | 4,652 | 345 | (250) | - | 549 | - | - | 5,295 |
| 12 Capital Management |
| Management controls the capital of the Group in order to control risks, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern. The Group's debt and capital includes ordinary share capital and financial liabilities, supported by financial assets. There are no externally imposed capital requirements. Management effectively manages the Group's capital by assessing the Group's financial risks and adjusting its capital structure in response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues. There have been no changes in the strategy adopted by management to control the capital of the Group since the prior period 13 Subsequent Events There have been no material events subsequent to the reporting date that require adjustment or disclosure in these interim financial statements. |