REG - Red Rock Resources - Half-year Financial Report
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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 31 December 30 June 2025
2025 2024
Unaudited, Unaudited, Audited,
£'000 £'000 £'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
17,730
TOTAL ASSETS 16,940 19,405
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
(94) (92)
Non-controlling interest (152)
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
The accompanying notes form an integral part of these financial statements.
Consolidated statement of income
for the period ended 31 December 2025
Notes 6 months to 31 December 2025 6 months to 31
December 2024
Unaudited, Unaudited,
£'000 £'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)
The accompanying notes form an integral part of these financial statements.
Consolidated statement of comprehensive income for the period ended 31
December 2025
6 months to 31 6 months to 31
December 2025 December 2024
Unaudited, £'000 Unaudited, £'000
(1,729)
(Loss) /profit for the period (1,548)
Unrealised foreign currency gain arising upon retranslation of foreign 4 183
operations
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)
The accompanying notes form an integral part of these financial statements.
Consolidated statement of changes in equity for the period ended 31 December
2025
The movements in equity during the period were as follows:
Total attributable to owners of
Share premium the Parent Non- controlling
Share capital account Retained earnings Other reserves interest Total equity
Unaudited £'000 £'000 £'000 £'000 £'000 £'000 £'000
3,428 34,640 (29,697) 853 9,224 (92) 9,132
As at 30 June 2025 (audited)
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 - - (1,729) 6 (1,723) (2) (1,725)
income/(loss) for the period
Transactions with shareholders
Issue of shares 209 245 - - 454 - 454
Total transactions with 209 245 - - 454 - 454
shareholders
As at 31 December 2025 3,637 34,885 (31,426) 859 7,955 (94) 7,861
(unaudited)
3,143 33,804 (25,323) 1,193 12,817 (150) 12,667
As at 30 June 2024 (audited)
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 - - (1,548) 183 (1,365) (2) (1,367)
income/(loss) for the period
Transactions with shareholders
Issue of shares 138 402 - - 540 - 540
Warrants issued in the year - - - 9 9 - 9
Total transactions with 138 402 - 9 549 - 549
shareholders
As at 31 December 2024 3,281 34,206 (26,871) 1,385 12,001 (152) 11,849
(unaudited)
FVTOCI Foreign currency translation Share- based payment Warrants reserve Other Reserve Total other reserves
financial reserve reserve
assets
reserve
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 - 6 - - - 6
operations
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
402 118 230 1,091 (648) 1,193
As at 30 June 2024 (audited)
Changes in equity for six months ended 31 December 2024
Unrealised foreign currency loss on translation of foreign - 183 - - - 183
operations
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
Consolidated statement of cash flows for the period ended 31 December 2025
6 months to 31 6 months to 31
December 2025 December 2024
Unaudited, Unaudited,
£'000 £'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
As at 31 December 2025, 30 June 2025 and 31 December 2024 the Company had one
or more operating subsidiaries and has therefore prepared full and interim
consolidated financial statements respectively.
The Company will report again for the year ending 30 June 2026.
The financial information contained in this half yearly report does not
constitute statutory accounts as defined in section 435 of the Companies Act
2006. The financial information for the year ended 30 June 2025 has been
extracted from the statutory accounts for the Group for that year. Statutory
accounts for the year ended 30 June 2025, upon which the auditors gave an
unqualified audit report which did not contain a statement under Section
498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of
Companies.
2 Accounting Polices
Basis of preparation
The consolidated interim financial information has 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 6 months to
31 December 2025 31 December 2024
Unaudited Unaudited
Profit/(loss) attributable to equity holders of the parent company, Thousand (1,729) (1,548)
pounds Sterling
7,267,965,863 4,827,628,410
Weighted average number of Ordinary shares of £0.0001 in issue, used for
basic EPS
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
7,267,965,863 4,827,628,410
Weighted average number of Ordinary shares of £0.0001 in issue, including
potential ordinary shares, used for diluted EPS
(0.02) (0.03)
Profit/(loss) per share - basic, pence
(0.02) (0.03)
Profit/(loss) per share - diluted, pence
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 6 months to
31 December 2025 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 1,772,976,024 741,450,002
equity instruments - out of the money
Total number of contingently issuable shares that could 1,772,976,024 762,450,002
potentially dilute basic earnings per share in future
1,776,976,024 762,450,002
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
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.
4 Administrative expenses
6 months to 6 months to
31 December 2025 31 December 2024
Unaudited Unaudited
£'000 £'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
5 Project development expenses
Project development expenses include costs incurred during the assessment and
due diligence phases of a project, when material uncertainties exist regarding
whether the project meets the Company's investment and development criteria
and whether as a result the project will be advanced further.
6 months to 6 months to
31 December 2025 31 December 2024
Unaudited Unaudited
£'000 £'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 Finance income/(expenses), net
6 months to 6 months to
31 December 2025 31 December 2024
Unaudited Unaudited
£'000 £'000
Interest income - -
Share based payment - (8)
Interest expense (586) (796)
Total Finance income/(expenses), net (586) (804)
7 Segmental analysis
Other exploration Corporate
Kenyan exploration Australian exploration DRC and unallocated
exploration 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)
Other exploration Corporate
Kenyan exploration Australian exploration DRC and unallocated
exploration 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 31 December 30 June
2025 2024 2025
Unaudited Unaudited Audited
£'000 £'000 £'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 31 December 30 June
2025 2024 2025
Unaudited Unaudited Audited
£'000 £'000 £'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
Reconciliation of Liabilities Arising from Financing Activities
Cash flow Cash flow repayments Non - cash flow Non - cash flow Non-cash Non-cash
30 June loans received Conversions Interest accrued flow Reclassification flow Forex movement 31 Dec
Group 2025 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.
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