REG-Richmond Hill Resources Plc: Final Results
Yesterday 07:02
Richmond Hill Resources PLC
(“Richmond Hill” or the “Company”)
Final Results for the Year Ended 30 September 2025
Richmond Hill Resources PLC (AIM: RHR) is pleased to announce that its Final
Results for the year ended 30 September 2025 will shortly be posted to
shareholders and are available on the Company's website:
https://richmondhillresources.com/investors/corporate-documents/
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation. The Directors of the Company are responsible for the
release of this announcement.
For further information, please contact:
Richmond Hill Resources plc Hamish Harris Tel: +44 (0)787958 4153
Cairn Financial Advisers LLP (Nominated Adviser) Ludovico Lazzaretti / James Western Tel: +44 (0)20 7213 0880
Clear Capital Limited (Broker) Bob Roberts Tel: +44 (0) 20 3869 6080
Further information on the Company can be found on its website at
https://richmondhillresources.com/
DIRECTOR’S STATEMENT & STRATEGIC REPORT
Following extensive review and deliberation by the Board regarding Shareholder
value and the long-term success of Richmond Hill Resources Plc, the Company
made the decision to divest its subsidiaries in the beverage industry and
instead concentrate on the natural resources sector, in the first instance in
a copper exploration asset in Canada. The Company subsequently entered into an
Acquisition Agreement with Ulvestone Ltd pursuant to which the Company
acquired the entire issued share capital of the Bulawayo CC Ventures, owner of
the Saint Sophie copper Project which consists of 145 map designated mineral
exploration tiles covering a total surface area of approximately 87 km2. The
Project is located in the Centre-du-Québec region, approximately 165 km east
of Montreal and 80 km southwest of Quebec City in Canada, within a region
known for copper mineralisation. As part of the process the Company delisted
from AQUIS and was admitted to trading on AIM raising gross proceeds of circa
£1,400,000.
In December 2025 Richmond Hill subsequently announced it had entered into a
binding term sheet to acquire the Martello Gold Project in Ontario Canada
which consists of 88 mining claims located within 4,241 hectares situated in
the Wabigoon Greenstone belt which includes numerous other reported gold
deposits.
Subsequently, Richmond Hill engaged the services of a third-party contractor
to undertake technical work, including historic data compilation, target
generation, and drill-programme planning.
In January 2026 the Company raised gross proceeds of £600,000 at a placing
price of 2.6 pence per share and shortly after raised an additional £39,000
via a retail WRAP offer.
Looking ahead, Richmond Hill plans to progress its two Canadian projects with
the Martello project in particular expected to be undertaking a maiden drill
campaign in the coming months. The Company remains focused on unlocking
long-term shareholder value by advancing our core assets, securing
non-dilutive funding, and actively managing its portfolio in line with market
cycles.
The Directors would like to thank all our shareholders and stakeholders for
their continued support and look forward to updating them as we progress
forward.
Results for the year
The loss before tax on continuing operations for the year amounted to
$1,001,000 (year to 30 September 2024: $1,662,000) which includes impairment
of intangibles amounting to $Nil (2024: $1,327,000), staff cost amounting
$124,000 (2024: $Nil) and professional and consultancy fees amounting to
$202,000 (2024: $60,000).
Net assets have decreased from ($399,000) to ($1,253,000).
GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 202
5
Year ended 30 September 2025 $’000 Year ended 30 September 2024 (restated*) $’000
Revenue Cost of sales - - - -
Gross Profit - -
IPO and related extraordinary costs (542) -
Impairment of intangible assets - (1,327)
Share based payments - (3)
Inventory write down - 0
Other administrative expenses (448) (330)
Total administrative expenses (990) (1,660)
Loss from continuing operations (990) (1,660)
Finance cost (11) (2)
Loss before and after taxation, and loss attributable to the equity holders of the Company from continuing operations (1,001) (1,662)
Loss on remeasurement to fair value of assets held for sale (48) -
(Loss)/profit on discontinued operations (360) (3,591)
Loss for the year (1,409) (5,253)
Exchange difference on translating foreign operations 25 (20)
Total comprehensive loss for the year, attributable to owners of the company (1,384) (5,273)
Profit/(loss) attributable to
Non-controlling shareholders (150) (993)
Equity holders of the parent (1,259) (4,260)
(1,409) (5,253)
Total comprehensive loss attributable to
Non-controlling shareholders (150) (993)
Equity holders of the parent (1,234) (4,280)
(1,384) (5,273)
Total earnings per ordinary share
Basic and diluted loss per share (cents) from continuing operations (restated) 9 (1.42) (7.98)
Basic and diluted loss per share (cents) from discontinued operations 9 (0.36) (12.47)
As permitted by section 408 of the Companies Act 2006, the parent company’s
profit and loss account has not been included in these financial statements.
The loss after taxation for the financial year for the parent company was
$988,000 (2024: $5,275,000).
*The activities of Mazeray Corporation, STI signature Spirits Group LLC,
Shinju Spirits Inc. and Shinju Whiskey LLC have been reclassified as
discontinued operations.
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
GROUP AND COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 202
5
ASSETS Group 30 September 2025 $'000 Group 30 September 2024 $'000 Company 30 September 2025 $'000 Company 30 September 2024 $'000
Non-current assets
Investment in subsidiaries - - 13 -
Current assets
Non-current asset held for sale 13 - - -
Inventory 94
Trade and other receivables 62 129 62 67
Cash and cash equivalents 59 418 59 8
Total current assets 134 641 121 75
Total assets 134 641 134 75
LIABILITIES
Current liabilities
Trade and other payables 1,181 821 1,181 673
Loans payable 206 219 206 219
Total current liabilities and total liabilities 1,387 1,040 1,387 892
EQUITY
Share capital 803 186 803 186
Share premium 6,757 6,844 6,757 6,844
Other reserves 131 133 2 4
Exchange reserve (224) (249) (254) (276)
Retained deficit (8,504) (7,247) (8,561) (7,575)
Equity attributable to the equity holders of the Company (1,037) (333) (1,253) (817)
Non-controlling interest (216) (66) - -
Total equity (1,253) (399) (1,253) (817)
Total equity and liabilities 134 641 134 75
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 202
5
Share capital Share premium Exchange reserve Other reserves Retained earnings Total equity Non-controlling interest Total equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 October 2023 128 6,675 (229) 5 (2,991) 3,588 (27) 3,561
Share issue 58 192 - - - 250 - 250
Share issue costs - (23) - - - (23) - (23)
Share based payments - - - 3 - 3 - 3
Cancellation of options - - - (4) 4 - - -
Disposal of subsidiaries without loss of control - - - 129 - 129 954 1,083
Transactions with owners 58 169 - 128 4 359 954 1,313
Exchange difference on translating foreign operations - - (20) - - (20) - (20)
Loss for the year - - - - (4,260) (4,260) (993) (5,253)
Total comprehensive loss for the year - - (20) - (4,260) (4,280) (993) (5,273)
Balance at 30 September 2024 186 6,844 (249) 133 (7,247) (333) (66) (399)
Share issue 617 40 - - - 657 - 657
Share issue costs - (127) - - - (127) - (127)
Cancellation of options - - - (2) 2 - - -
Transactions with owners 617 (87) - (2) 2 530 - 530
Exchange difference on translating foreign operations - - 25 - - 25 - 25
Loss for the period - - - - (1,259) (1,259) (150) (1,409)
Total comprehensive loss for the period - - 25 - (1,259) (1,234) (150) (1,384)
Balance at 30 September 2025 803 6,757 (224) 131 (8,504) (1,037) (216) (1,253)
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
Share capital Share premium Share based payment reserve Exchange reserve Retained earnings Total equity
$'000 $'000 $'000 $'000 $'000
Balance at 30 September 2023 128 6,675 5 (229) (2,304) 4,275
Share issue 58 192 - - - 250
Share issue costs - (23) - - - (23)
Share based payments - - 3 - - 3
Cancellation of options - - (4) - 4 -
Transactions with owners 58 169 (1) - 4 230
Exchange differences - - - (47) - (47)
Loss for the year - - - - (5,275) (5,275)
Total comprehensive loss for the year - - - (47) (5,275) (5,322)
Balance at 30 September 2024 186 6,844 4 (276) (7,575) (817)
Share issue 617 40 - - - 657
Share issue costs - (127) - - - (127)
Cancellation of options - - (2) - 2 -
Transactions with owners 617 - (87) (2) - 2 530
Exchange differences - - - 22 - 22
Loss for the period - - - - (988) (988)
Total comprehensive loss for the period - - - 22 (988) (966)
Balance at 30 September 2025 803 6,757 2 (254) (8,561) (1,253)
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
GROUP AND COMPANY CASHFLOW STATEMENT
Group Year ended Group Year ended Company Year ended Company Year ended
30 September 2025 30 September 2024 30 September 2025 30
Se
pt
em
be
r
20
24
$'000 $'000 $'000 $'
00
0
Cash flow from operating activities
Continuing operations
Loss after taxation (1,001) (1,662) (988) (5,275)
Finance cost 11 2 11 2
Impairment of intangibles - 1,327 (13) 4,441
Impairment on receivables - - - 542
Decrease/(increase)in trade and other receivables 5 (13) 5 (13)
Share based payments - 3 - 3
Services settled by shares 24 27 24 27
Increase in trade and other payables 508 192 508 192
Net cash outflow from operating activities from continuing operations (453) (124) (453) (81)
Cash flows from investing activities
Cash utilised by discontinued activities (405) 421 - -
Net cash outflow from investing activities - 421 - -
Cash flows from financing activities
Proceeds from issue of share capital 633 106 633 106
Share issue costs (127) - (127) -
Loans received 7 18 7 18
Loans repaid (25) - (25) -
Interest paid - (2) - (2)
Net cash inflow from financing activities 488 122 488 122
Net change in cash and cash equivalents (370) 419 35 41
Cash and cash equivalents at beginning of period 418 19 8 14
Exchange differences on cash and cash equivalents 11 (20) 16 (47)
Cash and cash equivalents at end of period 59 418 59 8
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1. GENERALINFORMATION
Richmond Hill Resources Plc is a public limited company which was listed on
the Aquis Stock Exchange “(AQSE”) from 12 March 2021 until 15 October 2025
and is now listed on AIM and the Frankfurt stock exchange, and incorporated
and domiciled in the United Kingdom. The registered office is 6 Heddon Street,
London, W1B 4BT.
2. SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIESThe
principalaccountingpoliciesapplied in thepreparationof these Group and Company
financial statements are set out below.These policies have been consistently
applied to all the periods presented, unlessotherwise stated.
Basisofpreparation
These Group and Company financial statements have been prepared in accordance
with UK-adopted international accounting standards and in accordance with the
requirements of the Companies Act 2006.
TheGroupandCompany financial
statementshavebeenpreparedunderthehistoricalcostconvention. These Group and
Company financial statements (the "Financial Statements") have been prepared
and approved by the Directors on 20 March 2026 and signed by Hamish Harris.
The accounting policies have been applied consistently throughout the
preparation of these Financial Statements, and the financial report is
presented in US Dollars ($) and all values are rounded to the nearest thousand
dollars ($‘000) unless otherwise stated.
Thefinancialstatementsfortheyearended30September2024,havebeenrestated
toclassifytheactivitiesof Mazeray Corporation, STI signature Spirits Group
LLC, Shinju Spirits Inc. and Shinju Whiskey LLC as discontinued and held for
sale.
Thepreparationofthe
GroupandCompanyfinancialstatementsrequirestheuseofcertaincriticalaccounting
estimates.It also requires management to exercise its judgement in the process
of applying the group’s accounting policies.The areas involving a higher
degree of judgement or complexity, or areas where assumptions and estimates
are significant to the Group and Company financial statements, are disclosed
in Note 3.
GoingConcern
The Directors have prepared cash flow forecasts for the period ending 31 March
2026 which take account of the current cost and operational structure of the
Group.
The forecasts include discretionary investment in its new mining investments
and further investment may require further fund raises. The Company raised
approximately $1,972,000 (£1,476,000), before expenses in October 2025 and
$882,000 (£639,000) in January & February 2026.
Informingtheconclusionthatitisappropriatetopreparethefinancialstatementsonagoingconcernbasisthe
Directorshavemadethefollowingassumptionsthatarerelevanttothenexttwelvemonths:–intheeventthattheCompany’sfutureinvestmentsrequirefurtherfunding,sufficientfundingcanbeobtained.
The cost structure of the Group comprises a high proportion of discretionary
spend and therefore in the event that cash flows become constrained, costs can
be quickly reduced to enable the Group to operate within its
availablefunding.Asacompanythatisnotyetinapositionofbeingcashflowpositive,theDirectorsareaware
that the Group must go to the marketplace to raise cash to meet its investment
plans.
The Group has previously constantly demonstrated its ability to raise further
cash by way of completing
placingsduringtheprioryears,andisconfidentoffurtherequityfundraisingwherenecessary.Therefore,they
areconfidentthatexistingcashbalances,alongwiththeanynewfundingrequiredforfutureinvestments,would
be adequate to ensure that costs can be covered.
The Directors are therefore of the opinion that the Group has adequate
financial resources to enable it to continue in operation for the foreseeable
future. For this reason, it continues to adopt the going concern basis in
preparing the financial statements.
9. Earnings Per Share
Group Group
Year ended 30 September 2025 Year ended 30 September 2024
$’000 $’000
Loss attributable to owners of the Company from continuing operations (1,001) (1,662)
Basic and diluted profit/loss per share from operations held for sale attributable to the owners of the Company (258) (2,598)
Year ended 30 September 2025 Year ended 30 September 2024
Number Number
Weighted average number of shares for calculating basic loss per share 70,724,006 20,831,621
Year ended 30 September 2025 Year ended 30 September 2024
Cents Cents
Basic and diluted loss per share from continuing operations (1.42) (7.98)
Basic and diluted profit/loss per share from operations held for sale (0.36) (12.47)
Theeffectofsharesthatmaybeissuedinfutureinrespectofwarrantsareanti-dilutive,butispotentially
dilutive against future profits.
Events after the end of the reporting period
On 13 October 2025, the Company announced that after the AGM, the Share
Reorganisation would become effective and each existing Ordinary Share in the
issued share capital of the Company at the Record Date had been sub-divided
and re-designated into one new Ordinary Share of £0.001 each and one Deferred
Share of £0.005 each. The issued share capital of the Company immediately
following the Share Reorganisation comprised 104,649,639 Ordinary Shares and
104,649,639 Deferred Shares.
On 13 October 2025, the Company announced, that admission to AIM would take
place on 15 October 2025, and on admission the acquisition of Bulawayo CC
Ventures Limited would complete.
On 13 October 2025, the Company announced that its ordinary shares will be
admitted for trading on AIM from 15 October 2025 and withdrawn from trading on
AQSE at the same time.
On 14 October 2025, the Company announced that it had issued 140,000,000
Ordinary Shares at £0.01 per share raising £1,400,000, a further 7,627,791
Ordinary Shares at £0.01 per share raising £76,277.91, 7,970,168 Ordinary
Shares at £0.01 per share in settlement of unpaid Directors’ fees of
£79,701.68, 18,963,351 Ordinary Shares at £0.01 per share in settlement of
certain creditors, and 315,000,000 Ordinary Shares at £0.01 per share in
consideration for the acquisition of Bulawayo CC Ventures Limited.
On 23 October 2025, the Company announced that its ordinary shares have been
approved for trading on the Frankfurt Stock Exchange (“FSE”).
On 28 January 2026, the Company announced that it had issued 23,077,000
Ordinary Shares at £0.026 per share raising £600,000, a further 38,750,000
Ordinary Shares at £0.02 per share in consideration for the acquisition of
the Martello Gold Project, and 1,300,000 Ordinary Shares at £0.02 per share
in settlement of a creditor.
On 2 February 2026, the Company announced that it had issued 1,505,298
Ordinary Shares at £0.026 per share raising £39,000.
On 3 February 2026, the Company announced that it had issued 59,421,094
Ordinary Shares at £0.001 per share to be held in the newly established
Employee Benefit Trust.
The Company now has 718,264,341 ordinary shares of £0.001 each ("Ordinary
Shares") in issue, each share carrying the right to one vote. The Company does
not hold any Ordinary Shares in treasury. The figure of 718,264,341 Ordinary
Shares may be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the
Company under the Financial Conduct Authority's Disclosure and Transparency
Rules.
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