REG - Unicorn Mineral Res. - Half-year Financial Report
25/11/2025 07:00
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RNS Number : 7733I Unicorn Mineral Resources plc 25 November 2025
Unicorn Mineral Resources Plc
Interim Results for period ending 30 September 2025
25 November 2025
Unicorn Mineral Resources Plc
("Unicorn" or the "Company")
Interim Results for the Period Ended 30 September 2025
Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration and
development company exploring for Zinc, Lead, Copper and Silver, is pleased to
announce its unaudited interim results for the 6 months ended 30 September
2025 (the "Period").
Operating Highlights
· The Company remains confident in the potential for its Irish Midlands
Orefields exploration programme following strong results at neighbouring
licences for zinc, lead and silver, which are vitally important to support the
transition to the low carbon economy.
· Anomalies identified at Kilmallock are analogous to the gravity
features identified by Group Eleven Resources (Group Eleven Resources Corp -
Home (https://www.groupelevenresources.com/) ) at their ongoing Ballywire zinc
/ lead / copper / silver discovery in similar geological terrane in County
Limerick, which have been the basis for their subsequent successful drilling
programme.
· Shanoon Resources Limited (Shanoon Resources | Mining & Exploration
(https://shanoonresources.ie/) ) is in the process of re-opening the Galmoy
mine. which is contiguous to the Company's two Lisheen licences. The ore in
Galmoy is rich in zinc, lead and silver.
· Building on the gravity survey in December 2024, Unicorn surveyed a
further 437 gravity stations in June 2025, across the Waulsortian Reef subcrop
on the PL's 754 and 4056 of the Lisheen Block. The recent surveying was
combined with historic data in the Company's database to create a grid with a
nominal density of 250 x 250m. 3D modelling is currently underway with the
results expected in December 2025
· As part of the Company's strategy to broaden its portfolio of licences
and commodities, The Company has focused on Namibia as a region with an
excellent, highly prospective, geological setting and enormous potential for
the development of copper resources. A number of opportunities were considered
and the Board identified the historic Klein Aub deposit as being of interest.
· Due diligence work carried out at Klein Aub involved the review of
historic data, ground proofing of results and sampling of tails, slimes,
outcrop and float. The project has an situ metal content of up to 15,460
tonnes of copper and 1.4 million ounces of silver in the tailings and slimes
as well as the potential for shallow / sub-outcropping new mineralised zones
immediately along strike from the main deposit. Advanced metallurgical test
work on the tailings / slimes is underway with the results expected in early
2026.
· The Company has signed a Heads of Terms with the Namibian owners of
Klein Aub to acquire 75% of the project, subject to successful completion of
the metallurgical work.
Financial Highlights
· The loss for the Period amounted to €222,603 (H1 2024: €252,173)
and consisted mainly of the Klein Aub due diligence costs, insurance, London
Stock Exchange fees and salaries.
· €361,861 in cash and cash equivalents at Period end (H1 2024:
€405,981)
· €431,974 carrying value of intangible assets at Period end (H1
2024: €399,544)
· Loss per share for the Period was 0.54 cents (H1 2024: 0.72 cents)
Patrick Doherty, Chairman of Unicorn Mineral Resources Plc, commented:
"The main focus for the Company has been the due diligence on the Klein Aub
project in Namibia. The potential value is clear, with an in-situ metal
value of over $240 million at current prices. The challenge has been how to
extract this from the slimes and tailings given their complex metallurgy.
Tests are underway with results expected in January 2026. Meanwhile at home,
the potential for our Kilmallock and Lisheen licences remains exciting. Our
neighbour at Kilmallock, Group Eleven, continues to produce positive drilling
results clearly showing the presence of zinc, lead, copper and silver
mineralisation at Ballywire, which is just 8 km along strike from our
Kilmallock licences. Anomalies identified by Unicorn in its July 2024 survey
show strong similarities with the anomalies identified by Group Eleven as the
basis for their successful drilling programme. The reopening of the old
Galmoy mine by Shanoon Resources on licences contiguous with our Lisheen
ground demonstrates the potential of the area and we look forward to the
results of our 3D modelling as a prelude to future work. With results due on
key work for Klein Aub and Lisheen over the next couple of months, the Company
is looking for a strong start to calendar 2026."
For additional information please contact:
Unicorn Mineral Resources
plc
Tel +353 86 259 5123
John
O'Connor, CFO
AlbR Capital Ltd
Tel +44 20 7469 0930
David Coffman / Dan Harris
Colin Rowbury
HALF-YEAR REPORT
The Directors are pleased to present an update on the Company's activities
over the six-month period ended 30 September 2025.
As previously announced, activities for the period were split between work in
our Irish Licence Blocks and the ongoing investigation of new projects in
Namibia, with a focus on the Klein Aub project.
In June 2025, a total of 437 gravity stations were surveyed across the
Waulsortian Reef subcrop on the Lisheen Block. This surveying was combined
with the historic data in the UMR database to create a grid with a nominal
density of 250 x 250m. 3D modelling is currently underway with results due
in December 2025. Meanwhile, post the period end, Shanoon Resources Limited
(Shanoon Resources | Mining & Exploration (https://shanoonresources.ie/) )
has commenced work to reopen the Galmoy mine, which sits contiguous to
Unicorn's Lisheen licences. Shanoon also have plans for an exploration
programme for the area that they expect will identify further ore that can be
recovered in addition to the known reserve. The ore in Galmoy is rich in
zinc, lead and silver, which are vitally important to support the transition
to the low carbon economy. Such confidence in the area demonstrates the
potential value in Unicorn's two Lisheen licences.
With regard to Kilmallock, Group Eleven Resources Corp. (Group Eleven
Resources Corp - Home (https://www.groupelevenresources.com/) ) announced
positive drilling results through 2025 at their Ballywire
zinc/lead/copper/silver discovery, just 8km along strike to the east of the
edge of the Company's Kilmallock block. These drilling results include some
of the best zinc / lead / copper, massive sulphide intersections drilled in
Ireland over the past ten years. These drilling targets were identified from
anomalies identified from gravity surveys. These anomalies are strongly
analogous to those identified by Unicorn in the work done last year,
indicating a potential at Kilmallock similar to that being discovered at
Ballywire.
The focus on Africa has identified Namibia as having significant potential for
large copper deposits. UMR has selected the historic Klein Aub mine within
the Kalahari Copper Belt in central Namibia as a priority target and engaged
in due diligence work to assess the project. This has involved site visits,
mapping and sampling and analysis. Detailed metallurgical testing has
confirmed the metal grades, and UMR is currently evaluating a processing route
for the recovery of the copper and silver from the tailings and slimes dumps
that are located on surface and easily accessible.
UMR has signed "Heads of Terms" with the owners of the Klein Aub project and
have an opportunity to acquire 75% of the project. This will be dependent upon
metallurgical test results due in Jan 2026.
Financial Results & Review
The loss for the Period was €222,603 (H1 2024: €252,173). The result for
the Period consisted mainly of salary costs €116,565 (H1 2024: €136,173)
that have been accrued but remain unpaid, along with €56,788 (H1 2024:
€75,198) of professional and other costs associated with the quotation on
the London Stock Exchange, and €49,250 (H1 2024: €40,803) in
administrative expenses. At the end of the Period, there was €361,861 (H1
2024: €405,981) in cash in hand to cover listing and administrative costs,
and other costs incidental to development of mineral projects.
During the Period, the Company did not issue any new shares or options.
The Board monitors the activities and performance of the Company on a regular
basis.
Financial Position
The Company's Statement of Financial Position as at 30 September 2025, with
comparatives at 30 September 2024 and 31 March 2025, is summarised below:
6 months to 6 months to
Year ended
30 September 2025 30 September 2024 31 March 2025
(unaudited) (unaudited)
(audited)
€
€
€
Current assets
404,444
440,121 629,126
Non-current assets
431,974
399,544 425,644
Total assets
836,418 839,665
1,054,770
Current liabilities
374,099 518,746
339,304
Total liabilities
374,099
518,764 339,304
Net (liabilities)/assets
462,319 320,919
715,466
UK LISTING RULES
The Company is admitted to the Equity Shares (transition) category of the
Official List under Chapter 22 of the UKLR and to trading on the London Stock
Exchange's Main Market for listed securities.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties for the remaining six months of the
financial year remain the same as those contained within the annual report and
accounts as at 31 March 2025.
This report was approved by the Board on 24 November 2025 and signed on its
behalf by:
Patrick Doherty
Chairman, Unicorn Mineral Resources Plc
RESPONSIBILITY STATEMENT
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025
Responsibility Statement
We confirm that to the best of our knowledge:
· the Half Year Report has been prepared in accordance with IFRS as
adopted by the European Union, as applied in accordance with the provisions of
the Companies Act 2014;
· gives a true and fair view of the assets, liabilities, financial
position and loss of the Company;
· the Half Year Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the set of interim financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
· the Half Year Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the
information required on related party transactions.
The Half Year Report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by:
Patrick Doherty
Chairman, Unicorn Mineral Resources Plc
UNICORN MINERAL RESOURCES PLC
STATEMENT OF FINANCIAL POSITION
As at 30 September
2025 2024
Assets
Current Assets
Cash and cash equivalents (Note 9) € 361,861 € 405,981
Accounts receivable (Note 3) 42,583 34,140
Total Current Assets 404,444 440,121
Non-Current Assets
Intangible assets (Note 4) 431,974 399,544
Total Assets € 836,418 € 839,665
Liabilities and Equity
Current Liabilities
Warrants & Options € 37,702 € 84,249
Convertible Loan Notes - 271,159
Accounts payable (Note 5) 336,396 163,338
Total Current Liabilities 374,099 518,746
Total Liabilities 374,099 518,746
Equity
Share capital (Note 6) € 408,550 € 348,550
Share Premium Reserve 3,078,943 2,442,071
Share Based Payments Reserve 85,928 79,683
Other Reserves (123,630) (163,932)
Deficit (2,987,471) (2,385,453)
Total Equity 462,319 320,919
Total Liabilities and Equity € 836,418 € 839,665
Nature and continuance of operations (Note 1)
On behalf of the Board:
Patrick Doherty
John O'Connor
Chairman
Director
The accompanying notes are an integral part of these financial statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF LOSS AND COMPREHENSIVE LOSS
For the 6 months ended 30 September
2025 2024
Operating expenses
Impairment of exploration assets (Note 4) € - € -
Administrative expenses (Note 11) 222,603 252,173
Loss and comprehensive loss for the 6 months € (222,603) € (252,173)
Loss attributable to:
Shareholders € (222,603) € (252,173)
€ (222,603) € (252,173)
The accompanying notes are an integral part of these financial statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 30 September 2025 and 2024
Shares Amount Reserves Deficit Total Equity
Balance, 31 March 2024 34,854,987 € 348,550 € 2,397,315 € (2,133,280) € 612,585
Loss for the 6 months - - - (252,173) (252,173)
Share based payment movements - - (39,493) (39,493)
Net proceeds of equity - - - - -
ordinary share issue
Balance, 30 September 2024 34,854,987 € 348,550 € 2,357,822 € (2,385,453) € 320,919
Loss for the 6 months - - - (379,415) (379,415)
Share based payment movements - - 74,107 74,107
Net proceeds of equity 6,000,000 60,000 636,872 - 696,872
ordinary share issue
Balance, 31 March 2025 40,854,987 € 408,550 € 3,068,801 € (2,764,868) € 712,483
Loss for the 6 months - - - (222,603) (222,603)
Share based payment movements - - (27,561) (27,561)
Net proceeds of equity - - - - -
ordinary share issue
Balance, 30 September 2025 40,854,987 € 408,550 € 3,041,240 € (2,987,471) € 462,319
The accompanying notes are an integral part of these financial statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF CASH FLOWS
For the 6 months ended 30 September
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the 6 months € (222,603) € (252,173)
Impairment of exploration assets
-
-
Total Loss for the 6 months
(22,603)
(252,173)
Changes in non-cash working capital items: Accounts receivable
(355) 38,718
Accounts payable 4,261 (6,426)
Warrants & Options 27,561 39,493
Net cash used in operating activities (191,138) (180,389)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire intangible assets (6,330) (16,916)
Impairment of intangible asset - -
Net cash incurred by investing activities (6,330) (16,916)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of equity share capital - -
Other Reserves (93,865) (61,833)
Share Based Payment Reserve 66,305 22,340
Net cash provided by financing activities (27,561) (39,493)
Change in cash (225,058) (236,797)
Cash, beginning of the 6 months 586,888 642,778
Cash, end of the 6 months € 361,861 € 405,981
The accompanying notes are an integral part of these financial statements.
UNICORN MINERAL RESOURCES PLC
Notes to the Interim Financial Statements
1. NATURE AND CONTINUANCE OF OPERATIONS
Unicorn Mineral Resources PLC is a public limited Company incorporated in the
Republic of Ireland. 39 Castleyard, 20/21 St Patrick's Road, Dalkey, Co Dublin
is the registered office, which is also the principal place of business of the
Company. The principal activity of the Company during the period was the
exploration for minerals and precious metals. The financial statements have
been presented in Euro (€) which is also the functional currency of the
Company.
These financial statements are prepared on a going concern basis which assumes
that the Company will be able to realise its assets and discharge its
liabilities in the normal course of business for the foreseeable future. The
Company has incurred ongoing losses since inception and has no source of
recurring revenue. The success of the Company is dependent upon the ability
of the Company to obtain necessary financing to continue their exploration and
development activities, the confirmation of economically recoverable reserves,
and upon establishing future profitable production, or realisation of proceeds
on disposal. These financial statements do not give effect to the
adjustments that would be necessary to the carrying value and classification
of assets and liabilities should the Company be unable to continue as a going
concern.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all
periods presented in these Financial Statements.
2.1 Going concern
The preparation of financial statements requires an assessment on the validity
of the going concern assumption. The validity of the going concern concept
is dependent on the Company having available adequate financial resources to
continue operations in 2026, and thereafter finance being available for the
continuing working capital requirements of the Company and finance for the
development of the Company's projects becoming available. Based on the
assumptions that the Company has adequate financial resources to continue
operation and confidence that finance will become available, the Directors
believe that the going concern basis is appropriate for these accounts.
Should the going concern basis not be appropriate, adjustments would have to
be made to reduce the value of the company's assets, in particular the
intangible assets, to their realisable values.
2.2 Taxation
Income tax expense represents the sum of the tax currently payable and
deferred tax.
Current tax payable is based on the taxable profit for the year. Taxable
profit differs from the loss as reported in the statement of comprehensive
income because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable
or deductible. The Company's liability for current tax is calculated using
tax rates that have been enacted or substantively enacted by the statement of
financial position date.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit and is accounted for using the statement of financial position
liability method. Deferred tax liabilities are generally recognised for all
taxable temporary differences and deferred tax assets are recognised for all
deductible temporary differences, carry forward of unused tax assets and
unused tax losses to the extent that it is probable that taxable profits will
be available against which deductible temporary differences and the carry
forward of unused tax credits and unused tax losses can be utilised. Such
assets and liabilities are not recognised if the temporary difference arises
from the initial recognition of goodwill or from the initial recognition
(other than in a business combination) of other assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit.
Unrecognised deferred tax assets are reassessed at each statement of financial
position date and are recognised to the extent that it has become probable
that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the
statement of financial position date. Deferred tax is charged or credited in
the statement of comprehensive income, except when it relates to items charged
or credited directly to equity, in which case the deferred tax is also dealt
with in equity.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax
liabilities and when they relate to income taxes levied by the same taxation
authority and the Company intends to settle its current tax assets and
liabilities on a net basis.
2.3 Intangible assets
Exploration and evaluation assets
Exploration expenditure relates to the initial search for mineral deposits
with economic potential in Ireland.
Evaluation expenditure arises from a detailed assessment of deposits that have
been identified as having economic potential.
The costs of exploration properties and cost of licences to explore for or use
minerals, which include the cost of acquiring prospective properties and
exploration rights and costs incurred in exploration and evaluation
activities, are capitalised as intangible assets as part of exploration and
evaluation assets.
Exploration costs are capitalised as an intangible asset until technical
feasibility and commercial viability of extraction of reserves are
demonstrable, when the capitalised exploration costs are reclassed to
property, plant and equipment. Exploration costs include an allocation of
administration and salary costs (including share based payments) as determined
by management.
Prior to reclassification to property, plant and equipment, exploration and
evaluation assets are assessed for impairment and any impairment loss
recognised immediately in the statement of comprehensive income
Intangible assets with finite useful lives that are acquired separately are
carried at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is recognised on a straight-line basis over their
estimated useful lives. The estimated useful life and amortisation method
are reviewed at the end of each reporting period, with the effect of any
changes in estimate being accounted for on a prospective basis. Intangible
assets with indefinite useful lives that are acquired separately are carried
at cost less accumulated impairment losses.
Impairment of intangible assets other than goodwill
Exploration and evaluation assets are assessed for impairment on a licence by
licence basis when facts and circumstances suggest that the carrying amount
may exceed its recoverable amount. The company reviews for impairment on an
ongoing basis and specifically if any of the following occurs:
(a) the period for which the Company has a right to explore under the
specific licences has expired or is expected to expire;
b) further expenditure on exploration and evaluation in the specific
area is neither budgeted or planned;
c) the exploration and evaluation has not led to the discovery of
economic reserves;
d) sufficient data exists to indicate that although a development in
the specific area is likely to proceed, the carrying amount of the exploration
and evaluation asset is unlikely to be recovered in full from successful
development or by sale.
2.4 Financial Instruments
Financial assets and financial liabilities are recognised in the Company's
statement of financial position when the Company becomes a party to the
contractual provisions of the instrument. Financial assets and financial
liabilities are initially measured at transaction price. Transaction costs
that are directly attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and financial
liabilities at fair value) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of
financial assets or financial liabilities are recognised immediately at fair
value through other comprehensive income ("FVOCI").
The Company includes in this category cash and other receivables. Due to the
nature of the financial assets being short-term in nature, the carrying value
approximates fair value.
Impairment of financial assets
The Company only holds receivables at amortised cost, with no significant
financing component and which have maturities of less than 12 months and as
such, has implemented the simplified approach for expected credit losses (ECL)
model under IFRS 9 to account for all receivables.
Therefore, the Company does not track changes in credit risk, but instead,
recognizes a loss allowance based on lifetime ECLs at each reporting date.
A financial asset is derecognised only when the contractual rights to cash
flows from the financial asset expires, or when it transfers the financial
asset and substantially all the associated risks and rewards of ownership to
another entity. Gains and losses on derecognition are generally recognised
in the profit or loss.
Financial liabilities measured subsequently at amortised cost
Financial liabilities that are not:
(i) contingent consideration of an acquirer in a business
combination,
(ii) held for trading, or
(iii) designated as at FVOCI,
are measured subsequently at amortised cost using the effective interest
method. The Company includes in this category trade and other payables.
The effective interest method is a method of calculating the amortised cost of
a financial liability and of allocating interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts
estimated future cash payments (including all fees and points paid or received
that form an integral part of the effective interest rate, transaction costs
and other premiums or discounts) through the expected life of the financial
liability, or (where appropriate) a shorter period, to the amortised cost of a
financial liability.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds
received, net of direct issue costs.
Warrants and Options
Warrants and options issued are classified separately as equity or as a
liability at FVOCI in accordance with the substance of the contractual
arrangement. Warrants or options classified as liabilities at FVOCI are
stated at fair value, with any gains and losses arising on remeasurement
recognised in the statement of other comprehensive income.
3. ACCOUNTS RECEIVABLE
As at 30 September 2025 2024
Prepaid Insurance & Listing Expenses € 24,486 € 25,219
Taxation 18,097 8,921
Accounts receivable € 42,583 € 34,140
4. INTANGIBLE FIXED ASSETS
All of the Company's exploration and evaluation assets are located in Ireland.
Exploration and evaluation assets acquired Impairment of exploration assets Total acquisition costs
Acquisition Costs
Cumulative to 31 March 2024 € 1,042,441 € 659,813 € 382,628
Change during 6 months to 30 September 2024 16,916 - 16,916
Cumulative to 30 September 2024 € 1,059,357 € 659,813 € 399,554
Cumulative to 31 March 2025 € 1,097,457 € 671,813 € 425,644
Change during 6 months to 30 September 2025 6,330 - 6,330
Cumulative to 30 September 2025 € 1,103,787 € 671,813 € 431,974
Acquisition Costs
Exploration and evaluation assets acquired
Impairment of exploration assets
Total acquisition costs
Cumulative to 31 March 2024
€ 1,042,441
€ 659,813
€ 382,628
Change during 6 months to 30 September 2024
16,916
-
16,916
Cumulative to 30 September 2024
€ 1,059,357
€ 659,813
€ 399,554
Cumulative to 31 March 2025
€ 1,097,457
€ 671,813
€ 425,644
Change during 6 months to 30 September 2025
6,330
-
6,330
Cumulative to 30 September 2025
€ 1,103,787
€ 671,813
€ 431,974
Exploration and evaluation assets relate to expenditure incurred in the
development of mineral exploration opportunities.
The realisation of intangible assets amounting to €431,974 at the financial
6 months end, 30 September 2025, is dependent on the further successful
development and ultimate production of the mineral reserves and availability
of adequate finance to bring the reserves to economic maturity and
profitability. The directors have considered the proposed work programmes
for the underlying mineral reserves. They are satisfied that there are no
indicators of impairment.
5. ACCOUNTS PAYABLE
As at 30 September 2025 2024
Accounts payable € 3,050 € 38,996
Accrued liabilities 333,346 124,342
Accounts payable € 336,396 € 163,338
6. SHARE CAPITAL
Authorised: 200,000,000 ordinary shares at €0.01 each.
Issued: 40,854,987 ordinary shares (H1 2024: 34,854,987 ordinary shares).
7. CAPITAL MANAGEMENT
The Company's objective when managing capital is to safeguard the entity's
ability to continue as a going concern. The Company monitors its adjusted
capital which comprises all components of equity. The Company manages its
capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of the underlying assets.
To maintain or adjust the capital structure, the Company may issue common
shares through private placements. The Company is not exposed to any
externally imposed capital requirements. No changes were made to the
Company's capital management practices during the 6 months.
8. RELATED PARTY BALANCES AND TRANSACTIONS
The Company incurred costs of €nil (excl. VAT) (H1 2024: €15,630) from BRG
(Geotechnics) Limited ("BRG") during the 6 months. David Blaney who is a
director of Unicorn was, until 1 July 2023, also a past Director and 50% owner
of BRG. BRG was owed €nil (H1 2024: €nil) at the periods end. The
directors are satisfied that the amounts charged by BRG to the Company were on
an arm's length basis.
The Company has a contract with Gathoni Muchai Investments Ltd ("Gathoni") for
website, marketing and social media management. Jason Brewer is a Director
and, together with his partner, owns 100% of Gathoni. The Company incurred
costs of €11,756 (VAT zero) (H1 2024: €17,700) from Gathoni during the 6
months. Gathoni were owed €nil (H1 2024: €2,968) at the period end.
The directors are satisfied that the amounts charged by Gathoni to the Company
were in agreement with the contract.
9. CASH AND CASH EQUIVALENTS
As at 30 September 2025 2024
Cash and bank balances € 361,861 € 405,981
Cash and cash equivalents € 361,861 € 405,981
10. SUBSEQUENT EVENTS
On 13 November 2025, the Company announced the signing of conditional Heads of
Terms to acquire 75% of the Klein Aub copper mine in Namibia. The transaction
is expected to complete around the end of Q1 2026, subject to the successful
outcome of the technical due diligence tests that are expected to complete in
January 2026.
11. ADMINISTRATIVE EXPENSES
For the 6 months ended 30 September
2025 2024
Administrative expenses
AGM & Meetings € 32 € 5,227
Audit & Accounting 2,960 2,300
Bank charges 319 359
Computer bureau costs 2,149 143
Corporate Broker Fees 14,822 14,972
Corporate Finance Fees 14,735 32,897
Insurance 9,084 11,246
Listing costs 15,062 15,014
LSEG fees 8,445 8,620
Marketing & Website Costs 11,756 17,700
Printing, postage and stationery 90 79
Professional Fee 7,566 2,500
Project costs 15,838 -
Registrar's Fees 3,724 3,695
Salary Cost 116,565 136,173
Motor and travel expenses 335 18
General expenses (879) 1,231
Administrative expenses € 222,603 € 252,173
12. Notes to the Interim Accounts
This interim financial report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report
should be read in conjunction with the financial statements for the year ended
31 March 2025 and any public announcements made by the Company during and
subsequent to the interim reporting period.
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