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    Unicorn Mineral Res. - Half-year Financial Report

    Picture of Unicorn Mineral Resources Public Co logoUnicorn Mineral Resources Public Co
    25/11/2025 07:00
    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) 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) 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) 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) 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
    20252024
    Assets
    Current Assets
    Cash and cash equivalents (Note 9)€ 361,861€ 405,981
    Accounts receivable (Note 3)42,58334,140
    Total Current Assets404,444440,121
    Non-Current Assets
    Intangible assets (Note 4)431,974399,544
    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)336,396163,338
    Total Current Liabilities374,099518,746
    Total Liabilities374,099518,746
    Equity
    Share capital (Note 6)€ 408,550€ 348,550
    Share Premium Reserve3,078,9432,442,071
    Share Based Payments Reserve85,92879,683
    Other Reserves(123,630)(163,932)
    Deficit(2,987,471)(2,385,453)
    Total Equity462,319320,919
    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

 


    20252024
    Operating expenses
    Impairment of exploration assets (Note 4)€ -€ -
    Administrative expenses (Note 11)222,603252,173
    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

 


    SharesAmountReservesDeficitTotal Equity
    Balance, 31 March 202434,854,987€ 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 202434,854,987€ 348,550€ 2,357,822€ (2,385,453)€ 320,919
    Loss for the 6 months---(379,415)(379,415)
    Share based payment movements--74,10774,107
    Net proceeds of equity
    ordinary share issue    		6,000,00060,000636,872-696,872
    Balance, 31 March 202540,854,987€ 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 202540,854,987€ 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
    20252024
    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 payable4,261(6,426)
    Warrants & Options27,56139,493
    Net cash used in operating activities(191,138)(180,389)
    CASH FLOWS FROM INVESTING ACTIVITIES
    Payments to acquire intangible assets
    Impairment of intangible asset    		(6,330)
    -    		(16,916)
    -
    Net cash incurred by investing activities(6,330)(16,916)
    CASH FLOWS FROM FINANCING ACTIVITIES
    Issue of equity share capital
    Other Reserves
    Share Based Payment Reserve    		-
    (93,865)
    66,305    		-
    (61,833)
    22,340
    Net cash provided by financing activities(27,561)(39,493)
    Change in cash(225,058)(236,797)
    Cash, beginning of the 6 months586,888642,778
    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 September20252024
    Prepaid Insurance & Listing Expenses€ 24,486€ 25,219
    Taxation18,0978,921
    Accounts receivable€ 42,583€ 34,140
    

 

 

 

 

 

4.       INTANGIBLE FIXED ASSETS

All of the Company's exploration and evaluation assets are located in Ireland.


    Acquisition Costs    		Exploration and evaluation assets acquiredImpairment of exploration assetsTotal acquisition costs
    Cumulative to 31 March 2024€ 1,042,441€ 659,813€ 382,628
    Change during 6 months to 30 September 202416,916-16,916
    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 20256,330-6,330
    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 September20252024
    Accounts payable€ 3,050€ 38,996
    Accrued liabilities333,346124,342
    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 September20252024
    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


    20252024
    Administrative expenses
    AGM & Meetings€ 32€ 5,227
    Audit & Accounting2,9602,300
    Bank charges319359
    Computer bureau costs2,149143
    Corporate Broker Fees14,82214,972
    Corporate Finance Fees14,73532,897
    Insurance9,08411,246
    Listing costs15,06215,014
    LSEG fees8,4458,620
    Marketing & Website Costs11,75617,700
    Printing, postage and stationery9079
    Professional Fee7,5662,500
    Project costs15,838-
    Registrar's Fees3,7243,695
    Salary Cost116,565136,173
    Motor and travel expenses33518
    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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