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Wildcat PetroleumAnnouncement

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RNS Number : 7168Y  Wildcat Petroleum PLC  31 March 2026

31 March 2026

 

Wildcat Petroleum Plc

("Wildcat" or the "Company")

Interim Results for the period from 1 July 2025 to 31 December 2025

Wildcat Petroleum Plc ("WCAT" or "the Company") a company targeting investment
opportunities in businesses and assets within the Natural Resources sector
announces its interim results for the period from 1 July 2025 to 31 December
2025.

 

Activity over the reported period

For the period 1 July 2025 to 31 December 2025, the results include the
on-going running costs in connection with being a listed company. Activity
over the reported period is summarised below:

On 11 August 2025 (RNS 3143U) the Company announced proposed changes to the
Board (subject to Due Diligence), together with information regarding a
General Meeting (GM) in order to comply with its obligations under the new UK
Listing Rules (UKLR) - the GM to be scheduled for Friday, August 29. - with a
Special Resolution proposed to amend the Company's Articles of Association.

On 26 August 2025 (RNS 6954W), the Company confirmed that Trond Christoffersen
had joined the Board as a Non-Executive Director.

On 1 September 2025 (RNS 3729X) the Company announced the results of the
voting on the Special Resolution at the GM - the Resolution was carried.

On 1 September 2025 (RNS 4173X) the company also announced a Proposed Initial
Transaction and Temporary Suspension of Listing (as per FCA Rules). The
transaction concerning an MOU it had signed with a Gold and Mining company in
the Republic of Sudan with the final agreement subject to formal terms being
agreed and Due Diligence.

On 23 September 2025 (RNS 4452A) the Company reported that due to the
escalating security situation in the Republic of Sudan it had terminated the
transaction concerning the MOU it had signed, on 1 September 2025, with a Gold
and Mining company in the Republic; and as a result it had applied to the
London Stock Exchange to have the suspension of the Company's listing lifted
with effect of the same date. Subsequently the lifting of suspension occurred
on 2nd October (RNS 7991B).

On 23 September 2025 (RNS 3351A) the Company announced the appointment of Dr.
Olinga Taeed to the board as an Executive Director. On 13 October 2025 (RNS
1623D) the Company announced that Dr. Olinga Taeed had resigned with immediate
effect and that the Board was committed to strengthen its governance and was
actively seeking to recruit additional suitable candidates to the Board.

On 30 October 2025 (RNS 4966F) the Company announced the placing of 71,430,000
new ordinary shares at a price of 0.07 pence/share, raising £50,000 (£45,000
net) for working capital. The company stated that on admission of these
shares, the Company's issued ordinary share capital would be 3,004,470,000
ordinary shares.

On Monday 3 November 2025 at 7.00 hours (RNS 8611F), the Company announced the
publication of its  Annual Report and Accounts for the year ending 30 June
2025. This was followed by an RNS (8738F) stating that for technical reasons,
the Company had been unable to upload the Financial Results to the National
Storage Mechanism (NSM) or the Company's Website; and as required by the
Financial Conduct Authority's Disclosure and Transparency Rules, the Company
had requested, from 7:55 a.m. on 3 November 2025, a suspension of the
Company's listing from the Official List and from trading on the London Stock
Exchange.

On Monday 3 November 2025 at 18.03 hours (RNS 0048G) the Company is announced
that the Annual Financial Results were available on the Company's website and
whilst these were also uploaded to the National Storage Mechanism ("NSM"), the
NSM had not been able to publish these results yet.

Following liason between the Company and the FCA, an acceptably formated set
of Accounts was loaded to the NSM on 10 November 2025, with the restoration of
the listing of the Company's shares occurring at 7.30am on  12 November 2025
(RNS 2272H).

On 24 November 2025 (RNS 6321I), the Company announced the date, time and
venue of its AGM; and confirmed that the Notice of Annual General Meeting plus
the Proxy Voting Form was posted out to Members on 21st November 2025 and
would be put on the Company's website.

On 17 December 2025 (RNS 8412L), the Company announced that it has cancelled
225,000,000 Warrants relinquished by Directors of the Company and issued
382,500,000 New Warrants to Directors of the Company. The New Warrants being
granted following a review of Directors' remuneration and the decision of the
Board, taking a prudent approach to cash conservation, to relinquish their
entitlement to fees payable to them. The New Warrants issued have an exercise
price of 0.10 pence/share, which is a premium of 53.85% to the mid-point
closing share price of 0.065 pence/share on Monday 15th December 2025 and an
expiration date of 31 December 2028.

On 22 December 2025 (RNS 4929M), the Company announced the results of the 19
December AGM - with all resolutions voted on being approved.

Post period end December 2025

On 20 February 2026 (RNS 7442T), the Company announced that the Board had
completed a strategic review of the Company's investment focus and listing
arrangements - outlining the following:

1)    Proposed Cancellation of Main Market Listing

Following this review, the Board has concluded that the regulatory framework,
rules and associated costs of maintaining the Company's listing on the Main
Market are making it increasingly challenging to complete an initial reverse
takeover transaction. Accordingly, the Board intends to seek shareholder
approval for the cancellation of the Company's listing on the Main Market.

2)    Proposed Change in Investment Focus and Intended Admission to the
Aquis Growth Market

In parallel with the proposed cancellation, the Board intends to pursue
opportunities in the gold sector, with a view to developing the Company as an
African-based gold processing business. In connection with this proposed
change in investment focus, the Company also intends to apply for admission of
its ordinary shares to trading on the Aquis Growth Market.

The proposed cancellation of the Main Market listing and the proposed
admission to the Aquis Growth Market will each be subject to shareholder
approval at a general meeting. The resolutions will be inter-conditional, such
that if either resolution is not approved, neither proposal will proceed and
the Company will remain listed on the Main Market.

If shareholders approve both resolutions, the Company will appoint an Aquis
corporate adviser and commence the admission process. There can be no
assurance that the Company's application for admission to the Aquis Growth
Market will be successful. In the event that admission is not approved by
Aquis Exchange, the Company will remain listed on the Main Market and the
proposed transition will not proceed.

If admission is approved, the Company will announce the expected date and time
on which its ordinary shares will be cancelled from the Main Market and
simultaneously admitted to trading on the Aquis Growth Market. The Board
currently anticipates that there will be no suspension of trading at any stage
of the process but can't guarantee that.

3)    Current Status

The Company has not entered into any binding agreements in relation to any
proposed acquisition in the gold sector and no transaction has been completed
at this time. There can be no certainty that any acquisition, fundraising or
admission to the Aquis Growth Market will ultimately be completed.

A circular containing further details of the proposals and a notice convening
a general meeting will be sent to shareholders in due course. Further
announcements will be made as appropriate

4)    Fundraise

The Company plans to undertake a fundraise before the end of March - in order
to fund its corporate activity over a minimum twelve month period. Further
announcements on this will be made in due course.

5)    Eligibility for inclusion of shares trading on the Aquis Growth
Market within ISAs or SIPPs

Admission of the Company's ordinary shares to trading on the Aquis Exchange
Growth Market is not expected to affect their eligibility for inclusion within
ISAs or SIPPs under prevailing UK tax legislation. Shareholders should
nevertheless note that ISA and SIPP managers apply their own operational
policies, and the availability of dealing or in-specie transfers in respect of
Aquis Growth Market securities may vary between providers.

6)    Additional Information

The move from petroleum products to gold mining is mainly due to the fact that
the current depressed oil market makes it very difficult for the Company to
secure sufficient funding to purchase/develop an African oil asset. The
Company does not see the oil market improving in the foreseeable future and
therefore Company feels it must make the switch in order to create shareholder
value.

The Company intends to use its high-level connection within the Sudanese
government in order to secure appropriate sites where it can locate small to
mid-size "turnkey" hard rock gold processing plants. These plants will to
process gold ore tailings produced by local artisanal small-scale gold miners,
whom account for over 80% of the gold produced in Sudan. In order to take
advantage of the current gold price the Company will endeavour to have plants
up and running within months of a site been secured. If the Company can secure
existing processing facilities at a reasonable price then it will consider
buying an already operational plant/ processing facility. In order to take
advantage of the historically high gold prices the company will also engage in
other gold related activities such as alluvial mining, tailing processing,
gold arbitrage and joint-ventures with already operational plants.

The Company will be guided by the principle of producing as much gold as
possible, as quickly as possible, secure the best sale price and plan to
return the bulk of the profits to shareholders through dividend payments.

On 2 March 2026 (RNS 8916U), the Company announced that on Friday 27th
February, the Company (via it's share Registrars) mailed out an announcement
to Members regarding the calling of a General Meeting (GM) to be held Streetly
Community Library, Blackwood Road, Streetly, B74 3PL on Wednesday 25th March
2026 at 10 a.m. The GM concerning the Company's Strategic Review, Proposed
Cancellation of Main Market Listing and Intended Admission to the Aquis Growth
Market - as initially outlined in RNS 7442T of 20th February 2026.

Details of the resolutions proposed, the rationale and voting instructions to
be found in the main 27 February 2026 (13 page) 'Notice of General Meeting' -
with copies of that Notice of General Meeting including a Proxy Voting Form to
be made available at the National Storage Mechanism and the Company's website.

On 25 March 2026, the Company announced (RNS 1314Y) that both Resolutions
outlined above had been passed in the GM called that day - allowing the
Company to proceed with its plans outlined above regarding its change in
investment focus and intended admission to the Aquis Growth Market. In the
same RNS, the Company announced a 2026 Incentive Plan based on Gold completion
milestones and the issuance of warrants.

On 26 March 2026, the Company agreed with the Chaiman that he would make an
interest free loan of £ 30,000 to the Company - re-payment only on the
Company having sufficient spare cash in the future. The loan obviating the
need for the Company to raise cash by the issuance of new shares by the end of
March 2026 (which it mentioned in its 20 February 2026 as outlined above). The
Company plans that further funding will be announced in 2Q 2026 - to allow it
to complete its move to Aquis and to fund projects.

Principal Risks and uncertainties

These are summarised below:

·    Regulatory approvals and timing for the proposed move from the Main
Market to Aquis.

·    Risk of reduced liquidity and investor appetite following the market
transfer.

·    Execution risk around pivoting from oil and gas to gold processing,
including technology validation, plant commissioning, and operational
scale‑up.

·    Political, environmental, and permitting risks associated with
operating in African jurisdictions.

·    Dependence on local partners, contractors, and supply chains
in-country.

·    Volatility in gold prices and commodity markets affecting project
economics.

·    Funding risk if additional capital is required before operations
generate cash flow.

·    Foreign exchange exposure relating to African operations and costs.

·    Reputational and ESG risks, including community relations and
environmental compliance.

 

Development and performance

During the reporting period (1 July 2025 to 31 December 2025) the Company
incurred costs of £ 124k. At the balance sheet date, the Company had current
assets of £120 k (including a cash balance of £97k), current liabilities of
£ 54k; resulting in net current assets of £66 k.

Key performance indicators

The Board monitors a combination of financial, strategic and Corporate KPIs.
These will include:

·    Cash balance and monthly cash burn.

·    Progress towards identifying and completing a suitable acquisition of
investment opportunity.

·    Progress against project milestones for gold processing (e.g.,
permitting, construction, commissioning stages).

·    Capital expenditure against budget.

·    Gold recovery rates and production metrics (once operational).

·    Average realised gold price and margin per unit processed.

·    Operational uptime and processing throughput.

·    Safety performance indicators.

·    Administrative costs following strategic pivot.

·    Share liquidity and trading volumes post‑transition to Aquis.

·    Growth and diversification of the company's shareholder base and
market engagement.

·    Progress in securing offtake agreements, partnerships, or financing.

 

Going Concern

The Directors have prepared the Interim Results on a going concern basis.

The Company currently has sufficient cash resources to meet its expected
corporate overheads and operating commitments for at least the next twelve
months from the date of approval of these financial statements under a
"treading water" scenario.

The Board continues to evaluate a range of strategic opportunities consistent
with its proposed transition towards gold processing operations.

Funding Strategy

The Company has historically demonstrated the ability to raise funds through
equity placements. Based on prior market engagement, the Directors believe
that the Company would be able to raise additional capital should this be
required.

Strategic Transition

The Company has secured:

• shareholder approval to cancel admission of its shares to the London Stock
Exchange Main Market

• shareholder approval to seek admission to trading on the AQSE Growth
Market

• shareholder approval to pursue opportunities in gold processing operations
in Africa

These initiatives remain subject to regulatory processes.

Material Uncertainty

The successful execution of the Company's strategy, including completion of a
suitable transaction and securing the necessary funding, could introduce a
material uncertainty which may cast significant doubt on the Company's ability
to continue as a going concern.

However, after considering:

• the Company's current cash position

• the ability to reduce corporate expenditures if required

• the Company's historical ability to raise equity financing

• the progress made in evaluating strategic opportunities

the Directors have a reasonable expectation that the Company will have
adequate resources to continue in operational existence for the foreseeable
future.

Accordingly, the Interim Results have been prepared on a going concern basis.

Responsibility statement

We confirm that to the best of our knowledge:

a.    the condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting';

b.    the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events and
description of principal risks and uncertainties);

c.     the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein); and

d.    The interim management report provides a true and fair view of the
assets, liabilities and financial position of the Company.

Cautionary statement

This Interim Management Report (IMR) has been prepared solely to provide
additional information to shareholders to assess the Company's strategies and
the potential for those strategies to succeed. The IMR should not be relied on
by any other party or for any other purpose.

The condensed accounts have not been reviewed by the auditors.

Mandhir Singh

Chairman

31 March 2026

 

 

 

NOTES TO THE UNAUDITED INTERIM MANAGEMENT REPORT

General Information

Wildcat Petroleum Plc is a company incorporated in England and Wales with
registered number 12392909. The address of the registered office is Belmont
House, 3rd Floor, Suite ASCO-303, Belmont Road, Uxbridge, London UB8 1HE. The
Company was incorporated and registered in England and Wales on 8 January 2020
as a public limited company.

1. Basis of preparation

This Interim Management Report (IMR) was approved and authorised to issue by
the Board of Directors on 30(th) March 2026.

The financial information in this IMR have been prepared in accordance with
the International Financial Reporting Standards (IFRS) and International
Financial Reporting Interpretations Committee (IFRIC) interpretations issued
by the International Accounting Standards Board (IASB) as adopted by the
United Kingdom and with those parts of the Companies Act 2006 applicable to
companies reporting under IFRS.

There are no IFRS, or IFRIC interpretations that are effective in this period
that would be expected to have a material impact on the company.

 The financial information has been prepared under the historical cost
convention, as modified by the accounting standard for financial instruments
at fair value.

 The Directors are of the opinion that the financial information should be
prepared on a going concern basis, in the light of the Company's financial
resources.

 These condensed interim financial statements for the period from 1 July 2025
to 31 December 2025 are unaudited and do not constitute full accounts. The
comparative figures for the period 1 July 2024 to 30 June 2025 are extracted
from the statutory financial statements which have been filed with the
Registrar of Companies and which contain an unqualified audit report and did
not contain a statement under sections 494(2) or 498(3) of the Companies Act
2006.

No taxation charge has arisen for the period and the Directors have not
declared an interim dividend.

Copies of the interim report can be found on the Company's website at
www.wildcatpetroleum.co.uk (http://www.wildcatpetroleum.co.uk)

 

Going concern

The Directors are satisfied that the Company has sufficient resources to
continue in operation for the foreseeable future, a period of not less than
twelve months from the date of this report. Accordingly, they continue to
adopt the going concern basis in preparing the condensed financial statements.

  2. Earnings/Loss per share

Basic Earnings/Loss per share is calculated by dividing the earnings/loss
attributable to ordinary shareholders by the number of ordinary shares
outstanding during the period.

The calculation of basic earnings per share is based on the following
figures:

3. Trade and other receivables

 

4. Trade and other payables

5. Share capital

6. Share-based payment compensation reserve

7. Cash absorbed by operations

8. Events Subsequent to 31 December 2024

Events subsequent to the balance sheet date have been reported on page 2 - 3.

9. Reports

A copy of this announcement will be put on the Wildcat Petroleum website.
Copies will be available for members of the public at the Company's Registered
Office, Belmont House, 3rd Floor, Suite ASCO-303, Belmont Road, Uxbridge UB8
1HE.

Enquiries:

Wildcat Petroleum plc: Mandhir Singh msingh@wildcatpetroleum.co.uk

 

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