("POW", "Power Metal" or the "Company")
Interim Results
KEY DEVELOPMENTS IN THE HALF YEAR TO
- Block 8 Oman: Exploration work was conducted by
o At the Al Maider Prospect, assay results from an initial 13 rock and float samples returned significant results of 4.46% and 1.75% copper and further rock chip sampling returned results of up to 7.84% copper, supporting the prospectivity of the target.
o At the Al Mansur Prospect, gravimetric geophysics ("Gravity") survey work defined five anomalies, with in-fill Gravity work further defining two targets for additional workstreams, subsequently named AM1 and AM2.
- Uranium
o
o
o Reitenbach: Property expanded by 27.5% by direct mineral claim staking. Geophysical surveys and fieldwork reveal promising targets. Small field programme commissioned to refine and narrow the prospective area for future work.
o
o
o
- Guardian Metal Resources: In February, an agreement was reached in principle between the Company and UCAM wherein UCAM would purchase 29,758,334 shares in Guardian Metal Resources ("GMET"), and warrants granted over 986,352 ordinary shares in GMET of
KEY DEVELOPMENTS POST-PERIOD
- Block 8 Oman: Post-period, a Gravity survey was completed over the Al Mansur Prospect, further defining two strong anomalies - AM1 and AM2 - peaking at 0.56 milligal ("mGal") of contrast and providing close to 700 m of highly anomalous target strike length combined. Maiden reconnaissance diamond core drilling programme has now commenced with an initial nine drill holes planned to test targets identified by earlier exploration work.
- Uranium
o
o
o
o
o East Hawkrock: Drill programme is planned and due to commence in Q1 2026.
- Guardian Metal Resources: Following the partial disposal in
- First Development Resources: First Development Resources PLC ("FDR") commenced trading on AIM in
- Minestarters: In early
FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED
- Profit for the period, attributable to owners of the parent of
- Total assets of
- Net assets of
"Our Power Arabia subsidiary also enjoyed exploration success at its flagship Block 8 project in
"Post period-end, we disposed of our remaining holding in GMET, realising
"One such opportunity is the investment of up to
"I would like to thank the teams from across the Group for their dedication and hard work, and I look forward to updating shareholders on the development of our investment opportunities and progress across our diversified portfolio in the coming months."
POWER METAL INTERESTS AT TODAY'S DATE
The latest updated review of Power Metal's business interests is provided in the Company's investor presentation which can be accessed here:
https://www.powermetalresources.com/investors/presentation/
In addition, a single page Business Overview is provided for investors through the following link:
https://www.powermetalresources.com/company/
LATEST POSITION OF POWER METAL INTERESTS AND TARGETED OBJECTIVES FOR 2025
|
Exploration Interest |
Latest Position & Forward Plans |
|
Fermi Exploration (Uranium) POW: 30% |
Power Metal, and its JV partner UCAM, currently hold 18 uranium properties covering a total area of 111,125.74 hectares within and surrounding the prolific High impact exploration work was carried out at various properties across the portfolio during H1 FY2025, showcasing its diversity, scale and prospectivity. Future work programmes will continue across the portfolio with exploration work looking to identify targets and design future drill programmes. |
|
(Nickel - Copper - Platinum Group Element) POW: 87.70% |
The cumulative exploration and diamond drilling programmes undertaken at The successful intersection at the high priority Target Area T1-14 confirms the presence of the superconductor that was identified by multiple geophysical surveys. Significant sulphur assays of up to 3.46% were identified alongside a sample which returned anomalous nickel of 0.128%. The Company is looking to progress potential commercial pathways with a view to moving the project to the next stage in its exploration programme.
|
|
(Gold - Nickel) POW: 100% |
2024 geochemical soil sampling assay results confirmed the presence of three significant gold-in-soil geochemical anomalies of greater than 500ppb gold. Of the 446 samples collected, 29 samples returned assay results of 100ppb gold or above. The Cherished Hope anomaly identified in the geochemical soil sampling results represents a significant extension zone trending southwest from the original Cherished Hope historical mine workings. The two further anomalies show the potential for a significantly larger anomalous gold-in-soil footprint. Commercial discussions regarding the potential for small-scale mining at the The Company entered into a Share Option Agreement between Power Metal, |
Note: other project packages within the Power Metal portfolio are also in earlier stages of disposal and/or spin-out preparations in addition to those listed below.
|
Business Interest |
Latest Position |
|
First Development Resources plc ("FDR") (Gold - Copper - Rare Earth Elements - Uranium - Lithium) POW: 43.44% |
FDR was admitted to trading on AIM in FDR is seeking major mineral discoveries in A high-level geophysical and geographical information system-based desktop study has been completed at the |
|
(Lithium) POW: 100% |
ION is focused on early-stage exploration, seeking transformational metal discoveries to supply the battery industry. ION has identified two possible target areas for lithium at Aurier North.
|
|
GSA Environmental "GSAe" POW: 75% |
GSAe is an engineering technology provider and process licensor which specialises in the extraction of strategic metals from 'secondary sources', including power station ash, refinery waste, titanium dioxide waste and spent catalysts. In 2024, Power Metal completed the acquisition of 75% of the issued share capital of GSAe. Working with a state-owned company in |
|
POW: 82.3% |
Conversations are progressing with investors, both from the Gulf and internationally, who have indicated significant interest in a regionally-focused investment vehicle. A binding earn-in agreement has been signed with RIWAQ Al-Mawarid for Mining ("RIWAQ"), a special purpose subsidiary of RIWAQ is the sole beneficial owner and sole registered holder of 15 tenements in the Balthaga Suite in the south of the Arabian Shield; 13 are considered prospective for hard rock lithium, one for nickel sulphides, and one for a copper/molybdenum porphyry system. The Block 8 exploration concession in Exploration work, including rock chip sampling, mapping and in-fill Gravity surveying, has focused on two high priority prospects, the Al Maider Prospect and the Al Mansur Prospect, which both have the potential to host significant mineralisation. The Company announced the signature of a Letter of Intent to enter into a binding agreement with |
|
Minestarters POW: 35% with option to increase to 49% |
Minestarters proposes to establish an institutional-grade, blockchain-enabled Decentralised Finance Tokenisation Platform which will offer compliant, liquid, and diversified investment into, and bridge the investment gap in, early-stage mining ventures. Minestarters tokens will give investors access to a curated portfolio of global exploration and development projects. As these projects advance, the Minestarters platform aims to capture and distribute their real-world value growth, simultaneously benefitting investors whilst directing essential funding to a pipeline of highly prospective mining assets. Power Metal has acquired an initial 35 per cent in Minestarters for a |
Projects Disposed of / Activities Ceased
|
Project |
Latest Position & Key Forward Events |
|
Gold - Base Metals |
In In total, |
|
(Polymetallic) |
Power Metal, and its JV partner Katoro Gold PLC, ceased further investment in the |
|
(Silver) |
During the period, as part of a streamlining of its portfolio, Power Metal disposed of its net 30% interest in the |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
For further information please visit https://www.powermetalresources.com/ or contact:
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+44 (0) 20 3778 1396 |
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+44 (0) 20 3470 0470 |
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+44 (0) 20 3882 2868 |
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BlytheRay ( |
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+44 (0) 20 7138 3204 |
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NOTES TO EDITORS
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED
|
|
Note |
6 months ended (unaudited) £'000 |
|
6 months ended (unaudited) £'000 |
|
Period ended (audited) £'000 |
|
|
Revenue |
|
45 |
|
32 |
|
200 |
|
|
Cost of sales |
|
(91) |
|
(1) |
|
(7) |
|
|
Gross (loss)/profit |
|
(46) |
|
31 |
|
193 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
(2,098) |
|
(2,778) |
|
(7,964) |
|
|
Fair value gains through profit or loss |
|
8,221 |
|
1,031 |
|
8,876 |
|
|
Profit/(loss) from operating activities |
|
6,077 |
|
(1,716) |
|
1,105 |
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
(744) |
|
385 |
|
3,101 |
|
|
Finance costs |
|
(112) |
|
(20) |
|
(221) |
|
|
Share of post-tax losses of equity accounted joint ventures |
|
(33) |
|
(79) |
|
(123) |
|
|
Profit/(loss) before taxation |
|
5,188 |
|
(1,430) |
|
3,862 |
|
|
|
|
|
|
|
|
|
|
|
Taxation |
|
46 |
|
1 |
|
10 |
|
|
Profit/(loss) for the period from continuing operations |
|
5,234 |
|
(1,429) |
|
3,872 |
|
|
|
|
|
|
|
|
|
|
|
Items that will or may be reclassified to profit or loss: |
|
|
|
|
|
|
|
|
Exchange translation |
|
(21) |
|
7 |
|
(25) |
|
|
Total other comprehensive (expense)/ income |
|
(21) |
|
7 |
|
(25) |
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive expense for the period |
|
5,213 |
|
(1,422) |
|
3,847 |
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period attributable to: |
|
|
|
|
|
|
|
|
Owners of the parent |
|
5,440 |
|
(1,333) |
|
4,104 |
|
|
Non-controlling interests |
|
(206) |
|
(96) |
|
(232) |
|
|
|
5,234 |
|
(1,429) |
|
3,872 |
||
|
Total comprehensive loss attributable to: |
|
|
|
|
|
|
|
|
Owners of the parent |
5,416 |
|
(1,329) |
|
4,078 |
||
|
Non-controlling interests |
(203) |
|
(93) |
|
(231) |
||
|
|
5,213 |
|
(1,422) |
|
3,847 |
||
|
|
|
|
|
|
|
||
|
Profit/(loss) per share from continuing operations attributable to the ordinary equity holder of the parent: |
|||||||
|
Basic earnings per share (pence) |
4 |
4.71 |
|
(1.22) |
|
3.74 |
|
|
Diluted earnings per share (pence) |
4 |
4.71 |
|
(1.22) |
|
3.69 |
|
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
|
|
Note |
(unaudited) £'000 |
|
(unaudited) £'000 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Exploration assets |
|
5,251 |
|
4,916 |
|
|
Intangible assets |
|
1,119 |
|
1,189 |
|
|
Investments in associates and joint ventures |
|
4,209 |
|
4,242 |
|
|
Financial assets at fair value through profit or loss |
|
832 |
|
884 |
|
|
Right of use asset |
|
60 |
|
82 |
|
|
Property, plant & equipment |
|
192 |
|
197 |
|
|
Non-current assets |
|
11,663 |
|
11,510 |
|
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
14,099 |
|
15,859 |
|
|
Trade and other receivables |
|
884 |
|
873 |
|
|
Inventories |
|
- |
|
22 |
|
|
Cash and cash equivalents |
|
4,421 |
|
446 |
|
|
Current assets |
|
19,404 |
|
17,200 |
|
|
|
|
|
|
|
|
|
Total assets |
|
31,067 |
|
28,710 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Share capital |
5 |
8,674 |
|
8,671 |
|
|
Share premium |
|
29,442 |
|
29,258 |
|
|
Shares to be issued |
|
- |
|
187 |
|
|
Capital redemption reserve |
|
5 |
|
5 |
|
|
Share based payments reserve |
|
4,089 |
|
3,934 |
|
|
Convertible loan reserve |
|
96 |
|
71 |
|
|
Exchange reserve |
|
53 |
|
77 |
|
|
Accumulated losses |
|
(14,732) |
|
(20,172) |
|
|
Total |
|
27,627 |
|
22,031 |
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
693 |
|
896 |
|
|
Total equity |
|
28,320 |
|
22,927 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Trade and other payables |
|
1,381 |
|
2,013 |
|
|
Current lease liabilities |
|
35 |
|
37 |
|
|
Current borrowings |
|
518 |
|
498 |
|
|
Current contingent consideration |
|
325 |
|
89 |
|
|
Current liabilities |
|
2,259 |
|
2,637 |
|
|
|
|
|
|
|
|
|
Non-current lease liabilities |
|
24 |
|
41 |
|
|
Non-current borrowings |
|
- |
|
2,414 |
|
|
Non-current contingent consideration |
|
287 |
|
505 |
|
|
Provisions |
|
6 |
|
6 |
|
|
Deferred tax |
|
171 |
|
180 |
|
|
Non-current liabilities |
|
488 |
|
3,146 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
2,747 |
|
5,783 |
|
|
|
|
|
|
|
|
|
Total equity and liabilities |
|
31,067 |
|
28,710 |
|
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED
|
|
Share capital |
|
Share premium |
|
Shares to be issued £'000 |
|
Capital redemption reserve £'000 |
|
Share based payment reserve |
|
Convertible loan reserve £'000 |
|
Exchange reserve |
|
Accumulated losses £'000 |
|
Total £'000 |
|
Non-controlling interests £'000 |
|
Total equity £'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at |
8,671 |
|
29,258 |
|
187 |
|
5 |
|
3,934 |
|
71 |
|
77 |
|
(20,172) |
|
22,031 |
|
896 |
|
22,927 |
|
Profit/(loss) for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
5,440 |
|
5,440 |
|
(206) |
|
5,234 |
|
Total other comprehensive (expense)/income |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(24) |
|
- |
|
(24) |
|
3 |
|
(21) |
|
Total comprehensive (loss)/profit for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(24) |
|
5,440 |
|
5,416 |
|
(203) |
|
5,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of ordinary shares |
3 |
|
184 |
|
(187) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Share based payments |
- |
|
- |
|
- |
|
- |
|
155 |
|
- |
|
- |
|
- |
|
155 |
|
- |
|
155 |
|
Fair value gain on convertible loan note |
- |
|
- |
|
- |
|
- |
|
- |
|
25 |
|
- |
|
- |
|
25 |
|
- |
|
25 |
|
|
3 |
|
184 |
|
(187) |
|
- |
|
155 |
|
25 |
|
- |
|
- |
|
180 |
|
- |
|
180 |
|
Balance at |
8,674 |
|
29,442 |
|
- |
|
5 |
|
4,089 |
|
96 |
|
53 |
|
(14,732) |
|
27,627 |
|
693 |
|
28,320 |
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 15 MONTH PERIOD ENDED
|
|
Share capital |
|
Share premium |
|
Shares to be issued |
|
Capital redemption reserve |
|
Share based payment reserve |
|
Convertible loan reserve |
|
Exchange reserve |
|
Accumulated losses |
|
Total |
|
Non-controlling interests |
|
Total equity |
|
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
8,531 |
|
27,497 |
|
- |
|
5 |
|
1,712 |
|
- |
|
103 |
|
(24,276) |
|
13,572 |
|
907 |
|
14,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
4,104 |
|
4,104 |
|
(232) |
|
3,872 |
|
Other comprehensive expense/(income) |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(26) |
|
- |
|
(26) |
|
1 |
|
(25) |
|
Total comprehensive (expense) / income for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(26) |
|
4,104 |
|
4,078 |
|
(231) |
|
3,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of ordinary shares |
140 |
|
1,761 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,901 |
|
- |
|
1,901 |
|
Shares to be issued |
- |
|
- |
|
187 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
187 |
|
- |
|
187 |
|
Share-based payments |
- |
|
- |
|
- |
|
- |
|
2,222 |
|
- |
|
- |
|
- |
|
2,222 |
|
- |
|
2,222 |
|
Issue of convertible loan note |
- |
|
- |
|
- |
|
- |
|
- |
|
71 |
|
- |
|
- |
|
71 |
|
- |
|
71 |
|
Non-controlling interest adjustment on acquisition of subsidiaries |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
100 |
|
100 |
|
Non-controlling interest adjustment on disposal of subsidiaries |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
120 |
|
120 |
|
Total transactions with owners |
140 |
|
1,761 |
|
187 |
|
- |
|
2,222 |
|
71 |
|
- |
|
- |
|
4,381 |
|
220 |
|
4,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
8,671 |
|
29,258 |
|
187 |
|
5 |
|
3,934 |
|
71 |
|
77 |
|
(20,172) |
|
22,031 |
|
896 |
|
22,927 |
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED
|
|
6 months ended (unaudited) £'000 |
|
6 months ended (unaudited) £'000 |
|
15 months ended £'000 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Profit/(loss) for the period |
5,234 |
|
(1,429) |
|
3,872 |
|
Adjustments for: |
|
|
|
|
|
|
Fair value gain on financial assets |
(8,221) |
|
(1,032) |
|
(8,876) |
|
Fair value gain on convertible loan notes |
- |
|
- |
|
(13) |
|
Finance costs |
112 |
|
21 |
|
221 |
|
Share of post-tax losses of equity accounted joint ventures |
33 |
|
79 |
|
122 |
|
Expenses settled in shares |
- |
|
- |
|
36 |
|
Expenses settled with convertible loan notes |
- |
|
- |
|
400 |
|
Loss/gain on disposals |
848 |
|
233 |
|
(2,804) |
|
Depreciation |
26 |
|
3 |
|
10 |
|
Amortisation |
90 |
|
10 |
|
22 |
|
Deferred tax credit |
(10) |
|
(1) |
|
(10) |
|
Expected credit losses |
42 |
|
10 |
|
57 |
|
Foreign exchange losses/(gains) |
66 |
|
10 |
|
11 |
|
Share-based payment expense |
155 |
|
1,188 |
|
2,222 |
|
|
(1,625) |
|
(908) |
|
(4,730) |
|
Changes in working capital: |
|
|
|
|
|
|
(Increase)/ Decrease in trade and other receivables |
(122) |
|
(1,148) |
|
309 |
|
(Decrease)/ Increase in trade and other payables |
(601) |
|
(562) |
|
351
|
|
Decrease/(Increase) in inventories |
22 |
|
(11) |
|
(6) |
|
Net cash used in operating activities |
(2,326) |
|
(2,629) |
|
(4,076) |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Cash acquired on acquisition of subsidiary |
- |
|
1 |
|
1 |
|
Investments in financial assets through profit & loss |
- |
|
(188) |
|
(3) |
|
Disposal of financial assets |
7,231 |
|
- |
|
553 |
|
Investment in joint ventures and associates |
- |
|
(37) |
|
(95) |
|
Disposal of joint venture and associates |
- |
|
- |
|
200 |
|
Investments in exploration assets |
(429) |
|
(278) |
|
(840) |
|
Purchase of property, plant, and equipment |
(22) |
|
(6) |
|
(180) |
|
Proceeds from disposal of property, plant and equipment |
- |
|
4 |
|
4 |
|
Net cash generated from/(used in) investing activities |
6,780 |
|
(504) |
|
(360) |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from issue of share capital |
- |
|
1,299 |
|
1,299 |
|
Proceeds from borrowings |
250 |
|
2,000 |
|
3,000 |
|
Repayment of borrowings |
(708) |
|
- |
|
(490) |
|
Principal paid on lease liabilities |
(22) |
|
(7) |
|
(25) |
|
Net cash flows from financing activities |
(480) |
|
3,292 |
|
3,784 |
|
|
|
|
|
|
|
|
Net (decrease) in cash and cash equivalents |
3,975 |
|
159 |
|
(652) |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
446 |
|
514 |
|
1,098 |
|
Cash and cash equivalents at end of period |
4,421 |
|
673 |
|
446 |
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
1. Reporting entity
2. Basis of preparation
(a) Statement of compliance
As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report.
The financial information presented in this interim report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 31 December 2025.
These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards, and Interpretations (collectively "IFRS") issued by the
The interim results have been prepared on a going concern basis. The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The 2025 interim financial report has not been audited.
The Annual Report and Financial Statements for 2024 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2023 was unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The interim results were approved by the Board of Directors on [26] September 2025.
(b) Judgements and estimates
Preparing the interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expense. Actual results may differ from these estimates.
In preparing this consolidated interim financial report, significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the 15-month period ending 31 December 2024.
(c) Going concern
The interim financial report has been prepared on a going concern basis. During the period, the Group completed asset disposals generating cash consideration of £9.2m, with a further £13.6m realised post period end. The Directors, having considered all available information, including the Group's proven ability to raise additional equity funding from its supportive shareholder base, believe the Group has sufficient resources to meet its expected committed and contractual expenditure for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the interim financial report for the six months ended 30 June 2025.
3. Significant accounting policies
The accounting policies applied by the Group in this consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements as at and for the 15-month period ending 31 December 2024.
4. Earnings per share
Basic earnings per share
The calculation of basic earnings per share is based on the profit attributable to ordinary shareholders of the parent of £5.44 million (30 June 2024: £1.3 million), and a weighted average number of ordinary shares in issue of 115,610,437 (30 June 2024: 111,187,774).
5. Issues of Equity
At the period end, the Company had 115,610,437 Ordinary Shares in issue (31 December 2024: 114,287,742).
At the date of this interim report, the Company had 115,610,437 Ordinary Shares in issue.
**Ends**
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