Interim report
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This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation(EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this insideinformation is now considered to be in the public domain. 22 September 2026 Nativo Resources Plc("Nativo" or the “Company") Half Year Report for the Six Months Ended 30 June 2026 Nativo Resources Plc (LON:NTVO), the precious metals company with gold mining and processing interests inPeru, presents its half year report for the six-month period ended 30 June 2026 (the “Period”). Highlights Kuboc engaged as mining contractor to operate the Bonanza gold mine and mobilised to site in February2026 to undertake preparatory works including widening shafts and galleries.Contracts signed with the owner of La Patona Gold Ore Processing Plant (“La Patona”) in February,giving Nativo the right to manage, design, complete and operate the part-built processing plant.Surface sampling at Bonanza confirmed the presence of high-grade gold mineralization in March.Published a maiden JORC-compliant Exploration Target for Tesoro in May 2026 of approximately 6,686to 195,434 contained ounces of gold across four vein systems.Agreed new £2.1m funding package with YA II PN Ltd in May.Entered into a framework agreement with Kuboc in May to identify, evaluate and develop additionalnear-production gold and other precious metals mining and processing opportunities in Peru.Completed Front-End Engineering Design and Basis of Design for La Patona, providing the technicalplatform for detailed design, EPC tendering and construction.Raised gross total proceeds of c.£312,000 via share issues during the Period and raised a further£683,000 after the Period end.Secured project finance, subject to finalising documentation, to advance Phase 1 first production at LaPatona with Chancery Royalty Limited, and signed an Equity Subscription Agreement for £600,000 after the Period end. For further information please contact: Nativo ResourcesStephen Birrell, Chief Executive Officer Via Vigo Consultingnativo@vigoconsulting.comZeus (Nominated Adviser and Joint Broker)James JoyceJames Bavister Tel: +44 (0)20 3829 5000 Hybridan LLP (Joint Broker)Claire Novce Tel: +44 (0)20 3764 2341 Axis Capital Markets (Joint Broker)Richard Hutchison Tel: +44 (0)20 3026 0320 Vigo Consulting (Investor Relations)Ben SimonsGeorge Pope Tel: +44 (0)20 7390 0234nativo@vigoconsulting.com About Nativo Resources Plc Nativo aims to establish itself as a vertically integrated gold mining and processing business in Peru. TheCompany's strategy is based on developing three core activities: primary gold mining, gold ore processing, andthe recovery of gold from tailings. The Company has already acquired or optioned several projects fordevelopment and has identified additional opportunities for expansion. Nativo's nearest-term objectives are toestablish gold production and develop La Patona Gold Ore Processing Plant to process Nativo's own and third-party material. Visit our website: https://www.nativoresources.com/ Follow us on social media:LinkedIn: https://www.linkedin.com/company/nativoresources-plcX: https://x.com/nativoresources Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say.Navigate to our interactive investor hub here: https://www.nativoresources.com/link/PlVXke Subscribe to our news alert service: https://www.nativoresources.com/announcements Chairman and Chief Executive Officer’s ReportFor the six months ended 30 June 2026 Overview The first half of 2026 was a period of substantial operational and strategic progress for Nativo. We advanced theCompany from a portfolio assembled around near-term Peruvian gold opportunities towards an integratedoperating platform spanning primary mining, gold ore processing and the recovery of gold and silver fromhistorical tailings. That progress has not yet been reflected in Nativo’s share price. We understand shareholders’ frustration and donot underestimate the importance of converting technical and commercial progress into visible production,revenue and cash flow. Nevertheless, the underlying business is materially better defined and better positionedthan it was at the start of 2026. During the Period we restarted underground work at the Tesoro Gold Concession(“Tesoro”), generated extensive new geological information, published a maiden JORC Exploration Target acrossfour vein systems, advanced the La Patona Gold Ore Processing Plant to a construction-ready engineeringposition and established a framework with Kuboc for additional production-enhancement opportunities. The Board believes these achievements provide a credible route to value creation. Our priorities are clear: havingnow secured funding for La Patona, complete the construction and commissioning of Phase 1; progress thehighest-priority targets at Tesoro; convert the wider Peruvian opportunity pipeline into disciplined transactions;and move Nativo towards sustainable first revenues while managing dilution and capital carefully. Progress during the Period Restarted underground development activity at the Bonanza mine at Tesoro and continued surfaceand underground geological work across the wider concession.
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Reported high-grade gold results and refined the structural interpretation of the Tesoro and Tesoro_1vein systems, supporting the identification of priority development areas.Published a maiden JORC-compliant Exploration Target for Tesoro in May 2026 of approximately6,686 to 195,434 contained ounces of gold across four vein systems. An Exploration Target isconceptual in nature and further exploration is required to estimate a Mineral Resource.Recovered and stockpiled approximately 46 tonnes of mineralised vein material during minepreparation and development work, intended to provide own-ore feed for commissioning and earlyoperation of La Patona.Completed the Front-End Engineering Design (“FEED”) and Basis of Design for La Patona,providing the technical platform for detailed design, EPC tendering and construction, subject tofinancing and Final Investment Decision (“FID”).Entered into a framework agreement with Kuboc in May 2026 to identify and develop additionalnear-production mining and processing opportunities in Peru, adding an important transaction-ledgrowth channel alongside Nativo’s wholly-owned projects.Replaced the earlier Yorkville convertible financing with a £2.1 million unsecured funding packagecarrying a 5% coupon and supported by the Company’s ATM facility, improving near-termfinancing flexibility while the Board progresses project-level funding. Tesoro Gold Concession Tesoro is Nativo’s principal mining asset and sits within the established Nazca-Ocoña gold belt in southern Peru.It is a high-grade mesothermal vein system characterised by narrow, steeply dipping quartz-calcite veins.Historical work by St Elias between 2004 and 2014, together with Nativo’s own mining, sampling and mapping,provides a substantial body of geological information on which to build. Underground work restarted in February 2026 at Bonanza. The programme combined development activity withsystematic mapping and sampling, allowing the team to improve its understanding of vein continuity and thelocation of higher-grade shoots. The work undertaken during the Period identified and prioritised the Tesoro andTesoro_1 systems and informed the location of the next shaft and underground development programme. The maiden JORC Exploration Target published in May was a particularly important milestone. It broughttogether recent fieldwork and historical datasets into a modern, independently prepared framework covering fourvein systems. Within the overall target, Tesoro_1 was identified as a priority, with an Exploration Target of up to28,177 ounces of gold and grades of up to 11.85 g/t Au. This provides a much stronger technical basis forsequencing future underground work and for targeting the conversion of exploration potential into mineableinventory. The Company has approximately 46 tonnes of mineralised vein material stockpiled from development activities.This material is intended for processing at La Patona and creates a useful link between our own mining operationsand the downstream processing strategy. Future mining activity will be phased and capital disciplined, withproduction rates increased as geological confidence, development access and processing capacity permit. La Patona Gold Ore Processing Plant La Patona is central to Nativo’s strategy because it is designed to capture processing margin that would otherwisebe paid to third-party tolling plants, while also establishing a regional platform capable of purchasing andprocessing responsibly-sourced ore from formalised artisanal and small-scale miners. During the Period, independent process and metallurgical engineers completed the FEED and Basis of Design.The proposed plant has evolved into a phased dual-circuit facility incorporating cyanidation, flotation and an on-site smelter to produce gold doré. Phase 1 is designed for 70 tonnes per day through the cyanidation circuit,followed by an increase to 110 tonnes per day and, ultimately, a combined capacity of up to 350 tonnes per day.This phased approach reduces initial capital at risk and enables ore purchasing, metallurgical recovery, assay andtraceability systems to be proven before expansion. The site is part-built, with important groundworks and concrete works already completed. Engineering work issufficiently advanced for the project to move into detailed design, procurement and construction followingcompletion of financing and Board approval of the FID. The Company announced on 18 September 2026 (i.e.after the Period end) that it has secured funding comprising project financing of US$3.5m (subject to finalisingdocumentation) and an equity subscription of £600,000 to complete the construction and commissioning of Phase1 of La Patona which will deliver a leaching / cyanidation gold processing plant with processing capacity of 70tonnes per day (“TPD”).. The Company expects La Patona to be commissioned in Q2 2027. Independent market work completed after the Period reinforced the commercial rationale for La Patona. TheAcarí-Huanca and wider Yauca-Chala corridor contains a substantial base of artisanal producers and establishedore-purchasing plants. Nativo’s intended differentiation is to combine disciplined ore procurement and leanoperations with LBMA-aligned governance, responsible sourcing and digital chain-of-custody controls frominception. Our aim is to build a transparent and scalable processing business capable of handling both Nativo-owned and third-party material. Tailings and portfolio growth Historical mine tailings offer a complementary, potentially lower-risk source of gold and silver, while addressingan environmental liability for mine owners and communities. Nativo has identified a pipeline of tailingsopportunities in Peru, including the Toma La Mano deposit optioned in 2025. These opportunities are expected tobe advanced selectively and subject to technical verification, commercial terms, permitting and financing. In May 2026, Nativo entered into a framework agreement with Kuboc to evaluate and pursue additional miningand processing opportunities. The model is deliberately capital-conscious: Nativo will seek projects already inproduction or capable of reaching production within a relatively short period, where the Company’s technical,operational and financing capabilities can improve output and economics. The intention is to create a pipeline ofproduction-enhancement transactions rather than assume the long timelines and capital intensity associated withconventional greenfield exploration. Financing and financial performance Nativo remained in the investment and development phase during the Period and recorded no revenue. The Groupreported an operating loss of US$1.29 million for the six months ended 30 June 2026, compared with US$0.79million for the corresponding period in 2025. After net finance income, the loss before tax was US$0.51 million,compared with US$2.07 million in the prior-year period. Cash and cash equivalents at 30 June 2026 wereUS$0.49 million. In May, the Company announced a £2.1 million replacement funding package with the Yorkville Group, replacingthe previous convertible loan note structure with an unsecured loan carrying a 5% coupon and an initialrepayment holiday. The Company also maintained an ATM equity facility to provide flexibility in meetingamortisation and interest obligations. These arrangements supported the continuation of operational and corporateactivity. As noted above, the Company announced in September that it has secured funding to construct andcommission La Patona Phase 1, subject to finalising documentation. Further capital is required to advance thewider portfolio. The Directors draw attention to the going concern disclosures in the interim financial statements. The Board recognises that the Company’s capital structure and repeated recourse to equity markets have weighedon shareholder confidence and the share price. Our approach is therefore to match funding more closely to theassets that consume it, particularly through project-level structures for La Patona and future joint ventures. Wewill remain disciplined in allocating capital to the opportunities with the clearest pathway to production, cashgeneration and scale. Post-Period developments In July 2026, the Company raised approximately £683,000 before expenses through a placing, subscription andretail offer. The proceeds are being applied to Nativo’s core Peruvian gold activities, including developmentplanning at Tesoro and evaluation of tailings and other production-enhancement opportunities. The participationof directors in the fundraising underlined the Board’s alignment with shareholders and confidence in the strategy.
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The Company completed further engineering and commercial work on La Patona after the Period end. The FEEDand detailed Basis of Design have enabled line-item capital estimates to be reconciled and discussions to progresswith funders and an offtake counterparty. The Company announced in September that it has secured projectfinancing of US$3.5m and an equity subscription of £600,000 with Chancery Royalty Limited to complete theconstruction and commissioning of La Patona Phase 1 which will deliver a 70TPD leaching / cyanidation goldprocessing plant. Subject to finalising documentation of the project financing and taking FID, construction of theplant is expected to take up to six months and therefore Nativo expects the plant to be commissioned in Q2 2027. At Tesoro, the next stage is focused on underground development towards the Tesoro and Tesoro_1 vein systems,using the improved geological model and the May 2026 Exploration Target to direct capital to the mostprospective areas. The Company has also continued to evaluate a new tailings opportunity and an initialproduction-enhancement project under its broader growth strategy. Peru and the gold market The external environment remains supportive. President Keiko Fujimori took office in July 2026 following ademocratic transition. Her administration has emphasised political stability, economic growth, infrastructureinvestment and the acceleration of responsible mining investment. For Nativo, which operates in establishedmining regions and seeks to combine formalisation, traceability and environmental responsibility with economicopportunity, this represents a constructive direction of travel. We will continue to work closely with the relevantauthorities and local stakeholders and to maintain high standards of compliance and responsible sourcing. The outlook for gold also remains positive. Gold prices have remained at historically elevated levels, supportedby geopolitical and financial uncertainty, investment demand and continued central-bank purchases. The WorldGold Council expects investment to remain the principal source of demand growth through the remainder of 2026and anticipates that central banks will remain significant net buyers, while the supply response from new mineproduction is likely to be gradual. Although commodity prices are inherently volatile, this backdrop is favourablefor a business focused on high-grade gold mining and capital-efficient processing. Outlook Nativo enters the second half of 2026 with a clearer technical base, a construction-ready processing project withsecured funding, an expanded opportunity pipeline and a defined route towards integrated gold production andprocessing. The immediate value drivers are the construction of La Patona and completion of offtakearrangements; further underground development at Tesoro; and the disciplined conversion of tailings and Kuboc-sourced opportunities. We remain realistic about the work still to be done. Construction of La Patona must be completed, projectexecution must be tightly-managed and operational milestones must translate into production and cash flow.Equally, the Board believes the present market valuation does not reflect the progress made, the strategic value ofLa Patona or the optionality across Tesoro, tailings and production-enhancement projects. Delivery is the route toclosing that gap, and that is where management is focused. We would like to thank our colleagues and partners in Peru for their commitment and our shareholders for theircontinued support during a demanding period. Real progress is being made, and we believe Nativo now has thefoundations from which to build a meaningful, responsible and scalable gold business in Peru. Christian YatesExecutive Chairman Stephen BirrellChief Executive Officer 22 September 2026
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Consolidated Statement of Comprehensive Income for thePeriod Ended 30 June 2026 Continuing operations Note Unaudited1 January 2026 to30 June 2026US $ Unaudited1 January 2025 to 30June 2025US $ AuditedYear to31 December 2025US $ Revenue 2 - - - Cost of sales - - (801) Gross profit - - (801) Distribution costs - - - Administrative expenses (1,286,805) (791,547) (2,283,696) Other losses (7,357) - (49,646) Operating loss (1,294,162) (791,547) (2,334,143) Finance income 1,087,833 1,011 348Finance costs (301,613) (1,279,324) (2,149,925) Net finance income/(cost) 3 786,220 (1,278,313) (2,149,577) Loss before tax (507,942) (2,069,860) (4,483,720) Taxation 4 - - - Minority interest adjustment - 44,509 - Loss for the period fromcontinuing operations (507,942) (2,025,351) (4,483,720) Loss for the period (507,942) (2,025,351) (4,483,720)Other comprehensiveincome Exchange difference ontranslating foreignoperations - - - Total comprehensive incomefor the period (507,942) (2,025,351) (4,483,720) Loss attributable to: Owners of the company (507,942) (2,025,351) (4,483,720) Loss per share (US cents) Basic 5 (0.07) (0.01) (1.94) Diluted (0.07) (0.01) (1.94) Loss per share (US cents)for continuing operations Basic 5 (0.07) (0.01) (1.94) Diluted (0.07) (0.01) (1.94)
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Consolidated Statement of Financial Position as at 30 June 2026 Note Unaudited 1 January2026 to30 June 2026US $ Unaudited1 January 2025to 30 June 2025US $ AuditedYear to31 December 2025US $ Assets Non-current assets Property, plant and equipment 6 342,156 17,046 44,735Intangible assets 7 956,332 207,623 556,488 1,298,488 224,669 601,223 Current assets Trade and other receivables 854,748 397,091 175,771Equity accounted investments - - -Cash and cash equivalents 8 489,130 195,074 1,810,821 1,343,878 592,165 1,986,592 Total assets 2,642,366 816,834 2,587,815 Equity and liabilities Equity Share capital 9 (21,795,764) (19,967,619) (20,929,222)Share premium 10 (88,744,859) (86,846,570) (87,968,241)Capital contribution reserve (7,212,492) (7,212,492) (7,212,492)Foreign currency translationreserve 1,789,845 1,846,481 1,789,845Warrant reserve (1,640,058) (265,736) (532,201)Share option reserve (41,333) (4,533) (9,103)Convertible loan notes (38,478) - (207,299)Non-Controlling Interest - 201,642 -Retained earnings 127,061,973 122,564,207 125,446,174 Equity attributable to ownersof the company 9,378,834 10,315,380 10,377,461 Non-current liabilities Loans and borrowings 11 (8,854,551) (8,986,932) (9,949,360) Current liabilities Loans and Borrowings (2,802,417) (1,231,749) (2,279,949)Trade and other payables (364,232) (913,533) (735,967) (3,166,649) (2,145,282) (3,015,916) Total liabilities (12,021,200) (11,132,214) (12,965,276) Total equity and liabilities (2,642,366) (816,834) (2,587,815)
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Consolidated Statement of Changes in Equity for the Period Ended 30 June 2026 SharecapitalUS $ Shares to beissued US $ SharepremiumUS $ CapitalcontributionreserveUS $ ForeigncurrencytranslationreserveUS $ ShareoptionreserveUS $ WarrantreserveUS $ MinorityInterestUS $ ConvertibleLoanUS $ At 1 January 2026 20,929,222 - 87,968,241 7,212,492 (1,789,845) 9,103 532,201 - 207,299 (1 Loss for the six months - - - - - - - - - New share capital subscribed 866,542 - 776,618 - - - - - -Options issued - - - - - - - - - Warrants issued - - - - - - 1,139,515 - - Warrants lapsed - - - - - - (31,658) - - Share options lapsed - - - - - - - - - Convertible loan - - - - - - - - (168,821) Share-based payments - - - - - 32,230 - - - At 30 June 2026 21,795,764 - 88,744,859 7,212,492 (1,789,845) 41,333 1,640,058 - 38,478 (1
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SharecapitalUS $ Shares to beissued US $ SharepremiumUS $ CapitalcontributionreserveUS $ ForeigncurrencytranslationreserveUS $ ShareoptionreserveUS $ WarrantreserveUS $ Minority InterestUS $ Retained earn At 1 January 2025 19,868,311 - 86,177,203 7,212,492(1,846,481) 3,022 263,273 (157,133) (120,536 Loss for the six months - - - - - - - - (2,069 Discontinued operations - - - - - - - -Exchange reserve - - - - - - - (44,509) 4 Total comprehensive income - - - - - - - (201,642) (122,561 New share capital subscribed 99,308 - 669,367 - - - - -Options issued - - - - - 1,511 - -Warrants issued - - - - - - 2,463 - (2 Warrants lapsed - - - - - - - - Share-based payments - - - - - - - - At 30 June 2025 19,967,619 - 86,846,570 7,212,492(1,846,481) 4,533 265,736 (201,642) (122,564
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SharecapitalUS $ Sharesto beissued US $ SharepremiumUS $ CapitalcontributionreserveUS $ ForeigncurrencytranslationreserveUS $ ShareoptionreserveUS $ WarrantreserveUS $ MinorityInterestUS $ ConvertibleLoanUS $ Retear At 1 January 2025 19,868,311 - 86,177,203 7,212,492 (1,846,481) 3,022 263,273 (157,133) - (120,53Loss for the year - - - - - - - - - (4,48Minority Interest forBoku - - - - - - - (25,012) -MI transfer toreserves - - - - - - - 182,145 - (18 Exchange reserve - - - - 56,636 - - - - Total comprehensiveincome - - - - 56,636 - - 157,133 - (4,64New share capitalsubscribed 1,060,911 - 1,791,038 - - - - - - Warrants issued - - - - - - 268,928 - - (26 Warrants lapsed - - - - - - - - Share options lapsed - - - - - - - - - Share-basedpayments - - - - - 6,081 - - - Convertible loannotes - - - - - - - - 207,299 At 31 December2025 20,929,222 - 87,968,241 7,212,492 (1,789,845) 9,103 532,201 - 207,299 (125,44
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Consolidated Statement of Cash Flows for the Period Ended 30 June 2026 Note Unaudited 1January 2026to 30 June 2026US $ Unaudited1 January 2025to 30 June 2025US $ AuditedYear to31 December2025US $ Cash flows from operating activities Loss for the year on continued operations (507,942) (2,025,351) (4,483,720) Adjustments to cash flows from non-cash items Depreciation and amortisation 11,165 735 144Impairment of intangible assets and goodwill - - 36,200Impairment - 3,810 -Loss from sales of tangible assets - 14,082 32,599Fair value losses of current investments - - -Finance income 3 (233) (1,011) (248)Finance costs 3 235,470 527,155 983,872Exchange differences 3 (264,906) 752,169 1,157,585Share option issued and lapsed - - -Share based payment transactions 32,230 - 6,081Minority interest - - -Loss on disposal of investments 3 (66,143) - 8,468Total adjustments (52,417) 1,296,940 2,224,701 Decrease/(increase) in inventory - - -Decrease/(increase) in trade and other receivables (231,912) (211,229) 3,225(Decrease)/increase in trade and other payables (1,695,519) 255,227 55,494Total working capital movement (1,927,431) 43,998 58,719 Net cash flow from operating activities (2,487,790) (684,413) (2,200,300) Cash flows from investing activities Interest received 233 1,011 248Acquisitions of property plant and equipment (178,298) - (44,879)Acquisitions of intangible assets (801,613) - (401,769)Proceeds on investment shares 351,165 39,311 78,270 Net cash flows from investing activities (628,513) 40,322 (368,130) Cash flows from financing activities Issue of share capital 399,215 153,675 1,481,696Share option and warrants issued - - -Loans received 1,395,397 639,417 2,851,482Net cash flows from financing activities 1,794,612 793,092 4,333,178 Net increase/(decrease) in cash and cash equivalents (1,321,691) 149,001 1,764,748 Cash and cash equivalents at 1 January 1,810,821 46,073 46,073Foreign exchange gains/(losses) on cash and cashequivalents - - - Cash and cash equivalents at period end 489,130 195,074 1,810,821 1. ACCOUNTING POLICIES GENERAL INFORMATIONThese financial statements are for Nativo Resources Plc and subsidiary undertakings ("the Group"). TheCompany is registered, and domiciled, in England and Wales and incorporated under the Companies Act 2006. BASIS OF PREPARATIONThe condensed and consolidated interim financial statements for the period from 1 January 2026 to 30 June 2026have been prepared in accordance with International Accounting Standards ("IAS") 34 Interim FinancialReporting, and on the going concern basis. They are in accordance with the accounting policies set out in thestatutory accounts for the year ended 31 December 2025 and are expected to be applied for the year ending 31December 2026. The comparatives shown are for the period 1 January 2025 to 30 June 2025, and for the year ended 31 December2025, and do not constitute statutory accounts, as defined in section 435 of the Companies Act 2006, but arebased on the statutory financial statements for the year ended 31 December 2025. GOING CONCERNThe financial information has been prepared assuming the Group will continue as a going concern. Under thegoing concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future withneither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuantto laws or regulations. The consolidated statement of financial position at 31 December 2025 showed a negative net asset position. TheDirectors have worked hard during and post the Period to strengthen the Group’s balance sheet. The Company has also raised additional funding during and post the Period, including a conditional placing andsubscription to raise £683,000 which completed on 3 August 2026 and which should last until January 2027. TheCompany further announced in September 2026 that it has secured US$3.5m of project financing (subject tofinalising documentation) and a £600,000 equity subscription to complete the construction and commissioning ofLa Patona Phase 1. The Directors continue to hold positive discussions with existing and potential investors. Theyalso continue to engage in negotiations to acquire cash generative opportunities in the extraction of naturalresources which would add to the Company’s existing portfolio of mining interests and which have the potentialto deliver significant growth. Consequently, the Directors consider the going concern assumption continues to be appropriate although thereremain material uncertainties as to:1. Successfully raising sufficient funds; and2. The Company’s existing assets and projects becoming sufficiently cash-positive to fund the business goingforward. ESTIMATES
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The preparation of the interim financial information requires management to make judgements, estimates andassumptions 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 condensed interim financialinformation, the significant judgements made by management in applying the Group's accounting policies and thekey sources of estimation uncertainty were the same as those applied to consolidated financial statements for theyear ended 31 December 2025. The key source of uncertainty in estimates that have a significant risk of causingmaterial adjustment to the carrying amounts of assets and liabilities, within the next financial year, is the Group'sgoing concern assessment. REVENUE RECOGNITIONRevenue comprises the invoice value of goods and services supplied by the Group, net of value added taxes andtrade discounts. Revenue is recognised in the case of gold ore sales when goods are delivered and title has passedto the customer. This generally occurs when the product is physically transferred. Gold prices vary from month tomonth based on seasonal demand from customer segments and production in the market as a whole. SEGMENTAL ANALYSISThe Group has adopted IFRS 8 Operating Segments. Per IFRS 8, operating segments are regularly reviewed andused by the Board of Directors being the chief operating decision maker for strategic decision-making andresources allocation, in order to allocate resources to the segment and assess its performance. At the balance sheet date, there are two business segments, the mining operation, Boku, and the UK head office.
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2 Revenue The analysis of the Group's revenue for the period from continuing operations is as follows: Unaudited 1 January 2026 to30 June 2026US $ Unaudited1 January 2025 to 30June 2025US $ AuditedYear to31 December 2025US $Sale of minerals - - - 3 Finance income and costs Unaudited 1 January 2026 to 30June 2026US $ Unaudited 1 January 2025 to 30June 2025US $ AuditedYear to31 December 2025US $ Finance income Other finance income 233 1,011 248Foreign exchange gains 264,906 - -Loss on disposal ofinvestments - - - Other interest receivable 822,694 - -Other operating income - - 100 Net foreign exchange gain 1,087,833 1,011 348 Finance costs Fair value losses - - -Foreign exchange losses - (752,169) (1,157,585)Other operating losses - - (8,468)Interest expense on otherfinancing liabilities (235,470) (527,155) (983,872) Loss for investment disposal (66,143) - - Total finance costs (301,613) (1,279,324) (2,149,925) Net finance income/(costs) 786,220 (1,278,313) (2,149,577) 4 Taxation The parent entity has tax losses available to be carried forward, and further tax losses are available in certainsubsidiaries. With anticipated substantial lead times for the Group’s projects, and the possibility that these mayexpire before their use, it is not considered appropriate to anticipate an asset value for them. No amounts have been recognised within tax on the results of the equity-accounted joint ventures.
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5 Loss per share The calculation of basic and diluted loss per share at 30 June 2026 was based on the loss attributable to ordinaryshareholders. The weighted average number of ordinary shares outstanding during the year ending 31 December2025 and the effect of the potentially dilutive ordinary shares to be issued are shown below. Unaudited 1January 2026 to 30June 2026US $ Unaudited 1January 2025to 30 June 2025US $ AuditedYear to31 December2025US $Net (loss)/profit for the period (US $)before exchange on translating foreignoperations (507,942) (2,025,351) (4,483,720)Net (loss)/profit on continuing operations (507,942) (2,025,351) (4,483,720)Basic weighted average ordinary shares inissue during the period 781,260,241 35,374,897,853 230,869,931Diluted weighted average ordinary sharesin issue during the period 781,260,241 35,374,897,853 230,869,931 (Loss)/profit per share (cents) Basic and diluted (cents) (0.07) (0.01) (1.94)(Loss)/profit per share on continuingoperations (cents) Basic and diluted (cents) (0.07) (0.01) (1.94) In accordance with IAS 33 and as the entity is loss making, including potentially dilutive share options in thecalculation would be anti-dilutive. Deferred shares have been excluded from the calculation of loss per share due to their nature. 6 Property, plant and equipment 30 June 2026 PPE – GoldPropertiesUS $ MotorVehiclesUS $ Fixtures &FittingsUS $ TotalUS $ Cost or valuation At 1 January 2026 44,879 - - 44,879 Additions 125,376 183,210 - 308,586 At 30 June 2026 170,255 183,210 - 353,465 Depreciation At 1 January 2026 144 - - 144 Charge for year - 11,165 - - Disposals - - - - At 30 June 2026 144 11,165 - 11,309 Carrying amount At 30 June 2026 170,111 172,045 - 342,156 30 June 2025 PPE – GoldPropertiesUS $ Fixtures &FittingsUS $ TotalUS $ Cost or valuationAt 1 January 2025 33,814 95,219 129,033Additions - - -Assets of disposal held for sale (14,818) - (14,818) At 30 June 2025 18,996 95,219 114,215Depreciation At 1 January 2025 1,216 95,218 96,434Charge for year 735 - 735Disposals - - - At 30 June 2025 1,951 95,218 97,169 Carrying amountAt 30 June 2025 17,045 1 17,046 31 December 2025 PPE – GoldPropertiesUS $ Fixtures &FittingsUS $ TotalUS $ Cost or valuationAt 1 January 2025 33,814 95,219 129,033Additions 44,879 - 44,879Disposals (33,814) (95,219) (129,033) At 31 December 2025 44,879 - 44,879Depreciation At 1 January 2025 1,216 95,218 96,434Charge for year 144 - 144Disposals (1,216) (95,218) (96,434) At 31 December 2025 144 - 144 Carrying amountAt 31 December 2025 44,735 - 44,735
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7 Intangible assets 30 June 2026 CryptocurrenciesUS $ MiningoperationsUS $ TotalUS $Cost or valuationAt 1 January 2026 401,769 154,719 556,488Additions - 801,613 801,613Disposals (401,769) - (401,769) At 30 June 2026 - 956,332 956,332Amortisation At 1 January 2026 - - -Charge for year - - -Disposals - - - At 30 June 2026 - 956,332 956,332At 30 June 2025 - 207,623 207,623 31 December 2025 CryptocurrenciesUS $ MiningoperationsUS $ TotalUS $Cost or valuation At 1 January 2025 - 36,200 36,200Additions 401,769 154,719 556,488Disposals - - - At 31 December 2025 401,769 190,919 592,688Amortisation At 1 January 2025 - - -Charge for year - - -Impairment - 36,200 36,200 At 31 December 2025 401,769 154,719 556,488At 31 December 2024 - 36,200 36,200 8 Cash and cash equivalents Unaudited 1 January 2026to 30 June 2026US $ Unaudited1 January 2025 to30 June 2025US $ AuditedYear to31 December 2025US $Cash at bank 489,130 195,074 1,810,821 489,130 195,074 1,810,821 9 Share capital Issued, Called Up and Fully Paid Unaudited 1 January 2026to 30 June 2026US $ Unaudited1 January 2025 to30 June 2025US $ AuditedYear to31 December 2025US $1 January 20,929,222 19,868,311 19,868,311Equity shares issued - paid 419,477 99,308 1,060,911Equity shares issued - unpaid 447,065 - - 21,795,764 19,967,619 20,929,222 The holders of the 0.20¢ (0.15p) ordinary shares are entitled to receive dividends from time to time and areentitled to one vote per share at meetings of the Company. 10 Share premium account Share options Unaudited1 January 2026 to30 June 2026US $ Unaudited1 January 2025 to30 June 2025US $ AuditedYear to31 December 2025US $1 January 87,968,241 86,177,203 86,177,203Premium arising on issue of equityshares 791,149 669,367 1,791,038
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Warrants lapsed - - -Warrants issued - - -Transaction costs (14,531) - - 88,744,859 86,846,570 87,968,241 Warrants and options which lapsed, expired or were exercised in the period have been transferred between thewarrant or option reserve and retained earnings.
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11 Loans due in over one year Unaudited 1January 2026 to30 June 2026US $ Unaudited1 January 2025 to 30June 2025US $ AuditedYear to31 December 2025US $Secured notes 2032 8,380,810 8,986,932 9,452,810Other loans 473,741 - 496,549Total 8,854,551 8,986,932 9,949,359 31 December2025US $ FundsraisedUS $ Change ininterestchargedUS $ AmortisedfinancechargesUS $ Convertedinto equityUS $ ExchangeadjustmentsUS $ RepaymentsUS $ 30 June2026US $€10 millionsecured notes2032 9,452,810 - (1,221,780) 399,086 - (249,315) - 8,380,801 Other loans 2,776,499 1,395,397 - 201,160 (1,039,608) (37,980) (19,302) 3,276,166 Total 12,229,309 1,395,397 (1,221,780) 600,246 (1,039,608) (287,295) (19,302) 11,656,967
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