RNS OUT30 Sep 2025 09:11
I am pleased to present the interim results for the six-month period from 1 January 2025 to 30 June 2025. The period was a transformative one for the Company and reflects my first 6 months as CEO where consolidation and redirection in terms of funding and operational focus has been key. From a funding perspective, shortly after the period end major (c.20%) shareholders Gathoni Muchai Investments ("GMI") committed a further £1.5m investment thorough an unsecured loan facility, bringing their total investment commitment to £2m. Application of funds, once fully drawn, will be applied towards working capital, the settlement of the remaining purchase consideration to conclude the acquisition of the Kabwe Project from Leopard Exploration and Mining ("LEM"), the restart of the Rukwa mine and initial exploration at Kabwe. The initial tranche of £500,000 has, post period, been fully drawn.
Drawdown notices under Tranche 2 have commenced post period and, as updated to the market on 18 September 2025, GMI are in process of completing alternate means to expedite payment to the Company. GMI have advised that the intended transfer by alternate means will now be delayed beyond month end as originally indicated, but that they expect to conclude the transfer by 15th October 2025.