Unicorn Mineral Resources PLC

Annual Report • Aug 6, 2025

Annual Report and Financial Statements for the Year ended 31 March 2024 Page | 1 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 2 “…we are focused on high value resources with the potential for strong shareholder returns.” Paddy Doherty Chairman Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 3 COMPANY(INFORMATION( Directors Patrick Doherty Non-Executive Chairman Jason Brewer Executive Director John O'Connor Chief Financial Officer David Blaney Chief Operating Officer Antony Legge Non-Executive Director Company secretary John O'Connor Registered number 482509 Registered Office & Business Address 39 Castleyard 20/21 St Patrick's Road Dalkey Co. Dublin A96 W640 Republic of Ireland Independent Auditors HLB Ireland Audit Services Limited Suite 7, The Courtyard Carmanhall Road Sandyford Dublin D18 NW62 Republic of Ireland Bankers Bank of Ireland 51 Castle Street Dalkey Co Dublin A96 T273 Republic of Ireland Solicitors OBH Partners Pembroke Street Upper Dublin D02 AT22 Republic of Ireland Financial Advisors Novum Securities Limited 2nd Floor, 7-10 Chandos Street London W1G 9DQ United Kingdom Registrars Computershare Investor Services (Ireland) Limited 3100 Lake Drive Citywest Business Campus Dublin D24 AK82 Republic of Ireland Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 4 CONTENTS! COMPANY INFORMATION .............................................................................. 3 CONTENTS ............................................................................................... 4 HIGHLIGHTS ............................................................................................. 5 CHAIRMAN’S STATEMENT ............................................................................. 6 OPERATING REVIEW .................................................................................... 7 FINANCIAL RESULTS AND REVIEW ................................................................... 9 THE BOARD ............................................................................................. 10 DIRECTORS’ REPORT .................................................................................. 11 RISK MANAGEMENT REPORT ......................................................................... 16 SUSTAINABILITY AND ESG REPORT ................................................................. 20 CORPORATE GOVERNANCE REPORT ............................................................... 23 AUDIT AND RISK COMMITTEE REPORT ............................................................. 29 REMUNERATION COMMITTEE REPORT ............................................................. 30 DIRECTOR’S RESPONSIBILITY STATEMENT ........................................................ 32 INDEPENDENT AUDITOR’S REPORT ................................................................. 34 STATEMENT OF PROFIT OR LOSS ................................................................... 39 STATEMENT OF OTHER COMPREHENSIVE INCOME .............................................. 40 STATEMENT OF FINANCIAL POSITION ............................................................. 41 STATEMENT OF CHANGES IN EQUITY .............................................................. 42 STATEMENT OF CASH FLOWS ....................................................................... 43 NOTES TO THE FINANCIAL STATEMENTS .......................................................... 44 Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 5 HIGHLIGHTS(( Operating Highlights • !"#$%&'(% )'##+,% "-.% /0% 1-23% 4546% '.% 728'22")$9% &.:% '% .".'2% ";% <=6% >#'?.3% (.'."0(% @+0>% (-#?+3+,%."%@".:%+A.+0,%'0,%+0:'0)+%.:+%>#'?.3%)"?+#'>+%'.%728'22")$%."%'%0"80'2%,+0(.3% ";%4B5%A%4B58%')#"((%.:+%'#+'C% • D:+%E#")+((0>%F%8",+220>%";%.:+%,'.'%:'(%,+0.;+,%;?+%,()#+.+9%(.#"0>23%'0"8'2"-(%G"0+(% &.:% 8'#$+,% E"(.?+% >#'?.3% #+(E"0(+(% 2")'.+,% 0% #+>"0(% -0,+#2'0% @3% E#"(E+).?+% (.#'.>#'E:3%'0,%(.#-).-#+C% • D:+(+%'0"8'2+(%'#+%(.#"0>23%'0'2">"-(% ."% .:+%>#'?.3%;+'.-#+(% ,+0.;+,%@3%H#"-E% I2+?+0% J+("-#)+(%K"#EC9%&:"%#+)+0.23%'00"-0)+,%'%(>0;)'0.%+AE'0("0%."%.:+%$0"&0%80+#'2(+,% ;"".E#0.%.">+.:+#%&.:%#+(-2.(%.:'.%)"-2,%0,)'.+%'%(+)"0,9 E#+?"-(23%-0#+)">0(+,%G"0+%";% 80+#'2('."0.% • 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12 Q*0'0)*'2%7[/(% D:+%;*0'0)*'2%7[/(%'#+%."%#'*(+%(-;;*)*+0.%;-0,(%."%8++.%.:+%K"8E'03\(%+AE2"#'.*"0%E#">#'88+C% % Units Year to 31 March 2025 Year to 31 March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cC% K'E.'2%L.#-).-#+%'0,%/((-+%";%L:'#+(%% O+.'2(%";%.:+%K"8E'03(%(:'#+%)'E.'29%&:):%)"8E#(+(%659WB69YW=%"#,0'#3%(:'#+(9%.">+.:+#%&.:% ,+.'2(%";%.:+% 8"?+8+0.(% ,-#0>%.:+%3+'#% '#+% (+.%"-.%0%S".+%:.% ."% ;A+,% 0)"8+C% D:+#+% '#+% 0"% #+(.#)."0(%"0%.:+%.#'0(;+#%";%(:'#+(C% L>0;)'0.%L:'#+:"2,+#(% D:+%K"8E'03%:'(%@++0%0".;+,%.:'.9%0%',,."0%."%.:+%0.+#+(.%";%.:+%O#+)."#(%(+.%"-.%@+2"&9%'(%'.% T<%U'#):%454B%'0,%.:+%,'.+%";%.:(%#+E"#.9%.:+%;"22"&0>%(:'#+:"2,+#(%"&0%Th%"#%8"#+%";%.:+%((-+,% (:'#+%)'E.'2%";%.:+%K"8E'03i% 5 August 2025 31 March 2025 Shareholder Number of Shares Percentage of issued Share Capital Number of Shares Percentage of Issued Share Capital I2+).#"%N-."8'."0%P8.+, 1 % =9WY=95YB% <YCTTh% =9B6=95YB% <WC6=h% I?+230%['#.0+#(% 49=559555% MCM<h% 49=559555% MCM<h% L'0,+#("0%K'E.'2%['#.0+#(%P8.+,% 496YT9=B5% MC<5h% 496YT9=B5% MC<5h% !"",2'0,%K'E.'2%P8.+,% 495649B55% BC55h% 495649B55% BC55h% ['.#)$%O":+#.3% <9YM696MB% 6CW<h% <9YM696MB% 6CW<h% [+.+#%I,&'#,(% <9=5T9TTW% 6C<=h% <956Y9TW6% 4CB=h% Note 1. Electro Automation Limited is wholly owned by the Company’s Chairman, Patrick Doherty. D:+%O#+)."#(%:'?+%0".%@++0%0".;+,%";%'03%".:+#%:"2,0>%";%Th%"#%8"#+%0%.:+%)'E.'2%";%.:+%K"8E'03C% !'##'0.(%'0,%gE."0(% N(%'.%<%NE#2%45469%.:+#+%&+#+%&'##'0.(%-0+A+#)(+,%;"#%'%.".'2%";%<<955<9555%g#,0'#3%(:'#+(%'.%'% (.#$+%E#)+%";%f5C<5C%D:+%&+#+%0"%&'##'0.(%+A+#)(+,%"#%+AE#+,9%"#%0"%0+&%&'##'0.(%>#'0.+,9%,-#0>% .:+%3+'#C%%N.%.:+%@'2'0)+%(:++.%,'.+%";%T<%U'#):%454B9%.:+#+%&+#+%&'##'0.(%-0+A+#)(+,%;"#%'%.".'2%";% <<955<9555%g#,0'#3%(:'#+(9%&:):%+AE#+%@+.&++0%<Y%g)."@+#%454M%'0,%4=%g)."@+#%454=9%'(%(+.%"-.% 0%S".+%<W%."%.:+%Q0'0)'2%L.'.+8+0.(C% % Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 13 N(%'.%T<%U'#):%454B9%.:+#+%&+#+%695559Y5<%-0+A+#)(+,%"E."0(9%";%&:):%494BW9<B6%'#+%?+(.+,%'0,% +A+#)('@2+9%'(%(+.%0%S".+%%,'.+9%.:+%0.+#+(.(%";%.:+%,#+)."#(%0%.:+%"#,0'#3%(:'#+(%";%.:+%K"8E'03%'#+%'(% ;"22"&(i As at 31 March 2025 As at 31 March 2024 Director Shares % Options Shares % Options ['.#)$%O":+#.3 1 % Y9Y<=9TM5% 24.27 _% % T9B5Y9M=B 10.07 _ 1'("0%^#+&+# 2 % <9WW495YB% 4.61 <9=649=6=% % 6Y9T=B 0.14 <9=649=6= 1":0%g\K"00"#% M6T95<4% 1.57 %%%M559555% % B4W94<4 1.52 %%%M559555 O'?,%^2'0+3 3 % M449B4M% 1.52 %%%Y559555% % B6W9=MM 1.57 %%%Y559555 N0."03%P+>>+% <M49BB6% 0.40 %%%<559555% % <<B95=6 0.33 %%%<559555 % <T94==9B6=% 32.37 T9T649=6=% % 69=B<9<54 13.63 T9T649=6= Notes: 1. These figures include the 405,800 ordinary shares owned by Patrick Doherty’s wife, Orla O’Donnchadha, and 7,547,095 ordinary shares owned by Electro Automation Limited which Patrick Doherty owns 100%. 2. Jason Brewer holds 1,882,095 shares through Gathoni Muchai Investments Limited. Jason Brewer has been granted options over 1,742,747 ordinary shares, which will vest in three tranches, with an exercise period of seven years. None of these options has vested to date. 3. This figure does not include the 886,033 shares in the Company held by B.R.G (Geotechnics) Limited (“BRG”), of which David Blaney was a director. David Blaney and his wife owned 50% of BRG until July 2023. David Blaney and his wife no longer hold shares BRG. 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Seek to understand and meet shareholder needs and expectations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c% '0,% .:+% K"8E'03% E#"?,+(% #+>-2'."#39% ;0'0)'2% '0,% @-(0+((% 0+&(%-E,'.+(%.:#"->:%.:+%J+>-2'."#3%S+&(%L+#?)+C%/0%',,."09%'22%(:'#+:"2,+#(%'#+%+0)"-#'>+,%."% '..+0,%.:+%K"8E'03(%N00-'2%H+0+#'2%U++.0>C%%K-##+0.239%0"%.:#,_E'#.3%#+(+'#):%"0%.:+%K"8E'03% '0,%.(%E#"(E+).(%(%@+0>%E-@2(:+,C%%% % 4. 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O-@2*09%O<W%S!M4% B%N->-(.%454B% % % % % % % % The Notes on pages 44 to 60 form part of these Financial Statements Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 39 STATEMENT(OF(PROFIT(OR(LOSS( % % Year to 31 March 2025 Year to 31 March 2024 % S".+% € % € N,8*0*(.#'.*?+%IAE+0(+(% =%M4W9M5Bc% % (504,887) % % % % Loss from Operations % M4W9M5Bc% % (504,887) D'A%IAE+0(+% % _% % - % % % % Loss before Tax %M4W9M5Bc% % (504,887) % % % % Loss for the Year % M4W9M5Bc% % (504,887) % % % % % % Earnings per share attributable to ordinary equity holders of the company% % % cents % cents Profit/(Loss) per share – Basic <4%5C54c% % (0.02) Profit/(Loss) per share –Diluted <4% 5C5<c% % (0.01) % % % % % % % % % % % % % % % % % The Notes on pages 44 to 60 form part of these Financial Statements Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 40 STATEMENT(OF(OTHER(COMPREHENSIVE(INCOM E( % % Year to 31 March 2025 Year to 31 March 2024 % S".+% € € Loss for the year %M4W9M5Bc% % (504,887) Fair Value measurement of options and warrants BBM94=5c% % (188,733) % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % The Notes on pages 44 to 60 form part of these Financial Statements Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 41 STATEMENT(OF(FINANCIAL(POSITION( % % As at 31 March 2025 As at 31 March 2024 % S".+% € % € Assets % % % % % % % Non-current assets % % % /0.'0>*@2+%'((+.(% <T% 64B9M66% % 382,628 % % 64B9M66% % 382,628 Current assets % % % D#',+%'0,%".:+#%#+)+*?'@2+(% <6% 64944W% % 72,858 K'(:%'0,%)'(:%+Z-*?'2+0.(% <Y% BWM9WYW% % 642,778 % M4Y9<4M% % 715,636 Total assets% % <95B69==5% % 1,098,265 % % % % Current Liabilities % % % !'##'0.(%p%gE.*"0(% <W% <59<64% % 44,756 D#',+%'0,%".:+#%2*'@*2*.*+(% <B% T4Y9<MT% % 169,764 K"0?+#.*@2+%P"'0%S".+(% <M% _% % 271,159 % % TTY9T56% % 485,680 Total liabilities % TTY9T56% % 485,680 Net assets % =<B96MM% % 612,585 % % % % Issued capital and reserves % % % L:'#+%)'E*.'2% <M% 65W9BB5% % 348,550 L:'#+%E#+8*-8%#+(+#?+% <M% T95=W9Y6T% % 2,442,071 L:'#+%@'(+,%E'38+0.(%#+(+#?+% <W% <Y9M4T% % 57,343 g.:+#%J+(+#?+(% <W4Y9=MBc% (102,099) J+.'*0+,%+'#0*0>(% % 49=M<9WWBc% % (2,133,280) Total Equity % =<B96MM% % 612,585 % D:+%Q*0'0)*'2%L.'.+8+0.(%"0%E'>+(%TY%."%6T%&+#+%'EE#"?+,%'0,%'-.:"#*(+,%;"#%*((-+%@3%.:+%@"'#,%";% ,*#+)."#(%'0,%&+#+%(*>0+,%"0%*.(%@+:'2;%@3i Paddy Doherty Director John O’Connor Director % % 5 August%2025 The Notes on pages 44 to 60 form part of these Financial Statements Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 42 STATEMENT(OF(CHANGES(IN(EQUITY( % Share capital Share premium Share based payment reserve Other Reserves Retained earnings Total equity % € € € € € € At 1 April 2023 4==9BB=% 4956B9M<<% <6Y9<=6%6<W94BTc% <9M4W9TYTc% 64B9MYM% Comprehensive income for the year P"((%;"#%.:+%3+'#% _% _% _% _%B569WW=c% B569WW=c% Q'*#%e'2-+%";%!'##'0.(% '0,%gE.*"0(% _% _% _% T<M9<B6% _% T<M9<B6%% Total comprehensive income for the year _% _% _% T<M9<B6%B569WW=c% <WW9=TTc% Contributions by and distributions to owners /((-+%";%(:'#+%)'E*.'2% =59YYT% 65M9W65% _% _% _% 6==9WTT% L:'#+%*((-+%+AE+0(+(% _%<59TW5c% % % % <59TW5c% L:'#+%@'(+,%E'38+0.(% _% _%Y<9WT<c% % % Y<9WT<c% Total contributions by and distributions to owners =59YYT% TYM96M5% %Y<9WT<c% % % TB=9M44% % At 31 March 2024 348,550 2,442,071 57,343 (102,099) (2,133,280) 612,585 Comprehensive income for the year P"((%;"#%.:+%3+'#% % % % _% M4W9M5Bc%M4W9M5Bc% Q'#%e'2-+%";%!'##'0.(% '0,%gE."0(% % % % =49TT6% % =49TT6%% Total comprehensive income for the year % % _% =49TT6% M4W9M5Bc%BBM94=5c% Contributions by and distributions to owners /((-+%";%(:'#+%)'E.'2% M59555% MBB9WW=% % % _% =<B9WW=% L:'#+%((-+%+AE+0(+(% _% <Y95<Bc% _% _% _%<Y95T=9=45c% _% _%T=9=45c% Total contributions by and distributions to owners M59555% MTM9W=4% % T=9=45c% _% _% MBY9<B4% % At 31 March 2025 408,550 3,078,943 19,623 (29,765) (2,761,885) 715,466 The Notes on pages 44 to 60 form part of these Financial Statements Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 43 STATEMENT(OF(CASH(FLOWS( % % Year to 31 March 2025 Year to 31 March 2024 % S".+% € % € Cash flows from operating activities % % % P"((%;"#%.:+%3+'#% %M4W9M5Bc% % (504,887) Adjustments for % % % /8E'*#8+0.%2"((+(%"0%*0.'0>@2+%'((+.(% % <49555% % - % % M<M9M5Bc% % (504,887) Movements in working capital % % %/0)#+'(+cF,+)#+'(+%0%.#',+%'0,%".:+#%#+)+?'@2+(% % T59MT5 c % % (7,443) /0)#+'(+F,+)#+'(+c%0%.#',+%'0,%".:+#%E'3'@2+(% % <BY9TYW% % 98,512 % % % % Cash generated from operating activities % (426,756) (413,318) % % % Net cash used in operating activities % 64M9=BMc% % (413,318) % % % Cash flows from investing activities % % % [-#):'(+%";%*0.'0>*@2+(% %BB95<Mc% % (214,750) Net cash used in investing activities % (55,016) (214,750) % % % Cash flows from financing activities % % % /((-+%";%"#,0'#3%(:'#+(% % 64B9=<4% % 467,453 /((-+%";%K"0?+#.@2+%P"'0%S".+(% % _% % 271,159 Net cash from financing activities % 425,712 738,612 % % % Net cash (decrease)/increase in cash and cash equivalents % (55,880) 110,044 % % % K'(:%'0,%)'(:%+Z-?'2+0.(%'.%.:+%(.'#.%";%.:+%3+'#% % M649==W% % 532,734 Cash and cash equivalents at the end of the year %E"2)+(%(+.%"-.%@+2"&%:'?+%@++0%'EE2+,%)"0((.+0.23%."%'22%E+#",(%E#+(+0.+,% 0%.:+(+%Q0'0)'2%L.'.+8+0.(C% 1.1. 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Segment assets and liabilities Segment assets 2025 2024 € € /#+2'0,% 1,054,770 1,098,265 Total segment assets 1,054,770 1,098,265 % Total assets 1,054,770 1,098,265 Segment liabilities Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 52 /#+2'0, 339,304 485,680 Total segment liabilities 339,304 485,680 Total liabilities 339,304 485,680 Other segment information Depreciation and amortisation Additions to non- current assets 2025 2024 2025 2024 € € € € Ireland 12,000 - 55,016 72,367 12,000 - 55,016 72,367 Geographical information D:+%K"8E'03%"E+#'.+(%0%"0+%>+">#'E:)'2%'#+'%q%J+E-@2)%";%/#+2'0,C% % 7. Expenses by nature % % 2025 2024 € € Professional fees 175,784 125,514 Project Acquisition costs 54,002 - Foreign exchange (gain)/ loss 491 1,324 Director’s remuneration 241,568 279,304 Other administrative expenses 156,760 98,745 % % 628,605 504,887 % 8. Auditors’ remuneration O-#0>%.:+%3+'#9%.:+%K"8E'03%"@.'0+,%.:+%;"22"&0>%(+#?)+(%;#"8%.:+%K"8E'03(%'-,."#(i% 2025 2024 % € € Q++(%E'3'@2+%."%.:+%K"8E'03(%'-,."#(%;"#%.:+%'-,.%";%.:+% K"8E'03(%;0'0)'2%(.'.+8+0.(% 24,000 22,250 % 9. Employee benefit expenses 2025 2024 Employee benefit expenses (including directors) comprise: € € !'>+(%'0,%('2'#+(% 219,736 260,673 S'."0'2%/0(-#'0)+% 21,832 18,631 % 241,568 279,304 Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 53 D:+%'?+#'>+%8"0.:23%0-8@+#%";%E+#("0(9%0)2-,0>%.:+%,#+)."#(9%+8E2"3+,%@3%.:+%K"8E'03% ,-#0>%.:+%3+'#%&'(%'(%;"22"&(i% 2025 2024 No. No. U'0'>+8+0.% 5 5 % 5 5 10. Director’s remuneration 2025 2024 € € O#+)."#(\%+8"2-8+0.(%q%IA+)-.?+% 157,673 194,342 O#+)."#(\%+8"2-8+0.(%q%S"0_IA+)-.?+% 83,895 84,962 % 241,568 279,304 Key Management Compensation and Directors’ Remuneration D:+%#+8-0+#'."0%";%.:+%,#+)."#(9%&:"%'#+%)"0(,+#+,%."%@+%.:+%$+3%8'0'>+8+0.%E+#("00+29% (%(+.%"-.%@+2"&C% 2025 2024 Fees: Services as director Fees: Other services Share Options Total Fees: Services as director Fees: Other services Share Options Total € € € € € € € € Jason Brewer 1 26,037 - - 26,037 7,029 - - 7,029 David Blaney 65,818 - - 65,818 64,446 - - 64,446 Patrick Doherty 52,557 - - 52,557 45,142 - - 45,142 Antony Legge 31,338 - - 31,338 39,820 - - 39,820 John O’Connor 65,818 - - 65,818 78,907 - - 78,907 Richard O’Shea 2 - - - - 43,960 - - 43,960 241,568 - - 241,568 279,304 - - 279,304 Note 1: Jason Brewer was appointed a Director on 13 December 2023 Note 2: Richard O’Shea resigned as a Director on 19 September 2023 D:+%O#+)."#(%:'?+%'2("%@++0%((-+,%&.:%?+(.+,%gE."0(%"?+#%<9M559555%g#,0'#3%(:'#+(%(2024: 1,600,000)%'0,%-0?+(.+,%gE."0(%"?+#%<9=469=6=%g#,0'#3%(:'#+(%(2024: 1,724,747), '(%(+.%"-.% 0%S".+%'>+,%H'.:"0%U-):'%/0?+(.8+0.(%P8.+,%aHU/bc%;"#%[J9%&+@(*.+%'0,%(")*'2% 8+,*'%(+#?*)+(%*0%O+)+8@+#%454TC%%O-#*0>%.:+%3+'#%+0,+,%T<%U'#):%454B%*.%*0)-##+,%)"(.(%";% VTB9MM=%+A)2-(?+%";%eNDcC%%1'("0%^#+&+#%&:"%(%'%,#+)."#%";%.:+%K"8E'039%(%'2("%'%,#+)."#%";% HU/9%'0,9%&.:%:(%&;+9%"&0%<55h%";%HU/C% % 12. Earnings per share D:+%)'2)-2'."0%";%+'#00>(%E+#%(:'#+%(%I[Lc%@'(+,%"0%.:+%2"((%'..#*@-.'@2+%."%+Z-*.3%:"2,+#(% ,*?*,+,%@3%.:+%&+*>:.+,%'?+#'>+%0-8@+#%";%(:'#+(%*0%*((-+%,-#*0>%.:+%3+'#C%%D:+%,*2-.+,%I[L%*(% )'2)-2'.+,%@3%',R-(.*0>%.:+%0-8@+#%";%(:'#+(%;"#%.:+%+;;+).(%";%,*2-.*?+%?+(.+,%"E.*"0(%'0,%".:+#% ,*2-.*?+%E".+0.*'2%"#,*0'#3%(:'#+(C% % % % % 2025 2024 % € € P"((%'..#*@-.'@2+%."%.:+%"#,*0'#3%+Z-*.3%:"2,+#(%";%.:+%K"8E'03% -(+,%*0%)'2)-2'.*0>%+'#0*0>(%E+#%(:'#+i% (628,605) (504,887) % !+*>:.+,%'?+#'>+%0-8@+#%";%(:'#+(%% 36,581,014 29,941,005 [".+0.*'2%,*2-.+,%&+*>:.+,%'?+#'>+%0-8@+#%";%(:'#+(% 49,840,168 44,840,746 % Basic EPS (0.02) (0.02) Diluted EPS (0.01) (0.01) % 13. Intangible assets % Exploration & Evaluation Assets Cost € N.%<%NE#*2%454T% W4=9MY4% N,,*.*"0(%+A.+#0'2% 4<69=B5% At 31 March 2024 <9564966<% N,,*.*"0(%+A.+#0'2% BB95<M% At 31 March 2025 1,097,457 % Development expenditure Accumulated amortisation and impairment € At 1 April 2023 MBY9W<T% K:'#>+%;"#%.:+%3+'#%"&0+,% _% At 31 March 2024 MBY9W<T% K:'#>+%;"#%.:+%3+'#%"&0+,% <49555% At 31 March 2025 671,813 Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 55 Net book value V% N.%<%NE#*2%454T% <M=9W=Y% N.%T<%U'#):%4546% TW49M4W% At 31 March 2025 425,644 N.%.:+%@+>*00*0>%";%.:+%3+'#%.:+%K"8E'03%:+2,%(*A%2*)+0)+(%&:*):%)"?+#%'#+'(%*0%K"C%P*8+#*)$9% '0,% K"C% D*EE+#'#3C% % N,,*.*"0'2% +AE+0,*.-#+% "0% .:+(+% 2*)+0)+(% ,-#*0>% .:+% 3+'#% '8"-0.+,% ."% VBB95<M%(2024: €214,750).%%Q*?+%";%.:+%(*A%2*)+0)+(%&+#+%(.*22%:+2,%@3%.:+%K"8E'03%'.%.:+%+0,%";% .:+%3+'#9%'0,%.:+%K"8E'03%:',%*0,*)'.+,%."%.:+%O+E'#.8+0.%";%.:+%I0?*#"08+0.9%K2*8'.+%'0,% K"88-0*)'.*"0(%*.\(%*0.+0.*"0%."%(-##+0,+#%"0+%2*)+0)+%*0%K"C%D*EE+#'#3C% % 14. Trade and other receivables 2025 2024 € € g.:+#%#+)+*?'@2+(% 42,228 72,858 Total trade and other receivables 42,228 72,858 15. Trade and other payables 2025 2024 € € D#',+%E'3'@2+(% 60,281 24,465 N))#-'2(% 154,604 29,699 g.:+#%E'3'@2+(%.'A%'0,%(")*'2%(+)-#*.3%E'38+0.( 114,277 115,500 Total trade and other payables 329,163 169,764 /.%*(%.:+%K"8E'03\(%0"#8'2%E#').*)+%."%'>#++%.+#8(%";%.#'0(').*"0(9%*0)2-,*0>%E'38+0.%.+#8(9% &*.:%(-EE2*+#(%'0,%E#"?*,+,%(-EE2*+#(%E+#;"#8%*0%'))"#,'0)+%&*.:%.:+%'>#++,%.+#8(9%*.%*(%.:+% K"8E'03\(%E"2*)3%.:'.%E'38+0.%*(%8',+%@+.&++0%T5%u%6B%,'3(C% % % 16. Share capital Authorised % 2025 2025 2024 2024 % Number V% Number V% Shares treated as equity 200,000,000 2,000,000 200,000,000 2,000,000 % Issued and fully paid % % % % % Ordinary Shares of €0.01 each Number Share Capital Share Premium € € N(%'.%<%NE#*2%454T% 4=9=BB9MM6% % 4==9BB=% % 4956B9M<<% L:'#+(%*((-+,%,-#*0>%.:+%3+'#% =95YY9T4T% % =59YYT% % 65M9W65% Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 56 L:'#+%*((-+%+AE+0(+(% % % % %<59TW5c% As at 31 March 2024 T69WB69YW=% % T6W9BB5% % 4966495=<% L:'#+(%((-+,%,-#0>%.:+%3+'#% M95559555% % M59555% % MBB9WW=% L:'#+%((-+%+AE+0(+(% % % % % <Y95<Bc% As at 31 March 2025 40,854,987 408,550 3,078,943 Movements in Share Capital g0% M% O+)+8@+#% 45469% .:+% K"8E'03% *((-+,% fTMM9B66% S"0_/0.+#+(.% ^+'#*0>% ]0(+)-#+,% K"0?+#.*@2+%P"'0%S".+(%45469%)"0?+#.*@2+%."%T9MMB9665%"#,*0'#3%(:'#+(%";%V5C5<%+'):9%'.%'%E#*)+% ";%f5C<59%"0%"#%@+;"#+%T<%O+)+8@+#%4546C% g0% <=% O+)+8@+#% 45469% .:+% )"8E'03% )"0?+#.+,% fM559555% ";% )"0?+#.*@2+% 2"'0% 0".+(% *0."% M95559555%0+&%"#,*0'#3%(:'#+(%";%V5C5<%+'):9%'.%'%E#*)+%";%f5C<5%+'):C% % 17. Reserves Share premium D:+%(:'#+%E#+8*-8%#+(+#?+%)"8E#*(+(%";%'%E#+8*-8%'#*(*0>%"0%.:+%*((-+%";%(:'#+(C%L:'#+%*((-+% +AE+0(+(%'#+%,+,-).+,%'>'*0(.%.:+%(:'#+%E#+8*-8%#+(+#?+%&:+0%*0)-##+,C% Called up share capital D:+%)'22+,%-E%"#,*0'#3%(:'#+%)'E*.'2%#+(+#?+%)"8E#*(+(%";%.:+%0"8*0'2%?'2-+%";%.:+%*((-+,%(:'#+% )'E*.'2%";%.:+%)"8E'03C Retained earnings J+.'*0+,%,+;*)*.%)"8E#*(+(%";%'))-8-2'.+,%E#";*.(%'0,%2"((+(%*0)-##+,%*0%.:+%)-##+0.%'0,%E#*"#% 3+'#(C% Share based payment reserve% D:+%(:'#+%E'38+0.%#+(+#?+%'#*(+(%"0%.:+%>#'0.%";%(:'#+%"E.*"0(%'(%"-.2*0+,%*0%S".+%<WC% Other Reserve D:+%".:+#%#+(+#?+%'#*(+(%"0%.:+%;'*#%?'2-+%?'2-'.*"0%";%.:+%&'##'0.(%'0,%"E.*"0(9%-(*0>%.:+%^2')$% L):"2+(%8",+2%'(%"-.2*0+,%*0%S".+%<WC%%D:+%*0*.*'2%#+)">0*.*"0%";%.:+%;'*#%?'2-+%";%.:+%&'##'0.(% '0,%"E.*"0(%:'(%@++0%#+)">0*(+,%*0%.:+%L.'.+8+0.%";%K"8E#+:+0(*?+%/0)"8+C% Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 57 % 18. Warrants and Options Warrants Year to 31 March 2025 Year to 31 March 2024 Number of Warrants Weighted average exercise price in pence % Number of Warrants Weighted average exercise price in pence g-.(.'0,*0>%'.%@+>*00*0>%";%3+'#% 11,001,000 £0.10 % 11,001,000 £0.10 H#'0.+,%,-#*0>%.:+%3+'#% - - % - - IAE*#+,%,-#*0>%.:+%3+'#% - - % - - IA+#)*(+,%,-#*0>%.:+%3+'#% - - % - - g-.(.'0,*0>%'0,%+A+#)*('@2+%'.%.:+%+0,% ";%.:+%3+'#% 11,001,000 £0.10 % 11,001,000 £0.10 % N.%<%NE#*2%4546%.:+#+%&+#+%!'##'0.(%-0+A+#)*(+,%;"#%'%.".'2%";%<<955<9555%g#,*0'#3%(:'#+(%'.%'% (.#*$+%E#*)+%";%f5C<5C%%O-#*0>%.:+%3+'#9%.:+%K"8E'03%,*,%0".%*((-+%'03%0+&%!'##'0.(C%N.%.:+% @'2'0)+%(:++.%,'.+%";%T<%U'#):%454B%.:+#+%&+#+%!'##'0.(%-0+A+#)*(+,%;"#%'%.".'2%";%<<955<9555% g#,*0'#3%(:'#+(9%&:*):%+AE*#+%@+.&++0%<Y%g)."@+#%454M%'0,%4=%g)."@+#%454=C% % % Options Year to 31 March 2025 Year to 31 March 2024 Number of Options Weighted average exercise price in pence % Number of Options Weighted average exercise price in pence g-.(.'0,*0>%'.%@+>*00*0>%";%3+'#% 4,000,901 £0.0861 % 3,700,000 £0.0504 H#'0.+,%,-#*0>%.:+%3+'#% - - % 1,742,747- £0.1320- IAE*#+,%,-#*0>%.:+%3+'#% - - % - - IA+#)*(+,%,-#*0>%.:+%3+'#% - - % 1,441,846 £0.05 g-.(.'0,*0>%'.%.:+%+0,%";%.:+%3+'#% 4,000,901 £0.0861 % 4,000,901 £0.0861 IA+#)*('@2+%'.%.:+%+0,%";%.:+%3+'#% 2,258,154 £0.0507 % 2,258,154 £0.0507 N.% <% NE#*2% 4546% .:+#+% &+#+% -0+A+#)*(+,% ?+(.+,% gE.*"0(% ;"#% 494BW9<B6% g#,*0'#3% (:'#+(% '.% '0% '?+#'>+%(.#*$+%E#*)+%";%f5C5B5=C%%D:+#+%&+#+%',,*.*"0'2%-0?+(.+,%gE.*"0(%;"#%<9=649=6=%g#,*0'#3% (:'#+(%'.%'0%'?+#'>+%(.#*$+%E#*)+%";%f5C<T45C%%O-#*0>%.:+%3+'#9%0"%"E.*"0(%&+#+%>#'0.+,9%?+(.+,9% +A+#)*(+,%"#%+AE*#+,C%%% N.% .:+% @'2'0)+% (:++.% ,'.+% ";% T<% U'#):% 454B% .:+#+% &+#+% -0+A+#)*(+,% gE.*"0(% ;"#% 494BW9<B6% g#,*0'#3%(:'#+(9%&:*):%+AE*#+%@+.&++0%4=%g)."@+#%454W%'0,%T<% U'#):%45T5C%%D:+#+%&+#+%'% ;-#.:+#%<9=649=6=%-0?+(.+,%"E.*"0(%&:*):%+AE*#+%"0%<6%O+)+8@+#%45T5C% % Annual Report and Financial Statements for the Year ended 31 March 2025 Page | 58 Share based payments D:+%K"8E'03%E2'0%E#"?*,+(%;"#%'%>#'0.%E#*)+%+Z-'2%."%.:+%'?+#'>+%Z-".+,%8'#$+.%E#*)+%";%.:+% "#,*0'#3%(:'#+(%"0%.:+%,'.+%";%>#'0.C%%IZ-*.3_(+..2+,%(:'#+_@'(+,%E'38+0.(%'#+%8+'(-#+,%'.%;'*#% ?'2-+%'.%.:+%,'.+%";%>#'0.C% T9T649=6=%";%.:+%gE.*"0(%:'?+%@++0%*((-+,%."%,*#+)."#(9%'(%(+.%"-.%@+2"&C% Director Options Exercise Price Date of Grant Expiry Date ['.#*)$%O":+#.3% _% _% _% _% 1'("0%^#+&+# 1 % <9=649=6=% f5C5M_f5C45% <6%O+)%454T% <6%O+)%45T5% 1":0%glK"00"#% M559555% f5C5B% 4W%g).%454<% 4=%g).%454W% O'?*,%^2'0+3% Y559555% f5C5B% 4W%g).%454<% 4=%g).%454W% N0."03%P+>>+% <559555% f5C5MB% 4Y%U'#%454T% 4W%U'#%45T5% Note 1%1'("0%^#+&+#%:'(%@++0%>#'0.+,%"E.*"0(%"?+#%<9=649=6=%(:'#+(%&*.:%'0%+A+#)*(+%E+#*",% ";%(+?+0%3+'#(9%&:*):%:',%0".%?+(.+,%'.%.:+%@'2'0)+%(:++.%,'.+%";%T<%U'#):%454BC% % ](*0>%.:+%^2')$%L):"2+(%?'2-'.*"09%.:+%;'*#%?'2-+%";%.:+%?+(.+,%(:'#+%@'(+,%E'38+0.(%'(%'.%T< st % U'#):%454B%&'(%V<Y9M4T%2024: €57,343)C%%% Valuation of Options and Warrants D:+%;'#%?'2-+%";%!'##'0.(%'0,%?+(.+,%gE."0(%(%8+'(-#+,%@3%-(+%";%.:+%^2')$_L):"2+(%?'2-'."0C%% D:+% K"8E'03% ,"+(% 0".% ?'2-+% .:+% -0?+(.+,% "E."0(% -0.2% .:+3% ?+(.C% D:+% K"8E'03% :'(% @++0% 8'$0>%'%E#"?("0%;"#%.:+%;'#%?'2-+%";%!'##'0.(%'0,%?+(.+,%gE."0(%(0)+%.:+%K"8E'03(%2(.0>% "0%.:+%P"0,"0%L.")$%IA):'0>+%"0%4=%g)."@+#%4544C% :%";%.:+(+%#($(%&:):%'#+%(-88'#(+,%@+2"&C% % Foreign currency risk D:+% K"8E'03% -0,+#.'$+(% )+#.'0% .#'0(')."0(% ,+0"80'.+,% 0% ;"#+>0% )"-0.#+(C% d+0)+9% +AE"(-#+(% ."%+A):'0>+%#'.+%;2-).-'."0(% '#(+C% IA):'0>+% #'.+% +AE"(-#+(% '#+%8'0'>+,%&.:0% 'EE#"?+,%E"2)3%E'#'8+.+#(%-.2(0>%;"#&'#,%+A):'0>+%)"0.#').(%&:+#+%'EE#"E#'.+C% N.%.:+%3+'#%+0,+,%T<%U'#):%454B%'0,%T<%U'#):%45469%.:+%K"8E'03%:',%0"%"-.(.'0,0>%;"#&'#,% +A):'0>+%)"0.#').(C% Credit Risk K#+,.% #($% #+;+#(% ."% .:+% #($% .:'.% '% )"-0.+#E'#.3% &22% ,+;'-2.% "0% .(% )"0.#').-'2% "@2>'."0(% #+(-2.0>%0%;0'0)'2%2"((%."%.:+%K"8E'03C%N(%.:+%K"8E'03%,"+(%0".9%'(%3+.9%:'?+%'03%('2+(%."% 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