Standard | Amendment Focus | References |
IFRS 1 \u2013 First-time Adoption of IFRS | Clarifies hedge accounting aspects for consistency with IFRS 9; improves understandability for first-time adopters on hedge designations and reliefs. | IFRS 1.B5, B6 |
IFRS 7 \u2013 Financial Instruments: Disclosures | Updates obsolete references; aligns terminology with IFRS 13 Fair Value Measurement. | IFRS 7.44NN, B38 |
IFRS 7 \u2013 Implementation Guidance | Clarifies guidance does not cover every disclosure requirement; updates wording for consistency with IFRS 7, IFRS 9, IFRS 13. | IG1, IG14, IG20B |
IFRS 9 \u2013 Financial Instruments | Clarifies lease liability derecognition under IFRS 9 must be recognised in P&L (not retrospectively); enhances | IFRS 9.2.1(b)(ii), 5.1.3, Appendix A |
Standard | Amendment Focus | References |
\u00a0 | consistency with IFRS 15 for initial measurement of receivables. | \u00a0 |
IFRS 10 \u2013 Consolidated Financial Statements | Clarifies use of \u201cde facto agent\u201d concept; stresses judgement required to assess whether other parties act on behalf of the investor. | IFRS 10.B7 |
\u00a0 | \uf0b7 | has the power over the investee; |
\u00a0 | \uf0b7 | is exposed, or has rights, to variable returns from its involvement with the investee; and |
\u00a0 | \uf0b7 | has the ability to use its power to affects its returns. |
\u00a0 | \uf0b7 | the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; |
\u00a0 | \uf0b7 | potential voting rights held by the Company, other vote holders or other parties; |
\u00a0 | \uf0b7 | rights arising from other contractual arrangements; and |
\u00a0 | \uf0b7 | any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. |
\uf0b7 | exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; |
\uf0b7 | exchange differences on transactions entered into to hedge certain foreign currency risks (see below under financial instruments/hedge accounting); and |
\uf0b7 | exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the net investment. |
\uf0b7 | That engages in business activities from which it may earn revenues and earn expenses, |
\uf0b7 | Whose operating results are regularly reviewed by the entity\u2019s chief operating decision-maker to make decisions about resources to be allocated to the segment and assess its performance, and |
\uf0b7 | For which discrete financial information is available. |
- | Directly Attributable Costs: This includes acquisition costs, geological and geophysical studies, exploratory drilling, and any other expenditure directly related to evaluating the technical feasibility and commercial viability of the resource. |
- | Ongoing Active Operations: If significant exploration and evaluation activities are planned and continue, and the expenditure is expected to lead to commercially recoverable reserves, the Group capitalises the costs. |
\u00a0 | \uf0b7 | Significant financial difficulty of the issuer or obligor; |
\u00a0 | \uf0b7 | A breach of contract, such as a default or delinquency in interest or principal repayments; |
\u00a0 | \uf0b7 | The Group, for economic or legal reasons relating the borrower\u2019s financial difficulty, granting the borrower a concession that the lender would not otherwise consider; |
\u00a0 | \uf0b7 | It becomes probable that the borrower will enter bankruptcy or other financial reorganisation. |
\u00a0 | - | the profit or loss attributable to the owners of the company, excluding any costs of servicing equity other than ordinary shares |
\u00a0 | - | by the weighted average number of ordinary shares outstanding during the financial year |
\u00a0 | - | after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and |
\u00a0 | - | weighted average number of ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. |
Standard | Amendment Focus | References |
IFRS 1 \u2013 First-time Adoption of IFRS | Clarifies hedge accounting aspects for consistency with IFRS 9; improves understandability for first-time adopters on hedge designations and reliefs. | IFRS 1.B5, B6 |
IFRS 7 \u2013 Financial Instruments: Disclosures | Updates obsolete references; aligns terminology with IFRS 13 Fair Value Measurement. | IFRS 7.44NN, B38 |
IFRS 7 \u2013 Implementation Guidance | Clarifies guidance does not cover every disclosure requirement; updates wording for consistency with IFRS 7, IFRS 9, IFRS 13. | IG1, IG14, IG20B |
IFRS 9 \u2013 Financial Instruments | Clarifies lease liability derecognition under IFRS 9 must be recognised in P&L (not retrospectively); enhances | IFRS 9.2.1(b)(ii), 5.1.3, Appendix A |
Standard | Amendment Focus | References |
\u00a0 | consistency with IFRS 15 for initial measurement of receivables. | \u00a0 |
IFRS 10 \u2013 Consolidated Financial Statements | Clarifies use of \u201cde facto agent\u201d concept; stresses judgement required to assess whether other parties act on behalf of the investor. | IFRS 10.B7 |
\u00a0 | \uf0b7 | has the power over the investee; |
\u00a0 | \uf0b7 | is exposed, or has rights, to variable returns from its involvement with the investee; and |
\u00a0 | \uf0b7 | has the ability to use its power to affects its returns. |
\u00a0 | \uf0b7 | the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; |
\u00a0 | \uf0b7 | potential voting rights held by the Company, other vote holders or other parties; |
\u00a0 | \uf0b7 | rights arising from other contractual arrangements; and |
\u00a0 | \uf0b7 | any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. |
\u00a0 | \uf0b7 | has the power over the investee; |
\u00a0 | \uf0b7 | is exposed, or has rights, to variable returns from its involvement with the investee; and |
\u00a0 | \uf0b7 | has the ability to use its power to affects its returns. |
\u00a0 | \uf0b7 | the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; |
\u00a0 | \uf0b7 | potential voting rights held by the Company, other vote holders or other parties; |
\u00a0 | \uf0b7 | rights arising from other contractual arrangements; and |
\u00a0 | \uf0b7 | any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. |
\uf0b7 | exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; |
\uf0b7 | exchange differences on transactions entered into to hedge certain foreign currency risks (see below under financial instruments/hedge accounting); and |
\uf0b7 | exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the net investment. |
\uf0b7 | That engages in business activities from which it may earn revenues and earn expenses, |
\uf0b7 | Whose operating results are regularly reviewed by the entity\u2019s chief operating decision-maker to make decisions about resources to be allocated to the segment and assess its performance, and |
\uf0b7 | For which discrete financial information is available. |
- | Directly Attributable Costs: This includes acquisition costs, geological and geophysical studies, exploratory drilling, and any other expenditure directly related to evaluating the technical feasibility and commercial viability of the resource. |
- | Ongoing Active Operations: If significant exploration and evaluation activities are planned and continue, and the expenditure is expected to lead to commercially recoverable reserves, the Group capitalises the costs. |
\u00a0 | \uf0b7 | Significant financial difficulty of the issuer or obligor; |
\u00a0 | \uf0b7 | A breach of contract, such as a default or delinquency in interest or principal repayments; |
\u00a0 | \uf0b7 | The Group, for economic or legal reasons relating the borrower\u2019s financial difficulty, granting the borrower a concession that the lender would not otherwise consider; |
\u00a0 | \uf0b7 | It becomes probable that the borrower will enter bankruptcy or other financial reorganisation. |
\u00a0 | - | the profit or loss attributable to the owners of the company, excluding any costs of servicing equity other than ordinary shares |
\u00a0 | - | by the weighted average number of ordinary shares outstanding during the financial year |
\u00a0 | - | after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and |
\u00a0 | - | weighted average number of ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. |
\u00a0 | Group | Company | ||
\u00a0 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 |
Financial assets measured at amortised cost: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables (note 13) | 84 | 128 | 171 | 88 |
Cash and cash equivalents | 109 | 392 | 89 | 391 |
\u00a0 | 193 | 520 | 260 | 479 |
Financial liabilities measured at amortised cost: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other payables (note 14) | 76 | 138 | 57 | 126 |
Convertible loan notes and loans (note 14 and 15) | \u00a0 1,232 | \u00a0 684 | \u00a0 1,232 | \u00a0 684 |
\u00a0 | 1,308 | 822 | 1,289 | 810 |
Financial liabilities | Less than 1 year | 1-2 years | Total |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Trade and other payables | 279 | - | 279 |
Borrowings | 1,232 | - | 1,232 |
\u00a0 | 1,511 | - | 1,511 |
\u00a0 | Group | Company | ||
\u00a0 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 |
Financial assets measured at amortised cost: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables (note 13) | 84 | 128 | 171 | 88 |
Cash and cash equivalents | 109 | 392 | 89 | 391 |
\u00a0 | 193 | 520 | 260 | 479 |
Financial liabilities measured at amortised cost: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other payables (note 14) | 76 | 138 | 57 | 126 |
Convertible loan notes and loans (note 14 and 15) | \u00a0 1,232 | \u00a0 684 | \u00a0 1,232 | \u00a0 684 |
\u00a0 | 1,308 | 822 | 1,289 | 810 |
Financial liabilities | Less than 1 year | 1-2 years | Total |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Trade and other payables | 279 | - | 279 |
Borrowings | 1,232 | - | 1,232 |
\u00a0 | 1,511 | - | 1,511 |
Financial liabilities | Less than 1 year | 1-2 years | Total |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Trade and other payables | 279 | - | 279 |
Borrowings | 1,232 | - | 1,232 |
\u00a0 | 1,511 | - | 1,511 |
\uf0b7 | Head office, corporate and administrative, including parent company activities of raising finance and seeking new investment and exploration opportunities, all based in the UK; |
\uf0b7 | Mineral exploration, based in Mozambique and Botswana, and |
\uf0b7 | Other costs, mostly administrative activities, based in Mauritius and Africa. |
Year ended 30 June 2025 | Corporate and Administrative (UK) | \u00a0 Other | Mineral exploration (Mozambique and Botswana) | \u00a0 Total |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Operating loss before and after taxation | (825) | (63) | \u00a0 (55) | (943) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment total assets (net of investments in subsidiaries) | 139 | 8 | \u00a0 1,799 | 1,946 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment liabilities | (1,489) | (3) | (19) | (1,511) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Year ended 30 June 2024 | Corporate and Administrative (UK) | \u00a0 Other | Mineral exploration (Mozambique) | \u00a0 Total |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Operating loss before and after taxation | (1,557) | (30) | \u00a0 (85) | (1,672) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment total assets (net of investments in subsidiaries) | 726 | 16 | \u00a0 1,548 | 2,290 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment liabilities | (1,256) | (2) | (11) | (1,269) |
\u00a0 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 |
\u00a0 | \u00a0 | \u00a0 |
Operating expenditure | 67 | 102 |
Fees payable to the Company\u2019s Auditor and its associates in relation to the audit of the parent company and consolidated financial statements | 55 | 55 |
Fees payable to the Company\u2019s Auditor and its associates in relation to the audit of the Company\u2019s subsidiaries | 4 | 10 |
Fees payable to the Company\u2019s Auditor for other services: Reporting Accountant services in respect to the Fundraise finance services | 5 | 48 |
Legal and professional fees | 242 | 220 |
Depreciation | 37 | 40 |
Listing costs | - | 72 |
Wages and salaries | 258 | 429 |
Insurance costs | 28 | 37 |
Regulatory fees | 82 | 81 |
Other | 77 | 51 |
\u00a0 | 855 | 1,145 |
\u00a0 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 |
\u00a0 | \u00a0 | \u00a0 |
Salaries and fees | 311 | 475 |
Pensions | - | 1 |
Social security costs | 4 | 14 |
Total staff costs | 315 | 490 |
Amounts capitalised in intangibles | (57) | (61) |
\u00a0 | 258 | 429 |
\u00a0 | 2025 | 2024 |
Management | 2 | 3 |
Technical | 3 | 7 |
Administration | 2 | 1 |
\u00a0 | 7 | 11 |
\u00a0 | 2025 | 2024 |
\u00a0 | \u00a0 | \u00a0 |
Loss for the year (\u00a3\u2019000) | (943) | (1,672) |
Weighted average number of shares \u2013 expressed in thousands | 158,911 | 84,936 |
Basic earnings per share \u2013 expressed in pence | (0.59p) | (1.97p) |
\u00a0 | 2025 | 2024 |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 |
\u00a0 | \u00a0 | \u00a0 |
Interest payable on CLN\u2019s (note 14) | - | 77 |
Share-based payment (warrant cost) of loans (note 17) | - | 353 |
Interest payable on loans (note 15) | 97 | 79 |
Foreign exchange/other interest | (9) | 18 |
\u00a0 | 88 | 527 |
GROUP | 2025 | 2024 |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 |
\u00a0 | \u00a0 | \u00a0 |
Loss before tax | (943) | (1,672) |
Tax at the applicable rate of 25.4% (2024:30.1%) | (240) | (495) |
Expenses not deductible for tax purposes | 37 | 112 |
Tax losses for which no deferred tax is recognised | 203 | 383 |
Total tax charge | - | - |
COMPANY | 2025 | 2024 |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 |
Cost and net book value | \u00a0 | \u00a0 |
Investments in subsidiaries at beginning of year | 2,051 | 1,633 |
Additional payments to acquire subsidiary | - | 138 |
\u00a0 | 2,051 | 1,771 |
Capital contributions in the year | 130 | 280 |
Investments in subsidiaries at end of year | 2,181 | 2,051 |
Subsidiaries of Altona Rare Earths Plc | Country of Registration | Date of Incorporation /Acquisition | Registered Address | Nature of Business and Holding | |
Altona Rare Earths (Uganda) Limited | Uganda | 30 March 2021 | Plot 2&4A Nakasero Road, Kampala, Uganda. | 100 % | Mineral exploration and mining |
Altona Rare Earths (Tanzania) Limited | Tanzania | 5 August 2021 | Plot No.466, Block 43, Mpakani A, Kinondoni, Tanzania. | 100 % | Mineral exploration and mining |
Altona Rare Earths Mauritius Ltd | Mauritius | 17 February 2022 | c/o Griffon Solutions Ltd, C2- 410, 4th Floor, Office Block C, Grand Baie, Mauritius | 100 % | Business activities |
Monte Muambe Mining Lda | Mozambique | 23 June 2021 | Avenida 24 de Julho, no 851 R/C, Maputo, Mozambique. | 51% | Mineral exploration and mining |
Altona Mozambique, Lda* | Mozambique | 27 May 2022 | c/o Griffon Solutions Ltd, C2- 410, 4th Floor, Office Block C, Grand Baie, Mauritius | 95% | Mineral exploration and mining |
Altona Mozambique II, Lda* | Mozambique | 27 May 2022 | c/o Griffon Solutions Ltd, C2- 410, 4th Floor, Office Block C, Grand Baie, Mauritius | 95% | Mineral exploration and mining |
Altona Mozambique III, Lda* | Mozambique | 27 May 2022 | c/o Griffon Solutions Ltd, C2- 410, 4th Floor, Office Block C, Grand Baie, Mauritius | 100 % | Mineral exploration and mining |
Sesana Copper Proprietary Limited* | Botswana | 26 July 2024 | Plot 113, Unit 28, Gaborone International Finance Park, Kgale Mews, Gaborone, Botswana | 51% | Dormant |
\u00a0 | Exploration and evaluation assets |
\u00a0 | \u00a3\u2019000 |
Cost and carrying amount | \u00a0 |
At 1 July 2023 | 1,290 |
Exploration and evaluation assets additions | 67 |
Additions to exploration assets | 250 |
At 1 July 2024 | 1,607 |
Additions to exploration assets | 164 |
Foreign exchange | (139) |
At 30 June 2025 | 1,632 |
\u00a0 | \u2022 | The Group\u2019s right to explore in an area has expired, or will expire in the near future without renewal; |
\u00a0 | \u2022 | No further exploration or evaluation is planned or budgeted for; |
\u00a0 | \u2022 | A decision has been taken by the Board to discontinue exploration and evaluation in an area due to the absence of a commercial level of reserves, and |
\u00a0 | \u2022 | Sufficient data exists to indicate that the book value may not be fully recovered from future development and production. |
GROUP | Buildings \u00a3\u2019000 | Heavy machinery \u00a3\u2019000 | Precision machinery and office equipment \u00a3\u2019000 | Vehicles \u00a3\u2019000 | Total Assets \u00a3\u2019000 |
Cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At 1 July 2024 | 35 | 89 | 37 | 24 | 185 |
Foreign exchange | (3) | (7) | (2) | (2) | (14) |
At 30 June 2025 | 32 | 82 | 35 | 22 | 171 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At 1 July 2024 | 2 | 40 | 13 | 13 | 68 |
Depreciation charge | 1 | 24 | 6 | 6 | 37 |
Foreign exchange | - | (5) | (1) | (1) | (7) |
At 30 June 2025 | 3 | 59 | 18 | 18 | 98 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At 30 June 2024 | 33 | 49 | 24 | 11 | 117 |
At 30 June 2025 | 29 | 23 | 17 | 4 | 73 |
COMPANY | Precision machinery and office equipment \u00a3\u2019000 | \u00a0 |
Cost | \u00a0 | \u00a0 |
At 1 July 2024 | 7 | \u00a0 |
At 30 June 2025 | 7 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation | \u00a0 | \u00a0 |
At 1 July 2024 | 4 | \u00a0 |
Depreciation charge for the year | 1 | \u00a0 |
At 30 June 2025 | 5 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Net book value | \u00a0 | \u00a0 |
At 30 June 2024 | 3 | \u00a0 |
At 30 June 2025 | 2 | \u00a0 |
\u00a0 | Group | Company | ||
\u00a0 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Receivables due from subsidiaries | - | - | 164 | 62 |
Taxes & Social security receivable | 84 | 128 | 7 | 26 |
Prepayments and other receivables | 48 | 46 | 42 | 36 |
\u00a0 | 132 | 174 | 213 | 124 |
\u00a0 | Group | Company | ||
\u00a0 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade payables | 39 | 127 | 24 | 118 |
Accruals and other payables | 240 | 458 | 233 | 455 |
\u00a0 | 279 | 585 | 257 | 573 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Convertible loan notes | - | 292 | - | 292 |
Other loans (see note 15) | 1,232 | 70 | 1,232 | 70 |
\u00a0 | 1,511 | 362 | 1,489 | 362 |
\u00a0 | \u00a3\u2019000 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Face value of notes issued | 275 | \u00a0 |
Less costs of issue | (32) | \u00a0 |
Other equity securities \u2013 value of conversion rights | (12) | \u00a0 |
\u00a0 | 231 | \u00a0 |
Interest expense* | 25 | \u00a0 |
Balance as at 30 June 2023 | 256 | \u00a0 |
Interest expense* | 77 | \u00a0 |
Interest paid in the year | (41) | \u00a0 |
Balance as at 30 June 2024 | 292 | \u00a0 |
Interest paid in the year | (15) | \u00a0 |
Conversion of CLN and issue of 26.3m shares | (263) | \u00a0 |
Reclassification to trade and other payables | (14) | \u00a0 |
Balance as at 30 June 2025 | - | \u00a0 |
\u00a0 | Group | Company | ||
\u00a0 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 | 2025 \u00a3\u2019000 | 2024 \u00a3\u2019000 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans \u2013 Non Current | - | 322 | - | 322 |
Loans \u2013 Current | 1,232 | - | 1,232 | - |
Movement in loans (current and non-current): | \u00a3\u2019000 | \u00a0 |
Balance as at 1 July 2023 | - | \u00a0 |
Convertible loan from CCL \u2013 20 December 2023 | 225 | \u00a0 |
Interest expense | 45 | \u00a0 |
\u00a0 | 270 | \u00a0 |
New loan facility \u2013 draw downs | 88 | \u00a0 |
Interest charge | 34 | \u00a0 |
Balance as at 30 June 2024 | 392 | \u00a0 |
Balance due within one year (see note 14) | (70) | \u00a0 |
Balance due after one year as at 30 June 2024 | 322 | \u00a0 |
New loan facility \u2013 draw downs | 813 | \u00a0 |
Interest charge | 97 | \u00a0 |
Balance as at 30 June 2025 (due within one year) | 1,232 | \u00a0 |
\u00a0 | 2025 | 2024 | ||
\u00a0 | No. | \u00a3\u2019000 | No. | \u00a3\u2019000 |
Ordinary Shares | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Ordinary shares at 1 July | 86,767,107 | 868 | 82,403,199 | 824 |
Shares issued in the year | 79,975,197 | 799 | 4,363,908 | 44 |
TOTAL ORDINARY SHARES at 30 June | 166,742,304 | 1,667 | 86,767,107 | 868 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deferred Shares at 0.09p | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deferred shares at 1 July | 1,411,956,853 | 1,271 | 1,411,956,853 | 1,271 |
Movement during the year | - | - | - | - |
\u00a0 | 1,411,956,853 | 1,271 | 1,411,956,853 | 1,271 |
Deferred Shares at 9p | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deferred shares at 1 July | 1,602,434 | 144 | 1,602,434 | 144 |
Movement during the year | - | - | - | - |
\u00a0 | 1,602,434 | 144 | 1,602,434 | 144 |
TOTAL DEFERRED SHARES at 30 June | 1,413,559,287 | 1,415 | 1,413,559,287 | 1,415 |
TOTAL SHARES at 30 June | 1,580,301,591 | 3,082 | 1,500,326,394 | 2,283 |
ORDINARY SHARES | Number of shares \u2013 ordinary | Share Capital | Share Premium | Total |
\u00a0 | No. | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
As at 30 June 2023 | 82,403,199 | 824 | 22,950 | 23,774 |
Issued 11 July 2023 | 1,033,600 | 11 | 42 | 53 |
Issued 22 November 2023 | 1,008,935 | 10 | 22 | 32 |
Issued 9 January 2024 | 1,521,373 | 15 | 27 | 42 |
Issued 2 April 2024 | 800,000 | 8 | 32 | 40 |
Share issue costs | - | - | (1) | (1) |
As at 30 June 2024 | 86,767,107 | 868 | 23,072 | 23,940 |
Issued 25 July 2024 \u2013 Subscription shares | 39,400,000 | 394 | - | 394 |
Issued 25 July 2024 \u2013 Loan shares | 33,300,000 | 333 | - | 333 |
Issued 25 July 2024 \u2013 Fees shares | 3,548,759 | 35 | 42 | 77 |
Issued 3 April 2025 \u2013 Fee shares | 3,726,438 | 37 | 13 | 50 |
Share issue costs | - | - | - | - |
As at 30 June 2025 | 166,742,304 | 1,667 | 23,127 | 24,794 |
\uf0b7 | On 25 July 2024, the Company raised gross proceeds of \u00a3394,000 through the subscription of 39.4 million ordinary shares of \u00a30.01 each at a subscription price of \u00a30.01 per share. |
\uf0b7 | On 25 July 2024, the Company converted existing loans of \u00a3333,000 at a conversion price of \u00a30.01 per \u00a31. |
\uf0b7 | On 25 July 2024, the Company issued 3,548,759 ordinary shares of \u00a30.01 each at an average price of \u00a30.022 to pay Directors and service providers in lieu of cash settlement. |
\uf0b7 | On 3 April 2025, the Company issued 3,762,438 ordinary shares of \u00a30.01 each at an average price of \u00a30.014 to pay Directors and service providers in lieu of cash settlement. |
\uf0b7 | On 11 July 2023, the Company issued 1,033,600 shares to creditors in lieu of cash settlement for fees of \u00a353,000. |
\uf0b7 | On 22 November 2023, the Company issued 1 million shares to the other owners of MMM for the acquisition of an additional 31% of MMM and 8,935 shares to a creditor in lieu of payment of cash interest on the loans outstanding in the year. |
\uf0b7 | On 9 January 2024, the Company issued 1,521,373 shares to two Directors and one employee in lieu of cash settlement of salary and fees due of \u00a342,000. |
\uf0b7 | On 2 April 2024, the Company issued 800,000 shares to Sustineri Group Ltd for the transfer of the exclusivity over the Tenement licence in Zambia. |
Date of Issue | Reason for issue | Number of Warrants | Exercise Price | Expiry date/date exercised |
Issued 1 February 2023 | CLN warrants* | 11,000,000 | 5p | 31 December 2025 |
Issued 9 June 2023 | Broker warrants | 2,512,760 | 5p | 9 June 2026 |
Issued 9 June 2023 | CCL warrants 1** | 37,500,000 | 1p | 9 June 2026 |
Issued 20 December 2023 | CCL warrants 2** | 30,000,000 | 1p | 20 December 2027 |
Issued 27 June 2024 | Debt facility warrants | 135,000,000 | 1p | 30 June 2028 |
AS AT 30 JUNE 2025 | \u00a0 | 216,012,760 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Exercised | CCL warrants 1 | (37,500,000) | 1p | 21 August 2025 |
Exercised | CCL warrants 2 | (13,000,000) | 1p | 21 August 2025 |
Issued 21 August 2025 | Accelerator warrants | 50,130,000 | 2p | 26 August 2026 |
Exercised | Debt facility warrants | (40,000,000) | 1.5p | 13 October 2025 |
AS AT 21 OCTOBER 2025 | \u00a0 | 175,642,760 | \u00a0 | \u00a0 |
\u00a0 | Number of warrants | Exercise price (pence) |
As at 30 June 2023 | 119,746,561 | 5p to 12p |
Issued in the year | 147,000,000 | 1.5p to 20p |
Issued/adjusted in the year | 48,000,000 | 1.0p |
Expired in the year | (1,100,000) | 12p |
As at 30 June 2024 | 313,646,561 | 1.0p to 20p |
Expired in the year | (97,633,801) | 5p to 20p |
As at 30 June 2025 | 216,012,760 | 1p to 5p |
\u00a0 | \u00a0 | \u00a0 |
\u00a0 | Share-based payment reserve | \u00a0 |
\u00a0 | \u00a3\u2019000 | \u00a0 |
At 1 July 2023 | 121 | \u00a0 |
Share-based payment charge | 353 | \u00a0 |
At 30 June 2024 | 474 | \u00a0 |
Share-based payment charge | - | \u00a0 |
At 30 June 2025 | 474 | \u00a0 |
\u00a0 | Debt facility warrants | CCL warrants 2 initial | CCL warrants 2 adjusted | CLN warrants 1 adjusted |
Number of warrants | 135,000,000 | 12,000,000 | 30,000,000 | 37,500,000 |
Share price | 1.05p | 2.25p | 1.05p | 1.05p |
Exercise price | 1.5p | 2.5p | 1.0p | 1.0p |
Expected life | 4 years | 4 years | 3.5 years | 2 years |
Volatility | 57% | 42% | 57% | 57% |
Risk-Free Interest rate | 4.17% | 4.03% | 4.17% | 4.17% |
Expected dividends | - | - | - | - |
Fair Values | \u00a3270,000 | \u00a346,000 | \u00a373,000 | \u00a371,000 |
Reserve | Description and Purpose |
Share capital | Amount subscribed for share capital at nominal value. |
Share premium | Amount subscribed for share capital in excess of nominal value. |
Paid in share capital to issue | Money received in advance for share capital subscribed for at total value. |
Share-based payment reserve | Reserve created to recognise share-based payments such as warrants used in lieu of cash settlement. |
Convertible loan note (CLN) reserve | The value of the conversion portion of the CLN, calculated as the proceeds, less amortised cost, less fair value. |
Non-controlling Interest | Reserve created to recognise the non-controlling interest at year end. |
Retained deficit | Cumulative net gains and losses recognised in the consolidated statement of comprehensive income. |
\u00a0 | 2025 | 2024 |
\u00a0 | \u00a3\u2019000 | \u00a3\u2019000 |
Monte Muambe Mining Lda | 1,835 | 1,705 |
Altona Rare Earths (Tanzania) Limited | 4 | 4 |
Altona Rare Earths Mauritius Ltd | 160 | 58 |
\u00a0 | \uf0b7 | \u00a3751,950 from the subscription for 9,630,000 new ordinary shares of 1p at a subscription price of 3.6p each, together with the exercise of 40,500,000 warrants at an exercise price of 1p, giving a combined blended price of 1.5p; |
\u00a0 | \uf0b7 | \u00a3100,000 from the exercise of 10,000,000 warrants at an exercise price of 1p, and |
\u00a0 | \uf0b7 | 2,192,002 Shares were issued to certain Directors in lieu of fees and to various other creditors. |
\u00a0 | \uf0b7 | extension to the maturity date until 30 October 2026; |
\u00a0 | \uf0b7 | annualised interest rate of 12%; |
\u00a0 | \uf0b7 | conversion right into Ordinary Shares at a price of 2.5 pence per share; and |
\u00a0 | \uf0b7 | a one-off reprofiling fee of 10%, payable in shares at a price of 1.5 pence per share. |