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"scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-232": { "value": "-26000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-233": { "value": "1684000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-234": { "value": "3777000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-239": { "value": "1 Basis of preparation The consolidated financial statements for the year ended 31 December 2025 comprise the Company and the following subsidiaries:
Company\u2019s share
Company
Location
in share capital
Primary activities
Energy Metals Limited
UK
100%
Dormant
Vanadium Products LLC
Kazakhstan
100%
Performs services for the Group
Firma Balausa LLC
Kazakhstan
100%
Production and sale of vanadium and
associated by-products
Balausa Processing Company LLC
Kazakhstan
100%
Dormant
(a) Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (\u201cIFRS\u201d). (b) Basis of measurement The consolidated financial statements are prepared on the historical cost basis. Historical cost is defined as the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. (c) Functional and presentation currency The national currency of Kazakhstan is the Kazakhstan Tenge (\u201cKZT\u201d) which is also the functional currency of the Group\u2019s operating subsidiaries. The functional currency of the Company is US Dollars (\u201cUS$\u201d). The presentation currency of the consolidated financial statements is US Dollars. (d) Going concern The consolidated financial statements have been prepared in accordance with IFRS on a going concern basis. The operations of the Group are financed from a combination of cash flows generated by the existing operation, bond issues and funds raised from shareholders and strategic investors. In common with many pre-production entities, the Group will need to raise further funds in order to progress from the feasibility study phase into construction and ultimately into production. The Directors consider the ability of the Company to raise further funding to be a material uncertainty. With respect to the Bond Programme, a number of the tranches previously issued under the programme will come to maturity during 2026 and the Company will need to either fund these redemptions in cash or by alternative non-cash methods. The Directors consider the ability of the Company to fund the upcoming redemptions required by the Bond Programme to be a material uncertainty. Further information on the tranches issued under the Bond Programme is disclosed at Note 21. These conditions indicate the existence of a material uncertainty, which may cast doubt over the Group\u2019s ability to continue as a going concern, and therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include adjustments that would arise in the event of the Group not being able to continue as a going concern. Following the publication of the Feasibility Study, the Directors are confident based on their previous experience and success in raising capital that the Company will be able to secure further funding to address the material uncertainties noted above and, therefore, the Company will continue as a going concern for at least the next 12 months. Accordingly, the Directors believe that it is appropriate that the Company adopts the going concern basis of accounting in preparation of these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
(a) Statement of compliance
These financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by
the European Union (\u201cIFRS\u201d).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
(b) Basis of measurement
The consolidated financial statements are prepared on the historical cost basis. Historical cost is defined as the amount of
cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition.
", "dimensions": { "concept": "ferroalloyltd:DisclosureOfBasisOfMeasurement", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
(c) Functional and presentation currency
The national currency of Kazakhstan is the Kazakhstan Tenge (\u201cKZT\u201d) which is also the functional currency of the Group\u2019s
operating subsidiaries. The functional currency of the Company is US Dollars (\u201cUS$\u201d). The presentation currency of the
consolidated financial statements is US Dollars.
(ii) Presentation currency The assets and liabilities of foreign operations are translated to US$ at the exchange rates prevailing at the reporting date. The income and expenses of foreign operations are translated to US$ at the average exchange rate for the period, which approximates the exchange rates at the dates of the transactions. Where specific material transactions occur, such as impairments or reversals of impairments, the daily exchange rate is applied when the impact is material. Foreign currency differences are recognised in other comprehensive income and are presented within the foreign currency translation reserve in equity. Foreign currency differences arising on intercompany loans, where the loans are not planned to be repaid within the foreseeable future and form part of a net investment, are recorded within other comprehensive income and are presented within the foreign currency translation reserve in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "
(d) Going concern
The consolidated financial statements have been prepared in accordance with IFRS on a going concern basis.
The operations of the Group are financed from a combination of cash flows generated by the existing operation, bond
issues and funds raised from shareholders and strategic investors. In common with many pre-production entities, the Group
will need to raise further funds in order to progress from the feasibility study phase into construction and ultimately into
production. The Directors consider the ability of the Company to raise further funding to be a material uncertainty.
With respect to the Bond Programme, a number of the tranches previously issued under the programme will come to maturity
during 2026 and the Company will need to either fund these redemptions in cash or by alternative non-cash methods. The
Directors consider the ability of the Company to fund the upcoming redemptions required by the Bond Programme to be a
material uncertainty. Further information on the tranches issued under the Bond Programme is disclosed at Note 21.
These conditions indicate the existence of a material uncertainty, which may cast doubt over the Group\u2019s ability to continue
as a going concern, and therefore that it may be unable to realise its assets and discharge its liabilities in the normal course
of business. The financial statements do not include adjustments that would arise in the event of the Group not being able to
continue as a going concern.
Following the publication of the Feasibility Study, the Directors are confident based on their previous experience and success
in raising capital that the Company will be able to secure further funding to address the material uncertainties noted above
and, therefore, the Company will continue as a going concern for at least the next 12 months. Accordingly, the Directors
believe that it is appropriate that the Company adopts the going concern basis of accounting in preparation of these financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "
2 Use of estimates and judgements
Preparing the financial statements requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimates are revised and in any future periods affected.
Judgements that relate to estimation uncertainty
Inventories (Note 16)
The Group holds material inventories which are assessed for impairment at each reporting date. The assessment of net
realisable value requires consideration of future cost to process and sell and spot market prices at year end less applicable
discounts. The estimates are based on market data and historical trends.
Trade and other receivables (Note 17)
The Group holds trade and other receivable balances at the year end which are assessed for recoverability at each reporting
date. The assessment of recoverability is based on estimates of future receipts taking into consideration past receipt patterns
and trends.
Judgements that do not relate to estimation uncertainty
Exploration and evaluation assets (Note 13)
The Group holds material exploration and evaluation assets and judgement is applied in determining whether impairment
indicators exist under the Group\u2019s accounting policy. In determining that no impairment indicator exists management have
considered the Group\u2019s Feasibility Study on the asset, the strategic plans for exploration and future development and the status
of the Subsoil Use Agreement. Judgement was required in determining that the application for deferral of obligations under the
Subsoil Use Agreement (Note 26) will be granted, given that approval is a procedural matter, and not discretionary, under the
Kazakhstan national Subsoil Use legislation. Management anticipate such approvals being provided given their understanding
of the Kazakh market and plans for the asset. In the event that approval is not received, the Group will consider the options
available to it to effect approval under the provisions of the Kazakhstan national Subsoil Use legislation.
Additionally, judgement was required in determining that the Group\u2019s exploration and evaluation asset should continue to be
classified as such an asset rather than transitioning to classification as a development asset. Management has concluded that
until the final investment decision for the development of the asset has been determined by the Board then the asset should
continue to be classified as an exploration and evaluation asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "
3 Material accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial
statements and have been applied consistently by Group entities, except for the implementation of new standards and
interpretations.
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to
align them with the policies adopted by the Group.
(ii) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Non-monetary items in a foreign currency that are measured based on historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising in translation are recognised in profit or loss. (ii) Presentation currency The assets and liabilities of foreign operations are translated to US$ at the exchange rates prevailing at the reporting date. The income and expenses of foreign operations are translated to US$ at the average exchange rate for the period, which approximates the exchange rates at the dates of the transactions. Where specific material transactions occur, such as impairments or reversals of impairments, the daily exchange rate is applied when the impact is material. Foreign currency differences are recognised in other comprehensive income and are presented within the foreign currency translation reserve in equity. Foreign currency differences arising on intercompany loans, where the loans are not planned to be repaid within the foreseeable future and form part of a net investment, are recorded within other comprehensive income and are presented within the foreign currency translation reserve in equity. (c) Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument. (i) Financial assets Financial assets are classified as either financial assets at amortised cost, at fair value through other comprehensive income (\u201cFVTOCI\u201d) or at FVTPL depending upon the business model for managing the financial assets and the nature of the contractual cash flow characteristics of the financial asset. A loss allowance for expected credit losses is determined for all financial assets, other than those at FVTPL, at the end of each reporting period. The Group applies a simplified approach to measure the credit loss allowance for trade receivables using the lifetime expected credit loss provision. The lifetime expected credit loss is evaluated for each trade receivable taking into account payment history, payments made subsequent to year end and prior to reporting, past default experience and the impact of any other relevant and current observable data. The Group applies a general approach on all other receivables classified as financial assets. The general approach recognises lifetime expected credit losses when there has been a significant increase in credit risk since initial recognition. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired. (ii) Customer contracts Under some of its customer sale arrangements, the Group receives a provisional payment upon satisfaction of its performance obligations based on the spot price at that date, which occurs prior to the final price determination, with the Group then subsequently receiving or paying the difference between the final price and quantity and the provisional payment. As a result of the pricing structure, the instrument is classified at FVTPL and measured at fair value with changes in fair value recorded as other revenue. (iii) Other receivables Other receivables are accounted for at amortised cost. Other receivables do not carry any interest and are stated at their nominal value as reduced by appropriate expected credit loss allowances for estimated recoverable amounts as the interest that would be recognised from discounting future cash payments over the short payment period is not considered to be material. (iv) Cash and cash equivalents Cash and cash equivalents comprise cash balances in banks, call deposits and highly liquid investments with maturities of three months or less from the acquisition date that are subject to insignificant risk of changes in their fair value, and petty cash. (v) Financial liabilities The Group has the following non-derivative financial liabilities: borrowings and trade and other payables. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method. (vi) Long-term borrowings After initial recognition, interest-bearing borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the statement of profit or loss. (vii) Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. (d) Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Land is measured at cost. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset into a working condition for its intended use, the costs of dismantling and removing the items and restoring the site on which they are located. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other expenses in profit or loss. (ii) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. (iii) Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for the current and prior periods are as follows: \u2022 Buildings 10-50 years; \u2022 Plant and equipment 4-20 years; \u2022 Vehicles 4-7 years; \u2022 Computers 3-6 years; and \u2022 Other 3-10 years. Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted prospectively if appropriate. Assets under construction are not depreciated and begin being depreciated once they are ready and available for use in the manner intended by management. (e) Exploration and evaluation assets Exploration and evaluation expenditure for each area of interest once the legal right to explore has been acquired, other than that acquired through a purchase transaction, is carried forward as an asset provided that one of the following conditions is met: \u2022 Such costs are expected to be recouped through successful exploration and development of the area of interest or, alternatively, by its sale; or \u2022 Exploration and evaluation activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in relation to the area are continuing. Exploration and evaluation costs are capitalised as incurred. Exploration and evaluation assets are classified as tangible or intangible based on their nature. Exploration expenditure which fails to meet at least one of the conditions outlined above is written off. Administrative and general expenses relating to exploration and evaluation activities are expensed as incurred. The exploration and evaluation assets shall no longer be classified as such once the final investment decision for the project related to those assets has been determined by the Board. Exploration and evaluation assets will be reclassified either as tangible or intangible development assets and amortised on a unit-of-production method based on proved reserves. Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of exploration and evaluation assets may exceed their recoverable amount, which is the case when: the period of exploration license has expired and it is not expected to be renewed; substantial expenditure on further exploration is not planned; exploration has not led to the discovery of commercially viable reserves; or indications exist that exploration and evaluation assets will not be recovered in full from successful development or by sale. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. (f) Intangible assets (i) Intangible assets with finite useful lives Intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortisation and accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. (iii) Amortisation Amortisation is calculated over the cost of the asset, or other amount substituted for cost, less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use since this most closely reflects the expected pattern of consumption of future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: \u2022 Patents 10-20 years; and \u2022 Mineral rights 20 years. Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. (g) Inventories Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on first-in first-out method, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. (h) Impairment (i) Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, such as exploration and evaluation assets are reviewed at each reporting date to determine whether there is any indication of impairment. With respect to exploration and evaluation assets, impairment indicators would include expiration of exploration rights at the Balasausqandiq deposit or no further budgeted or planned exploration costs. If any such indication exists, then the asset\u2019s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. The Group\u2019s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the cash generating unit to which the corporate asset belongs. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (i) Employee benefits (i) Defined contribution plans The Group does not incur any expenses in relation to the provision of pensions or other post-employment benefits to its employees. In accordance with Kazakhstan state pension social insurance regulations, the Group withholds pension contributions from Kazakhstan based employee salaries and transfers them into State operated pension funds. Once the contributions have been paid, the Group has no further pension obligations. Upon retirement of employees, all pension payments are administered by the State pension funds directly. (ii) Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. (j) Provisions (i) Recognition and measurement A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost. (ii) Site restoration In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration is recognised when the land is disturbed as a result of pit development and plant decommissioning with a corresponding increase in exploration and evaluation costs or property, plant and equipment. Subsequent changes in the provision due to estimates are recorded as a change in the relevant asset. The provision is discounted at a risk-free rate with the costs incorporating risks relevant to the site restoration and an unwinding charge is recognised within finance costs for the unwinding of the discount. (k) Revenue (i) Goods sold Revenue from customers comprises the sale of vanadium and molybdenum products with other revenues from gravel and waste rock being non-significant. Revenue from vanadium products is recognised at a point in time when the customer has a legally binding obligation to settle under the terms of the contract and when the performance obligations have been satisfied, which is once control of the goods has transferred to the buyer at a designated delivery point at which point possession, title and risk transfers. The Group commonly receives a provisional payment at the date control passes with reference to spot prices at that date. The final consideration is subject to quantity / quality adjustments and final pricing based on market prices determined after the product reaches its port of destination. The quantity / quality adjustments represent a form of variable consideration and revenue is constrained to record amounts for which it is highly probable no reversal will be required. However, given the short period to delivery post year end the final quantity / quality adjustments are known and revenue for the period is adjusted to reflect the final quantity / quality occurring subsequent to year end if material. Changes in final consideration due to market prices is not determined to qualify as variable consideration within the scope of the IFRS 15 \u201cRevenue from Customers\u201d. Changes in fair value as a result of market prices are recorded within revenue as other revenue. (l) Finance costs Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions for historical costs and site restoration and foreign currency losses. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements result in a net gain or loss, this includes exchange gains and losses that arise on trade and other receivables and trade and other payables in foreign currency. (m) Income tax Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that they relate to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and at the time of the transaction, does not give rise to equal taxable and deductible temporary differences. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. (n) Earnings per share The Company presents basic and diluted earnings per share (\u201cEPS\u201d) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares. (o) Segment reporting The Group\u2019s operations are split into three segments based on the nature of operations: processing, subsoil operations (being operations related to exploration and mining) and corporate segment for the purposes of IFRS 8: Operating Segments. The Group\u2019s assets are primarily concentrated in the Republic of Kazakhstan and the Group\u2019s revenues are derived from operations in, and connected with, the Republic of Kazakhstan. (p) Government grants Government grants are initially recognised as deferred income once the Group has reasonable assurance that the grant will be received and that the Group will be in a position to comply with any terms or conditions associated with the grant. Grants relating to the purchase of plant and equipment are recognised as deferred income and they are credited to profit or loss on a straight-line basis over the expected lives of the related assets. Grants that compensate the Group for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised. (q) New and amended standards adopted No new standards and interpretations issued by the IASB have had a significant impact on the consolidated financial statements. The Company expects that IFRS 18 Presentation and Disclosure in Financial Statements, effective 1 January 2027, will likely impact the future presentation of the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "(a) Basis of consolidation (i) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group.
(ii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised
gains, but only to the extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "(i) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "
(b) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at
the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional
currency at the exchange rate at that date.
Non-monetary items in a foreign currency that are measured based on historical cost are translated using the exchange rate
at the date of the transaction.
Foreign currency differences arising in translation are recognised in profit or loss.
(ii) Presentation currency
The assets and liabilities of foreign operations are translated to US$ at the exchange rates prevailing at the reporting date.
The income and expenses of foreign operations are translated to US$ at the average exchange rate for the period, which
approximates the exchange rates at the dates of the transactions. Where specific material transactions occur, such as
impairments or reversals of impairments, the daily exchange rate is applied when the impact is material.
Foreign currency differences are recognised in other comprehensive income and are presented within the foreign currency
translation reserve in equity.
Foreign currency differences arising on intercompany loans, where the loans are not planned to be repaid within the
foreseeable future and form part of a net investment, are recorded within other comprehensive income and are presented
within the foreign currency translation reserve in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "
(c) Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the
Group becomes a party to the contractual provisions of the instrument.
(i) Financial assets
Financial assets are classified as either financial assets at amortised cost, at fair value through other comprehensive income
(\u201cFVTOCI\u201d) or at FVTPL depending upon the business model for managing the financial assets and the nature of the contractual
cash flow characteristics of the financial asset.
A loss allowance for expected credit losses is determined for all financial assets, other than those at FVTPL, at the end of each
reporting period. The Group applies a simplified approach to measure the credit loss allowance for trade receivables using
the lifetime expected credit loss provision. The lifetime expected credit loss is evaluated for each trade receivable taking into
account payment history, payments made subsequent to year end and prior to reporting, past default experience and the
impact of any other relevant and current observable data. The Group applies a general approach on all other receivables
classified as financial assets. The general approach recognises lifetime expected credit losses when there has been a
significant increase in credit risk since initial recognition.
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. The Group
derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired.
(ii) Customer contracts
Under some of its customer sale arrangements, the Group receives a provisional payment upon satisfaction of its
performance obligations based on the spot price at that date, which occurs prior to the final price determination, with the
Group then subsequently receiving or paying the difference between the final price and quantity and the provisional payment. As a result of the pricing structure, the instrument is classified at FVTPL and measured at fair value with changes in fair value recorded as other revenue. (iii) Other receivables Other receivables are accounted for at amortised cost. Other receivables do not carry any interest and are stated at their nominal value as reduced by appropriate expected credit loss allowances for estimated recoverable amounts as the interest that would be recognised from discounting future cash payments over the short payment period is not considered to be material. (iv) Cash and cash equivalents Cash and cash equivalents comprise cash balances in banks, call deposits and highly liquid investments with maturities of three months or less from the acquisition date that are subject to insignificant risk of changes in their fair value, and petty cash. (v) Financial liabilities The Group has the following non-derivative financial liabilities: borrowings and trade and other payables. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method. (vi) Long-term borrowings After initial recognition, interest-bearing borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the statement of profit or loss. (vii) Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "(i) Financial assets Financial assets are classified as either financial assets at amortised cost, at fair value through other comprehensive income (\u201cFVTOCI\u201d) or at FVTPL depending upon the business model for managing the financial assets and the nature of the contractual cash flow characteristics of the financial asset. A loss allowance for expected credit losses is determined for all financial assets, other than those at FVTPL, at the end of each reporting period. The Group applies a simplified approach to measure the credit loss allowance for trade receivables using the lifetime expected credit loss provision. The lifetime expected credit loss is evaluated for each trade receivable taking into account payment history, payments made subsequent to year end and prior to reporting, past default experience and the impact of any other relevant and current observable data. The Group applies a general approach on all other receivables classified as financial assets. The general approach recognises lifetime expected credit losses when there has been a significant increase in credit risk since initial recognition. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "(ii) Customer contracts Under some of its customer sale arrangements, the Group receives a provisional payment upon satisfaction of its performance obligations based on the spot price at that date, which occurs prior to the final price determination, with the
Group then subsequently receiving or paying the difference between the final price and quantity and the provisional payment.
As a result of the pricing structure, the instrument is classified at FVTPL and measured at fair value with changes in fair value
recorded as other revenue.
", "dimensions": { "concept": "ferroalloyltd:DescriptionOfAccountingPolicyForCustomerContracts", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
(iii) Other receivables
Other receivables are accounted for at amortised cost. Other receivables do not carry any interest and are stated at their
nominal value as reduced by appropriate expected credit loss allowances for estimated recoverable amounts as the interest
that would be recognised from discounting future cash payments over the short payment period is not considered to be
material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
(iv) Cash and cash equivalents
Cash and cash equivalents comprise cash balances in banks, call deposits and highly liquid investments with maturities of three
months or less from the acquisition date that are subject to insignificant risk of changes in their fair value, and petty cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
(v) Financial liabilities
The Group has the following non-derivative financial liabilities: borrowings and trade and other payables. Such financial
liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition
these financial liabilities are measured at amortised cost using the effective interest method.
(vi) Long-term borrowings
After initial recognition, interest-bearing borrowings are subsequently measured at amortised cost using the effective interest
rate method. Gains and losses are recognised in profit or loss. Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate
amortisation is included as finance costs in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "(vi) Long-term borrowings After initial recognition, interest-bearing borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
(vii) Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "
(d) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Land is
measured at cost.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets
includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset into a working
condition for its intended use, the costs of dismantling and removing the items and restoring the site on which they are
located.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items
(major components) of property, plant and equipment.
The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from
disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other
expenses in profit or loss.
(ii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it
is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured
reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and
equipment are recognised in profit or loss as incurred.
(iii) Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for the current and prior periods are as follows: \u2022 Buildings 10-50 years; \u2022 Plant and equipment 4-20 years; \u2022 Vehicles 4-7 years; \u2022 Computers 3-6 years; and \u2022 Other 3-10 years. Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted prospectively if appropriate. Assets under construction are not depreciated and begin being depreciated once they are ready and available for use in the manner intended by management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed
and if a component has a useful life that is different from the remainder of that asset, that component is depreciated
separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of
property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic
benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless
it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated.
The estimated useful lives for the current and prior periods are as follows:
\u2022 Buildings 10-50 years;
\u2022 Plant and equipment 4-20 years;
\u2022 Vehicles 4-7 years;
\u2022 Computers 3-6 years; and
\u2022 Other 3-10 years.
Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted prospectively if
appropriate.
Assets under construction are not depreciated and begin being depreciated once they are ready and available for use in the
manner intended by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Assets under construction are not depreciated and begin being depreciated once they are ready and available for use in the manner intended by management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "
(e) Exploration and evaluation assets
Exploration and evaluation expenditure for each area of interest once the legal right to explore has been acquired, other than
that acquired through a purchase transaction, is carried forward as an asset provided that one of the following conditions is
met:
\u2022 Such costs are expected to be recouped through successful exploration and development of the area of interest or,
alternatively, by its sale; or
\u2022 Exploration and evaluation activities in the area of interest have not yet reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in
relation to the area are continuing.
Exploration and evaluation costs are capitalised as incurred. Exploration and evaluation assets are classified as tangible or
intangible based on their nature. Exploration expenditure which fails to meet at least one of the conditions outlined above is
written off. Administrative and general expenses relating to exploration and evaluation activities are expensed as incurred.
The exploration and evaluation assets shall no longer be classified as such once the final investment decision for the project
related to those assets has been determined by the Board.
Exploration and evaluation assets will be reclassified either as tangible or intangible development assets and amortised on a
unit-of-production method based on proved reserves.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying
amount of exploration and evaluation assets may exceed their recoverable amount, which is the case when: the period of
exploration license has expired and it is not expected to be renewed; substantial expenditure on further exploration is not
planned; exploration has not led to the discovery of commercially viable reserves; or indications exist that exploration and
evaluation assets will not be recovered in full from successful development or by sale.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has
decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine
the recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "
(f) Intangible assets
(i) Intangible assets with finite useful lives
Intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated
amortisation and accumulated impairment losses.
(ii) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to
which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in
profit or loss as incurred.
(iii) Amortisation
Amortisation is calculated over the cost of the asset, or other amount substituted for cost, less its residual value.
Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the
date that they are available for use since this most closely reflects the expected pattern of consumption of future economic
benefits embodied in the asset.
The estimated useful lives for the current and comparative periods are as follows:
\u2022 Patents 10-20 years; and
\u2022 Mineral rights 20 years.
Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "(f) Intangible assets (i) Intangible assets with finite useful lives Intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortisation and accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. (iii) Amortisation Amortisation is calculated over the cost of the asset, or other amount substituted for cost, less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use since this most closely reflects the expected pattern of consumption of future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: \u2022 Patents 10-20 years; and \u2022 Mineral rights 20 years. Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "
(g) Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on first-in first-out
method, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs
incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in
progress, cost includes an appropriate share of production overheads based on normal operating capacity.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion
and selling expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "
(h) Impairment
(i) Non-financial assets
The carrying amounts of the Group\u2019s non-financial assets, such as exploration and evaluation assets are reviewed at each
reporting date to determine whether there is any indication of impairment. With respect to exploration and evaluation assets,
impairment indicators would include expiration of exploration rights at the Balasausqandiq deposit or no further budgeted or
planned exploration costs. If any such indication exists, then the asset\u2019s recoverable amount is estimated. An impairment loss
is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount.
The Group\u2019s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be
impaired, then the recoverable amount is determined for the cash generating unit to which the corporate asset belongs.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable
amount. Impairment losses are recognised in profit or loss.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has
decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine
the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "(i) Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, such as exploration and evaluation assets are reviewed at each reporting date to determine whether there is any indication of impairment. With respect to exploration and evaluation assets, impairment indicators would include expiration of exploration rights at the Balasausqandiq deposit or no further budgeted or planned exploration costs. If any such indication exists, then the asset\u2019s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. The Group\u2019s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the cash generating unit to which the corporate asset belongs. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "
(i) Employee benefits
(i) Defined contribution plans
The Group does not incur any expenses in relation to the provision of pensions or other post-employment benefits to
its employees. In accordance with Kazakhstan state pension social insurance regulations, the Group withholds pension
contributions from Kazakhstan based employee salaries and transfers them into State operated pension funds. Once the
contributions have been paid, the Group has no further pension obligations. Upon retirement of employees, all pension
payments are administered by the State pension funds directly.
(ii) Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service
is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans
if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the
employee, and the obligation can be estimated reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "
(j) Provisions
(i) Recognition and measurement
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost.
(ii) Site restoration
In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration is
recognised when the land is disturbed as a result of pit development and plant decommissioning with a corresponding
increase in exploration and evaluation costs or property, plant and equipment. Subsequent changes in the provision due
to estimates are recorded as a change in the relevant asset. The provision is discounted at a risk-free rate with the costs
incorporating risks relevant to the site restoration and an unwinding charge is recognised within finance costs for the
unwinding of the discount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "
(k) Revenue
(i) Goods sold
Revenue from customers comprises the sale of vanadium and molybdenum products with other revenues from gravel and
waste rock being non-significant. Revenue from vanadium products is recognised at a point in time when the customer has a
legally binding obligation to settle under the terms of the contract and when the performance obligations have been satisfied,
which is once control of the goods has transferred to the buyer at a designated delivery point at which point possession, title
and risk transfers.
The Group commonly receives a provisional payment at the date control passes with reference to spot prices at that date.
The final consideration is subject to quantity / quality adjustments and final pricing based on market prices determined after
the product reaches its port of destination. The quantity / quality adjustments represent a form of variable consideration and
revenue is constrained to record amounts for which it is highly probable no reversal will be required. However, given the short
period to delivery post year end the final quantity / quality adjustments are known and revenue for the period is adjusted to
reflect the final quantity / quality occurring subsequent to year end if material.
Changes in final consideration due to market prices is not determined to qualify as variable consideration within the scope of
the IFRS 15 \u201cRevenue from Customers\u201d. Changes in fair value as a result of market prices are recorded within revenue as other
revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "
(l) Finance costs
Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions for historical costs and site
restoration and foreign currency losses. Borrowing costs that are not directly attributable to the acquisition, construction or
production of a qualifying asset are recognised in profit or loss using the effective interest method.
Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether
foreign currency movements result in a net gain or loss, this includes exchange gains and losses that arise on trade and other
receivables and trade and other payables in foreign currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "(l) Finance costs Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions for historical costs and site restoration and foreign currency losses. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements result in a net gain or loss, this includes exchange gains and losses that arise on trade and other receivables and trade and other payables in foreign currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "(l) Finance costs Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions for historical costs and site restoration and foreign currency losses. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements result in a net gain or loss, this includes exchange gains and losses that arise on trade and other receivables and trade and other payables in foreign currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "
(m) Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except
to the extent that they relate to items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is
recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. Deferred tax is not recognised for temporary differences on the
initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting
nor taxable profit or loss and at the time of the transaction, does not give rise to equal taxable and deductible temporary
differences. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they
reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that
it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "(m) Income tax Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that they relate to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and at the time of the transaction, does not give rise to equal taxable and deductible temporary differences. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "
(n) Earnings per share
The Company presents basic and diluted earnings per share (\u201cEPS\u201d) data for its ordinary shares. Basic EPS is calculated by
dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary
shares outstanding during the period, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss
attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own
shares held, for the effects of all dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "
(o) Segment reporting
The Group\u2019s operations are split into three segments based on the nature of operations: processing, subsoil operations
(being operations related to exploration and mining) and corporate segment for the purposes of IFRS 8: Operating Segments.
The Group\u2019s assets are primarily concentrated in the Republic of Kazakhstan and the Group\u2019s revenues are derived from
operations in, and connected with, the Republic of Kazakhstan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "
(p) Government grants
Government grants are initially recognised as deferred income once the Group has reasonable assurance that the grant will
be received and that the Group will be in a position to comply with any terms or conditions associated with the grant.
Grants relating to the purchase of plant and equipment are recognised as deferred income and they are credited to profit or
loss on a straight-line basis over the expected lives of the related assets.
Grants that compensate the Group for expenses incurred are recognised in profit or loss on a systematic basis in the periods
in which the expenses are recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "
(q) New and amended standards adopted
No new standards and interpretations issued by the IASB have had a significant impact on the consolidated financial
statements. The Company expects that IFRS 18 Presentation and Disclosure in Financial Statements, effective 1 January 2027, will
likely impact the future presentation of the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "(q) New and amended standards adopted No new standards and interpretations issued by the IASB have had a significant impact on the consolidated financial statements. The Company expects that IFRS 18 Presentation and Disclosure in Financial Statements, effective 1 January 2027, will likely impact the future presentation of the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "
4 Revenue
2025 2024
$000 $000
Sales of vanadium products
2,550
3,076
Sales of ferro-molybdenum
1,929
1,517
Sales of gravel and waste rock
45
-
Service revenue
-
129
Total revenue from customers under IFRS 15
4,524
4,722
Other revenue - change in fair value of customer contracts
7
16
Total revenue
4,531
4,738
Vanadium and molybdenum products
Under certain sales contracts the single performance obligation is the delivery of AMV to the designated delivery point at
which point possession, title and risk on the product transfers to the buyer. The buyer makes an initial provisional payment
based on volumes and quantities assessed by the Company and market spot prices of V
2
O
5
for AMV at the date of shipment.
The final payment is received once the product has reached its final destination with adjustments for quality / quantity and
pricing. The final pricing is based on the historical average market prices during a quotation period based on the date the
product reaches the port of destination and an adjusting payment or receipt will be made to the revenue initially received.
Where the final payment for a shipment made prior to the end of an accounting period has not been determined before the
end of that period, the revenue is recognised based on the spot price that prevails at the end of the accounting period.
Other revenue related to the change in the fair value of amounts receivable and payable under the sales contracts between
the date of initial recognition and the period end resulting from market prices are recorded as other revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "4 Revenue
2025 2024
$000 $000
Sales of vanadium products
2,550
3,076
Sales of ferro-molybdenum
1,929
1,517
Sales of gravel and waste rock
45
-
Service revenue
-
129
Total revenue from customers under IFRS 15
4,524
4,722
Other revenue - change in fair value of customer contracts
7
16
Total revenue
4,531
4,738
Vanadium and molybdenum products Under certain sales contracts the single performance obligation is the delivery of AMV to the designated delivery point at which point possession, title and risk on the product transfers to the buyer. The buyer makes an initial provisional payment based on volumes and quantities assessed by the Company and market spot prices of V2 O 5 for AMV at the date of shipment. The final payment is received once the product has reached its final destination with adjustments for quality / quantity and pricing. The final pricing is based on the historical average market prices during a quotation period based on the date the product reaches the port of destination and an adjusting payment or receipt will be made to the revenue initially received. Where the final payment for a shipment made prior to the end of an accounting period has not been determined before the end of that period, the revenue is recognised based on the spot price that prevails at the end of the accounting period. Other revenue related to the change in the fair value of amounts receivable and payable under the sales contracts between the date of initial recognition and the period end resulting from market prices are recorded as other revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "
5 Cost of sales
2025 2024
$000 $000
Materials
4,361
4,729
Wages, salaries and related taxes
1,225
1,401
Depreciation
375
783
Electricity
136
139
Other
156
498
6,253
7,550
7 Administrative expenses
2025 2024
$000 $000
Wages, salaries and related taxes
1,781
1,688
Professional services
235
332
Taxes other than income tax
54
71
Listing and reorganisation expenses
498
163
Audit
170
124
Materials
36
48
Rent
64
37
Repairs and maintenance
-
1
Depreciation and amortisation
66
70
Insurance
46
45
Staff training
15
69
Bank fees
18
18
Travel expenses
37
44
Utilities
4
4
Communication and information services
15
16
Other
526
292
3,565
3,022
8 Other expenses
2025 2024
$000 $000
Currency conversion loss
57
49
Write-down of inventory to net realisable value
205
71
Write-down of obsolete assets
-
2
Write-down of prepayments
40
273
Share-based payment expense
34
22
Other
168
146
504
563
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "5 Cost of sales
2025 2024
$000 $000
Materials
4,361
4,729
Wages, salaries and related taxes
1,225
1,401
Depreciation
375
783
Electricity
136
139
Other
156
498
6,253
7,550
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "
6 Other income
2025 2024
$000 $000
Currency conversion gain
11
5
Other (sales of equipment)
59
45
70
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
7 Administrative expenses
2025 2024
$000 $000
Wages, salaries and related taxes
1,781
1,688
Professional services
235
332
Taxes other than income tax
54
71
Listing and reorganisation expenses
498
163
Audit
170
124
Materials
36
48
Rent
64
37
Repairs and maintenance
-
1
Depreciation and amortisation
66
70
Insurance
46
45
Staff training
15
69
Bank fees
18
18
Travel expenses
37
44
Utilities
4
4
Communication and information services
15
16
Other
526
292
3,565
3,022
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "7 Administrative expenses
2025 2024
$000 $000
Wages, salaries and related taxes
1,781
1,688
Professional services
235
332
Taxes other than income tax
54
71
Listing and reorganisation expenses
498
163
Audit
170
124
Materials
36
48
Rent
64
37
Repairs and maintenance
-
1
Depreciation and amortisation
66
70
Insurance
46
45
Staff training
15
69
Bank fees
18
18
Travel expenses
37
44
Utilities
4
4
Communication and information services
15
16
Other
526
292
3,565
3,022
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "7 Administrative expenses
2025 2024
$000 $000
Wages, salaries and related taxes
1,781
1,688
Professional services
235
332
Taxes other than income tax
54
71
Listing and reorganisation expenses
498
163
Audit
170
124
Materials
36
48
Rent
64
37
Repairs and maintenance
-
1
Depreciation and amortisation
66
70
Insurance
46
45
Staff training
15
69
Bank fees
18
18
Travel expenses
37
44
Utilities
4
4
Communication and information services
15
16
Other
526
292
3,565
3,022
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "7 Administrative expenses
2025 2024
$000 $000
Wages, salaries and related taxes
1,781
1,688
Professional services
235
332
Taxes other than income tax
54
71
Listing and reorganisation expenses
498
163
Audit
170
124
Materials
36
48
Rent
64
37
Repairs and maintenance
-
1
Depreciation and amortisation
66
70
Insurance
46
45
Staff training
15
69
Bank fees
18
18
Travel expenses
37
44
Utilities
4
4
Communication and information services
15
16
Other
526
292
3,565
3,022
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "
9 Personnel costs
2025 2024
$000 $000
Wages, salaries and related taxes
2,997
3,640
2,997
3,640
During 2025 personnel costs of US$694,000 (2024: US$1,401,000) have been charged to cost of sales, US$1,884,000 (2024:
US$1,688,000) to administrative expenses and US$523,000 (2024: US$551,000) were charged to cost of inventories which
were not yet sold as at the year end.
The average number of Group employees, excluding the Directors, during the year was 176 (2024: 196).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "
10 Finance costs
2025 2024
$000 $000
Net foreign exchange costs
558
337
Unwinding of discount on bonds
3
302
Interest expense on financial liabilities (bonds)
1,996
1,340
Net finance costs
2,557
1,979
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "10 Finance costs
2025 2024
$000 $000
Net foreign exchange costs
558
337
Unwinding of discount on bonds
3
302
Interest expense on financial liabilities (bonds)
1,996
1,340
Net finance costs
2,557
1,979
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "10 Finance costs
2025 2024
$000 $000
Net foreign exchange costs
558
337
Unwinding of discount on bonds
3
302
Interest expense on financial liabilities (bonds)
1,996
1,340
Net finance costs
2,557
1,979
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "10 Finance costs
2025 2024
$000 $000
Net foreign exchange costs
558
337
Unwinding of discount on bonds
3
302
Interest expense on financial liabilities (bonds)
1,996
1,340
Net finance costs
2,557
1,979
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "
11 Income tax
The Group\u2019s applicable tax rates in 2025 are an income tax rate of 20% for Kazakhstan registered subsidiaries (2024: 20%) and
0% (2024: 0%) for Guernsey registered companies. The Kazakh tax rate has been applied below as this is most reflective of the
Group\u2019s trading operations and tax profile.
During the years ended 31 December 2025 and 2024 the Group incurred tax losses and, therefore, did not recognise any
current income tax expense.
Unrecognised deferred tax assets are described in Note 15.
Reconciliation of effective tax rate:
2025
2024
$000
%
$000
%
Loss before tax (Group)
(8,415)
100
(9,429)
100
Income tax at the applicable tax rate
(1,683)
20
(1,886)
20
Effect of unrecognised deferred tax assets / (losses
2,424
(31)
822
(7)
carried forward)
Net non-deductible expenses/non-taxable income
(741)
(11)
1,064
(13)
or loss
-
-
-
-
15 Deferred tax assets and liabilities Unrecognised deferred tax assets
2025 2024
$000 $000
Temporary deductible differences
(203)
599
Tax losses carried forward
30,380
23,791
Unrecognised tax deferred tax assets
(30,177)
(24,390)
-
-
Deferred tax assets have not been recognised in respect of these items given the taxable loss in the year and because the Kazakhstan processing operations benefit from a tax incentive agreement which reduces the tax payable to nil and it is, therefore, uncertain that future taxable profit will be available against which the Group can utilise the benefits therefrom. The tax incentive agreement is effective for ten years starting from 2018. The increase in carried forward tax losses comprises the tax loss for the period and the effect of resubmissions of previous tax filings which contributed to an increase in tax losses.
Temporary deductible differences mostly relate to property, plant and equipment. Unutilised tax losses expire after 10 years
from the year of origination.
Expiry dates of unrecognised deferred tax assets in respect of tax losses carried forward at 31 December 2025 are presented
below:
Expiry year
$000
2026
708
2027
424
2028
455
2029
1,898
2030
2,991
2031
1,392
2032
3,489
2033
2,695
2034
10,137
2035
5,806
29,995
Unrecognised deferred tax assets above are calculated based on the Kazakh tax rate of 20%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "
12 Property, plant and equipment
Land and Plant and Construction
buildings equipment Vehicles Computers Other in progress Total
$000 $000 $000 $000 $000 $000 $000
Cost
Balance at 1 January 2024
5,015
3,822
522
49
256
242
9,906
Additions
-
64
-
2
50
88
204
Transfers
62
186
-
-
-
(248)
-
Disposals
-
(104)
(2)
(3)
(3)
-
(112)
Foreign currency
(667)
(520)
(68)
(6)
(36)
(16)
(1,313)
translation difference
Balance at 31 December
4,410
3,448
452
42
267
66
8,685
2024
Balance at 1 January 2025
4,410
3,448
452
42
267
66
8,685
Additions
28
250
-
-
3
-
281
Disposals
-
(126)
-
(10)
(22)
-
(158)
Foreign currency
185
151
18
1
9
2
366
translation difference
Balance at 31 December
4,623
3,723
470
33
257
68
9,174
2025
Depreciation and
impairment
Balance at 1 January 2024
851
2,621
361
33
89
-
3,955
Depreciation for the period
432
438
33
6
52
-
961
Impairment charge
-
954
-
-
-
-
954
Disposals
-
(102)
(2)
(3)
(2)
-
(109)
Foreign currency
(75)
(463)
(51)
(5)
(17)
-
(611)
translation difference
Balance at 31 December
1,208
3,448
341
31
122
-
5,150
2024
Balance at 1 January 2025
1,208
3,448
341
31
122
-
5,150
Depreciation for the period
378
28
26
4
19
-
455
Disposals
-
(126)
-
(10)
(4)
-
(140)
Foreign currency
61
13
15
1
14
-
104
translation difference
Balance at 31 December
1,647
3,363
382
26
151
-
5,569
2025
Carrying amounts
At 1 January 2024
4,164
1,201
161
16
167
242
5,951
At 31 December 2024
3,202
-
111
11
145
66
3,535
At 31 December 2025
2,976
360
88
7
106
68
3,605
During 2025 a depreciation expense of US$375,000 (2024: US$783,000) has been charged to cost of sales, excluding cost of
finished goods that were not sold at year end, US$66,000 (2024: US$70,000) to administrative expenses, and US$94,000 has
been charged to cost of finished goods that were not sold at the year end (2024: US$189,000).
Impairment
On 2 December 2024, the Company announced that save where profitable concentrates could be sourced and treated, the
Company\u2019s existing plant would be switched to research and development activities to complete and optimise the ongoing
feasibility study, including the development of markets for the Company\u2019s carbon black substitute product.
IAS 36 stipulates that an entity shall assess at the end of each reporting period whether there is any indication that an asset
may be impaired. If any such indication exists, the entity shall estimate the recoverable amount of the asset.
With reference to IAS 36, during 2024 the Directors determined that the plant and equipment elements of the Company\u2019s
property, plant and equipment i.e. those assets attributable to the existing operation, should be impaired in full until such time
that the existing operation reverted back to operating as a full time concentrate processing plant or other cash generating
commercial activities. During 2025 the existing plant continued to undertake R&D activities and accordingly the Directors have
determined that the impairment charge recognised in 2024 (US$954,000) should not be reversed during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
13 Exploration and evaluation assets
The Group\u2019s exploration and evaluation assets relate to the Balasausqandiq deposit. During the year, the Group capitalised the
cost of technical design, sample assaying and project management costs, all relating to the Company\u2019s Feasibility Study. As at
31 December 2025 the carrying value of exploration and evaluation assets was US$10.5m (2024: US$8.0m).
2025 2024
$000 $000
Balance at 1 January
7,999
7,145
Additions (Stage 1 feasibility study)
3,387
1,619
Foreign currency translation difference
(906)
(765)
Balance at 31 December
10,480
7,999
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "
14 Intangible assets
Mineral Computer
rights Patents software Total
$000 $000 $000 $000
Cost
Balance at 1 January 2024
84
34
3
121
Additions
-
2
1
3
Foreign currency translation difference
(11)
(5)
(1)
(17)
Balance at 31 December 2024
73
31
3
107
Balance at 1 January 2025
73
31
3
107
Foreign currency translation difference
3
2
-
5
Balance at 31 December 2025
76
33
3
112
Amortisation
Balance at 1 January 2024
84
14
3
101
Amortisation for the year
-
1
-
1
Foreign currency translation difference
(11)
(2)
-
(13)
Balance at 31 December 2024
73
13
3
89
Balance at 1 January 2025
73
13
3
89
Amortisation for the year
-
1
-
1
Foreign currency translation difference
3
1
-
4
Balance at 31 December 2025
76
15
3
94
Carrying amounts
At 1 January 2024
-
20
-
20
At 31 December 2024
-
18
-
18
At 31 December 2025
-
18
-
18
During 2025 and 2024 the amortisation of intangible assets was charged to administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "14 Intangible assets
Mineral Computer
rights Patents software Total
$000 $000 $000 $000
Cost
Balance at 1 January 2024
84
34
3
121
Additions
-
2
1
3
Foreign currency translation difference
(11)
(5)
(1)
(17)
Balance at 31 December 2024
73
31
3
107
Balance at 1 January 2025
73
31
3
107
Foreign currency translation difference
3
2
-
5
Balance at 31 December 2025
76
33
3
112
Amortisation
Balance at 1 January 2024
84
14
3
101
Amortisation for the year
-
1
-
1
Foreign currency translation difference
(11)
(2)
-
(13)
Balance at 31 December 2024
73
13
3
89
Balance at 1 January 2025
73
13
3
89
Amortisation for the year
-
1
-
1
Foreign currency translation difference
3
1
-
4
Balance at 31 December 2025
76
15
3
94
Carrying amounts
At 1 January 2024
-
20
-
20
At 31 December 2024
-
18
-
18
At 31 December 2025
-
18
-
18
During 2025 and 2024 the amortisation of intangible assets was charged to administrative expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
15 Deferred tax assets and liabilities
Unrecognised deferred tax assets
2025 2024
$000 $000
Temporary deductible differences
(203)
599
Tax losses carried forward
30,380
23,791
Unrecognised tax deferred tax assets
(30,177)
(24,390)
-
-
Deferred tax assets have not been recognised in respect of these items given the taxable loss in the year and because the
Kazakhstan processing operations benefit from a tax incentive agreement which reduces the tax payable to nil and it is,
therefore, uncertain that future taxable profit will be available against which the Group can utilise the benefits therefrom.
The tax incentive agreement is effective for ten years starting from 2018.
The increase in carried forward tax losses comprises the tax loss for the period and the effect of resubmissions of previous tax
filings which contributed to an increase in tax losses.
Temporary deductible differences mostly relate to property, plant and equipment. Unutilised tax losses expire after 10 years from the year of origination. Expiry dates of unrecognised deferred tax assets in respect of tax losses carried forward at 31 December 2025 are presented below:
Expiry year
$000
2026
708
2027
424
2028
455
2029
1,898
2030
2,991
2031
1,392
2032
3,489
2033
2,695
2034
10,137
2035
5,806
29,995
Unrecognised deferred tax assets above are calculated based on the Kazakh tax rate of 20%.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "
16 Inventories
2025 2024
$000 $000
Raw materials and consumables
1,060
516
Finished goods
230
287
Work in progress
28
71
1,318
874
During 2025 inventories expensed to profit and loss amounted to US$4.4m (2024: US$4.7m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
17 Trade and other receivables
2025 2024
$000 $000
Current
Trade receivables from third parties
264
319
Due from employees
76
-
VAT receivable
1,040
781
Other receivables
-
195
1,380
1,295
Expected credit loss provision for receivables
(73)
(58)
1,307
1,237
The expected credit loss provision for receivables relates to credit impaired receivables which are in default and the Group
considers the probability of collection to be remote given the age of the receivable and default status.
18 Prepayments
2025 2024
$000 $000
Non-current
Prepayment for E&EA
-
964
Other prepayments
1
7
1
971
Current
Prepayments for goods and services
931
853
931
853
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "17 Trade and other receivables
2025 2024
$000 $000
Current
Trade receivables from third parties
264
319
Due from employees
76
-
VAT receivable
1,040
781
Other receivables
-
195
1,380
1,295
Expected credit loss provision for receivables
(73)
(58)
1,307
1,237
The expected credit loss provision for receivables relates to credit impaired receivables which are in default and the Group considers the probability of collection to be remote given the age of the receivable and default status. 18 Prepayments
2025 2024
$000 $000
Non-current
Prepayment for E&EA
-
964
Other prepayments
1
7
1
971
Current
Prepayments for goods and services
931
853
931
853
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "18 Prepayments
2025 2024
$000 $000
Non-current
Prepayment for E&EA
-
964
Other prepayments
1
7
1
971
Current
Prepayments for goods and services
931
853
931
853
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "18 Prepayments
2025 2024
$000 $000
Non-current
Prepayment for E&EA
-
964
Other prepayments
1
7
1
971
Current
Prepayments for goods and services
931
853
931
853
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
19 Cash and cash equivalents
2025 2024
$000 $000
Cash at current bank accounts
1,613
209
Cash at bank deposits
70
3,567
Petty cash
1
1
Cash and cash equivalents
1,684
3,777
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
20 Equity
(a) Share capital
Number of shares unless otherwise stated
Ordinary shares
31 December 31 December
2025 2024
Par value
-
-
Outstanding at beginning of year
483,222,238
483,222,238
Shares issued
75,907,391
-
Outstanding at end of year
559,129,629
483,222,238
Reconciliation of shares issued
Number of Cash proceeds Non cash benefit
Date of admission shares issued (US$) (US$)
6 January 2025
1,764,983
10,000
208,377
12 March 2025
8,657,115
-
872,553
10 July 2025
16,666,667
1,310,276
54,188
11 November 2025
20,638,879
1,329,181
289,692
10 December 2025
28,179,747
1,731,499
336,359
Total
75,907,391
4,380,956
1,761,169
Ordinary shares
All shares rank equally. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company.
Reserves
Share capital: Value of shares issued less costs of issuance.
Additional paid in capital: Amounts due to shareholders which were waived.
Share-based payment: Share options issued.
Foreign currency translation reserve: Foreign currency differences on retranslation of results from functional to presentational
currency and foreign exchange movements on intercompany balances considered to represent net investments which are
considered as permanent equity.
Accumulated losses: Cumulative net losses.
(b) Share options
Summary
All share options are issued under the Company\u2019s share option plan. The share option plan is a scheme that entitles key
management personnel to purchase shares in the Company at the market price of the shares at the date of grant.
The following table summarises the activities and status of the Company\u2019s share option plan during the year and at the year end.
2025
share
options
Outstanding at the beginning of the year
1,000,000
Granted during the year
1,000,000
Exercised during the year
-
Expired / cancelled during the year
-
Outstanding at the year end
2,000,000
Share options in force at the year end were as follows:
Number of Exercise price
Grant date
options
Exercise date
per share (US$)
Expiry date
29 June 2022
250,000
29 June 2025
0.162
29 June 2027
22 September 2022
250,000
22 September 0.151 22 September
2025 2027
12 September 2023
500,000
12 September 0.116 12 September
2026 2028
2 May 2025
1,000,000
2 May 2028
0.088
2 May 2030
2,000,000
No options that vested during the year were exercised or forfeited.
Share-based payment reserve
The following table summarises the changes in the Company\u2019s share-based payment reserve during the year:
Share-based
payment
reserve (US$)
At 1 January 2025
42,210
Exercise of share options
-
Issue of options
-
Payment expense recognised for the year
34,439
At 31 December 2025
76,649
Share-based payment expense During the year, the Company recognised US$34,439 (2024: US$22,447) of share-based payment expense. The fair value of the share-based compensation was estimated on the dates of grant using the Black-Scholes option pricing model with the following assumptions:
Grant date
2 May 2025
Share price at grant date (US$)
0.0829
Exercise price (US$)
0.0829
Expected volatility*
197.3%
Expected life (years)
3
Expected dividend yield (US$)
-
Risk-free interest rate**
3.995%
Fair value per option (US$)
0.076
*expected volatility is derived from the Company\u2019s historical share price volatility **the risk-free rate of return is based on UK government gilts for a term consistent with the option life All share options granted during the year have non-market vesting conditions that were not considered in measuring fair value. (c) Dividends No dividends were declared for the year ended 31 December 2025 (2024: US$ nil). (d) Loss per share (basic and diluted) The calculation of the basic and diluted loss per share has been based on the loss attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. There are no convertible bonds and convertible preferred stock, so basic and diluted losses are equal. (i) Loss attributable to ordinary shareholders (basic and diluted)
2025 2024
$000 $000
Loss for the year, attributable to owners of the Company
(8,415)
(9,429)
Loss attributable to ordinary shareholders
(8,415)
(9,429)
(ii) Weighted-average number of ordinary shares (basic and diluted)
Shares
2025
2024
Issued ordinary shares at 1 January (after subdivision)
483,222,238
483,222,238
Effect of shares issued (weighted)
22,090,787
-
Weighted-average number of ordinary shares at 31 December
505,313,025
483,222,238
Loss per share of common stock attributable to the Company (basic and diluted) (US$)
(0.017)
(0.020)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "20 Equity (a) Share capital Number of shares unless otherwise stated
Ordinary shares
31 December 31 December
2025 2024
Par value
-
-
Outstanding at beginning of year
483,222,238
483,222,238
Shares issued
75,907,391
-
Outstanding at end of year
559,129,629
483,222,238
Reconciliation of shares issued
Number of Cash proceeds Non cash benefit
Date of admission shares issued (US$) (US$)
6 January 2025
1,764,983
10,000
208,377
12 March 2025
8,657,115
-
872,553
10 July 2025
16,666,667
1,310,276
54,188
11 November 2025
20,638,879
1,329,181
289,692
10 December 2025
28,179,747
1,731,499
336,359
Total
75,907,391
4,380,956
1,761,169
Ordinary shares All shares rank equally. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Reserves Share capital: Value of shares issued less costs of issuance. Additional paid in capital: Amounts due to shareholders which were waived. Share-based payment: Share options issued. Foreign currency translation reserve: Foreign currency differences on retranslation of results from functional to presentational currency and foreign exchange movements on intercompany balances considered to represent net investments which are considered as permanent equity. Accumulated losses: Cumulative net losses. (b) Share options Summary All share options are issued under the Company\u2019s share option plan. The share option plan is a scheme that entitles key management personnel to purchase shares in the Company at the market price of the shares at the date of grant. The following table summarises the activities and status of the Company\u2019s share option plan during the year and at the year end.
2025
share
options
Outstanding at the beginning of the year
1,000,000
Granted during the year
1,000,000
Exercised during the year
-
Expired / cancelled during the year
-
Outstanding at the year end
2,000,000
Share options in force at the year end were as follows:
Number of Exercise price
Grant date
options
Exercise date
per share (US$)
Expiry date
29 June 2022
250,000
29 June 2025
0.162
29 June 2027
22 September 2022
250,000
22 September 0.151 22 September
2025 2027
12 September 2023
500,000
12 September 0.116 12 September
2026 2028
2 May 2025
1,000,000
2 May 2028
0.088
2 May 2030
2,000,000
No options that vested during the year were exercised or forfeited. Share-based payment reserve The following table summarises the changes in the Company\u2019s share-based payment reserve during the year:
Share-based
payment
reserve (US$)
At 1 January 2025
42,210
Exercise of share options
-
Issue of options
-
Payment expense recognised for the year
34,439
At 31 December 2025
76,649
Share-based payment expense During the year, the Company recognised US$34,439 (2024: US$22,447) of share-based payment expense. The fair value of the share-based compensation was estimated on the dates of grant using the Black-Scholes option pricing model with the following assumptions:
Grant date
2 May 2025
Share price at grant date (US$)
0.0829
Exercise price (US$)
0.0829
Expected volatility*
197.3%
Expected life (years)
3
Expected dividend yield (US$)
-
Risk-free interest rate**
3.995%
Fair value per option (US$)
0.076
*expected volatility is derived from the Company\u2019s historical share price volatility **the risk-free rate of return is based on UK government gilts for a term consistent with the option life All share options granted during the year have non-market vesting conditions that were not considered in measuring fair value. (c) Dividends No dividends were declared for the year ended 31 December 2025 (2024: US$ nil). (d) Loss per share (basic and diluted) The calculation of the basic and diluted loss per share has been based on the loss attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. There are no convertible bonds and convertible preferred stock, so basic and diluted losses are equal. (i) Loss attributable to ordinary shareholders (basic and diluted)
2025 2024
$000 $000
Loss for the year, attributable to owners of the Company
(8,415)
(9,429)
Loss attributable to ordinary shareholders
(8,415)
(9,429)
(ii) Weighted-average number of ordinary shares (basic and diluted)
Shares
2025
2024
Issued ordinary shares at 1 January (after subdivision)
483,222,238
483,222,238
Effect of shares issued (weighted)
22,090,787
-
Weighted-average number of ordinary shares at 31 December
505,313,025
483,222,238
Loss per share of common stock attributable to the Company (basic and diluted) (US$)
(0.017)
(0.020)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "(a) Share capital Number of shares unless otherwise stated
Ordinary shares
31 December 31 December
2025 2024
Par value
-
-
Outstanding at beginning of year
483,222,238
483,222,238
Shares issued
75,907,391
-
Outstanding at end of year
559,129,629
483,222,238
Reconciliation of shares issued
Number of Cash proceeds Non cash benefit
Date of admission shares issued (US$) (US$)
6 January 2025
1,764,983
10,000
208,377
12 March 2025
8,657,115
-
872,553
10 July 2025
16,666,667
1,310,276
54,188
11 November 2025
20,638,879
1,329,181
289,692
10 December 2025
28,179,747
1,731,499
336,359
Total
75,907,391
4,380,956
1,761,169
Ordinary shares All shares rank equally. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Reserves Share capital: Value of shares issued less costs of issuance. Additional paid in capital: Amounts due to shareholders which were waived. Share-based payment: Share options issued. Foreign currency translation reserve: Foreign currency differences on retranslation of results from functional to presentational currency and foreign exchange movements on intercompany balances considered to represent net investments which are considered as permanent equity. Accumulated losses: Cumulative net losses", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "(b) Share options Summary All share options are issued under the Company\u2019s share option plan. The share option plan is a scheme that entitles key management personnel to purchase shares in the Company at the market price of the shares at the date of grant. The following table summarises the activities and status of the Company\u2019s share option plan during the year and at the year end.
2025
share
options
Outstanding at the beginning of the year
1,000,000
Granted during the year
1,000,000
Exercised during the year
-
Expired / cancelled during the year
-
Outstanding at the year end
2,000,000
Share options in force at the year end were as follows:
Number of Exercise price
Grant date
options
Exercise date
per share (US$)
Expiry date
29 June 2022
250,000
29 June 2025
0.162
29 June 2027
22 September 2022
250,000
22 September 0.151 22 September
2025 2027
12 September 2023
500,000
12 September 0.116 12 September
2026 2028
2 May 2025
1,000,000
2 May 2028
0.088
2 May 2030
2,000,000
No options that vested during the year were exercised or forfeited. Share-based payment reserve The following table summarises the changes in the Company\u2019s share-based payment reserve during the year:
Share-based
payment
reserve (US$)
At 1 January 2025
42,210
Exercise of share options
-
Issue of options
-
Payment expense recognised for the year
34,439
At 31 December 2025
76,649
Share-based payment expense
During the year, the Company recognised US$34,439 (2024: US$22,447) of share-based payment expense. The fair value of
the share-based compensation was estimated on the dates of grant using the Black-Scholes option pricing model with the
following assumptions:
Grant date
2 May 2025
Share price at grant date (US$)
0.0829
Exercise price (US$)
0.0829
Expected volatility*
197.3%
Expected life (years)
3
Expected dividend yield (US$)
-
Risk-free interest rate**
3.995%
Fair value per option (US$)
0.076
*expected volatility is derived from the Company\u2019s historical share price volatility
**the risk-free rate of return is based on UK government gilts for a term consistent with the option life
All share options granted during the year have non-market vesting conditions that were not considered in measuring fair
value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "
(c) Dividends
No dividends were declared for the year ended 31 December 2025 (2024: US$ nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "(d) Loss per share (basic and diluted) The calculation of the basic and diluted loss per share has been based on the loss attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. There are no convertible bonds and convertible preferred stock, so basic and diluted losses are equal. (i) Loss attributable to ordinary shareholders (basic and diluted)
2025 2024
$000 $000
Loss for the year, attributable to owners of the Company
(8,415)
(9,429)
Loss attributable to ordinary shareholders
(8,415)
(9,429)
(ii) Weighted-average number of ordinary shares (basic and diluted)
Shares
2025
2024
Issued ordinary shares at 1 January (after subdivision)
483,222,238
483,222,238
Effect of shares issued (weighted)
22,090,787
-
Weighted-average number of ordinary shares at 31 December
505,313,025
483,222,238
Loss per share of common stock attributable to the Company (basic and diluted) (US$)
(0.017)
(0.020)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
21 Loans and borrowings
In 2023 the Company launched the US$20m Bond Programme in Kazakhstan and has issued four tranches of unsecured
corporate bonds under the Bond Programme with effective interest rates of 9.2%, 10.4%, 11% and 13.5% respectively.
With respect to the first tranche of bonds, investors have subscribed for a total of 1,500 bonds with a nominal value of
US$2,000 each. These bonds are unsecured, have a three-year term and bear a coupon rate of 9%, paid twice-yearly.
The bonds have been listed on AIX with ISIN number KZX000001474. This tranche reaches maturity on 27 July 2026.
With respect to the second tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of
US$100 each. These bonds are unsecured, have a three-year term and bear a coupon rate of 10%, paid quarterly. The bonds
have been listed on AIX with ISIN number KZX000001623. This tranche reaches maturity on 19 September 2026.
With respect to the third tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of
US$100 each. These bonds are unsecured, have a two and a half year term and bear a coupon rate of 11%, paid quarterly.
The bonds have been listed on AIX with ISIN number KZX000001946. This tranche reaches maturity on 30 July 2026.
With respect to the fourth tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of
US$100 each. These bonds are unsecured, have a three-year term with an option to redeem 12 months early and bear a
coupon rate of 13.5%, paid quarterly. The bonds have been listed on AIX with ISIN number KZX000003348. This tranche
reaches maturity on 29 November 2027 with an option for early redemption on 29 November 2026.
2025 2024
$000 $000
Non-current liabilities
Bonds payable
5,000
17,134
5,000
17,134
Current liabilities
Bonds payable
12,563
-
Interest payable
309
432
12,872
432
During the year, no bonds came to maturity or were repaid to bondholders (2024: US$ nil)
The terms and conditions of outstanding the bonds (which are not subject to any covenants) as at 31 December 2025 were as
follows:
Effective Nominal Actual
interest amount amount Coupon Coupon
USD
Currency
rate $000 $000 rate
paid
Interest
Bonds payable
USD
9.2%
3,000
2,898
9%
270
271
Bonds payable
USD
10.4%
5,000
4,874
10%
625
500
Bonds payable
USD
11.0%
5,000
5,003
11%
550
550
Bonds payable
USD
13.5%
5,000
5,000
13.5%
675
675
18,000
17,775
2,120
1,996
Non-cash transactions from financing activities are shown in the reconciliation of liabilities from financing transactions.
2025 2024
$000 $000
Loans and borrowings
At 1 January
17,566
7,527
Cash flows:
\u2013 Interest paid
(2,120)
(1,041)
\u2013 Repayment of loans and borrowings
-
-
\u2013 Proceeds from loans and borrowings
-
10,003
Total
15,446
16,489
Non-cash flows
\u2013 Interest accruing in period
1,996
1,340
\u2013 Bond discount / premium
430
(263)
At 31 December
17,872
17,566
25 Financial instruments and risk management
(a) Overview
The Group has exposure to the following risks from its use of financial instruments:
\u2022 credit risk;
\u2022 liquidity risk; and
\u2022 market risk.
This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and
processes for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are
included throughout these consolidated financial statements.
Risk management framework
The Chief Executive has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework.
The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate
risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
to reflect changes in market conditions and the Group\u2019s activities. The Group aims to develop a disciplined and constructive
control environment in which all employees understand their roles and obligations.
(b) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligations and arises principally from the Group\u2019s receivables from customers.
(i) Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the
reporting date was:
Carrying amount
2025 2024
$000 $000
Trade and other receivables, excluding amounts due from employees and VAT receivable
264
319
Cash and cash equivalents
1,683
3,777
1,947
4,096
The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was:
Carrying amount
2025 2024
$000 $000
Kazakhstan
264
319
264
319
The maximum exposure to credit risk for trade and other receivables at the reporting date by type of customer was:
Carrying amount
2025 2024
$000 $000
Trade receivables:
Wholesale customers
264
319
264
319
The ageing of trade and other receivables at the reporting date was:
Gross Impairment Net Gross Impairment Net
2025 2025 2025 2024 2024 2024
$000 $000 $000 $000 $000 $000
Not past due
264
-
264
319
-
319
Past due more than
180 days
73
(73)
-
58
(58)
-
337
(73)
264
377
(58)
319
The movement in the allowance for expected credit losses in respect of other receivables during the year was as follows:
2025 2024
$000 $000
Balance at beginning of the year
58
47
Expected gain change
15
11
Balance at end of the year
73
58
Amounts due from customers at the year end have been mainly subsequently collected in 2026, except for credit impaired
amounts. No additional expected credit loss provision has been applied.
(ii) Cash and cash equivalents
As at 31 December 2025 the Group held cash of US$1.68m (2024: US$3.78m), of which balances of US$1.68m
(2024: US$3.78m) represent its maximum credit exposure on these assets (which excludes petty cash). Of these balances 88%
(2024: 97%) is held in banks with credit ratings of A+ to AA and 12% in banks with credit ratings of B to BB (2024: 3%). Credit
ratings are provided by the rating agency FitchRatings.
(c) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The following are the contractual maturities of financial liabilities. It is not expected that the cash flows included in the maturity
analysis could occur significantly earlier, or at significantly different amounts:
Carrying Contractual 6 months -
amount cash flows On demand 0-6 mths 1 year 1-3 years
2025 $000 $000 $000 $000 $000 $000
Financial liabilities
Trade and other payables
2,910
2,910
-
2,910
-
-
Loans and borrowings
17,872
17,872
-
863
13,735
3,274
20,782
20,782
-
3,773
13,735
3,274
Carrying Contractual 6 months -
amount cash flows On demand 0-6 mths 1 year 1-3 years
2024 $000 $000 $000 $000 $000 $000
Financial liabilities
Trade and other payables
1,273
1,273
-
1,273
-
-
Loans and borrowings
17,566
21,970
-
1,430
998
19,542
18,839
23,243
-
2,703
998
19,542
(d) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect
the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage
and control market risk exposures within acceptable parameters, while optimising the return.
In order to ascertain market risk the Group analyses the impact of different levels of vanadium pentoxide and molybdenum
prices on profitability as well as closely monitoring the market conditions for other leading international organisations
operating in the vanadium industry.
(i) Currency risk
The Group is exposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than the
respective functional currency of Group entities.
In respect of monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure is kept
to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short term imbalances.
Exposure to currency risk
The Group\u2019s exposure to foreign currency risk was as follows based on notional amounts:
US$- GBP- EUR- RUB- KZT-
denominated denominated denominated denominated denominated
2025 2025 2025 2025 2025
2025 $000 $000 $000 $000 $000
Cash and cash equivalents
1
1,480
-
-
203
Trade and other payables
-
-
-
-
(4,085)
Loans and borrowings
(17,872)
-
-
-
-
Net exposure
(17,871)
1,480
-
-
(3,882)
US$- GBP- EUR- RUB- KZT-
denominated denominated denominated denominated denominated
2024 2024 2024 2024 2024
2024 $000 $000 $000 $000 $000
Cash and cash equivalents
3,500
142
-
5
130
Trade and other payables
(959)
-
(98)
(43)
(895)
Loans and borrowings
(17,566)
-
-
-
-
Net exposure
(15,025)
142
(98)
(38)
(765)
The following significant exchange rates applied during the year:
Average rate
Reporting date spot rate
in US$
2025
2024
2025
2024
KZT 1
0.0019
0.0021
0.0020
0.0019
GBP 1
1.3184
1.2784
1.3518
1.2589
RUB 1
0.0120
0.0108
0.0128
0.0095
EUR 1
1.1304
1.0818
1.1773
1.0438
(ii) Interest rate risk
Changes in interest rates do not significantly impact the Group\u2019s position as at 31 December 2025. Management does not
have a formal policy of determining how much of the Group\u2019s exposure should be to fixed or variable rates. However, at the
time of raising new loans or borrowings management uses its judgment to decide whether it believes that a fixed or variable
rate would be more favourable to the Group over the expected period until maturity.
Bond interest rates are fixed by agreement.
Changes in interest rates at the reporting date would not significantly affect profit or loss.
(iii) Other risks
IAS 1 requires the disclosure of the risks and measures to meet the risks related to external capital requirements.
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising
returns to shareholders through the optimisation of the debt and equity balance. The Group\u2019s overall strategy remains
unchanged from 2023.
The capital structure of the Group consists of net debt (see Note 21) and the equity of the Group (see Note 20).
The Group is not subject to any externally imposed capital requirements.
The Group reviews the capital structure on a regular basis giving consideration to the cost of capital and the risks associated
with each class of capital.
Debt is defined as long- and short-term borrowings as detailed in Note 21.
Equity includes all capital and reserves of the Group that are managed as capital.
(e) Fair values versus carrying amounts
Management believes that the fair value of the Group\u2019s financial assets and liabilities approximates their carrying amounts.
Categories of financial instruments
2025 2024
$000 $000
Financial assets (includes cash)
Trade and other receivables
264
319
Cash at amortised cost
1,683
3,777
1,947
4,096
Financial liabilities \u2013 measured at amortised cost
Trade and other payables at amortised cost
2,910
1,273
Loans and borrowings at amortised cost
17,872
17,566
20,782
18,839
The basis for determining fair values is disclosed below.
Financial instruments measured at fair value are presented by level within which the fair value measurement is categorised.
The levels of fair value measurement are determined as following:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Group\u2019s contract receivables and liabilities at the year end are recorded at fair value through profit and loss and fair
valued based on the estimated forward prices that will apply under the terms of the sales contracts upon the product reaching
the port of destination. The trade receivable fair value reflects amounts receivable from the customer adjusted for forward
prices expected to be realised.
In the absence of observable forward prices the forward price is estimated using a valuation methodology which is based on
vanadium spot prices at 31 December 2025 adjusted for the discount for AMV, time value of money and carry costs. Given
the short period to final pricing the time value of money and carry costs are not significant and the forward price materially
approximates the spot price at year end with the adjustment to reflect the difference between vanadium pentoxide prices
and AMV. Any fair value of trade receivables and payables at FVTPL are categorised at Level 3. During the year there were no
transfers between levels of fair value hierarchy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "21 Loans and borrowings In 2023 the Company launched the US$20m Bond Programme in Kazakhstan and has issued four tranches of unsecured corporate bonds under the Bond Programme with effective interest rates of 9.2%, 10.4%, 11% and 13.5% respectively. With respect to the first tranche of bonds, investors have subscribed for a total of 1,500 bonds with a nominal value of US$2,000 each. These bonds are unsecured, have a three-year term and bear a coupon rate of 9%, paid twice-yearly. The bonds have been listed on AIX with ISIN number KZX000001474. This tranche reaches maturity on 27 July 2026. With respect to the second tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of US$100 each. These bonds are unsecured, have a three-year term and bear a coupon rate of 10%, paid quarterly. The bonds have been listed on AIX with ISIN number KZX000001623. This tranche reaches maturity on 19 September 2026. With respect to the third tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of US$100 each. These bonds are unsecured, have a two and a half year term and bear a coupon rate of 11%, paid quarterly. The bonds have been listed on AIX with ISIN number KZX000001946. This tranche reaches maturity on 30 July 2026. With respect to the fourth tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of US$100 each. These bonds are unsecured, have a three-year term with an option to redeem 12 months early and bear a coupon rate of 13.5%, paid quarterly. The bonds have been listed on AIX with ISIN number KZX000003348. This tranche reaches maturity on 29 November 2027 with an option for early redemption on 29 November 2026.
2025 2024
$000 $000
Non-current liabilities
Bonds payable
5,000
17,134
5,000
17,134
Current liabilities
Bonds payable
12,563
-
Interest payable
309
432
12,872
432
During the year, no bonds came to maturity or were repaid to bondholders (2024: US$ nil) The terms and conditions of outstanding the bonds (which are not subject to any covenants) as at 31 December 2025 were as follows:
Effective Nominal Actual
interest amount amount Coupon Coupon
USD
Currency
rate $000 $000 rate
paid
Interest
Bonds payable
USD
9.2%
3,000
2,898
9%
270
271
Bonds payable
USD
10.4%
5,000
4,874
10%
625
500
Bonds payable
USD
11.0%
5,000
5,003
11%
550
550
Bonds payable
USD
13.5%
5,000
5,000
13.5%
675
675
18,000
17,775
2,120
1,996
Non-cash transactions from financing activities are shown in the reconciliation of liabilities from financing transactions.
2025 2024
$000 $000
Loans and borrowings
At 1 January
17,566
7,527
Cash flows:
\u2013 Interest paid
(2,120)
(1,041)
\u2013 Repayment of loans and borrowings
-
-
\u2013 Proceeds from loans and borrowings
-
10,003
Total
15,446
16,489
Non-cash flows
\u2013 Interest accruing in period
1,996
1,340
\u2013 Bond discount / premium
430
(263)
At 31 December
17,872
17,566
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "21 Loans and borrowings In 2023 the Company launched the US$20m Bond Programme in Kazakhstan and has issued four tranches of unsecured corporate bonds under the Bond Programme with effective interest rates of 9.2%, 10.4%, 11% and 13.5% respectively. With respect to the first tranche of bonds, investors have subscribed for a total of 1,500 bonds with a nominal value of US$2,000 each. These bonds are unsecured, have a three-year term and bear a coupon rate of 9%, paid twice-yearly. The bonds have been listed on AIX with ISIN number KZX000001474. This tranche reaches maturity on 27 July 2026. With respect to the second tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of US$100 each. These bonds are unsecured, have a three-year term and bear a coupon rate of 10%, paid quarterly. The bonds have been listed on AIX with ISIN number KZX000001623. This tranche reaches maturity on 19 September 2026. With respect to the third tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of US$100 each. These bonds are unsecured, have a two and a half year term and bear a coupon rate of 11%, paid quarterly. The bonds have been listed on AIX with ISIN number KZX000001946. This tranche reaches maturity on 30 July 2026. With respect to the fourth tranche of bonds, investors have subscribed for a total of 50,000 bonds with a nominal value of US$100 each. These bonds are unsecured, have a three-year term with an option to redeem 12 months early and bear a coupon rate of 13.5%, paid quarterly. The bonds have been listed on AIX with ISIN number KZX000003348. This tranche reaches maturity on 29 November 2027 with an option for early redemption on 29 November 2026.
2025 2024
$000 $000
Non-current liabilities
Bonds payable
5,000
17,134
5,000
17,134
Current liabilities
Bonds payable
12,563
-
Interest payable
309
432
12,872
432
During the year, no bonds came to maturity or were repaid to bondholders (2024: US$ nil) The terms and conditions of outstanding the bonds (which are not subject to any covenants) as at 31 December 2025 were as follows:
Effective Nominal Actual
interest amount amount Coupon Coupon
USD
Currency
rate $000 $000 rate
paid
Interest
Bonds payable
USD
9.2%
3,000
2,898
9%
270
271
Bonds payable
USD
10.4%
5,000
4,874
10%
625
500
Bonds payable
USD
11.0%
5,000
5,003
11%
550
550
Bonds payable
USD
13.5%
5,000
5,000
13.5%
675
675
18,000
17,775
2,120
1,996
Non-cash transactions from financing activities are shown in the reconciliation of liabilities from financing transactions.
2025 2024
$000 $000
Loans and borrowings
At 1 January
17,566
7,527
Cash flows:
\u2013 Interest paid
(2,120)
(1,041)
\u2013 Repayment of loans and borrowings
-
-
\u2013 Proceeds from loans and borrowings
-
10,003
Total
15,446
16,489
Non-cash flows
\u2013 Interest accruing in period
1,996
1,340
\u2013 Bond discount / premium
430
(263)
At 31 December
17,872
17,566
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
22 Provisions
2025 2024
$000 $000
Balance at 1 January
24
31
Change in estimate
4
(3)
Foreign currency translation difference
1
(4)
Balance at 31 December
29
24
Non-current
29
24
29
24
Site restoration
A provision has been recognised in respect of the Group\u2019s obligation to rectify environmental issues at the Balasausqandiq
deposit in the Kyzylorda region.
In accordance with Kazakhstan environmental legislation, any land contaminated by the Group in the Kyzylorda region
must be restored before the end of 2043. The provision was estimated by considering the risks related to the amount and
timing of restoration costs based on the known level of damage. Because of the long-term nature of the liability, the main
uncertainty in estimating the provision is the costs that will be incurred. In particular, the Group has assumed that the site
will be restored using technology and materials that are available currently. A fund to cover this liability will be collected via
annual statutory contributions to the special liquidation fund at the rate of 1% of mining expenses as stipulated in the Subsoil
Use Agreement. Based on the working program which forms part of the Subsoil Use Agreement the total amount is expected
to reach KZT 675m or c. US$1,290,000. The present value of restoration costs was determined by discounting the estimated
restoration cost using a Kazakh risk-free rate (15%) for the respective period, and average inflation for the 2024 was 8.6%. The
estimated period for discounting was 19 years (2024: 20 years). Environmental legislation in Kazakhstan continues to evolve
and it is difficult to determine the exact standards required by the current legislation in restoring sites such as this. Generally,
the standard of restoration is determined based on discussions with the Kazakh government at the time that restoration
commences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "22 Provisions
2025 2024
$000 $000
Balance at 1 January
24
31
Change in estimate
4
(3)
Foreign currency translation difference
1
(4)
Balance at 31 December
29
24
Non-current
29
24
29
24
Site restoration A provision has been recognised in respect of the Group\u2019s obligation to rectify environmental issues at the Balasausqandiq deposit in the Kyzylorda region. In accordance with Kazakhstan environmental legislation, any land contaminated by the Group in the Kyzylorda region must be restored before the end of 2043. The provision was estimated by considering the risks related to the amount and timing of restoration costs based on the known level of damage. Because of the long-term nature of the liability, the main uncertainty in estimating the provision is the costs that will be incurred. In particular, the Group has assumed that the site will be restored using technology and materials that are available currently. A fund to cover this liability will be collected via annual statutory contributions to the special liquidation fund at the rate of 1% of mining expenses as stipulated in the Subsoil Use Agreement. Based on the working program which forms part of the Subsoil Use Agreement the total amount is expected to reach KZT 675m or c. US$1,290,000. The present value of restoration costs was determined by discounting the estimated restoration cost using a Kazakh risk-free rate (15%) for the respective period, and average inflation for the 2024 was 8.6%. The estimated period for discounting was 19 years (2024: 20 years). Environmental legislation in Kazakhstan continues to evolve and it is difficult to determine the exact standards required by the current legislation in restoring sites such as this. Generally, the standard of restoration is determined based on discussions with the Kazakh government at the time that restoration commences. 27 Contingencies (a) Insurance The insurance industry in the Kazakhstan is in a developing state and many forms of insurance protection common in other parts of the world are not yet generally or economically available. The Group does not have full coverage for its plant facilities, business interruption or third party liability in respect of property or environmental damage arising from accidents on Group property or relating to Group operations. There is a risk that the loss or destruction of certain assets could have a material adverse effect on the Group\u2019s operations and financial position.
(b) Taxation
The taxation system in Kazakhstan is relatively new and is characterised by frequent changes in legislation, official
pronouncements and court decisions which are often unclear, contradictory and subject to varying interpretations by different
tax authorities. Taxes are subject to review and investigation by various levels of authorities which have the authority to
impose severe fines, penalties and interest charges. A tax year generally remains open for review by the tax authorities for five
subsequent calendar years but under certain circumstances a tax year may remain open longer.
These circumstances may create tax risks in Kazakhstan that are more significant than in other countries. Management
believes that it has provided adequately for tax liabilities based on its interpretations of applicable tax legislation, official
pronouncements and court decisions. However, the interpretations of the relevant authorities could differ and the effect
on these consolidated financial statements, if the authorities were successful in enforcing their interpretations, could be
significant.
There are no tax claims or disputes at present.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
23 Trade and other payables
2025 2024
$000 $000
Trade payables
2,910
1,273
Debt to employees
189
188
Other taxes
186
310
Advances received
801
72
4,086
1,843
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
24 Deferred income
2025 2024
$000 $000
Government grants
-
102
-
102
During 2023, the Group was awarded grant funding by the Kazakhstan National Scientific Council for the development of
technology for the production of mixed vanadium oxides for use in VRFBs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "25 Financial instruments and risk management (a) Overview The Group has exposure to the following risks from its use of financial instruments: \u2022 credit risk; \u2022 liquidity risk; and \u2022 market risk. This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. Risk management framework The Chief Executive has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed to reflect changes in market conditions and the Group\u2019s activities. The Group aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. (b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. (i) Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2025 2024
$000 $000
Trade and other receivables, excluding amounts due from employees and VAT receivable
264
319
Cash and cash equivalents
1,683
3,777
1,947
4,096
The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was:
Carrying amount
2025 2024
$000 $000
Kazakhstan
264
319
264
319
The maximum exposure to credit risk for trade and other receivables at the reporting date by type of customer was:
Carrying amount
2025 2024
$000 $000
Trade receivables:
Wholesale customers
264
319
264
319
The ageing of trade and other receivables at the reporting date was:
Gross Impairment Net Gross Impairment Net
2025 2025 2025 2024 2024 2024
$000 $000 $000 $000 $000 $000
Not past due
264
-
264
319
-
319
Past due more than
180 days
73
(73)
-
58
(58)
-
337
(73)
264
377
(58)
319
The movement in the allowance for expected credit losses in respect of other receivables during the year was as follows:
2025 2024
$000 $000
Balance at beginning of the year
58
47
Expected gain change
15
11
Balance at end of the year
73
58
Amounts due from customers at the year end have been mainly subsequently collected in 2026, except for credit impaired amounts. No additional expected credit loss provision has been applied. (ii) Cash and cash equivalents As at 31 December 2025 the Group held cash of US$1.68m (2024: US$3.78m), of which balances of US$1.68m (2024: US$3.78m) represent its maximum credit exposure on these assets (which excludes petty cash). Of these balances 88% (2024: 97%) is held in banks with credit ratings of A+ to AA and 12% in banks with credit ratings of B to BB (2024: 3%). Credit ratings are provided by the rating agency FitchRatings. (c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The following are the contractual maturities of financial liabilities. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts:
Carrying Contractual 6 months -
amount cash flows On demand 0-6 mths 1 year 1-3 years
2025 $000 $000 $000 $000 $000 $000
Financial liabilities
Trade and other payables
2,910
2,910
-
2,910
-
-
Loans and borrowings
17,872
17,872
-
863
13,735
3,274
20,782
20,782
-
3,773
13,735
3,274
Carrying Contractual 6 months -
amount cash flows On demand 0-6 mths 1 year 1-3 years
2024 $000 $000 $000 $000 $000 $000
Financial liabilities
Trade and other payables
1,273
1,273
-
1,273
-
-
Loans and borrowings
17,566
21,970
-
1,430
998
19,542
18,839
23,243
-
2,703
998
19,542
(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. In order to ascertain market risk the Group analyses the impact of different levels of vanadium pentoxide and molybdenum prices on profitability as well as closely monitoring the market conditions for other leading international organisations operating in the vanadium industry. (i) Currency risk The Group is exposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than the respective functional currency of Group entities. In respect of monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short term imbalances. Exposure to currency risk The Group\u2019s exposure to foreign currency risk was as follows based on notional amounts:
US$- GBP- EUR- RUB- KZT-
denominated denominated denominated denominated denominated
2025 2025 2025 2025 2025
2025 $000 $000 $000 $000 $000
Cash and cash equivalents
1
1,480
-
-
203
Trade and other payables
-
-
-
-
(4,085)
Loans and borrowings
(17,872)
-
-
-
-
Net exposure
(17,871)
1,480
-
-
(3,882)
US$- GBP- EUR- RUB- KZT-
denominated denominated denominated denominated denominated
2024 2024 2024 2024 2024
2024 $000 $000 $000 $000 $000
Cash and cash equivalents
3,500
142
-
5
130
Trade and other payables
(959)
-
(98)
(43)
(895)
Loans and borrowings
(17,566)
-
-
-
-
Net exposure
(15,025)
142
(98)
(38)
(765)
The following significant exchange rates applied during the year:
Average rate
Reporting date spot rate
in US$
2025
2024
2025
2024
KZT 1
0.0019
0.0021
0.0020
0.0019
GBP 1
1.3184
1.2784
1.3518
1.2589
RUB 1
0.0120
0.0108
0.0128
0.0095
EUR 1
1.1304
1.0818
1.1773
1.0438
(ii) Interest rate risk Changes in interest rates do not significantly impact the Group\u2019s position as at 31 December 2025. Management does not have a formal policy of determining how much of the Group\u2019s exposure should be to fixed or variable rates. However, at the time of raising new loans or borrowings management uses its judgment to decide whether it believes that a fixed or variable rate would be more favourable to the Group over the expected period until maturity. Bond interest rates are fixed by agreement. Changes in interest rates at the reporting date would not significantly affect profit or loss. (iii) Other risks IAS 1 requires the disclosure of the risks and measures to meet the risks related to external capital requirements. The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising returns to shareholders through the optimisation of the debt and equity balance. The Group\u2019s overall strategy remains unchanged from 2023. The capital structure of the Group consists of net debt (see Note 21) and the equity of the Group (see Note 20). The Group is not subject to any externally imposed capital requirements. The Group reviews the capital structure on a regular basis giving consideration to the cost of capital and the risks associated with each class of capital. Debt is defined as long- and short-term borrowings as detailed in Note 21. Equity includes all capital and reserves of the Group that are managed as capital. (e) Fair values versus carrying amounts Management believes that the fair value of the Group\u2019s financial assets and liabilities approximates their carrying amounts. Categories of financial instruments
2025 2024
$000 $000
Financial assets (includes cash)
Trade and other receivables
264
319
Cash at amortised cost
1,683
3,777
1,947
4,096
Financial liabilities \u2013 measured at amortised cost
Trade and other payables at amortised cost
2,910
1,273
Loans and borrowings at amortised cost
17,872
17,566
20,782
18,839
The basis for determining fair values is disclosed below. Financial instruments measured at fair value are presented by level within which the fair value measurement is categorised. The levels of fair value measurement are determined as following: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group\u2019s contract receivables and liabilities at the year end are recorded at fair value through profit and loss and fair valued based on the estimated forward prices that will apply under the terms of the sales contracts upon the product reaching the port of destination. The trade receivable fair value reflects amounts receivable from the customer adjusted for forward prices expected to be realised. In the absence of observable forward prices the forward price is estimated using a valuation methodology which is based on vanadium spot prices at 31 December 2025 adjusted for the discount for AMV, time value of money and carry costs. Given the short period to final pricing the time value of money and carry costs are not significant and the forward price materially approximates the spot price at year end with the adjustment to reflect the difference between vanadium pentoxide prices and AMV. Any fair value of trade receivables and payables at FVTPL are categorised at Level 3. During the year there were no transfers between levels of fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "(b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. (i) Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2025 2024
$000 $000
Trade and other receivables, excluding amounts due from employees and VAT receivable
264
319
Cash and cash equivalents
1,683
3,777
1,947
4,096
The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was:
Carrying amount
2025 2024
$000 $000
Kazakhstan
264
319
264
319
The maximum exposure to credit risk for trade and other receivables at the reporting date by type of customer was:
Carrying amount
2025 2024
$000 $000
Trade receivables:
Wholesale customers
264
319
264
319
The ageing of trade and other receivables at the reporting date was:
Gross Impairment Net Gross Impairment Net
2025 2025 2025 2024 2024 2024
$000 $000 $000 $000 $000 $000
Not past due
264
-
264
319
-
319
Past due more than
180 days
73
(73)
-
58
(58)
-
337
(73)
264
377
(58)
319
The movement in the allowance for expected credit losses in respect of other receivables during the year was as follows:
2025 2024
$000 $000
Balance at beginning of the year
58
47
Expected gain change
15
11
Balance at end of the year
73
58
Amounts due from customers at the year end have been mainly subsequently collected in 2026, except for credit impaired amounts. No additional expected credit loss provision has been applied. (ii) Cash and cash equivalents As at 31 December 2025 the Group held cash of US$1.68m (2024: US$3.78m), of which balances of US$1.68m (2024: US$3.78m) represent its maximum credit exposure on these assets (which excludes petty cash). Of these balances 88% (2024: 97%) is held in banks with credit ratings of A+ to AA and 12% in banks with credit ratings of B to BB (2024: 3%). Credit ratings are provided by the rating agency FitchRatings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "(c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The following are the contractual maturities of financial liabilities. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts:
Carrying Contractual 6 months -
amount cash flows On demand 0-6 mths 1 year 1-3 years
2025 $000 $000 $000 $000 $000 $000
Financial liabilities
Trade and other payables
2,910
2,910
-
2,910
-
-
Loans and borrowings
17,872
17,872
-
863
13,735
3,274
20,782
20,782
-
3,773
13,735
3,274
Carrying Contractual 6 months -
amount cash flows On demand 0-6 mths 1 year 1-3 years
2024 $000 $000 $000 $000 $000 $000
Financial liabilities
Trade and other payables
1,273
1,273
-
1,273
-
-
Loans and borrowings
17,566
21,970
-
1,430
998
19,542
18,839
23,243
-
2,703
998
19,542
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. In order to ascertain market risk the Group analyses the impact of different levels of vanadium pentoxide and molybdenum prices on profitability as well as closely monitoring the market conditions for other leading international organisations operating in the vanadium industry. (i) Currency risk The Group is exposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than the respective functional currency of Group entities. In respect of monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short term imbalances. Exposure to currency risk The Group\u2019s exposure to foreign currency risk was as follows based on notional amounts:
US$- GBP- EUR- RUB- KZT-
denominated denominated denominated denominated denominated
2025 2025 2025 2025 2025
2025 $000 $000 $000 $000 $000
Cash and cash equivalents
1
1,480
-
-
203
Trade and other payables
-
-
-
-
(4,085)
Loans and borrowings
(17,872)
-
-
-
-
Net exposure
(17,871)
1,480
-
-
(3,882)
US$- GBP- EUR- RUB- KZT-
denominated denominated denominated denominated denominated
2024 2024 2024 2024 2024
2024 $000 $000 $000 $000 $000
Cash and cash equivalents
3,500
142
-
5
130
Trade and other payables
(959)
-
(98)
(43)
(895)
Loans and borrowings
(17,566)
-
-
-
-
Net exposure
(15,025)
142
(98)
(38)
(765)
The following significant exchange rates applied during the year:
Average rate
Reporting date spot rate
in US$
2025
2024
2025
2024
KZT 1
0.0019
0.0021
0.0020
0.0019
GBP 1
1.3184
1.2784
1.3518
1.2589
RUB 1
0.0120
0.0108
0.0128
0.0095
EUR 1
1.1304
1.0818
1.1773
1.0438
(ii) Interest rate risk Changes in interest rates do not significantly impact the Group\u2019s position as at 31 December 2025. Management does not have a formal policy of determining how much of the Group\u2019s exposure should be to fixed or variable rates. However, at the time of raising new loans or borrowings management uses its judgment to decide whether it believes that a fixed or variable rate would be more favourable to the Group over the expected period until maturity. Bond interest rates are fixed by agreement. Changes in interest rates at the reporting date would not significantly affect profit or loss. (iii) Other risks IAS 1 requires the disclosure of the risks and measures to meet the risks related to external capital requirements. The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising returns to shareholders through the optimisation of the debt and equity balance. The Group\u2019s overall strategy remains unchanged from 2023. The capital structure of the Group consists of net debt (see Note 21) and the equity of the Group (see Note 20). The Group is not subject to any externally imposed capital requirements. The Group reviews the capital structure on a regular basis giving consideration to the cost of capital and the risks associated with each class of capital. Debt is defined as long- and short-term borrowings as detailed in Note 21. Equity includes all capital and reserves of the Group that are managed as capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "(e) Fair values versus carrying amounts Management believes that the fair value of the Group\u2019s financial assets and liabilities approximates their carrying amounts. Categories of financial instruments
2025 2024
$000 $000
Financial assets (includes cash)
Trade and other receivables
264
319
Cash at amortised cost
1,683
3,777
1,947
4,096
Financial liabilities \u2013 measured at amortised cost
Trade and other payables at amortised cost
2,910
1,273
Loans and borrowings at amortised cost
17,872
17,566
20,782
18,839
The basis for determining fair values is disclosed below. Financial instruments measured at fair value are presented by level within which the fair value measurement is categorised. The levels of fair value measurement are determined as following: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group\u2019s contract receivables and liabilities at the year end are recorded at fair value through profit and loss and fair valued based on the estimated forward prices that will apply under the terms of the sales contracts upon the product reaching the port of destination. The trade receivable fair value reflects amounts receivable from the customer adjusted for forward prices expected to be realised. In the absence of observable forward prices the forward price is estimated using a valuation methodology which is based on vanadium spot prices at 31 December 2025 adjusted for the discount for AMV, time value of money and carry costs. Given the short period to final pricing the time value of money and carry costs are not significant and the forward price materially approximates the spot price at year end with the adjustment to reflect the difference between vanadium pentoxide prices and AMV. Any fair value of trade receivables and payables at FVTPL are categorised at Level 3. During the year there were no transfers between levels of fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "(e) Fair values versus carrying amounts Management believes that the fair value of the Group\u2019s financial assets and liabilities approximates their carrying amounts. Categories of financial instruments
2025 2024
$000 $000
Financial assets (includes cash)
Trade and other receivables
264
319
Cash at amortised cost
1,683
3,777
1,947
4,096
Financial liabilities \u2013 measured at amortised cost
Trade and other payables at amortised cost
2,910
1,273
Loans and borrowings at amortised cost
17,872
17,566
20,782
18,839
The basis for determining fair values is disclosed below. Financial instruments measured at fair value are presented by level within which the fair value measurement is categorised. The levels of fair value measurement are determined as following: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group\u2019s contract receivables and liabilities at the year end are recorded at fair value through profit and loss and fair valued based on the estimated forward prices that will apply under the terms of the sales contracts upon the product reaching the port of destination. The trade receivable fair value reflects amounts receivable from the customer adjusted for forward prices expected to be realised. In the absence of observable forward prices the forward price is estimated using a valuation methodology which is based on vanadium spot prices at 31 December 2025 adjusted for the discount for AMV, time value of money and carry costs. Given the short period to final pricing the time value of money and carry costs are not significant and the forward price materially approximates the spot price at year end with the adjustment to reflect the difference between vanadium pentoxide prices and AMV. Any fair value of trade receivables and payables at FVTPL are categorised at Level 3. During the year there were no transfers between levels of fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
26 Commitments
Under the conditions of the Subsoil Use Agreement under which the Group has the right to develop and exploit the
Balasausqandiq deposit, the Group is obliged to undertake a minimum level of mining and to make certain levels of
expenditure on the training of Kazakh employees, research and development and the development of the Shieli region.
There is also an obligation to set aside funds to provide for the eventual costs of mine closure and or site reclamation.
The current obligations of the Group under the Subsoil Use Agreement, as modified by Addendum 4, are as follows:
\u2022 Minimum quantity of ore to be mined:
Year
Tonnes
2023 567,700
2024 788,100
2025 1,102,300
2026 1,102,300
2027 1,102,300
2028 1,102,300
2029 onwards 1,102,300
\u2022 Training costs should be equal to 1% of the Group\u2019s capital expenditures on subsoil activities. Costs in 2025: US$15,000
(2024: US$60,000)
\u2022 Research and development should be equal to 1% of the Group\u2019s income from subsoil activities. Costs in 2025: US$ nil
(2024: US$15,000)
\u2022 The addition to the liquidation fund should be equal to 1% of the Group\u2019s costs of mining ore. Costs in 2025: US$ nil
(2024: US$12,000)
\u2022 Expenditure on social development of the Shieli region should be equal to 1.5% of the Group\u2019s costs of mining ore. Costs in
2025: US$ nil (2024: US$18,500).
All obligations of the Subsoil Use Agreement have been complied with except for certain exploration work programme
requirements, specifically the volume of ore to be mined.
The Group has requested formal amendments to the Subsoil Use Agreement that relate to the transfer of the mining of
certain levels of ore to future years. As a result, and if the amendments are granted, the obligation for mining in 2023 and
2024 will be equal to 16,500 tonnes of ore, 2025 to 2026 will be equal to 33,100 tonnes of ore, 2027 will be equal to 555,100
tonnes, 2028 will be equal to 1,102,300 tonnes and starting from 2029 1,653,400 tonnes of ore, per year. The request is in the
process of review with the relevant authorities of the Kazakh government.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "26 Commitments Under the conditions of the Subsoil Use Agreement under which the Group has the right to develop and exploit the Balasausqandiq deposit, the Group is obliged to undertake a minimum level of mining and to make certain levels of expenditure on the training of Kazakh employees, research and development and the development of the Shieli region. There is also an obligation to set aside funds to provide for the eventual costs of mine closure and or site reclamation. The current obligations of the Group under the Subsoil Use Agreement, as modified by Addendum 4, are as follows: \u2022 Minimum quantity of ore to be mined:
Year
Tonnes
2023 567,700
2024 788,100
2025 1,102,300
2026 1,102,300
2027 1,102,300
2028 1,102,300
2029 onwards 1,102,300
\u2022 Training costs should be equal to 1% of the Group\u2019s capital expenditures on subsoil activities. Costs in 2025: US$15,000 (2024: US$60,000) \u2022 Research and development should be equal to 1% of the Group\u2019s income from subsoil activities. Costs in 2025: US$ nil (2024: US$15,000) \u2022 The addition to the liquidation fund should be equal to 1% of the Group\u2019s costs of mining ore. Costs in 2025: US$ nil (2024: US$12,000) \u2022 Expenditure on social development of the Shieli region should be equal to 1.5% of the Group\u2019s costs of mining ore. Costs in 2025: US$ nil (2024: US$18,500). All obligations of the Subsoil Use Agreement have been complied with except for certain exploration work programme requirements, specifically the volume of ore to be mined. The Group has requested formal amendments to the Subsoil Use Agreement that relate to the transfer of the mining of certain levels of ore to future years. As a result, and if the amendments are granted, the obligation for mining in 2023 and 2024 will be equal to 16,500 tonnes of ore, 2025 to 2026 will be equal to 33,100 tonnes of ore, 2027 will be equal to 555,100 tonnes, 2028 will be equal to 1,102,300 tonnes and starting from 2029 1,653,400 tonnes of ore, per year. The request is in the process of review with the relevant authorities of the Kazakh government. 27 Contingencies (a) Insurance The insurance industry in the Kazakhstan is in a developing state and many forms of insurance protection common in other parts of the world are not yet generally or economically available. The Group does not have full coverage for its plant facilities, business interruption or third party liability in respect of property or environmental damage arising from accidents on Group property or relating to Group operations. There is a risk that the loss or destruction of certain assets could have a material adverse effect on the Group\u2019s operations and financial position. (b) Taxation The taxation system in Kazakhstan is relatively new and is characterised by frequent changes in legislation, official pronouncements and court decisions which are often unclear, contradictory and subject to varying interpretations by different tax authorities. Taxes are subject to review and investigation by various levels of authorities which have the authority to impose severe fines, penalties and interest charges. A tax year generally remains open for review by the tax authorities for five subsequent calendar years but under certain circumstances a tax year may remain open longer. These circumstances may create tax risks in Kazakhstan that are more significant than in other countries. Management believes that it has provided adequately for tax liabilities based on its interpretations of applicable tax legislation, official pronouncements and court decisions. However, the interpretations of the relevant authorities could differ and the effect on these consolidated financial statements, if the authorities were successful in enforcing their interpretations, could be significant. There are no tax claims or disputes at present.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
27 Contingencies
(a) Insurance
The insurance industry in the Kazakhstan is in a developing state and many forms of insurance protection common in other
parts of the world are not yet generally or economically available. The Group does not have full coverage for its plant facilities,
business interruption or third party liability in respect of property or environmental damage arising from accidents on Group
property or relating to Group operations. There is a risk that the loss or destruction of certain assets could have a material
adverse effect on the Group\u2019s operations and financial position.
(b) Taxation The taxation system in Kazakhstan is relatively new and is characterised by frequent changes in legislation, official pronouncements and court decisions which are often unclear, contradictory and subject to varying interpretations by different tax authorities. Taxes are subject to review and investigation by various levels of authorities which have the authority to impose severe fines, penalties and interest charges. A tax year generally remains open for review by the tax authorities for five subsequent calendar years but under certain circumstances a tax year may remain open longer. These circumstances may create tax risks in Kazakhstan that are more significant than in other countries. Management believes that it has provided adequately for tax liabilities based on its interpretations of applicable tax legislation, official pronouncements and court decisions. However, the interpretations of the relevant authorities could differ and the effect on these consolidated financial statements, if the authorities were successful in enforcing their interpretations, could be significant. There are no tax claims or disputes at present.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
28 Segment reporting
The Group\u2019s assets are primarily concentrated in the Republic of Kazakhstan and the Group\u2019s revenues are derived from
operations in, and connected with, the Republic of Kazakhstan.
Processing Subsoil Corporate Total
2025 $000 $000 $000 $000
Revenue
4,531
-
-
4,531
Cost of sales
(6,253)
-
-
(6,253)
Other income
69
-
1
70
Administrative expenses
(1,078)
(28)
(2,459)
(3,565)
Other expenses
(470)
-
(34)
(504)
Distribution expenses
(137)
-
-
(137)
Finance costs
(525)
-
(2,032)
(2,557)
Loss before tax
(3,863)
(28)
(4,524)
(8,415)
Processing Subsoil Corporate Total
2024 $000 $000 $000 $000
Revenue
4,738
-
-
4,738
Cost of sales
(7,550)
-
-
(7,550)
Other income
49
-
1
50
Administrative expenses
(1,132)
(40)
(1,850)
(3,022)
Impairment charge
(954)
-
-
(954)
Other expenses
(541)
-
(22)
(563)
Distribution expenses
(149)
-
-
(149)
Finance costs
394
-
(2,373)
(1,979)
Loss before tax
(5,145)
(40)
(4,244)
(9,429)
Included in revenue arising from processing are revenues of US$4,420,000 (2024: US$4,500,000) which arose from sales to
four of the Group\u2019s largest customers. No other single customer contributes 10 per cent or more to the Group\u2019s revenue.
All of the Group\u2019s assets are attributable to the Group\u2019s processing operations.
Sales to the Group\u2019s largest customers in 2024 were as follows:
Customer A US$0.3m (8%) (2024: US$1.5m (31%))
Customer B US$1.9m (52%) (2024: US$1.9m (40%))
Customer C US$0.8m (19%) (2024: US$nil (0%))
Customer D US$0.8m (19%) (2024: US0.7m (14%))
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "29 Related party transactions Transactions with management and close family members Management remuneration Key management personnel received the following remuneration during the year, which is included in personnel costs (see Note 9):
2025 2024
$000 $000
Wages, salaries and related taxes
1,074
1,053
The amount of wages and salaries outstanding at 31 December 2025 is equal to US$nil (2024: US$16,400).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "29 Related party transactions Transactions with management and close family members Management remuneration Key management personnel received the following remuneration during the year, which is included in personnel costs (see Note 9):
2025 2024
$000 $000
Wages, salaries and related taxes
1,074
1,053
The amount of wages and salaries outstanding at 31 December 2025 is equal to US$nil (2024: US$16,400).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "
Transactions with management and close family members
Management remuneration
Key management personnel received the following remuneration during the year, which is included in personnel costs
(see Note 9):
2025 2024
$000 $000
Wages, salaries and related taxes
1,074
1,053
The amount of wages and salaries outstanding at 31 December 2025 is equal to US$nil (2024: US$16,400).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
30 Subsequent events
On 10 March 2026, the Company issued 28,621,701 shares raising gross proceeds of \u00a31,574,193.55.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138003T5CF6U9W7Z780", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }