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\n
The consolidated financial statements of Kavango Resources Plc, company registered number 10796849, were approved
\n
by the board, and authorised for issue on 25 April 2025 and signed on its behalf by:
\n
\n
\n
\n
\n
\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026
\n
Matthew Benjamin Turney
\n
Director
\n
\n

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1. Corporate information
\n
\n
Kavango Resources Plc (the \u201cCompany\u201d) is a public limited company listed on the main market of the London Stock
\n
Exchange and incorporated and domiciled in England. Its registered address is
\n\n
Salisbury House, London Wall, Suite 425,
\n
London United Kingdom EC2M 5PS
\n\n\n\n\n\n
.
\n
\n
The Company is the ultimate parent company of Kavango Minerals (Pty) Ltd (\u201cKavango Botswana\u201d), and Kanye Resources
\n
(Pty) Ltd (\u201cKanye\u201d), registered and domiciled in Botswana. The Company also owns 90% of Shongwe Resources (Pty)
\n
Ltd (\"Shongwe\u201d), Ashmead Holdings (Pty) Ltd (\u201cAshmead\u201d) and Icon-Trading Company (Pty) Ltd (\u201cIcon\u201d), all registered
\n
and domiciled in Botswana. The Company owns 100% of Kavango Zimbabwe (Private) Limited, a company registered
\n
and domiciled in Zimbabwe which in turn owns 100% of Kavango Mining (Private) Ltd.
\n
\n
In order to simplify the corporate structure, Navassa Resources Ltd, a fully-owned holding company, was liquidated on 4
\n
June 2024.
\n
\n

\n\n
The principal activity of the Company and its subsidiaries (the \u201cGroup\u201d) is exploration for base and precious metals in
\n
Botswana and Zimbabwe.
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag438": { "value": "Kavango Resources Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag439": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag444": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag440": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag441": { "value": "\nSalisbury House, London Wall, Suite 425, \nLondon United Kingdom EC2M 5PS\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag442": { "value": "\nThe principal activity of the Company and its subsidiaries (the \u201cGroup\u201d) is exploration for base and precious metals in \nBotswana and Zimbabwe.\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag384": { "value": "\n

\n

\n

\n
2. Significant Accounting policies
\n
\n\n
(a) Basis of preparation
\n
\n

\n\n
The consolidated and company financial statements have been prepared in accordance with UK-adopted International
\n
Accounting Standards (\u201cIAS\u201d) and in conformity with the requirements of the Companies Act 2006 and in accordance with
\n
Listing Rules.
\n\n\n\n\n\n\n\n
The consolidated and company financial statements have also been prepared under the historical cost
\n
convention, except for revaluation of certain financial instruments.
\n
\n
The consolidated and company financial statements are presented in US Dollars (\u201cUS$\u201d), which is the Group\u2019s and
\n
Company\u2019s presentational currency rounded to the nearest thousand unless otherwise stated.
\n
\n
The preparation of financial statements in conformity with IAS requires the use of certain critical accounting estimates. It
\n
also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas
\n
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
\n
financial statements are disclosed in note 3.
\n

\n\n\n\n\n\n\n\n
\n\n
Going concern
\n
\n
The consolidated and company financial statements have been prepared on a going concern basis. In assessing whether the
\n
going concern assumption is appropriate, the Directors have considered all relevant available information about the current
\n
and future position of the Group, including the Group\u2019s cash position and the budgeted level of spending on exploration
\n
and corporate activities. The Directors are satisfied that following the successful completion of fundraising in January
\n
2025, which raised gross proceeds of US$ 8,160,000, the Group has sufficient cash reserves to sustain the minimum level
\n
of exploration spending that is required as part of licence conditions and minimum corporate overheads activities for a
\n
period of not less than 12 months from the date of signing these financial statements. Therefore, the Directors continue to
\n
adopt the going concern basis of accounting in the preparation of the financial statements.
\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n

\n
\n
2. Significant Accounting policies (continued)
\n\n

\n\n
\n
(b) New and amended standards and interpretations
\n
There were no new standards, amendments or interpretations effective for the first time for periods beginning on or after 1
\n
January 2024 that had a material effect on the consolidated or company financial statements.
\n
\n
At the date of approval of these financial statements, there were no new standards or amendments to IAS which have not
\n
been applied in these financial statements which were in issue but not yet effective and are expected to have a material
\n
impact on the consolidated and company financial statements.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
\n\n
(c) Basis of consolidation
\n
\n
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the
\n
Company and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its
\n
involvement with the investee and has the ability to affect those returns through its power over the investee.
\n
\n
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when
\n
the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and
\n
circumstances in assessing whether it has power over an investee, including:
\n
\n
\u2022 The contractual arrangement with the other vote holders of the investee;
\n
\u2022 Rights arising from other contractual arrangements; and
\n
\u2022 The Group's voting rights and potential voting rights.
\n
\n
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
\n
one or more of the three elements of control. Subsidiaries are fully consolidated from the date on which control is transferred
\n
to the Group. They are deconsolidated from the date that control ceases. Assets, liabilities, income and expenses of a
\n
subsidiary acquired or disposed of during the period are included in the consolidated financial statements from the date the
\n
Group gains control until the date the Group ceases to control the subsidiary.
\n
\n
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in
\n
line with those used by other members of the Group.
\n
\n
All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of
\n
the Group are eliminated in full on consolidation.
\n
\n
Non-controlling interests in subsidiaries are identified separately from equity attributable to the owner of the Company.
\n
On acquisition of subsidiaries, non-controlling interests are measured at their proportionate share of the fair value of the
\n
acquiree\u2019s identifiable net assets. Profit or loss and each component of other comprehensive income are attributed to the
\n
owners of the Company and to the non-controlling interests.
\n

\n\n\n\n\n\n\n\n
\n\n
(d) Investment in subsidiaries
\n
\n
In the company financial statements, equity investments in Company\u2019s subsidiaries are stated at cost, which is the fair value
\n
of the consideration paid, less any impairment provision. The investment in subsidiaries balance on the Company\u2019s
\n
statement of financial position also includes the carrying value of long-term intercompany loans which are measured in
\n
accordance with note 2(n) \u2018Financial assets\u2019.
\n

\n\n\n\n\n\n\n\n
\n\n
(e) Revenue
\n
\n
The Group generates revenue from its mining contract in Zimbabwe. Revenue is recognised at a point in time when the
\n
Group satisfies its performance obligation by transferring fine gold to a customer. The transfer occurs when the customer
\n
obtains control of the fine gold. Revenue is measured at the fair value of the consideration received, excluding value added
\n
taxes or duty.
\n

\n\n\n\n\n\n\n\n
\n\n
(f) Foreign currencies
\n
\n
The functional currency for each entity, or for each branch within an entity, in the Group is the currency of the primary
\n
economic environment in which the entity operates. The consolidated and company financial statements are presented in
\n
US$, which is the Group\u2019s and Company\u2019s presentational currency.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n
\n
2. Significant Accounting policies (continued)
\n
\n\n

\n
(f) Foreign currencies (continued)
\n
\n\n
The functional currency of the Company is GBP.
\n

\n\n\n\n\n\n\n\n
\n
Transactions in currencies other than the functional currency of each entity are recorded at the exchange rate on the date
\n
the transaction occurred. Foreign exchange gains and losses resulting from the settlement of such transactions, and from
\n
the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are
\n
recognised in profit or loss.
\n
\n
On consolidation, the results of each entity in the Group with a non-US$ functional currency are translated into US$ at
\n
rates approximating to those ruling when the transactions took place. All assets and liabilities of these entities are translated
\n
at the rate ruling at the reporting date. The resulting exchange differences are recognised in other comprehensive income
\n
and accumulated in the foreign exchange reserve.
\n

\n\n\n\n\n\n\n\n
\n\n
(g) Segment Reporting
\n
\n
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-
\n
maker (\u201cCODM\u201d). The CODM, who is responsible for allocating resources and assessing performance of the operating
\n
segments, has been identified as the Board of Directors that makes strategic decisions.
\n
\n
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated
\n
on a reasonable basis.
\n

\n\n\n\n\n\n\n\n
\n\n
(h) Cost of sales
\n
\n
Cost of sales comprise of direct costs incurred to fulfil the mining contract in Zimbabwe.
\n

\n\n\n\n\n\n\n\n
\n\n

\n
(i) Taxation
\n
\n
Income tax expense represents the sum of the current tax and deferred tax charge for the year.
\n
\n
Current tax
\n
\n
Current tax payable is based on the taxable profit for the year calculated using tax rates that have been enacted or
\n
substantively enacted by the end of the reporting period. None of the entities in the Group generate taxable profits.
\n
\n\n
Deferred tax
\n
\n
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements
\n
and the corresponding tax bases and is accounted for using the balance sheet liability method.
\n
\n
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and are expected to apply in the
\n
period when the liability is settled, or the asset realised. Deferred tax is charged or credited to the statement of
\n
comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred
\n
tax is also dealt with in equity.
\n
\n
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which
\n
deductible temporary differences can be utilised.
\n
\n
Judgement is applied in making assumptions about future taxable income, including nickel prices, production, rehabilitation
\n
costs and expenditure to determine the extent to which the Group recognises deferred tax assets, as well as the anticipated
\n
timing of the utilisation of the losses.
\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n
\n
2. Significant Accounting policies (continued)
\n
\n\n

\n\n
(j) Pre-licence exploration costs
\n
\n
Exploration costs incurred prior to the Group obtaining exploration legal rights are recognised in profit or loss as they are
\n
incurred. When the Group enters into an option agreement to acquire a licence, all associated option costs and exploration
\n
expenditure incurred prior to the option being exercised are treated as pre-licence exploration costs and included in profit
\n
or loss.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
\n\n
(k) Inventories
\n
\n
Inventories consist of fine gold to be sold and consumables. Inventories are carried at the lower of cost and net realisable
\n
value.
\n
\n
In addition, a number of amendments to accounting standards have become applicable for the current reporting period. The
\n
Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these
\n
amended standards.
\n

\n\n\n\n\n\n\n\n
\n\n

\n\n

\n

\n

\n
(l) Intangible Assets
\n
\n\n
Exploration and evaluation costs
\n
\n
The Group capitalises expenditure in relation to exploration and evaluation of mineral assets when the legal rights are
\n
obtained. Expenditure included in the initial measurement of exploration and evaluation assets, and which are classified as
\n
intangible assets relate to the acquisition of rights to explore, topographical, geological, geochemical and geophysical
\n
studies, exploratory drilling, trenching, sampling to evaluate the technical feasibility and commercial viability of extracting
\n
a mineral resource and other in country supporting activities. The Group capitalises staff costs of employees directly
\n
involved in the exploration activities of the Group except for employee share option charges.
\n
\n
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying
\n
amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and
\n
evaluation assets to cash generating units, which are based on specific projects or geographical areas. Whenever the
\n
exploration for and evaluation of mineral resources does not lead to the discovery of commercially viable quantities of
\n
mineral resources or the Group has decided to discontinue such activities of that unit, the associated expenditures are
\n
written off to profit or loss.
\n

\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n

\n
(m) Property, plant and equipment
\n
\n
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
\n\n
Depreciation is provided on all property, plant and equipment to write off the cost less estimated residual value of each
\n
asset over its expected useful economic life on a straight-line basis at the following rates:
\n
\n
- Geological and field equipment including vehicles: 4-10 years
\n

\n\n\n\n\n\n\n\n
\n
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
\n
\n
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater
\n
than its estimated recoverable amount.
\n
\n\n
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when
\n
it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be
\n
measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged
\n
to profit or loss during the financial period in which they are incurred.
\n

\n\n\n\n\n\n\n\n
\n\n
Depreciation charge on assets that are directly involved in exploration activities are capitalised as exploration intangible
\n
assets.
\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n

\n

\n

\n
\n
2. Significant Accounting policies (continued)
\n
\n\n

\n\n

\n

\n
(n) Financial assets
\n
\n
Financial assets are classified at initial recognition into one of the categories listed below, depending on the purpose for
\n
which the asset was acquired.
\n
\n
Amortised cost
\n
\n
Financial assets held at amortised cost comprise trade and other receivables, loan receivables, and cash and cash
\n
equivalents.
\n
\n
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
\n
They arise principally through the provision of goods and services to customers (e.g., trade receivables), but also
\n
incorporate other types of financial assets where the objective is to hold their assets in order to collect contractual cash
\n
flows and the contractual cash flows are solely payments of the principal and interest. They are initially recognised at fair
\n
value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at
\n
amortised cost using the effective interest rate method, less provision for impairment.
\n
\n\n

\n\n
Impairment provisions for trade and other receivables are recognised based on the simplified approach within IFRS 9
\n
Financial Instruments using the lifetime expected credit losses (\u201cECL\u201d) method. During this process the probability of the
\n
non-payment of the receivables is assessed. This probability is then multiplied by the amount of the expected loss arising
\n
from default to determine the lifetime ECL for the receivables. For trade and other receivables, which are reported net,
\n
such provisions are recorded in a separate provision account with the loss being recognised within administrative expenses
\n
in the statement of comprehensive income. On confirmation that the trade or other receivable will not be collectable, the
\n
gross carrying value of the asset is written off against the associated provision.
\n
\n
For loan receivables, a lifetime ECL is recognised when there has been a significant increase in credit risk since initial
\n
recognition. However, if the credit risk on the loan receivable has not increased significantly since initial recognition, the
\n
loss allowance is measured at an amount equal to 12-month ECL.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
\n\n
Fair value through profit or loss
\n
\n
Financial assets held at fair value through the profit or loss comprise equity investments held. These are carried in the
\n
statement of financial position at fair value. Subsequent to initial recognition, changes in fair value are recognised in profit
\n
or loss.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
\n\n
(o) Cash and cash equivalents
\n
\n
Cash and cash equivalents comprise of cash at hand and in bank.
\n

\n\n\n\n\n\n\n\n
\n\n

\n\n

\n
(p) Financial liabilities
\n
\n
Financial liabilities include convertible loan notes, trade and other payables including deferred consideration. All financial
\n
liabilities are recognised initially at fair value, net of transaction costs incurred, and are subsequently stated at amortised
\n
cost, using the effective interest method.
\n

\n\n\n\n\n\n\n\n
\n

\n\n\n
(q) Derivative financial instruments
\n
\n
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
\n
remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n\n\n

\n
\n
(r) Equity
\n
\n
An equity instrument is any contract that evidences a residual interest in the assets of a company after deducting all of its
\n
liabilities. Equity instruments issued are recorded at the proceeds received net of direct issue costs.
\n
\n

\n\n\n\n\n\n\n\n\n

\n
\n
2. Significant Accounting policies (continued)
\n\n
\n
(s) Share based payments
\n
\n
Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the
\n
goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at
\n
the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders
\n
the service. Depending on the nature of the goods or services received and in accordance with the relevant accounting
\n
policy, the share-based payment expense is either recognised in profit or loss, capitalised as Exploration and Evaluation
\n
asset or recognised as deduction in share premium. A corresponding increase in the warrant reserve or share option reserve
\n
is also recognised.
\n
\n
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of
\n
the equity instruments at the grant date.
\n
\n
The grant date fair value of share-based payment awards granted to employees and others providing similar services is
\n
recognised in profit or loss, with a corresponding increase in the share options reserve, over the period that the employees
\n
become unconditionally entitled to the awards. The amount recognised as an expense is adjusted to reflect the number of
\n
awards for which the related service and non-market performance conditions are expected to be met, such that the amount
\n
ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
\n
performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date
\n
fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between
\n
expected and actual outcomes. Market vesting conditions are factored into the fair value of the award at grant date. As long
\n
as all other vesting conditions are satisfied, a charge is made irrespective of whether market vesting conditions are satisfied.
\n
The cumulative expense is not adjusted for failure to achieve a market vesting condition.
\n
\n
When share-based payments awards are exercised, the Company issues new shares. The proceeds received, net of any
\n
directly attributable transaction costs, are credited to share capital and the share premium account. The fair value of the
\n
awards exercised or forfeited prior to vesting and previously recognised in the share options reserve or warrants reserve is
\n
transferred to accumulated losses for capital maintenance purposes.
\n
\n

\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag390": { "value": "\n
(a) Basis of preparation
\n
\n

\n\n
The consolidated and company financial statements have been prepared in accordance with UK-adopted International
\n
Accounting Standards (\u201cIAS\u201d) and in conformity with the requirements of the Companies Act 2006 and in accordance with
\n
Listing Rules.
\n\n\n\n\n\n\n\n
The consolidated and company financial statements have also been prepared under the historical cost
\n
convention, except for revaluation of certain financial instruments.
\n
\n
The consolidated and company financial statements are presented in US Dollars (\u201cUS$\u201d), which is the Group\u2019s and
\n
Company\u2019s presentational currency rounded to the nearest thousand unless otherwise stated.
\n
\n
The preparation of financial statements in conformity with IAS requires the use of certain critical accounting estimates. It
\n
also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas
\n
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
\n
financial statements are disclosed in note 3.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag391": { "value": "\n
The consolidated and company financial statements have been prepared in accordance with UK-adopted International
\n
Accounting Standards (\u201cIAS\u201d) and in conformity with the requirements of the Companies Act 2006 and in accordance with
\n
Listing Rules.
\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag392": { "value": "\n
Going concern
\n
\n
The consolidated and company financial statements have been prepared on a going concern basis. In assessing whether the
\n
going concern assumption is appropriate, the Directors have considered all relevant available information about the current
\n
and future position of the Group, including the Group\u2019s cash position and the budgeted level of spending on exploration
\n
and corporate activities. The Directors are satisfied that following the successful completion of fundraising in January
\n
2025, which raised gross proceeds of US$ 8,160,000, the Group has sufficient cash reserves to sustain the minimum level
\n
of exploration spending that is required as part of licence conditions and minimum corporate overheads activities for a
\n
period of not less than 12 months from the date of signing these financial statements. Therefore, the Directors continue to
\n
adopt the going concern basis of accounting in the preparation of the financial statements.
\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag393": { "value": "\n

\n\n
\n
(b) New and amended standards and interpretations
\n
There were no new standards, amendments or interpretations effective for the first time for periods beginning on or after 1
\n
January 2024 that had a material effect on the consolidated or company financial statements.
\n
\n
At the date of approval of these financial statements, there were no new standards or amendments to IAS which have not
\n
been applied in these financial statements which were in issue but not yet effective and are expected to have a material
\n
impact on the consolidated and company financial statements.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n
3. Critical accounting estimates and judgements
\n
\n
In the application of the accounting policies, which are described in note 2, the Directors are required to make judgements,
\n
estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets
\n
and liabilities. The estimates and associated assumptions are based on historical experience, expectations of future events
\n
and other factors that are believed to be reasonable under the circumstances. Actual results in the future could differ from
\n
such estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting
\n
estimates are recognised in the period in which the revision is made.
\n
\n\n

\n\n
(a) Sources of estimation uncertainty
\n
\n
(i) Valuation of exploration and evaluation assets
\n
\n
The carrying value of exploration assets in the consolidated financial statements as at 31 December 2024 is US$ 14,071,000
\n
(2023: US$ 14,586,000) which was impaired during the year by US$ 2,737,000 (2023: $nil). The recoverability of this
\n
carrying value, and thus potential further impairment, requires use of significant judgments and estimates which are detailed
\n
in note 13.
\n
\n
(ii) Recoverability of investment in subsidiaries and intragroup receivables
\n
\n
In the company financial statements, the carrying value of the Company\u2019s investment in subsidiaries and intragroup
\n
receivables is US$ 24,108,000 (2023: US$ 16,856,000). The recoverability of this balance, whether through joint venture
\n
partnership, divestment, or commencement of production, is driven by the same judgements and uncertainties as the
\n
recoverability of the exploration and evaluation assets held by the subsidiaries and discussed in note 13.
\n
\n
(iii) Recoverability of amounts due from shareholder
\n
\n
In the consolidated and company financial statements, the carrying value of the amount due from shareholders is US$
\n
287,000 (2023: US$ 637,000). The Directors are satisfied that this balance is recoverable if the shares are to be reissued to
\n
a different shareholder at a prevailing market price thus no further expected credit loss provision is necessary. Further
\n
details are included in note 22.
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag394": { "value": "\n
\n
(b) New and amended standards and interpretations
\n
There were no new standards, amendments or interpretations effective for the first time for periods beginning on or after 1
\n
January 2024 that had a material effect on the consolidated or company financial statements.
\n
\n
At the date of approval of these financial statements, there were no new standards or amendments to IAS which have not
\n
been applied in these financial statements which were in issue but not yet effective and are expected to have a material
\n
impact on the consolidated and company financial statements.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag396": { "value": "\n
(c) Basis of consolidation
\n
\n
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the
\n
Company and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its
\n
involvement with the investee and has the ability to affect those returns through its power over the investee.
\n
\n
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when
\n
the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and
\n
circumstances in assessing whether it has power over an investee, including:
\n
\n
\u2022 The contractual arrangement with the other vote holders of the investee;
\n
\u2022 Rights arising from other contractual arrangements; and
\n
\u2022 The Group's voting rights and potential voting rights.
\n
\n
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
\n
one or more of the three elements of control. Subsidiaries are fully consolidated from the date on which control is transferred
\n
to the Group. They are deconsolidated from the date that control ceases. Assets, liabilities, income and expenses of a
\n
subsidiary acquired or disposed of during the period are included in the consolidated financial statements from the date the
\n
Group gains control until the date the Group ceases to control the subsidiary.
\n
\n
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in
\n
line with those used by other members of the Group.
\n
\n
All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of
\n
the Group are eliminated in full on consolidation.
\n
\n
Non-controlling interests in subsidiaries are identified separately from equity attributable to the owner of the Company.
\n
On acquisition of subsidiaries, non-controlling interests are measured at their proportionate share of the fair value of the
\n
acquiree\u2019s identifiable net assets. Profit or loss and each component of other comprehensive income are attributed to the
\n
owners of the Company and to the non-controlling interests.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag397": { "value": "\n
(d) Investment in subsidiaries
\n
\n
In the company financial statements, equity investments in Company\u2019s subsidiaries are stated at cost, which is the fair value
\n
of the consideration paid, less any impairment provision. The investment in subsidiaries balance on the Company\u2019s
\n
statement of financial position also includes the carrying value of long-term intercompany loans which are measured in
\n
accordance with note 2(n) \u2018Financial assets\u2019.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag398": { "value": "\n
(e) Revenue
\n
\n
The Group generates revenue from its mining contract in Zimbabwe. Revenue is recognised at a point in time when the
\n
Group satisfies its performance obligation by transferring fine gold to a customer. The transfer occurs when the customer
\n
obtains control of the fine gold. Revenue is measured at the fair value of the consideration received, excluding value added
\n
taxes or duty.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag399": { "value": "\n
(f) Foreign currencies
\n
\n
The functional currency for each entity, or for each branch within an entity, in the Group is the currency of the primary
\n
economic environment in which the entity operates. The consolidated and company financial statements are presented in
\n
US$, which is the Group\u2019s and Company\u2019s presentational currency.
\n

\n\n\n\n\n\n\n\n

\n
(f) Foreign currencies (continued)
\n
\n\n
The functional currency of the Company is GBP.
\n

\n\n\n\n\n\n\n\n
\n
Transactions in currencies other than the functional currency of each entity are recorded at the exchange rate on the date
\n
the transaction occurred. Foreign exchange gains and losses resulting from the settlement of such transactions, and from
\n
the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are
\n
recognised in profit or loss.
\n
\n
On consolidation, the results of each entity in the Group with a non-US$ functional currency are translated into US$ at
\n
rates approximating to those ruling when the transactions took place. All assets and liabilities of these entities are translated
\n
at the rate ruling at the reporting date. The resulting exchange differences are recognised in other comprehensive income
\n
and accumulated in the foreign exchange reserve.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag401": { "value": "\n
The functional currency of the Company is GBP.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag402": { "value": "\n
(g) Segment Reporting
\n
\n
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-
\n
maker (\u201cCODM\u201d). The CODM, who is responsible for allocating resources and assessing performance of the operating
\n
segments, has been identified as the Board of Directors that makes strategic decisions.
\n
\n
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated
\n
on a reasonable basis.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag403": { "value": "\n
(h) Cost of sales
\n
\n
Cost of sales comprise of direct costs incurred to fulfil the mining contract in Zimbabwe.
\n

\n\n\n\n\n\n\n\n

\n\n
(j) Pre-licence exploration costs
\n
\n
Exploration costs incurred prior to the Group obtaining exploration legal rights are recognised in profit or loss as they are
\n
incurred. When the Group enters into an option agreement to acquire a licence, all associated option costs and exploration
\n
expenditure incurred prior to the option being exercised are treated as pre-licence exploration costs and included in profit
\n
or loss.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag404": { "value": "\n

\n
(i) Taxation
\n
\n
Income tax expense represents the sum of the current tax and deferred tax charge for the year.
\n
\n
Current tax
\n
\n
Current tax payable is based on the taxable profit for the year calculated using tax rates that have been enacted or
\n
substantively enacted by the end of the reporting period. None of the entities in the Group generate taxable profits.
\n
\n\n
Deferred tax
\n
\n
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements
\n
and the corresponding tax bases and is accounted for using the balance sheet liability method.
\n
\n
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and are expected to apply in the
\n
period when the liability is settled, or the asset realised. Deferred tax is charged or credited to the statement of
\n
comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred
\n
tax is also dealt with in equity.
\n
\n
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which
\n
deductible temporary differences can be utilised.
\n
\n
Judgement is applied in making assumptions about future taxable income, including nickel prices, production, rehabilitation
\n
costs and expenditure to determine the extent to which the Group recognises deferred tax assets, as well as the anticipated
\n
timing of the utilisation of the losses.
\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag405": { "value": "\n
Deferred tax
\n
\n
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements
\n
and the corresponding tax bases and is accounted for using the balance sheet liability method.
\n
\n
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and are expected to apply in the
\n
period when the liability is settled, or the asset realised. Deferred tax is charged or credited to the statement of
\n
comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred
\n
tax is also dealt with in equity.
\n
\n
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which
\n
deductible temporary differences can be utilised.
\n
\n
Judgement is applied in making assumptions about future taxable income, including nickel prices, production, rehabilitation
\n
costs and expenditure to determine the extent to which the Group recognises deferred tax assets, as well as the anticipated
\n
timing of the utilisation of the losses.
\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag407": { "value": "\n
(j) Pre-licence exploration costs
\n
\n
Exploration costs incurred prior to the Group obtaining exploration legal rights are recognised in profit or loss as they are
\n
incurred. When the Group enters into an option agreement to acquire a licence, all associated option costs and exploration
\n
expenditure incurred prior to the option being exercised are treated as pre-licence exploration costs and included in profit
\n
or loss.
\n

\n\n\n\n\n\n\n\n
Exploration and evaluation costs
\n
\n
The Group capitalises expenditure in relation to exploration and evaluation of mineral assets when the legal rights are
\n
obtained. Expenditure included in the initial measurement of exploration and evaluation assets, and which are classified as
\n
intangible assets relate to the acquisition of rights to explore, topographical, geological, geochemical and geophysical
\n
studies, exploratory drilling, trenching, sampling to evaluate the technical feasibility and commercial viability of extracting
\n
a mineral resource and other in country supporting activities. The Group capitalises staff costs of employees directly
\n
involved in the exploration activities of the Group except for employee share option charges.
\n
\n
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying
\n
amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and
\n
evaluation assets to cash generating units, which are based on specific projects or geographical areas. Whenever the
\n
exploration for and evaluation of mineral resources does not lead to the discovery of commercially viable quantities of
\n
mineral resources or the Group has decided to discontinue such activities of that unit, the associated expenditures are
\n
written off to profit or loss.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag408": { "value": "\n
(k) Inventories
\n
\n
Inventories consist of fine gold to be sold and consumables. Inventories are carried at the lower of cost and net realisable
\n
value.
\n
\n
In addition, a number of amendments to accounting standards have become applicable for the current reporting period. The
\n
Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these
\n
amended standards.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag409": { "value": "\n

\n\n

\n

\n

\n
(l) Intangible Assets
\n
\n\n
Exploration and evaluation costs
\n
\n
The Group capitalises expenditure in relation to exploration and evaluation of mineral assets when the legal rights are
\n
obtained. Expenditure included in the initial measurement of exploration and evaluation assets, and which are classified as
\n
intangible assets relate to the acquisition of rights to explore, topographical, geological, geochemical and geophysical
\n
studies, exploratory drilling, trenching, sampling to evaluate the technical feasibility and commercial viability of extracting
\n
a mineral resource and other in country supporting activities. The Group capitalises staff costs of employees directly
\n
involved in the exploration activities of the Group except for employee share option charges.
\n
\n
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying
\n
amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and
\n
evaluation assets to cash generating units, which are based on specific projects or geographical areas. Whenever the
\n
exploration for and evaluation of mineral resources does not lead to the discovery of commercially viable quantities of
\n
mineral resources or the Group has decided to discontinue such activities of that unit, the associated expenditures are
\n
written off to profit or loss.
\n

\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag410": { "value": "\n

\n

\n

\n
(l) Intangible Assets
\n
\n\n
Exploration and evaluation costs
\n
\n
The Group capitalises expenditure in relation to exploration and evaluation of mineral assets when the legal rights are
\n
obtained. Expenditure included in the initial measurement of exploration and evaluation assets, and which are classified as
\n
intangible assets relate to the acquisition of rights to explore, topographical, geological, geochemical and geophysical
\n
studies, exploratory drilling, trenching, sampling to evaluate the technical feasibility and commercial viability of extracting
\n
a mineral resource and other in country supporting activities. The Group capitalises staff costs of employees directly
\n
involved in the exploration activities of the Group except for employee share option charges.
\n
\n
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying
\n
amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and
\n
evaluation assets to cash generating units, which are based on specific projects or geographical areas. Whenever the
\n
exploration for and evaluation of mineral resources does not lead to the discovery of commercially viable quantities of
\n
mineral resources or the Group has decided to discontinue such activities of that unit, the associated expenditures are
\n
written off to profit or loss.
\n

\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag412": { "value": "\n

\n

\n

\n
(m) Property, plant and equipment
\n
\n
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
\n\n
Depreciation is provided on all property, plant and equipment to write off the cost less estimated residual value of each
\n
asset over its expected useful economic life on a straight-line basis at the following rates:
\n
\n
- Geological and field equipment including vehicles: 4-10 years
\n

\n\n\n\n\n\n\n\n
\n
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
\n
\n
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater
\n
than its estimated recoverable amount.
\n
\n\n
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when
\n
it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be
\n
measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged
\n
to profit or loss during the financial period in which they are incurred.
\n

\n\n\n\n\n\n\n\n
\n\n
Depreciation charge on assets that are directly involved in exploration activities are capitalised as exploration intangible
\n
assets.
\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag413": { "value": "\n
Depreciation is provided on all property, plant and equipment to write off the cost less estimated residual value of each
\n
asset over its expected useful economic life on a straight-line basis at the following rates:
\n
\n
- Geological and field equipment including vehicles: 4-10 years
\n

\n\n\n\n\n\n\n\n
Depreciation charge on assets that are directly involved in exploration activities are capitalised as exploration intangible
\n
assets.
\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag415": { "value": "\n
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when
\n
it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be
\n
measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged
\n
to profit or loss during the financial period in which they are incurred.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag416": { "value": "\n

\n\n

\n

\n
(n) Financial assets
\n
\n
Financial assets are classified at initial recognition into one of the categories listed below, depending on the purpose for
\n
which the asset was acquired.
\n
\n
Amortised cost
\n
\n
Financial assets held at amortised cost comprise trade and other receivables, loan receivables, and cash and cash
\n
equivalents.
\n
\n
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
\n
They arise principally through the provision of goods and services to customers (e.g., trade receivables), but also
\n
incorporate other types of financial assets where the objective is to hold their assets in order to collect contractual cash
\n
flows and the contractual cash flows are solely payments of the principal and interest. They are initially recognised at fair
\n
value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at
\n
amortised cost using the effective interest rate method, less provision for impairment.
\n
\n\n

\n\n
Impairment provisions for trade and other receivables are recognised based on the simplified approach within IFRS 9
\n
Financial Instruments using the lifetime expected credit losses (\u201cECL\u201d) method. During this process the probability of the
\n
non-payment of the receivables is assessed. This probability is then multiplied by the amount of the expected loss arising
\n
from default to determine the lifetime ECL for the receivables. For trade and other receivables, which are reported net,
\n
such provisions are recorded in a separate provision account with the loss being recognised within administrative expenses
\n
in the statement of comprehensive income. On confirmation that the trade or other receivable will not be collectable, the
\n
gross carrying value of the asset is written off against the associated provision.
\n
\n
For loan receivables, a lifetime ECL is recognised when there has been a significant increase in credit risk since initial
\n
recognition. However, if the credit risk on the loan receivable has not increased significantly since initial recognition, the
\n
loss allowance is measured at an amount equal to 12-month ECL.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
\n\n
Fair value through profit or loss
\n
\n
Financial assets held at fair value through the profit or loss comprise equity investments held. These are carried in the
\n
statement of financial position at fair value. Subsequent to initial recognition, changes in fair value are recognised in profit
\n
or loss.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n

\n
(p) Financial liabilities
\n
\n
Financial liabilities include convertible loan notes, trade and other payables including deferred consideration. All financial
\n
liabilities are recognised initially at fair value, net of transaction costs incurred, and are subsequently stated at amortised
\n
cost, using the effective interest method.
\n

\n\n\n\n\n\n\n\n
\n

\n\n\n
(q) Derivative financial instruments
\n
\n
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
\n
remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag417": { "value": "\n

\n

\n
(n) Financial assets
\n
\n
Financial assets are classified at initial recognition into one of the categories listed below, depending on the purpose for
\n
which the asset was acquired.
\n
\n
Amortised cost
\n
\n
Financial assets held at amortised cost comprise trade and other receivables, loan receivables, and cash and cash
\n
equivalents.
\n
\n
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
\n
They arise principally through the provision of goods and services to customers (e.g., trade receivables), but also
\n
incorporate other types of financial assets where the objective is to hold their assets in order to collect contractual cash
\n
flows and the contractual cash flows are solely payments of the principal and interest. They are initially recognised at fair
\n
value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at
\n
amortised cost using the effective interest rate method, less provision for impairment.
\n
\n\n

\n\n
Impairment provisions for trade and other receivables are recognised based on the simplified approach within IFRS 9
\n
Financial Instruments using the lifetime expected credit losses (\u201cECL\u201d) method. During this process the probability of the
\n
non-payment of the receivables is assessed. This probability is then multiplied by the amount of the expected loss arising
\n
from default to determine the lifetime ECL for the receivables. For trade and other receivables, which are reported net,
\n
such provisions are recorded in a separate provision account with the loss being recognised within administrative expenses
\n
in the statement of comprehensive income. On confirmation that the trade or other receivable will not be collectable, the
\n
gross carrying value of the asset is written off against the associated provision.
\n
\n
For loan receivables, a lifetime ECL is recognised when there has been a significant increase in credit risk since initial
\n
recognition. However, if the credit risk on the loan receivable has not increased significantly since initial recognition, the
\n
loss allowance is measured at an amount equal to 12-month ECL.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
\n\n
Fair value through profit or loss
\n
\n
Financial assets held at fair value through the profit or loss comprise equity investments held. These are carried in the
\n
statement of financial position at fair value. Subsequent to initial recognition, changes in fair value are recognised in profit
\n
or loss.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag418": { "value": "\n

\n\n
Impairment provisions for trade and other receivables are recognised based on the simplified approach within IFRS 9
\n
Financial Instruments using the lifetime expected credit losses (\u201cECL\u201d) method. During this process the probability of the
\n
non-payment of the receivables is assessed. This probability is then multiplied by the amount of the expected loss arising
\n
from default to determine the lifetime ECL for the receivables. For trade and other receivables, which are reported net,
\n
such provisions are recorded in a separate provision account with the loss being recognised within administrative expenses
\n
in the statement of comprehensive income. On confirmation that the trade or other receivable will not be collectable, the
\n
gross carrying value of the asset is written off against the associated provision.
\n
\n
For loan receivables, a lifetime ECL is recognised when there has been a significant increase in credit risk since initial
\n
recognition. However, if the credit risk on the loan receivable has not increased significantly since initial recognition, the
\n
loss allowance is measured at an amount equal to 12-month ECL.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag419": { "value": "\n
Impairment provisions for trade and other receivables are recognised based on the simplified approach within IFRS 9
\n
Financial Instruments using the lifetime expected credit losses (\u201cECL\u201d) method. During this process the probability of the
\n
non-payment of the receivables is assessed. This probability is then multiplied by the amount of the expected loss arising
\n
from default to determine the lifetime ECL for the receivables. For trade and other receivables, which are reported net,
\n
such provisions are recorded in a separate provision account with the loss being recognised within administrative expenses
\n
in the statement of comprehensive income. On confirmation that the trade or other receivable will not be collectable, the
\n
gross carrying value of the asset is written off against the associated provision.
\n
\n
For loan receivables, a lifetime ECL is recognised when there has been a significant increase in credit risk since initial
\n
recognition. However, if the credit risk on the loan receivable has not increased significantly since initial recognition, the
\n
loss allowance is measured at an amount equal to 12-month ECL.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag420": { "value": "\n
Fair value through profit or loss
\n
\n
Financial assets held at fair value through the profit or loss comprise equity investments held. These are carried in the
\n
statement of financial position at fair value. Subsequent to initial recognition, changes in fair value are recognised in profit
\n
or loss.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag421": { "value": "\n
(o) Cash and cash equivalents
\n
\n
Cash and cash equivalents comprise of cash at hand and in bank.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag423": { "value": "\n

\n
(p) Financial liabilities
\n
\n
Financial liabilities include convertible loan notes, trade and other payables including deferred consideration. All financial
\n
liabilities are recognised initially at fair value, net of transaction costs incurred, and are subsequently stated at amortised
\n
cost, using the effective interest method.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag443": { "value": "\n\n
(q) Derivative financial instruments
\n
\n
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
\n
remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag424": { "value": "\n
(q) Derivative financial instruments
\n
\n
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
\n
remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag425": { "value": "\n
\n
(s) Share based payments
\n
\n
Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the
\n
goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at
\n
the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders
\n
the service. Depending on the nature of the goods or services received and in accordance with the relevant accounting
\n
policy, the share-based payment expense is either recognised in profit or loss, capitalised as Exploration and Evaluation
\n
asset or recognised as deduction in share premium. A corresponding increase in the warrant reserve or share option reserve
\n
is also recognised.
\n
\n
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of
\n
the equity instruments at the grant date.
\n
\n
The grant date fair value of share-based payment awards granted to employees and others providing similar services is
\n
recognised in profit or loss, with a corresponding increase in the share options reserve, over the period that the employees
\n
become unconditionally entitled to the awards. The amount recognised as an expense is adjusted to reflect the number of
\n
awards for which the related service and non-market performance conditions are expected to be met, such that the amount
\n
ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
\n
performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date
\n
fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between
\n
expected and actual outcomes. Market vesting conditions are factored into the fair value of the award at grant date. As long
\n
as all other vesting conditions are satisfied, a charge is made irrespective of whether market vesting conditions are satisfied.
\n
The cumulative expense is not adjusted for failure to achieve a market vesting condition.
\n
\n
When share-based payments awards are exercised, the Company issues new shares. The proceeds received, net of any
\n
directly attributable transaction costs, are credited to share capital and the share premium account. The fair value of the
\n
awards exercised or forfeited prior to vesting and previously recognised in the share options reserve or warrants reserve is
\n
transferred to accumulated losses for capital maintenance purposes.
\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag426": { "value": "\n

\n
3. Critical accounting estimates and judgements
\n
\n
In the application of the accounting policies, which are described in note 2, the Directors are required to make judgements,
\n
estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets
\n
and liabilities. The estimates and associated assumptions are based on historical experience, expectations of future events
\n
and other factors that are believed to be reasonable under the circumstances. Actual results in the future could differ from
\n
such estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting
\n
estimates are recognised in the period in which the revision is made.
\n
\n\n

\n\n
(a) Sources of estimation uncertainty
\n
\n
(i) Valuation of exploration and evaluation assets
\n
\n
The carrying value of exploration assets in the consolidated financial statements as at 31 December 2024 is US$ 14,071,000
\n
(2023: US$ 14,586,000) which was impaired during the year by US$ 2,737,000 (2023: $nil). The recoverability of this
\n
carrying value, and thus potential further impairment, requires use of significant judgments and estimates which are detailed
\n
in note 13.
\n
\n
(ii) Recoverability of investment in subsidiaries and intragroup receivables
\n
\n
In the company financial statements, the carrying value of the Company\u2019s investment in subsidiaries and intragroup
\n
receivables is US$ 24,108,000 (2023: US$ 16,856,000). The recoverability of this balance, whether through joint venture
\n
partnership, divestment, or commencement of production, is driven by the same judgements and uncertainties as the
\n
recoverability of the exploration and evaluation assets held by the subsidiaries and discussed in note 13.
\n
\n
(iii) Recoverability of amounts due from shareholder
\n
\n
In the consolidated and company financial statements, the carrying value of the amount due from shareholders is US$
\n
287,000 (2023: US$ 637,000). The Directors are satisfied that this balance is recoverable if the shares are to be reissued to
\n
a different shareholder at a prevailing market price thus no further expected credit loss provision is necessary. Further
\n
details are included in note 22.
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag427": { "value": "\n\n\n(a) Sources of estimation uncertainty \n \n(i) Valuation of exploration and evaluation assets \n \nThe carrying value of exploration assets in the consolidated financial statements as at 31 December 2024 is US$ 14,071,000 \n(2023: US$ 14,586,000) which was impaired during the year by US$ 2,737,000 (2023: $nil). The recoverability of this \ncarrying value, and thus potential further impairment, requires use of significant judgments and estimates which are detailed \nin note 13. \n \n(ii) Recoverability of investment in subsidiaries and intragroup receivables \n \nIn the company financial statements, the carrying value of the Company\u2019s investment in subsidiaries and intragroup \nreceivables is US$ 24,108,000 (2023: US$ 16,856,000). The recoverability of this balance, whether through joint venture \npartnership, divestment, or commencement of production, is driven by the same judgements and uncertainties as the \nrecoverability of the exploration and evaluation assets held by the subsidiaries and discussed in note 13. \n \n(iii) Recoverability of amounts due from shareholder \n \nIn the consolidated and company financial statements, the carrying value of the amount due from shareholders is US$ \n287,000 (2023: US$ 637,000). The Directors are satisfied that this balance is recoverable if the shares are to be reissued to \na different shareholder at a prevailing market price thus no further expected credit loss provision is necessary. Further \ndetails are included in note 22. \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag428": { "value": "\n
(a) Sources of estimation uncertainty
\n
\n
(i) Valuation of exploration and evaluation assets
\n
\n
The carrying value of exploration assets in the consolidated financial statements as at 31 December 2024 is US$ 14,071,000
\n
(2023: US$ 14,586,000) which was impaired during the year by US$ 2,737,000 (2023: $nil). The recoverability of this
\n
carrying value, and thus potential further impairment, requires use of significant judgments and estimates which are detailed
\n
in note 13.
\n
\n
(ii) Recoverability of investment in subsidiaries and intragroup receivables
\n
\n
In the company financial statements, the carrying value of the Company\u2019s investment in subsidiaries and intragroup
\n
receivables is US$ 24,108,000 (2023: US$ 16,856,000). The recoverability of this balance, whether through joint venture
\n
partnership, divestment, or commencement of production, is driven by the same judgements and uncertainties as the
\n
recoverability of the exploration and evaluation assets held by the subsidiaries and discussed in note 13.
\n
\n
(iii) Recoverability of amounts due from shareholder
\n
\n
In the consolidated and company financial statements, the carrying value of the amount due from shareholders is US$
\n
287,000 (2023: US$ 637,000). The Directors are satisfied that this balance is recoverable if the shares are to be reissued to
\n
a different shareholder at a prevailing market price thus no further expected credit loss provision is necessary. Further
\n
details are included in note 22.
\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag429": { "value": "\n
\n
4. Segmental disclosures
\n
\n
The Group previously had two reportable segments, Exploration and Corporate, which are the Group\u2019s strategic divisions.
\n
In the year ended 31 December 2024, the Group started generating revenue from its mining contract in Zimbabwe, which
\n
is considered to be a separate operating segment. For each of the strategic divisions, the Board reviews internal management
\n
reports on a regular basis. The Group\u2019s reportable segments are:
\n
\n
Exploration: the exploration operating segment is presented as an aggregate of all Botswana and Zimbabwe projects in
\n
which the Group has economic interest as well as pre-licence expenditure. Expenditure on exploration activities for each
\n
licence is used to measure agreed upon expenditure targets for each licence to ensure the licence exploration commitments
\n
are met;
\n
\n
Mining: includes the results of the Group\u2019s mining contract operations in Zimbabwe; and
\n
\n
Corporate: the corporate segment includes the Company and intermediate holding companies\u2019 costs in respect of managing
\n
the Group. This includes the cost of employee share options granted by the Company.
\n
Segmental results are detailed below:
\n
\n
31 December 2024
\n
Mining
\n
\n
US$\u2019000
\n
\n
Exploration
\n
US$\u2019000
\n
\n
Corporate
\n
\n
US$\u2019000
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Revenue
\n
\n
445
\n
\n
-
\n
\n
-
\n
\n
445
\n
Cost of sales
\n
\n
(484)
\n
\n
-
\n
\n
-
\n
\n
(484)
\n
Gross loss
\n
\n
(39)
\n
\n
-
\n
\n
-
\n
\n
(39)
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Pre-licence exploration costs
\n
\n
-
\n
\n
(3,977)
\n
\n
-
\n
\n
(3,977)
\n
Impairment of exploration assets
\n
\n
-
\n
\n
(2,737)
\n
\n
-
\n
\n
(2,737)
\n
Administrative and other costs*
\n
\n
-
\n
\n
-
\n
\n
(1,863)
\n
\n
(1,863)
\n
Gain on fair value of financial assets
\n
\n
-
\n
\n
-
\n
\n
42
\n
\n
42
\n
Finance income
\n
\n
-
\n
\n
-
\n
\n
31
\n
\n
31
\n
Finance expense
\n
\n
-
\n
\n
-
\n
\n
(119)
\n
\n
(119)
\n
Loss before tax
\n
\n
(39)
\n
\n
(6,714)
\n
\n
(1,909)
\n
\n
(8,662)
\n
\n
31 December 2023
\n
Mining
\n
US$\u2019000
\n
\n
Exploration
\n
\n
US$\u2019000
\n
\n
Corporate
\n
\n
US$\u2019000
\n
\n
Total
\n
\n
US$\u2019000
\n
Pre-licence exploration costs
\n
\n
-
\n
\n
(1,153)
\n
\n
-
\n
\n
(1,153)
\n
Administrative and other costs*
\n
\n
-
\n
\n
-
\n
\n
(2,063)
\n
\n
(2,063)
\n
Gain on fair value of financial assets
\n
\n
-
\n
\n
-
\n
\n
(77)
\n
\n
(77)
\n
Loss before tax
\n
\n
-
\n
\n
(1,153)
\n
\n
(2,140)
\n
\n
(3,293)
\n
*Results of the corporate segment include a share-based payment charge of US$ 187,000 (2023: US$ 753,000) and
\n
expected credit loss allowance on amounts due from shareholder of US$ 347,000 (2023: US$ nil).
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n
\n
4. Segmental disclosures (continued)
\n
\n
Segmental assets and liabilities are detailed below:
\n
Non-current assets
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Non-current liabilities
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Exploration: intangible assets and equipment (Botswana)
\n
\n
14,147
\n
\n
14,737
\n
\n
-
\n
\n
-
\n
Exploration: equipment (Zimbabwe)
\n
\n
864
\n
\n
201
\n
\n
-
\n
\n
-
\n
Corporate (London and Mauritius)
\n
\n
-
\n
\n
-
\n
\n
-
\n
\n
-
\n
Total of all segments
\n
\n
15,011
\n
\n
14,938
\n
\n
-
\n
\n
-
\n
Total assets
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Total liabilities
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Exploration (Botswana)
\n
\n
14,508
\n
\n
14,892
\n
\n
73
\n
\n
175
\n
Exploration (Zimbabwe)
\n
\n
1,577
\n
\n
402
\n
\n
285
\n
\n
45
\n
Corporate (London)
\n
\n
2,722
\n
\n
4,343
\n
\n
5,117
\n
\n
1,064
\n
Mining (Zimbabwe)
\n
\n
202
\n
\n
-
\n
\n
-
\n
\n
-
\n
Total of all segments
\n
\n
19,009
\n
\n
19,637
\n
\n
5,475
\n
\n
1,284
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag431": { "value": "\n

\n\n

\n

\n\n

\n\n
5. Finance income
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Interest income from cash and cash equivalents
\n
\n
\n
\n
18
\n
\n
-
\n
Interest income from loan receivables (note 15)
\n
\n
\n
\n
13
\n
\n
-
\n
\n
\n
\n
\n
31
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n
6. Finance expense
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Interest on convertible loan notes (note 21)
\n
\n
\n
\n
119
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag432": { "value": "\n

\n

\n\n

\n\n
5. Finance income
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Interest income from cash and cash equivalents
\n
\n
\n
\n
18
\n
\n
-
\n
Interest income from loan receivables (note 15)
\n
\n
\n
\n
13
\n
\n
-
\n
\n
\n
\n
\n
31
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n
6. Finance expense
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Interest on convertible loan notes (note 21)
\n
\n
\n
\n
119
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag433": { "value": "\n

\n\n
5. Finance income
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Interest income from cash and cash equivalents
\n
\n
\n
\n
18
\n
\n
-
\n
Interest income from loan receivables (note 15)
\n
\n
\n
\n
13
\n
\n
-
\n
\n
\n
\n
\n
31
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag434": { "value": "\n
5. Finance income
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Interest income from cash and cash equivalents
\n
\n
\n
\n
18
\n
\n
-
\n
Interest income from loan receivables (note 15)
\n
\n
\n
\n
13
\n
\n
-
\n
\n
\n
\n
\n
31
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag435": { "value": "\n

\n\n
6. Finance expense
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Interest on convertible loan notes (note 21)
\n
\n
\n
\n
119
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag436": { "value": "\n
6. Finance expense
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Interest on convertible loan notes (note 21)
\n
\n
\n
\n
119
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag437": { "value": "\n
\n
7. Pre-licence exploration costs
\n
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Pre-licence exploration costs incurred in Zimbabwe
\n
\n
\n
\n
3,977
\n
\n
1,153
\n
\n
The Group has options over several licence areas in Zimbabwe, consisting of the Nara Project, and the Leopard and Hillside
\n
Projects. The Group incurs option fees to gain access to the licence areas and perform exploration work to evaluate the
\n
potential of each project. The ownership of exploration data collected remains with the licence holders until the options are
\n
exercised. Further details on each project can be found in the Operations Report.
\n
\n
The terms of the options are summarised below:
\n
\n
Nara Project
\n
\n
The Nara Project comprises 45 contiguous gold claims. On 26 June 2023, the Company entered into an exclusive two-year
\n
option agreement to acquire the claims for US$ 4,000,000 in cash, plus an earn-out based on a declaration of a code-
\n
compliant resource estimate.
\n
\n
The option fee is $220,000 payable in 6-monthly instalments in advance and as part of the agreement the Company is
\n
required to spend a minimum of US$ 500,000 on exploration in the first year, with a total exploration spend of US$
\n
2,000,000 over the option term.
\n
Leopard and Hillside Projects
\n
\n
The Hillside Project comprises 44 gold claims, plus additional claims covering an area of 896Ha at Leopard North and
\n
Leopard South. On 25 July 2023, the Company entered into an exclusive six-month option agreement, subsequently
\n
extended by a further eighteen months until 25 July 2025.
\n
\n
The Company exercised the option over Hillside and Leopard South in April 2024, and extended the Leopard North option
\n
until 30 June 2025.
\n
\n
The acquisition of the Hillside Project and Leopard South has not completed by 31 December 2024. The terms of the
\n
acquisition are as follows:
\n
\n
a) US$ 600,000 cash consideration payment to the sellers of Hillside and US$ 50,000 cash consideration to the sellers
\n
of Leopard South. The total cash payable of US$ 650,000 remains in escrow and is included within the other
\n
receivables balance (note 18) whilst the transaction completes.
\n
\n
b) A further US$ 1,000,000 of shares are to be issued in the Company in the event that a code compliant resource in
\n
excess of 200,000 oz gold is defined.
\n
\n
c) The Group to assume responsibility for up to $350,000 of debt owed, which is repayable at $10,000 per month.
\n
\n
d) The Group granted a royalty of 5% of gold production on the properties, capped at a value of $1,500,000, and
\n
which the Company may at its option buy out within 12 months for an issue of 63,125,000 shares in the Company.
\n
\n
e) Completion is subject to satisfactory transfer by the sellers of the mining claims into Kavango's Zimbabwe
\n
subsidiary, and on the Company paying the Zimbabwe Special Capital Gains Tax (\"SCGT\") due on the
\n
transaction.
\n
The Company may exercise the Leopard North option in return for payment of US$ 100,000 and the issue of 34,125,000
\n
shares in the Company.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag445": { "value": "\n

\n
8. Loss before taxation:
\n
\n
Loss before taxation is stated after charging/(crediting) the following:
\n
Note
\n
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Depreciation charge, net of amounts capitalised as intangible exploration asset
\n
\n
\n
\n
144
\n
\n
12
\n
Employee benefit expenses
\n
\n
9
\n
\n
1,436
\n
\n
1,235
\n
Auditor remuneration, net of amounts recognised in share premium
\n
\n
\n
\n
92
\n
\n
88
\n
Cumulative gain on foreign exchange of liquidated subsidiary
\n
\n
\n
\n
-
\n
\n
(7)
\n
Expected credit loss allowance on amounts due from shareholder
\n
\n
22
\n
\n
(347)
\n
\n
-
\n
Net foreign exchange (gains) and losses
\n
\n
\n
\n
(39)
\n
\n
15
\n
\n
\n
\n
\n
\n
\n
\n\n
Services provided by the Company\u2019s auditor and its associates
\n
\n
During the year, the Group (including overseas subsidiaries) obtained the following services from the Company\u2019s auditors
\n
and its associates:
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company
\n
\n
and Group financial statements
\n
\n
\n
86
\n
\n
\n
80
\n
Fees payable to the Company\u2019s auditor for other permitted non-audit services:
\n
\n
\n
\n
\n
\n
\n
- review of interim report
\n
\n
\n
\n
6
\n
\n
8
\n
- permitted services relating to a corporate finance transaction: reporting accountant
\n
\n
\n
\n
45
\n
\n
37
\n
\n
\n
\n
\n
137
\n
\n
125
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag446": { "value": "\n
Services provided by the Company\u2019s auditor and its associates
\n
\n
During the year, the Group (including overseas subsidiaries) obtained the following services from the Company\u2019s auditors
\n
and its associates:
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company
\n
\n
and Group financial statements
\n
\n
\n
86
\n
\n
\n
80
\n
Fees payable to the Company\u2019s auditor for other permitted non-audit services:
\n
\n
\n
\n
\n
\n
\n
- review of interim report
\n
\n
\n
\n
6
\n
\n
8
\n
- permitted services relating to a corporate finance transaction: reporting accountant
\n
\n
\n
\n
45
\n
\n
37
\n
\n
\n
\n
\n
137
\n
\n
125
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag447": { "value": "\n

\n
\n
9. Employees
\n
\n
Employee benefit expenses consisted of the following:
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Wages and salaries
\n
\n
1,578
\n
\n
828
\n
\n
547
\n
\n
438
\n
Social security costs
\n
\n
74
\n
\n
35
\n
\n
28
\n
\n
35
\n
Other post-employment benefits
\n
\n
4
\n
\n
3
\n
\n
4
\n
\n
3
\n
Share-based payment expenses (note 23)
\n
\n
187
\n
\n
760
\n
\n
187
\n
\n
760
\n
\n
\n
1,843
\n
\n
1,626
\n
\n
766
\n
\n
1,236
\n
Less: amounts capitalised as exploration assets
\n
\n
(407)
\n
\n
(391)
\n
\n
-
\n
\n
-
\n
Employee benefits recognised in profit or loss
\n
\n
1,436
\n
\n
1,235
\n
\n
766
\n
\n
1,236
\n\n
\n
The average monthly number of employees during the year was:
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
No.
\n
\n
31 Dec
\n
2023
\n
No.
\n
31 Dec
\n
2024
\n
No.
\n
31 Dec
\n
2023
\n
No.
\n
Directors and senior management
\n
\n
7
\n
\n
5
\n
\n
6
\n
\n
4
\n
Administrative staff
\n
\n
17
\n
\n
2
\n
\n
-
\n
\n
-
\n
Technical personnel
\n
\n
47
\n
\n
-
\n
\n
-
\n
\n
-
\n
Field personnel
\n
\n
36
\n
\n
36
\n
\n
-
\n
\n
-
\n
Total
\n
\n
107
\n
\n
43
\n
\n
6
\n
\n
4
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
Further details of Directors\u2019 remuneration are included in the Directors\u2019 Remuneration Report on pages 35 to 38.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag448": { "value": "\n
\n
The average monthly number of employees during the year was:
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
No.
\n
\n
31 Dec
\n
2023
\n
No.
\n
31 Dec
\n
2024
\n
No.
\n
31 Dec
\n
2023
\n
No.
\n
Directors and senior management
\n
\n
7
\n
\n
5
\n
\n
6
\n
\n
4
\n
Administrative staff
\n
\n
17
\n
\n
2
\n
\n
-
\n
\n
-
\n
Technical personnel
\n
\n
47
\n
\n
-
\n
\n
-
\n
\n
-
\n
Field personnel
\n
\n
36
\n
\n
36
\n
\n
-
\n
\n
-
\n
Total
\n
\n
107
\n
\n
43
\n
\n
6
\n
\n
4
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag449": { "value": "\n
10. Taxation
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Current taxation
\n
\n
\n
\n
-
\n
\n
-
\n
Deferred taxation
\n
\n
\n
\n
-
\n
\n
-
\n
Total tax charge for the year
\n
\n
\n
\n
-
\n
\n
-
\n
\n
The total tax charge for the year can be reconciled to the loss for the year multiplied by the weighted average applicable
\n
tax rate as follows:
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Loss for the year
\n
\n
\n
\n
(8,662)
\n
\n
(3,293)
\n
\n
\n
\n
\n
\n
\n
\n
Tax at the applicable rate of 19.5% (2023:22.5%)
\n
\n
\n
\n
(1,693)
\n
\n
(740)
\n
Expenses not deductible for tax
\n
\n
\n
\n
37
\n
\n
171
\n
Effect of tax losses not recognised as deferred tax assets
\n
\n
\n
\n
1,656
\n
\n
569
\n
Total tax charge for the year
\n
\n
\n
\n
-
\n
\n
-
\n
The weighted average applicable tax rate of 19.5% (2023: 22.5%) used is a combination of the 25% standard rate of
\n
corporation tax in the UK (2023: 23.5%), 22% standard rate of corporation tax in Botswana (2023: 22%), nil corporation
\n
tax rate in Mauritius (2023: nil) and the expected tax rate applicable to mining companies in Zimbabwe of 15% (2023:
\n
15%).
\n
\n
\n
The Group has approximately US$ 12,370,000 (2023: US$ 7,082,000) of tax losses available to carry forward against
\n
future taxable profits. A deferred tax asset has not been recognised because of uncertainty over future taxable profits against
\n
which the losses may be used. Tax losses can be carried forward indefinitely.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag450": { "value": "\n
\n
11. Earnings per share
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Loss for the year from continuing operations
\n
\n
\n
\n
8,662
\n
\n
3,293
\n
\n
\n
\n
\n
\n
\n
\n
31 Dec
\n
2024
\n
Number
\n
31 Dec
\n
2023
\n
Number
\n
Weighted average number of ordinary shares for the purpose of calculating
\n
\n
basic and diluted earnings per share
\n
\n
\n
1,466,177,425
\n
\n
732,929,929
\n
\n
31 Dec
\n
2024
\n
US Cents
\n
\n
31 Dec
\n
2023
\n
\n
US Cents
\n
\n
\n
\n
\n
\n
\n
\n
Basic and diluted loss per share attributable to owners of the Company
\n
\n
\n
\n
0.59
\n
\n
0.45
\n
\n
\n
\n
\n
\n
\n
\n
The basic and diluted loss per share attributable to owners of the Company are identical as the share options and warrants
\n
detailed in notes 23 and 24 are considered to be anti-dilutive due to the loss made for the year.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag451": { "value": "\n

\n\n
12. Property, plant, and equipment
\n
\n
Property, plant, and equipment consists of exploration field equipment, which includes all fixed assets in Botswana and
\n
Zimbabwe, including vehicles used in field activities by geology staff.
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Net book value
\n
\n
\n
\n
\n
\n
\n
\n
\n
At 1 January
\n
\n
352
\n
\n
172
\n
\n
-
\n
\n
-
\n
Additions
\n
\n
811
\n
\n
259
\n
\n
3
\n
\n
-
\n
Disposals
\n
\n
(17)
\n
\n
-
\n
\n
-
\n
\n
-
\n
Depreciation
\n
\n
(200)
\n
\n
(71)
\n
\n
(1)
\n
\n
-
\n
Translation differences
\n
\n
(6)
\n
\n
(8)
\n
\n
-
\n
\n
-
\n
\n
\n
940
\n
\n
352
\n
\n
2
\n
\n
-
\n
Of the total depreciation charge, US$ 56,000 (2023: US$ 59,000) has been capitalised as an intangible exploration asset
\n
(note 13). The remainder of the depreciation charge relates to equipment in Zimbabwe and is included in pre-exploration
\n
expense (note 7).
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag452": { "value": "\n
12. Property, plant, and equipment
\n
\n
Property, plant, and equipment consists of exploration field equipment, which includes all fixed assets in Botswana and
\n
Zimbabwe, including vehicles used in field activities by geology staff.
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Net book value
\n
\n
\n
\n
\n
\n
\n
\n
\n
At 1 January
\n
\n
352
\n
\n
172
\n
\n
-
\n
\n
-
\n
Additions
\n
\n
811
\n
\n
259
\n
\n
3
\n
\n
-
\n
Disposals
\n
\n
(17)
\n
\n
-
\n
\n
-
\n
\n
-
\n
Depreciation
\n
\n
(200)
\n
\n
(71)
\n
\n
(1)
\n
\n
-
\n
Translation differences
\n
\n
(6)
\n
\n
(8)
\n
\n
-
\n
\n
-
\n
\n
\n
940
\n
\n
352
\n
\n
2
\n
\n
-
\n
Of the total depreciation charge, US$ 56,000 (2023: US$ 59,000) has been capitalised as an intangible exploration asset
\n
(note 13). The remainder of the depreciation charge relates to equipment in Zimbabwe and is included in pre-exploration
\n
expense (note 7).
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\nIn the year ended 31 December 2024, the additions balance included capitalised depreciation charge of US$ 56,000 (2023:US$ 59,000) in relation to property, plant and equipment used in exploration activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag462": { "value": "\n

\n\n

\n
13. Intangible assets
\n

\n
Intangible assets comprise entirely of exploration and evaluation assets.
\n

\n

\n

\n
Group
\n

\n

\n
31 Dec
\n
2024
\n

\n
31 Dec
\n
2023
\n

\n

\n
US$\u2019000
\n

\n
US$\u2019000
\n
Net book value
\n

\n

\n

\n

\n
At 1 January
\n

\n
14,586
\n

\n
9,679
\n
Additions
\n

\n
2,355
\n

\n
4,241
\n
Impairment
\n

\n
(2,737)
\n

\n
-
\n
Translation differences
\n

\n
(133)
\n

\n
666
\n
Total
\n

\n
14,071
\n

\n
14,586
\n

\n

\n

\n

\n

\n

\n
The additions balance relates to the Group\u2019s exploration activity in Botswana. Details on the exploration activity including
\n
acquisition of new licences can be found in the Operations Report.
\n

\n
In the year ended 31 December 2024, the additions balance included capitalised depreciation charge of US$ 56,000 (2023:
\n
US$ 59,000) in relation to property, plant and equipment used in exploration activities. In the year ended 31 December
\n
2023, the additions balance also included the acquisition of Icon and Ashmead subsidiaries for US$ 1,720,000, which
\n
included non-cash consideration (note 14).
\n

\n
Recoverability of the Group\u2019s exploration and evaluation assets is dependent on the success of the Group in discovering
\n
economic and recoverable mineral resources, especially in the countries of operation where political, economic, legal,
\n
regulatory, and social uncertainties are potential risk factors. The future revenue flows relating to these assets is uncertain
\n
and will also be affected by competition, relative exchange rates and potential new legislation and related environmental
\n
requirements.
\n

\n
The Group\u2019s ability to continue its exploration programs and develop its projects is also dependent on its ability to raise
\n
sufficient finance in future, which is uncertain. The ability of the Group to continue operating within Botswana and
\n
Zimbabwe is dependent on a stable political environment. This may also impact the Group\u2019s legal title to assets held which
\n
would affect the valuation of such assets. There have been no changes made to any past assumptions.
\n

\n\n
Impairment review
\n

\n
The Directors have undertaken a review to assess whether the following impairment indicators exist as at 31 December
\n
2024 or subsequently prior to the approval of these financial statements:
\n

\n
1. Licences to explore specific areas have expired or will expire in the near future and are not expected to be renewed;
\n

\n
2. No further substantive exploration expenditure is planned for a specific licence;
\n

\n
3. Exploration and evaluation activity in a specific licence area have not led to the discovery of commercially viable
\n
quantities of mineral resources and the Board has decided to discontinue such activities in the specific area; and
\n

\n
4. Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying
\n
amount of the exploration and evaluation asset is unlikely to be recovered in full by successful development or by sale.
\n

\n
As detailed in the Operations Report, the Directors took the decision to reduce the licence area in the KSZ region in
\n
Botswana to allow for a more focused exploration programme on the remaining licences. As a result, the accumulated
\n
exploration expenditure incurred on the 10 licences that are no longer deemed prospective for further exploration has been
\n
written off, leading to an impairment charge of US$ 2,737,000 recognised in profit or loss (2023:US$ nil).
\n

\n
The Board is fully committed to continuing exploration on the Group\u2019s remaining projects and further details on the
\n
progress of the exploration activities can be found in the Operations Report. Notwithstanding this, the Board will continue,
\n

\n\n\n\n\n

\n\n\n\n\n\n

\n\n\n\n\n\n

\n\n

\n\n
13. Intangible assets (continued)
\n

\n
through 2025, to review all projects, to ensure that resources are focussed where there is the greatest opportunity for
\n
discovery.
\n

\n
All the Group\u2019s prospecting licences in Botswana are subject, after an initial three-year licence term, to biennial renewals
\n
by the Department of Mines in Botswana. After an initial two renewal periods the renewal of these becomes subject to the
\n
minister\u2019s discretion. Further renewals fall due during 2025. To date the Group\u2019s prospecting licences have always been
\n
renewed, consequently the Company\u2019s Directors and management have a reasonable expectation of further renewals being
\n
successful.
\n

\n
In respect of the remaining projects, following the above-mentioned impairment review, no indicators were noted that
\n
would lead to an impairment on any of these remaining projects.
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag463": { "value": "\n

\n
13. Intangible assets
\n

\n
Intangible assets comprise entirely of exploration and evaluation assets.
\n

\n

\n

\n
Group
\n

\n

\n
31 Dec
\n
2024
\n

\n
31 Dec
\n
2023
\n

\n

\n
US$\u2019000
\n

\n
US$\u2019000
\n
Net book value
\n

\n

\n

\n

\n
At 1 January
\n

\n
14,586
\n

\n
9,679
\n
Additions
\n

\n
2,355
\n

\n
4,241
\n
Impairment
\n

\n
(2,737)
\n

\n
-
\n
Translation differences
\n

\n
(133)
\n

\n
666
\n
Total
\n

\n
14,071
\n

\n
14,586
\n

\n

\n

\n

\n

\n

\n
The additions balance relates to the Group\u2019s exploration activity in Botswana. Details on the exploration activity including
\n
acquisition of new licences can be found in the Operations Report.
\n

\n
In the year ended 31 December 2024, the additions balance included capitalised depreciation charge of US$ 56,000 (2023:
\n
US$ 59,000) in relation to property, plant and equipment used in exploration activities. In the year ended 31 December
\n
2023, the additions balance also included the acquisition of Icon and Ashmead subsidiaries for US$ 1,720,000, which
\n
included non-cash consideration (note 14).
\n

\n
Recoverability of the Group\u2019s exploration and evaluation assets is dependent on the success of the Group in discovering
\n
economic and recoverable mineral resources, especially in the countries of operation where political, economic, legal,
\n
regulatory, and social uncertainties are potential risk factors. The future revenue flows relating to these assets is uncertain
\n
and will also be affected by competition, relative exchange rates and potential new legislation and related environmental
\n
requirements.
\n

\n
The Group\u2019s ability to continue its exploration programs and develop its projects is also dependent on its ability to raise
\n
sufficient finance in future, which is uncertain. The ability of the Group to continue operating within Botswana and
\n
Zimbabwe is dependent on a stable political environment. This may also impact the Group\u2019s legal title to assets held which
\n
would affect the valuation of such assets. There have been no changes made to any past assumptions.
\n

\n\n
Impairment review
\n

\n
The Directors have undertaken a review to assess whether the following impairment indicators exist as at 31 December
\n
2024 or subsequently prior to the approval of these financial statements:
\n

\n
1. Licences to explore specific areas have expired or will expire in the near future and are not expected to be renewed;
\n

\n
2. No further substantive exploration expenditure is planned for a specific licence;
\n

\n
3. Exploration and evaluation activity in a specific licence area have not led to the discovery of commercially viable
\n
quantities of mineral resources and the Board has decided to discontinue such activities in the specific area; and
\n

\n
4. Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying
\n
amount of the exploration and evaluation asset is unlikely to be recovered in full by successful development or by sale.
\n

\n
As detailed in the Operations Report, the Directors took the decision to reduce the licence area in the KSZ region in
\n
Botswana to allow for a more focused exploration programme on the remaining licences. As a result, the accumulated
\n
exploration expenditure incurred on the 10 licences that are no longer deemed prospective for further exploration has been
\n
written off, leading to an impairment charge of US$ 2,737,000 recognised in profit or loss (2023:US$ nil).
\n

\n
The Board is fully committed to continuing exploration on the Group\u2019s remaining projects and further details on the
\n
progress of the exploration activities can be found in the Operations Report. Notwithstanding this, the Board will continue,
\n

\n\n\n\n\n

\n\n\n\n\n\n

\n\n
13. Intangible assets (continued)
\n

\n
through 2025, to review all projects, to ensure that resources are focussed where there is the greatest opportunity for
\n
discovery.
\n

\n
All the Group\u2019s prospecting licences in Botswana are subject, after an initial three-year licence term, to biennial renewals
\n
by the Department of Mines in Botswana. After an initial two renewal periods the renewal of these becomes subject to the
\n
minister\u2019s discretion. Further renewals fall due during 2025. To date the Group\u2019s prospecting licences have always been
\n
renewed, consequently the Company\u2019s Directors and management have a reasonable expectation of further renewals being
\n
successful.
\n

\n
In respect of the remaining projects, following the above-mentioned impairment review, no indicators were noted that
\n
would lead to an impairment on any of these remaining projects.
\n

\n\n\n\n\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag466": { "value": "\n
Impairment review
\n

\n
The Directors have undertaken a review to assess whether the following impairment indicators exist as at 31 December
\n
2024 or subsequently prior to the approval of these financial statements:
\n

\n
1. Licences to explore specific areas have expired or will expire in the near future and are not expected to be renewed;
\n

\n
2. No further substantive exploration expenditure is planned for a specific licence;
\n

\n
3. Exploration and evaluation activity in a specific licence area have not led to the discovery of commercially viable
\n
quantities of mineral resources and the Board has decided to discontinue such activities in the specific area; and
\n

\n
4. Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying
\n
amount of the exploration and evaluation asset is unlikely to be recovered in full by successful development or by sale.
\n

\n
As detailed in the Operations Report, the Directors took the decision to reduce the licence area in the KSZ region in
\n
Botswana to allow for a more focused exploration programme on the remaining licences. As a result, the accumulated
\n
exploration expenditure incurred on the 10 licences that are no longer deemed prospective for further exploration has been
\n
written off, leading to an impairment charge of US$ 2,737,000 recognised in profit or loss (2023:US$ nil).
\n

\n
The Board is fully committed to continuing exploration on the Group\u2019s remaining projects and further details on the
\n
progress of the exploration activities can be found in the Operations Report. Notwithstanding this, the Board will continue,
\n

\n\n\n\n\n
13. Intangible assets (continued)
\n

\n
through 2025, to review all projects, to ensure that resources are focussed where there is the greatest opportunity for
\n
discovery.
\n

\n
All the Group\u2019s prospecting licences in Botswana are subject, after an initial three-year licence term, to biennial renewals
\n
by the Department of Mines in Botswana. After an initial two renewal periods the renewal of these becomes subject to the
\n
minister\u2019s discretion. Further renewals fall due during 2025. To date the Group\u2019s prospecting licences have always been
\n
renewed, consequently the Company\u2019s Directors and management have a reasonable expectation of further renewals being
\n
successful.
\n

\n
In respect of the remaining projects, following the above-mentioned impairment review, no indicators were noted that
\n
would lead to an impairment on any of these remaining projects.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag470": { "value": "\n
14. Acquisition of Icon-Trading Company (Pty) Ltd and Ashmead Holdings (Pty) Ltd in 2023
\n

\n
In November 2023 the Group entered into an agreement with Global Exploration Technologies (Pty) Limited to acquire a
\n
90% interest in six licence areas by acquiring 90% of the issued shares of Icon and Ashmead.
\n

\n
The total consideration was US$ 1,720,000 and comprised of the following:
\n

\n
a. US$ 1,015,000 payable upon on the completion of the acquisition;
\n
b. US$ 339,000 payable 90 days following the completion of the acquisition; and
\n
c. US$ 339,000 payable 180 days following the completion of the acquisition.
\n

\n
The two entities acquired do not meet the definition of a business as defined in IFRS 3 Business Combination and therefore
\n
represents an asset purchase, being the interest in the licences.
\n

\n
The consideration was capitalised as intangible exploration assets and included as additions in the year ended 31 December
\n
2023 (note 13). A non-controlling interest has been recognised as a result of this transaction, totalling US$ 186,000
\n
representing the 10% of the fair value of the licences acquired. Transaction costs of US$ 27,000 were incurred and added
\n
to the cost of the intangible assets acquired.
\n

\n
The total deferred consideration of US$678,000 was settled in full in during the year ended 31 December 2024.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag471": { "value": "\n
15. Loan receivables
\n

\n

\n

\n

\n

\n
Group and Company
\n

\n

\n

\n

\n

\n

\n
31 Dec
\n
2024
\n

\n
31 Dec
\n
2023
\n

\n

\n

\n

\n

\n

\n
US$\u2019000
\n

\n
US$\u2019000
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Loan advanced to Pambili
\n

\n

\n

\n

\n

\n
163
\n

\n
-
\n
Loan advanced to Equity Drilling
\n

\n

\n

\n

\n

\n
408
\n

\n
-
\n

\n

\n

\n

\n

\n

\n
571
\n

\n
-
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Loan advanced to Pambili
\n

\n
During the year ended 31 December 2024, the Group provided a loan to Pambili Natural Resources Corporation
\n
(\u201cPambili\u201d), a gold exploration company listed in Canada of US$ 150,000. The loan is unsecured and repayable by no later
\n
than 31 January 2025. The loan includes an arrangement fee of US$ 15,000 which is accounted for as interest with a
\n
corresponding interest income of US$ 13,000 included within finance income. Subsequent to year end, Pambili defaulted
\n
on the loan repayment and the loan was refinanced through convertible loan notes as disclosed in note 29.
\n

\n
Loan advanced to Equity Drilling
\n

\n
During the year ended 31 December 2024, the Group provided a US$ 478,000 loan to its drilling contractor, Equity Drilling
\n
Zimbabwe (Pvt) Limited, to facilitate acquisition of drilling equipment in Zimbabwe. The loan is secured against the assets
\n

\n\n\n\n\n

\n
and is interest-free. The loan is repayable no later than 31 December 2025 and a total of $70,000 was repaid by 31 December
\n
2024.
\n

\n\n
16. Financial assets at fair value through profit or loss
\n

\n

\n

\n

\n

\n
Group and Company
\n

\n

\n

\n

\n

\n

\n
31 Dec
\n
2024
\n

\n
31 Dec
\n
2023
\n

\n

\n

\n

\n

\n

\n
US$\u2019000
\n

\n
US$\u2019000
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interest in listed entities
\n

\n

\n

\n

\n

\n
418
\n

\n
378
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interest in listed entities
\n

\n
Interest in listed entities comprises of the Company\u2019s investments in Power Metal Resources PLC (\u201cPower Metals\u201d) and
\n
Pambili Natural Resources Corporation (\u201cPambili\u201d).
\n

\n
Power Metals
\n

\n
At 31 December 2023, the fair value of Group\u2019s investment in Power Metals, an AIM-listed metal exploration company,
\n
was US$ 109,000. The fair value subsequently decreased to US$ 96,000 as at 31 December 2024 with a loss of US$ 11,000
\n
recognised in profit or loss. A foreign exchange loss of US$ 2,000 has also been recognised.
\n

\n
Pambili
\n

\n
During the year ended 31 December 2023, the Company subscribed to a US$ 250,000 convertible loan note issued by
\n
Pambili, a gold exploration company listed on the TSX Venture Exchange (\"TSX-V\u201d) in Canada. The convertible loan
\n
note was interest-free and convertible at par plus US$ 75,000 redemption premium into ordinary shares in Pambili at
\n
CAD$0.05 each. The Company served a binding conversion notice to Pambili on 29 November 2023, which would have
\n
given the Group 8,925,000 shares representing approximately 16.6% of Pambili\u2019s enlarged issued share capital. As at 31
\n
December 2024, the allotment of these shares remained outstanding whilst Pambili completed a linked transaction and
\n
sought the necessary approvals from TSX-V. The fair value of the Group\u2019s interest in Pambili as at 31 December 2023 was
\n
US$ 269,000.
\n

\n
On 4 July 2024, in order to facilitate the approval of the allotment of shares by TSX-V, the Group agreed to reduce its
\n
shareholding from 16.6% to 14.0% with a corresponding reduction in the number to shares to be issued from 8,925,000 to
\n
7,704,910. The shares were subsequently issued and as at 31 December 2024 the fair value of the Group\u2019s shares in Pambili
\n
was US$ 322,000 as with the corresponding gain of US$ 56,000 recognised in profit or loss. A foreign exchange loss of
\n
US$ 6,000 has also been recognised.
\n

\n
The movement in the fair value of the Company\u2019s interest in listed entities is detailed below:
\n

\n

\n

\n

\n

\n
Group and Company
\n

\n

\n

\n

\n

\n

\n
31 Dec
\n
2024
\n

\n
31 Dec
\n
2023
\n

\n

\n

\n

\n

\n

\n
US$\u2019000
\n

\n
US$\u2019000
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 1 January
\n

\n

\n

\n

\n

\n
378
\n

\n
-
\n
Additions
\n

\n

\n

\n

\n

\n
-
\n

\n
445
\n
Gain/(loss) on the change in fair value
\n

\n

\n

\n

\n

\n
47
\n

\n
(77)
\n
Translation differences
\n

\n

\n

\n

\n

\n
(7)
\n

\n
10
\n
At 31 December
\n

\n

\n

\n

\n

\n
418
\n

\n
378
\n

\n\n\n\n\n

\n\n\n\n\n

\n\n
\n
21. Convertible loan notes
\n
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Convertible loan notes \u2013 principal
\n
\n
4,644
\n
\n
-
\n
\n
4,644
\n
\n
-
\n
Convertible loan notes \u2013 accumulated interest
\n
\n
119
\n
\n
\n
\n
119
\n
\n
\n
Total
\n
\n
4,763
\n
\n
-
\n
\n
4,763
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
In August and December 2024, the Company issued 3,711,668 \u00a31 unsecured convertible loan notes with the principal value
\n
of US$ 4,644,000. The loan notes are repayable in cash 12 months after issue and accumulate interest at 10% per annum.
\n
The loan notes are convertible into ordinary shares of the Company, at the option of the holders, at any time subject to the
\n
Company publishing an FCA-approved prospectus and the Company having sufficient share authorities to issue such
\n
conversion shares. The conversion price is set to be the subscription price achieved in the fundraise in connection with the
\n
FCA-approved prospectus. The instrument meets the definition of a financial liability in its entirety.
\n
\n
As disclosed in note 29, after the year-end the Company completed its fundraise at 0.7 pence per share and published the
\n
FCA-approved prospectus on 28 January 2025. The convertible loan notes were converted in full into ordinary shares of
\n
the Company.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
26. Financial instruments
\n
\n
(a) Categories of financial instruments
\n
\n
Financial assets
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Financial assets at amortised cost:
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other receivables
\n
\n
355
\n
\n
637
\n
\n
287
\n
\n
637
\n
Cash and cash equivalents
\n
\n
1,105
\n
\n
3,393
\n
\n
580
\n
\n
3,205
\n
Loan receivables
\n
\n
571
\n
\n
-
\n
\n
571
\n
\n
-
\n
Loans to subsidiaries
\n
\n
-
\n
\n
-
\n
\n
23,384
\n
\n
14,223
\n
\n
\n
2,031
\n
\n
4,030
\n
\n
24,822
\n
\n
18,065
\n
Financial assets at fair value through profit or loss:
\n
\n
\n
\n
\n
\n
\n
\n
\n
Interest in listed securities
\n
\n
418
\n
\n
378
\n
\n
418
\n
\n
378
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Total financial assets
\n
\n
2,449
\n
\n
4,408
\n
\n
25,240
\n
\n
18,443
\n
Financial liabilities
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Financial liabilities at amortised cost:
\n
Trade and other payables
\n
690
\n
\n
587
\n
\n
344
\n
\n
369
\n
Deferred consideration
\n
-
\n
\n
681
\n
\n
-
\n
\n
681
\n
690
\n
\n
1,268
\n
\n
344
\n
\n
1,050
\n
There is no material difference between the carrying value and fair value of the Group\u2019s and Company\u2019s cash balances,
\n
other receivables, loans receivables, loans to subsidiaries and trade and other payables because of their short maturities.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n
26. Financial instruments (continued)
\n\n

\n\n
\n
(b) Fair value hierarchy
\n
\n
Some of the Company\u2019s financial assets are measured at fair value at the end of each reporting period. Valuation techniques
\n
in determining the fair values are divided into three levels based on the quality of inputs.
\n
\n
There were no transfers between fair value hierarchies in the year ended 31 December 2024 (2023: none).
\n
\n
Level 1 \u2013 Quoted market prices
\n
\n
Fair value is determined by reference to unadjusted quoted prices for identical assets and liabilities in active markets where
\n
the quoted price is readily available.
\n
\n
The following financial assets are recognised in these financial statements at fair value through profit or loss and are
\n
classified within the Level 1 category:
\n
Group and Company
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Interest in listed securities
\n
\n
\n
\n
418
\n
\n
378
\n
Level 2 \u2013 Valuation techniques using observable inputs
\n
\n
Fair value is determined using inputs other than quoted prices included in Level 1 that are observable, directly or indirectly.
\n
\n
Level 3 \u2013 Valuation techniques using significant unobservable inputs
\n
\n
Fair value is dependent on significant inputs that are unobservable.
\n
\n
As at 31 December 2024, the Company and Group had no financial instruments carried at fair value where the fair value
\n
is estimated using Level 2 or Level 3 inputs.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
\n\n

\n

\n
(c) Risk Management
\n
\n
The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management
\n
framework.
\n
\n
The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate
\n
risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
\n
regularly to reflect changes in market conditions and the Group's activities. The Group, through its training, management
\n
standards and procedures, aims to develop a disciplined and constructive control environment in which all employees
\n
understand their roles and obligations.
\n
\n
The main financial risks arising from the Group\u2019s and Company\u2019s financial instruments are market risk, credit risk and
\n
liquidity risk.
\n\n
\n
Market risk
\n
\n
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
\n
market prices. This risk comprises currency risk, interest rate risk and equity price risk.
\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n

\n
26. Financial instruments (continued)
\n\n

\n\n

\n\n
(i) Currency risk
\n
\n
Currency risk is the risk that that the fair value or future cash flows of a financial instrument will fluctuate because of
\n
changes in foreign exchange rates. Currency risk arises on financial instruments that are denominated in a different currency
\n
to the entity\u2019s functional currency in which they are measured. Currency risk is monitored on a regular basis.
\n
\n
The net carrying amount of financial instruments split by currency are set out below:
\n
Group
\n
31 Dec 2024
\n
31 Dec 2023
\n
GBP
\n
\n
US$\u2019000
\n
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
GBP
\n
US$\u2019000
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
\n
404
\n
\n
563
\n
\n
138
\n
\n
\n
3,027
\n
304
\n
62
\n
Trade and other receivables
\n
\n
933
\n
\n
-
\n
\n
370
\n
\n
\n
637
\n
-
\n
387
\n
Trade and other payables
\n
\n
(61)
\n
\n
-
\n
\n
(66)
\n
\n
\n
(132)
\n
-
\n
(109)
\n
\n
Company
\n
31 Dec 2024
\n
31 Dec 2023
\n
GBP
\n
\n
US$\u2019000
\n
\n
USD
\n
US$\u2019000
\n
\n
BWP
\n
\n
US$\u2019000
\n
GBP
\n
US$\u2019000
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
Cash and cash equivalents
\n
\n
404
\n
\n
176
\n
\n
-
\n
\n
\n
1,084
\n
1
\n
-
\n
Trade and other receivables
\n
\n
933
\n
\n
-
\n
\n
-
\n
\n
\n
637
\n
-
\n
-
\n
Loan to subsidiaries
\n
\n
23,387
\n
\n
-
\n
\n
-
\n
\n
\n
12,442
\n
-
\n
-
\n
Trade and other payables
\n
\n
(61)
\n
\n
(14)
\n
\n
-
\n
\n
\n
(132)
\n
(1)
\n
-
\n
\n
The Group's and Company\u2019s exposure to foreign currency risk arises only from monetary financial instruments that are
\n
denominated in a different currency to the entity\u2019s functional currency in which they are measured, which is trivial for the
\n
Group.
\n
\n
Gains and losses on the intercompany funding loans between the UK and Botswana are capitalised as part of the exploration
\n
and evaluation intangible assets and therefore there is no exposure for the Group as whole. Exposure to currency risk from
\n
other financial instruments is immaterial.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n
\n
(ii) Interest rate risk
\n
\n
Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in interest
\n
rates. The exposure to this risk is not considered as the Company and Group have no floating rate external borrowing and
\n
are not relying on interest income for funding.
\n
\n
(iii) Equity price risk
\n
\n
The Group and Company are exposed to the equity price risk through their investments in ordinary shares of Power Metals
\n
and shares to be issued in Pambili with total carrying value of US$ 418,000 at of 31 December 2024 (2023: US$ 378,000).
\n
Securities markets fluctuate, frequently on basis of uncontrollable macroeconomic and geopolitical developments. In
\n
addition, there can be developments within a public company that can affect its market valuation. The Directors review
\n
public announcements released by Power Metals and Pambili and monitor the liquidity of their shares to mitigate the
\n
financial impact of a sudden depreciation in their value.
\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n

\n

\n
26. Financial instruments (continued)
\n
\n\n

\n

\n

\n\n

\n
Credit risk
\n
\n
Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual
\n
obligations.
\n
\n
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as
\n
at 31 December 2024 is detailed below:
\n
\n
For the Group, credit risk arises primarily from cash balances held at banks and loan receivables. The risk in relation to
\n
cash balances is mitigated by using only reputable financial institutions with a high credit rating. The Group\u2019s exposure to
\n
the amounts due from shareholder is discussed in note 22 and the loan receivables are detailed in note 15.
\n
\n
The Company is additionally exposed to credit risk on the intercompany balances with its subsidiaries. The recoverability
\n
of these balances is linked directly to the success of the exploration activities of the Group. As discussed in note 13, no
\n
impairment indicators exist on the exploration assets and thus the balances are deemed to be recoverable.
\n
\n\n
The Group and Company do not hold any collateral as security.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
\n\n
Liquidity risk
\n
\n
Liquidity risk arises from the possibility that the Company and its subsidiaries might encounter difficulty in settling its
\n
debts or otherwise meeting its obligations related to financial liabilities. The Company manages this risk by monitoring its
\n
financial resources and carefully planning its exploration expenditure programmes. The Group is dependent upon equity
\n
fundraisings to manage its liquidity risk.
\n
\n
With the exception of the convertible loan notes detailed in note 21, the Group and Company have no external borrowings
\n
(2023: none) and all their liabilities are due within six months. The convertible loan notes have a contractual maturity
\n
falling within 6 to 12 months of the year-end, with maximum cash redemption amount of US$ 5,112,000. The convertible
\n
loan notes were converted into ordinary shares of the Company in January 2025.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
\n\n
(d) Capital risk management
\n
\n
The Board\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to
\n
enable the Group to continue its exploration and evaluation activities, and to maintain an optimal capital structure to reduce
\n
the cost of capital. The Company and Group have no external borrowing and thus capital consists entirely of equity.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag473": { "value": "\n
16. Financial assets at fair value through profit or loss
\n

\n

\n

\n

\n

\n
Group and Company
\n

\n

\n

\n

\n

\n

\n
31 Dec
\n
2024
\n

\n
31 Dec
\n
2023
\n

\n

\n

\n

\n

\n

\n
US$\u2019000
\n

\n
US$\u2019000
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interest in listed entities
\n

\n

\n

\n

\n

\n
418
\n

\n
378
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Interest in listed entities
\n

\n
Interest in listed entities comprises of the Company\u2019s investments in Power Metal Resources PLC (\u201cPower Metals\u201d) and
\n
Pambili Natural Resources Corporation (\u201cPambili\u201d).
\n

\n
Power Metals
\n

\n
At 31 December 2023, the fair value of Group\u2019s investment in Power Metals, an AIM-listed metal exploration company,
\n
was US$ 109,000. The fair value subsequently decreased to US$ 96,000 as at 31 December 2024 with a loss of US$ 11,000
\n
recognised in profit or loss. A foreign exchange loss of US$ 2,000 has also been recognised.
\n

\n
Pambili
\n

\n
During the year ended 31 December 2023, the Company subscribed to a US$ 250,000 convertible loan note issued by
\n
Pambili, a gold exploration company listed on the TSX Venture Exchange (\"TSX-V\u201d) in Canada. The convertible loan
\n
note was interest-free and convertible at par plus US$ 75,000 redemption premium into ordinary shares in Pambili at
\n
CAD$0.05 each. The Company served a binding conversion notice to Pambili on 29 November 2023, which would have
\n
given the Group 8,925,000 shares representing approximately 16.6% of Pambili\u2019s enlarged issued share capital. As at 31
\n
December 2024, the allotment of these shares remained outstanding whilst Pambili completed a linked transaction and
\n
sought the necessary approvals from TSX-V. The fair value of the Group\u2019s interest in Pambili as at 31 December 2023 was
\n
US$ 269,000.
\n

\n
On 4 July 2024, in order to facilitate the approval of the allotment of shares by TSX-V, the Group agreed to reduce its
\n
shareholding from 16.6% to 14.0% with a corresponding reduction in the number to shares to be issued from 8,925,000 to
\n
7,704,910. The shares were subsequently issued and as at 31 December 2024 the fair value of the Group\u2019s shares in Pambili
\n
was US$ 322,000 as with the corresponding gain of US$ 56,000 recognised in profit or loss. A foreign exchange loss of
\n
US$ 6,000 has also been recognised.
\n

\n
The movement in the fair value of the Company\u2019s interest in listed entities is detailed below:
\n

\n

\n

\n

\n

\n
Group and Company
\n

\n

\n

\n

\n

\n

\n
31 Dec
\n
2024
\n

\n
31 Dec
\n
2023
\n

\n

\n

\n

\n

\n

\n
US$\u2019000
\n

\n
US$\u2019000
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 1 January
\n

\n

\n

\n

\n

\n
378
\n

\n
-
\n
Additions
\n

\n

\n

\n

\n

\n
-
\n

\n
445
\n
Gain/(loss) on the change in fair value
\n

\n

\n

\n

\n

\n
47
\n

\n
(77)
\n
Translation differences
\n

\n

\n

\n

\n

\n
(7)
\n

\n
10
\n
At 31 December
\n

\n

\n

\n

\n

\n
418
\n

\n
378
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag453": { "value": "\n

\n\n
18. Trade and other receivables
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Amounts due from shareholders
\n
\n
287
\n
\n
637
\n
\n
287
\n
\n
637
\n
VAT recoverable
\n
\n
242
\n
\n
107
\n
\n
31
\n
\n
28
\n
Other receivables and prepayments
\n
\n
1,272
\n
\n
184
\n
\n
834
\n
\n
94
\n
\n
\n
1,801
\n
\n
928
\n
\n
1,152
\n
\n
759
\n
Other receivables and prepayments include the following:
\n
\n
During the year ended 31 December 2024, the Group advanced a short-term working capital loan to Pambili Natural
\n
Resources Corporation (\u201cPambili\u201d), a gold exploration company listed on the TSX-V in Canada, of US$ 68,000 (2023:
\n
US$ nil).
\n
\n
In April 2024, the Company exercised the option to acquire the Hillside and Leopard North Projects and transferred the
\n
exercise price of US$ 650,000 into an escrow account. The acquisition has not completed by 31 December 2024 and the
\n
funds remained in escrow.
\n
\n
Further details on the amounts due from shareholders is included in note 28.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag454": { "value": "\n
18. Trade and other receivables
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Amounts due from shareholders
\n
\n
287
\n
\n
637
\n
\n
287
\n
\n
637
\n
VAT recoverable
\n
\n
242
\n
\n
107
\n
\n
31
\n
\n
28
\n
Other receivables and prepayments
\n
\n
1,272
\n
\n
184
\n
\n
834
\n
\n
94
\n
\n
\n
1,801
\n
\n
928
\n
\n
1,152
\n
\n
759
\n
Other receivables and prepayments include the following:
\n
\n
During the year ended 31 December 2024, the Group advanced a short-term working capital loan to Pambili Natural
\n
Resources Corporation (\u201cPambili\u201d), a gold exploration company listed on the TSX-V in Canada, of US$ 68,000 (2023:
\n
US$ nil).
\n
\n
In April 2024, the Company exercised the option to acquire the Hillside and Leopard North Projects and transferred the
\n
exercise price of US$ 650,000 into an escrow account. The acquisition has not completed by 31 December 2024 and the
\n
funds remained in escrow.
\n
\n
Further details on the amounts due from shareholders is included in note 28.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag455": { "value": "\n
19. Cash and cash equivalents
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Cash in bank
\n
\n
991
\n
\n
3,317
\n
\n
580
\n
\n
3,205
\n
Cash in hand
\n
\n
114
\n
\n
76
\n
\n
-
\n
\n
-
\n
Total
\n
\n
1,105
\n
\n
3,393
\n
\n
580
\n
\n
3,205
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag456": { "value": "\n

\n\n
\n
20. Trade and other payable
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Trade payables
\n
\n
205
\n
\n
230
\n
\n
88
\n
\n
145
\n
Accruals and other payables
\n
\n
485
\n
\n
356
\n
\n
256
\n
\n
224
\n
Deferred consideration (note 14)
\n
\n
-
\n
\n
681
\n
\n
-
\n
\n
681
\n
Other tax and social security
\n
\n
22
\n
\n
17
\n
\n
10
\n
\n
15
\n
Total
\n
\n
712
\n
\n
1,284
\n
\n
354
\n
\n
1,065
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag457": { "value": "\n
\n
20. Trade and other payable
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Trade payables
\n
\n
205
\n
\n
230
\n
\n
88
\n
\n
145
\n
Accruals and other payables
\n
\n
485
\n
\n
356
\n
\n
256
\n
\n
224
\n
Deferred consideration (note 14)
\n
\n
-
\n
\n
681
\n
\n
-
\n
\n
681
\n
Other tax and social security
\n
\n
22
\n
\n
17
\n
\n
10
\n
\n
15
\n
Total
\n
\n
712
\n
\n
1,284
\n
\n
354
\n
\n
1,065
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag459": { "value": "\n
\n
21. Convertible loan notes
\n
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Convertible loan notes \u2013 principal
\n
\n
4,644
\n
\n
-
\n
\n
4,644
\n
\n
-
\n
Convertible loan notes \u2013 accumulated interest
\n
\n
119
\n
\n
\n
\n
119
\n
\n
\n
Total
\n
\n
4,763
\n
\n
-
\n
\n
4,763
\n
\n
-
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
In August and December 2024, the Company issued 3,711,668 \u00a31 unsecured convertible loan notes with the principal value
\n
of US$ 4,644,000. The loan notes are repayable in cash 12 months after issue and accumulate interest at 10% per annum.
\n
The loan notes are convertible into ordinary shares of the Company, at the option of the holders, at any time subject to the
\n
Company publishing an FCA-approved prospectus and the Company having sufficient share authorities to issue such
\n
conversion shares. The conversion price is set to be the subscription price achieved in the fundraise in connection with the
\n
FCA-approved prospectus. The instrument meets the definition of a financial liability in its entirety.
\n
\n
As disclosed in note 29, after the year-end the Company completed its fundraise at 0.7 pence per share and published the
\n
FCA-approved prospectus on 28 January 2025. The convertible loan notes were converted in full into ordinary shares of
\n
the Company.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag460": { "value": "\n

\n\n
22. Share Capital
\n
Number of
\n
shares
\n
No.
\n
Share capital
\n
US$\u2019000
\n
Share premium
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
As at 1 January 2023
\n
705,569,314
\n
\n
904
\n
\n
19,296
\n
\n
20,200
\n
Purebond Placing
\n
600,000,000
\n
\n
759
\n
\n
6,838
\n
\n
7,597
\n
Issue costs
\n
-
\n
\n
-
\n
\n
(255)
\n
\n
(255)
\n
Warrants granted
\n
-
\n
\n
-
\n
\n
(90)
\n
\n
(90)
\n
As at 31 December 2023
\n
1,305,569,314
\n
\n
1,663
\n
\n
25,789
\n
\n
27,452
\n
\n
\n
\n
\n
\n
\n
\n
\n
Share issue
\n
257,113,862
\n
\n
326
\n
\n
3,584
\n
\n
3,910
\n
Issue costs
\n
-
\n
\n
-
\n
\n
(35)
\n
\n
(35)
\n
As at 31 December 2024
\n
1,562,683,176
\n
\n
1,989
\n
\n
29,338
\n
\n
31,327
\n
The Company has one class of ordinary shares of 0.1 penny each which entitle the holders to receive dividends as declared
\n
from time to time and to vote at meetings of the Company. All ordinary shares rank equally with regard the Company\u2019s
\n
residual net assets. There are no restrictions on the transfer of shares.
\n
\n
On 16 May 2024, the Company successfully raised \u00a33,085,366 (US$ 3,910,000) gross proceeds by placing 257,113,862
\n
new ordinary shares at 1.2 pence each.
\n
\n
The total cash received, before issue costs, by the Company for the shares issued during the year ended 31 December 2024
\n
was US$ 3,909,375 (2023: US $7,597,000).
\n
\n
In November 2022 the Company raised US$ 4,164,000 through the issue of 194,444,437 shares and 194,444,437 3p
\n
warrants. Of this amount, as at 31 December 2024 and at the date of approval of these financial statements, \u00a3500,000 (US$
\n
626,000; 2023: US$637,000) remain outstanding from one subscriber, Arigo Capital. The Directors have concluded that
\n
the amounts are unlikely to be recovered from the subscriber and therefore, as permitted by the Company\u2019s Articles of
\n
Association, the shares will reissued to a different shareholder. The shares will be reissued at the prevailing market price,
\n
which as at 31 December 2024 was 0.825 pence and therefore an expected credit loss provision of US$ 347,000 (2023:
\n
US$ nil) has been recognised in profit or loss to reduce the carrying value of the receivable to US$ 287,000. The receivable
\n
is included within the trade and other receivables balance (note 18).
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
24. Warrant reserve
\n
Group and Company
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
At 1 January
\n
\n
\n
\n
609
\n
\n
650
\n
Warrants issued during the year \u2013 note 23
\n
\n
\n
\n
-
\n
\n
90
\n
Warrants lapsed during the year \u2013 note 23
\n
\n
\n
\n
(144)
\n
\n
(131)
\n
At 31 December
\n
\n
\n
\n
465
\n
\n
609
\n
\n
\n
\n
\n
\n
\n
\n
Details of the warrants outstanding as at 31 December 2024 are as follows:
\n
Warrants
\n
\n
Exercise price
\n
(pence)
\n
Grant date
\n
Expiry date
\n
No of Warrants
\n
\n
outstanding
\n
2021 Spectral Warrants
\n
\n
4.25
\n
\n
20 April 2021
\n
\n
20 April 2025
\n
\n
1,000,000
\n
2022 3.0p Placing
\n
\n
3.00
\n
\n
17 November 2022
\n
\n
28 February 2025
\n
\n
194,444,437
\n
2022 Power Warrants
\n
\n
4.25
\n
\n
25 November 2022
\n
\n
8 January 2025
\n
\n
30,000,000
\n
2022 Power Warrants
\n
\n
5.50
\n
\n
25 November 2022
\n
\n
8 January 2025
\n
\n
30,000,000
\n
\n
\n
\n
\n
\n
\n
\n
\n
255,444,437
\n
\n
During the year ended 31 December 2024, a total of 24,800,001 warrants lapsed unexercised (2023: 195,435,423). No
\n
warrants were exercised during the year (2023: none).
\n
\n
2022 3.0p Placing
\n
\n
In November 2022 as part of a share placing (note 22) the Company granted 194,444,437 warrants exercisable at 3.0p for
\n
a period of 2 years.
\n
\n
Details of other warrants can be found in note 23(b).
\n
\n
After the year-end, all 2022 Power Warrants and all 2022 3.0p Placing Warrants lapsed unexercised in January and
\n
February 2025 respectively.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag461": { "value": "\n
22. Share Capital
\n
Number of
\n
shares
\n
No.
\n
Share capital
\n
US$\u2019000
\n
Share premium
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
As at 1 January 2023
\n
705,569,314
\n
\n
904
\n
\n
19,296
\n
\n
20,200
\n
Purebond Placing
\n
600,000,000
\n
\n
759
\n
\n
6,838
\n
\n
7,597
\n
Issue costs
\n
-
\n
\n
-
\n
\n
(255)
\n
\n
(255)
\n
Warrants granted
\n
-
\n
\n
-
\n
\n
(90)
\n
\n
(90)
\n
As at 31 December 2023
\n
1,305,569,314
\n
\n
1,663
\n
\n
25,789
\n
\n
27,452
\n
\n
\n
\n
\n
\n
\n
\n
\n
Share issue
\n
257,113,862
\n
\n
326
\n
\n
3,584
\n
\n
3,910
\n
Issue costs
\n
-
\n
\n
-
\n
\n
(35)
\n
\n
(35)
\n
As at 31 December 2024
\n
1,562,683,176
\n
\n
1,989
\n
\n
29,338
\n
\n
31,327
\n
The Company has one class of ordinary shares of 0.1 penny each which entitle the holders to receive dividends as declared
\n
from time to time and to vote at meetings of the Company. All ordinary shares rank equally with regard the Company\u2019s
\n
residual net assets. There are no restrictions on the transfer of shares.
\n
\n
On 16 May 2024, the Company successfully raised \u00a33,085,366 (US$ 3,910,000) gross proceeds by placing 257,113,862
\n
new ordinary shares at 1.2 pence each.
\n
\n
The total cash received, before issue costs, by the Company for the shares issued during the year ended 31 December 2024
\n
was US$ 3,909,375 (2023: US $7,597,000).
\n
\n
In November 2022 the Company raised US$ 4,164,000 through the issue of 194,444,437 shares and 194,444,437 3p
\n
warrants. Of this amount, as at 31 December 2024 and at the date of approval of these financial statements, \u00a3500,000 (US$
\n
626,000; 2023: US$637,000) remain outstanding from one subscriber, Arigo Capital. The Directors have concluded that
\n
the amounts are unlikely to be recovered from the subscriber and therefore, as permitted by the Company\u2019s Articles of
\n
Association, the shares will reissued to a different shareholder. The shares will be reissued at the prevailing market price,
\n
which as at 31 December 2024 was 0.825 pence and therefore an expected credit loss provision of US$ 347,000 (2023:
\n
US$ nil) has been recognised in profit or loss to reduce the carrying value of the receivable to US$ 287,000. The receivable
\n
is included within the trade and other receivables balance (note 18).
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag474": { "value": "\n
\n
23. Share-based payments
\n
\n
The Company is party to the following share-based payment arrangements:
\n
\n
(a) Share options issued to employees and others providing similar services;
\n
(b) Warrants issued to third-party suppliers for the provision of exploration and corporate services; and
\n
(c), (d) Warrants issued as part of corporate acquisitions.
\n
\n
The Company also settles some of its capitalised drilling contractor invoices in shares (note 22).
\n
\n
Warrants issued to shareholders as part of fundraising are disclosed in note 24.
\n
\n
Movements in the Share Options Reserve are detailed below:
\n
Share Options
\n
Reserve
\n
\n
US$\u2019000
\n
As at 1 January 2023
\n
913
\n
Share-based payments \u2013 expensed
\n
760
\n
As at 31 December 2023
\n
1,673
\n
Share-based payments \u2013 expensed
\n
187
\n
As at 31 December 2024
\n
1,860
\n
(a) Share Options
\n
\n
Share options granted prior to 1 January 2023
\n
\n
In 2018 the Company granted 13,400,000 share options to the Directors and management exercisable at 2.5 pence for a
\n
period of 10 years from date of grant.
\n
\n
In 2019 the Company granted 2,600,000 share options to the Directors and management exercisable at 2.8 pence for a
\n
period of 10 years from date of grant.
\n
\n
In May 2020 the Company granted 2,725,000 share options to Directors and management exercisable at 0.8 pence for a
\n
period of 10 years from date of grant.
\n
\n
None of the share options detailed above had vesting conditions attached to them.
\n
\n
In February 2021 the Company granted 3,500,000 share options to the Directors of the Company exercisable at 3.3 pence
\n
per share. The options are subject to the Directors being employed by the Company, with half the options vesting after one
\n
year and the remainder vesting after two years.
\n
\n
In June and August 2021, the Company granted options to the Directors and management which are subject to the following
\n
performance conditions:
\n
\n
(i) a minimum service period, ranging between 6 and 24 months;
\n
(ii) the Company share has to hit a set threshold on any 5 trading days; and
\n
(iii) the option holder has to be employed on the date of exercise, unless employment is terminated by the Company and
\n
\u2018good leaver provisions\u2019 apply.
\n
\n
The options are valid for 7 years from the date of grant. Some of these options were subsequently replaced during the year
\n
ended 31 December 2023.
\n
\n
In January 2022 the Board made firm commitments to a Director and management to issue further options in January 2022
\n
but with the vesting period commencing on 1 December 2021. These were issued on 4 January 2022 but have a grant date
\n
of 1 December 2021 and have been accounted for from that date.
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n
\n
23. Share based payments (continued)
\n
\n
(a) Share Options (continued)
\n
\n
Share options granted in the year ended 31 December 2023
\n
\n
On 3 February 2023, the Company granted 32,820,000 of new options to the Group\u2019s Directors, employees and contractors.
\n
The Company also amended the vesting conditions and exercise price of 10,000,000 existing share options to align them
\n
with the new grant.
\n
\n
The Directors have elected to account for the amendment as a cancellation of the existing options, leading to an accelerated
\n
recognition of the remaining option charge of US$ 200,000 in the period ended 31 December 2023, and treating the
\n
replacement options as a new grant.
\n
\n
The new and amended options were valid for 7 years from the date of grant, or 7 years from the date of original grant for
\n
the amended options, with the exercise price of 3p.
\n
\n
Of the 42,820,000 new and amended options granted, 37,820,000 are subject the following vesting conditions:
\n
\n
(i) a minimum service period, ranging between 6 and 18 months and the Company share price closing at 6p or above
\n
on any 5 trading days; or
\n
(ii) the Company share price closing at 7.5p or above on any 5 trading days; or
\n
(iii) change of control of the Company.
\n
The exercise of the options is subject to continuous employment or commercial engagement with the Group on the day of
\n
exercise, unless terminated by the Group or the usual \u2018good leaver provisions\u2019 apply. The vesting period of these options
\n
is therefore variable and is linked to market-based performance conditions.
\n
\n
The remaining 5,000,000 options were granted to the Company CEO on the same terms as above except there is no
\n
continuous employment requirements. Therefore, and in accordance with applicable accounting standard their fair value
\n
was recognised in full on the date of grant.
\n
\n
A Monte Carlo model was used to calculate the fair value of the options at the date of grant and, for non-CEO options, to
\n
estimate the most likely vesting period. The result of the valuation together with other inputs into the model are detailed
\n
below:
\n
3 February 2023
\n
Options
\n
Number of Options
\n
42,820,000
\n
Share price at the date of grant (pence)
\n
1.3
\n
Exercise price (pence)
\n
3.0
\n
Term
\n
7 years
\n
Expected exercise date
\n
On vesting
\n
Dividend yield
\n
0%
\n
Annual risk-free rate
\n
2.98%
\n
Volatility
\n
84.90%
\n
\n
\n
Total fair value
\n
US$ 319,000
\n
]
\n
Estimated vesting period for non-CEO options
\n
5 to 7 years
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n
\n
23. Share based payments (continued)
\n
\n
(a) Share Options (continued)
\n
\n
Share options granted in the year ended 31 December 2023 (continued)
\n
\n
On 20 November 2023, the Company granted 48,000,000 share options to Directors exercisable at 1.1p per share for a
\n
period of 7 years.
\n
\n
The Company also granted 20,000,000 share options to some consultants of the Group exercisable at 1.1p per share for a
\n
period of 7 years. These options are issued in tranches, with 2,000,000 options issued immediately and the remaining
\n
4,000,000 and 14,000,000 options issues in 12 and 24 months respectively, subject to continuous commercial engagement
\n
with the Group.
\n
\n
The fair value of these share options was calculated using the Black-Scholes pricing model and totalled US$ 440,000. The
\n
inputs in the model are as follows:
\n
20 November 2023
\n
Options
\n
Number of Options
\n
68,000,000
\n
Share price at the date of grant (pence)
\n
0.7
\n
Exercise price (pence)
\n
1.1
\n
Term
\n
7 years
\n
Expected exercise date
\n
On expiry
\n
Dividend yield
\n
0%
\n
Annual risk-free rate
\n
3.96%
\n
Volatility
\n
87.29%
\n
No new share options were granted during the year ended 31 December 2024.
\n
\n
Summary
\n
\n
31 Dec 2024
\n
31 Dec 2023
\n
Number of
\n
Options
\n
Average
\n
exercise price
\n
(pence)
\n
Number of
\n
\n
Options
\n
Average
\n
exercise price
\n
\n
(pence)
\n
At 1 January
\n
\n
146,295,000
\n
\n
2.33
\n
\n
45,475,000
\n
\n
4.24
\n
Granted during the year
\n
\n
-
\n
\n
-
\n
\n
110,820,000
\n
\n
1.83
\n
Cancelled
\n
\n
-
\n
\n
-
\n
\n
(10,000,000)
\n
\n
5.50
\n
Lapsed
\n
\n
(3,000,000)
\n
\n
3.00
\n
\n
-
\n
\n
-
\n
At 31 December
\n
\n
143,295,000
\n
\n
2.33
\n
\n
146,295,000
\n
\n
2.33
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Exercisable at 31 December
\n
\n
74,225,000
\n
\n
1.57
\n
\n
74,225,000
\n
\n
1.57
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n
23. Share based payments (continued)
\n
\n
(a) Share Options (continued)
\n
\n
Summary (continued)
\n
\n
Share options outstanding as at 31 December 2024 have the following expiry dates and exercise prices:
\n
\n
Scheme
\n
\n
Number of
\n
Options
\n
\n
Weighted average
\n
exercise price
\n
(pence)
\n
\n
Weighted average
\n
contractual life
\n
(years)
\n
\n
\n
\n
\n
\n
\n
\n
2018 Options
\n
\n
13,400,000
\n
\n
2.80
\n
\n
3.85
\n
2019 Options
\n
\n
2,600,000
\n
\n
2.50
\n
\n
4.33
\n
2020 Options
\n
\n
2,725,000
\n
\n
0.80
\n
\n
5.34
\n
2021 February Options
\n
\n
3,500,000
\n
\n
3.30
\n
\n
6.11
\n
2021 June Options
\n
\n
4,750,000
\n
\n
5.00
\n
\n
3.43
\n
2021 August Options
\n
\n
8,500,000
\n
\n
6.20
\n
\n
3.61
\n
2023 February Options
\n
\n
39,820,000
\n
\n
3.00
\n
\n
4.82
\n
2023 November Options
\n
\n
68,000,000
\n
\n
1.10
\n
\n
5.89
\n
Total
\n
\n
143,295,000
\n
\n
2.33
\n
\n
5.15
\n
\n
A charge of US$ 187,000 (2023: US$ 753,000) was recognised in profit or loss in respect of the Company share options.
\n
\n
(b) Supplier warrants
\n
\n
In April 2021, the Company entered into the partnership agreement with Spectral Geophysics Ltd (\u201cSpectral\u201d) for Spectral
\n
to conduct a total of 15 time-domain electromagnetic (\u201cTDEM\u201d) surveys for the KSZ project. Under the terms of the
\n
agreement, Spectral are entitled to up to a total of 3 million warrants exercisable at 4.25p per share for a period of 4 years.
\n
The warrants vest in tranches of 1 million each for every 5 completed TDEM surveys. As at 31 December 2024, 1 million
\n
(2023: 1 million) warrants are exercisable. The fair value of the warrants issued was based on the fair value of services
\n
received and US$ 92,000 has been capitalised as an intangible exploration asset.
\n
\n
During the year ended 31 December 2022, the Company engaged Tamesis Partners LLP (\u201cTamesis\u201d) to act as financial
\n
advisor to the Group. In consideration for the provision of the transaction services, Tamesis were awarded with 8,333,334
\n
warrants exercisable for two years from the date of issuance and with an exercise price of 3p per share. The warrants were
\n
valued using the Black Scholes pricing model with a total fair value of US$ 51,000. The warrants expired unexercised
\n
during the year end 31 December 2024.
\n
\n
During the year ended 31 December 2023, the Company issued 14,466,667 broker warrants in connection with the 2022
\n
5p Share placing. The warrants were valued using the Black Scholes pricing model with the significant inputs summarised
\n
below:
\n
\n
\n
\n
3p warrants
\n
Share price at the date of grant (pence)
\n
\n
1.85
\n
Exercise price (pence)
\n
\n
3.0
\n
Dividend yield
\n
\n
0%
\n
Term
\n
\n
2.0 years
\n
Annual risk-free interest rate
\n
\n
3.03%
\n
Volatility
\n
\n
71.5%
\n
Number of warrants issued
\n
\n
14,466,667
\n
Total fair value of the warrants
\n
\n
US$ 90,000
\n
\n
The fair value of broker warrants was charged against share premium. The warrants expired unexercised during the year
\n
end 31 December 2024.
\n
\n

\n\n\n\n\n\n\n\n\n\n\n
\n
23. Share based payments (continued)
\n
\n
(c) Acquisition of Kanye JV
\n
\n
In 2022 the Company issued 75,000,000 warrants to Power Metals to acquire their share of Kanye joint venture consisting
\n
of 30 million warrants exercisable at 4.25p, 30 million warrants exercisable at 5.5p and 15 million of variable price warrants
\n
where the exercise price is the higher of: 3p, and the Company\u2019s actual price at a 15% discount to the volume-weighted
\n
average share price on the date of exercise. If all variable price warrants were exercised prior to expiry, Power Metals
\n
would have received 15 million replacement warrants, on the same exercise terms and with a 6-month life expiry from
\n
issue date.
\n
\n
The fixed exercise price warrants were valued using the Black Scholes pricing model and totalled US$ 211,000. The value
\n
of the 15 million variable price warrants was clearly trivial and they lapsed unexercised on 7 January 2023.
\n
\n
(d) Acquisition of Shongwe Resources (Pty) Ltd
\n
\n
In 2022 the Company issued 2,000,000 two-year warrants to LVR GeoExplorers (Pty) Ltd as part of the acquisition of the
\n
licences held in Shongwe Resources (Pty) Ltd. The warrants were valued using the Black Scholes pricing model with a
\n
total fair value of US$ 2,000. The warrants expired unexercised during the year end 31 December 2024.
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag480": { "value": "\n
24. Warrant reserve
\n
Group and Company
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
At 1 January
\n
\n
\n
\n
609
\n
\n
650
\n
Warrants issued during the year \u2013 note 23
\n
\n
\n
\n
-
\n
\n
90
\n
Warrants lapsed during the year \u2013 note 23
\n
\n
\n
\n
(144)
\n
\n
(131)
\n
At 31 December
\n
\n
\n
\n
465
\n
\n
609
\n
\n
\n
\n
\n
\n
\n
\n
Details of the warrants outstanding as at 31 December 2024 are as follows:
\n
Warrants
\n
\n
Exercise price
\n
(pence)
\n
Grant date
\n
Expiry date
\n
No of Warrants
\n
\n
outstanding
\n
2021 Spectral Warrants
\n
\n
4.25
\n
\n
20 April 2021
\n
\n
20 April 2025
\n
\n
1,000,000
\n
2022 3.0p Placing
\n
\n
3.00
\n
\n
17 November 2022
\n
\n
28 February 2025
\n
\n
194,444,437
\n
2022 Power Warrants
\n
\n
4.25
\n
\n
25 November 2022
\n
\n
8 January 2025
\n
\n
30,000,000
\n
2022 Power Warrants
\n
\n
5.50
\n
\n
25 November 2022
\n
\n
8 January 2025
\n
\n
30,000,000
\n
\n
\n
\n
\n
\n
\n
\n
\n
255,444,437
\n
\n
During the year ended 31 December 2024, a total of 24,800,001 warrants lapsed unexercised (2023: 195,435,423). No
\n
warrants were exercised during the year (2023: none).
\n
\n
2022 3.0p Placing
\n
\n
In November 2022 as part of a share placing (note 22) the Company granted 194,444,437 warrants exercisable at 3.0p for
\n
a period of 2 years.
\n
\n
Details of other warrants can be found in note 23(b).
\n
\n
After the year-end, all 2022 Power Warrants and all 2022 3.0p Placing Warrants lapsed unexercised in January and
\n
February 2025 respectively.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag481": { "value": "\n
\n
25. Non-controlling interests
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
At 1 January
\n
\n
\n
\n
\n
\n
186
\n
\n
-
\n
Addition on acquisition of subsidiaries
\n
\n
\n
\n
\n
\n
-
\n
\n
186
\n
At 31 December
\n
\n
\n
\n
\n
\n
186
\n
\n
186
\n
As at 31 December 2024, the Group has 90% shareholding in Icon, Ashmead and Shongwe. The purpose of these entities
\n
is to hold exploration licences in Botswana. Costs incurred in these entities is capitalised as exploration assets. Other
\n
comprehensive income attributable to non-controlling interests was US$ nil (2023: US$ nil).
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag486": { "value": "\n

\n\n
\n
(b) Fair value hierarchy
\n
\n
Some of the Company\u2019s financial assets are measured at fair value at the end of each reporting period. Valuation techniques
\n
in determining the fair values are divided into three levels based on the quality of inputs.
\n
\n
There were no transfers between fair value hierarchies in the year ended 31 December 2024 (2023: none).
\n
\n
Level 1 \u2013 Quoted market prices
\n
\n
Fair value is determined by reference to unadjusted quoted prices for identical assets and liabilities in active markets where
\n
the quoted price is readily available.
\n
\n
The following financial assets are recognised in these financial statements at fair value through profit or loss and are
\n
classified within the Level 1 category:
\n
Group and Company
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Interest in listed securities
\n
\n
\n
\n
418
\n
\n
378
\n
Level 2 \u2013 Valuation techniques using observable inputs
\n
\n
Fair value is determined using inputs other than quoted prices included in Level 1 that are observable, directly or indirectly.
\n
\n
Level 3 \u2013 Valuation techniques using significant unobservable inputs
\n
\n
Fair value is dependent on significant inputs that are unobservable.
\n
\n
As at 31 December 2024, the Company and Group had no financial instruments carried at fair value where the fair value
\n
is estimated using Level 2 or Level 3 inputs.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag487": { "value": "\n
\n
(b) Fair value hierarchy
\n
\n
Some of the Company\u2019s financial assets are measured at fair value at the end of each reporting period. Valuation techniques
\n
in determining the fair values are divided into three levels based on the quality of inputs.
\n
\n
There were no transfers between fair value hierarchies in the year ended 31 December 2024 (2023: none).
\n
\n
Level 1 \u2013 Quoted market prices
\n
\n
Fair value is determined by reference to unadjusted quoted prices for identical assets and liabilities in active markets where
\n
the quoted price is readily available.
\n
\n
The following financial assets are recognised in these financial statements at fair value through profit or loss and are
\n
classified within the Level 1 category:
\n
Group and Company
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
Interest in listed securities
\n
\n
\n
\n
418
\n
\n
378
\n
Level 2 \u2013 Valuation techniques using observable inputs
\n
\n
Fair value is determined using inputs other than quoted prices included in Level 1 that are observable, directly or indirectly.
\n
\n
Level 3 \u2013 Valuation techniques using significant unobservable inputs
\n
\n
Fair value is dependent on significant inputs that are unobservable.
\n
\n
As at 31 December 2024, the Company and Group had no financial instruments carried at fair value where the fair value
\n
is estimated using Level 2 or Level 3 inputs.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag488": { "value": "\n

\n

\n
(c) Risk Management
\n
\n
The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management
\n
framework.
\n
\n
The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate
\n
risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
\n
regularly to reflect changes in market conditions and the Group's activities. The Group, through its training, management
\n
standards and procedures, aims to develop a disciplined and constructive control environment in which all employees
\n
understand their roles and obligations.
\n
\n
The main financial risks arising from the Group\u2019s and Company\u2019s financial instruments are market risk, credit risk and
\n
liquidity risk.
\n\n
\n
Market risk
\n
\n
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
\n
market prices. This risk comprises currency risk, interest rate risk and equity price risk.
\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
(i) Currency risk
\n
\n
Currency risk is the risk that that the fair value or future cash flows of a financial instrument will fluctuate because of
\n
changes in foreign exchange rates. Currency risk arises on financial instruments that are denominated in a different currency
\n
to the entity\u2019s functional currency in which they are measured. Currency risk is monitored on a regular basis.
\n
\n
The net carrying amount of financial instruments split by currency are set out below:
\n
Group
\n
31 Dec 2024
\n
31 Dec 2023
\n
GBP
\n
\n
US$\u2019000
\n
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
GBP
\n
US$\u2019000
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
\n
404
\n
\n
563
\n
\n
138
\n
\n
\n
3,027
\n
304
\n
62
\n
Trade and other receivables
\n
\n
933
\n
\n
-
\n
\n
370
\n
\n
\n
637
\n
-
\n
387
\n
Trade and other payables
\n
\n
(61)
\n
\n
-
\n
\n
(66)
\n
\n
\n
(132)
\n
-
\n
(109)
\n
\n
Company
\n
31 Dec 2024
\n
31 Dec 2023
\n
GBP
\n
\n
US$\u2019000
\n
\n
USD
\n
US$\u2019000
\n
\n
BWP
\n
\n
US$\u2019000
\n
GBP
\n
US$\u2019000
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
Cash and cash equivalents
\n
\n
404
\n
\n
176
\n
\n
-
\n
\n
\n
1,084
\n
1
\n
-
\n
Trade and other receivables
\n
\n
933
\n
\n
-
\n
\n
-
\n
\n
\n
637
\n
-
\n
-
\n
Loan to subsidiaries
\n
\n
23,387
\n
\n
-
\n
\n
-
\n
\n
\n
12,442
\n
-
\n
-
\n
Trade and other payables
\n
\n
(61)
\n
\n
(14)
\n
\n
-
\n
\n
\n
(132)
\n
(1)
\n
-
\n
\n
The Group's and Company\u2019s exposure to foreign currency risk arises only from monetary financial instruments that are
\n
denominated in a different currency to the entity\u2019s functional currency in which they are measured, which is trivial for the
\n
Group.
\n
\n
Gains and losses on the intercompany funding loans between the UK and Botswana are capitalised as part of the exploration
\n
and evaluation intangible assets and therefore there is no exposure for the Group as whole. Exposure to currency risk from
\n
other financial instruments is immaterial.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n
\n
(ii) Interest rate risk
\n
\n
Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in interest
\n
rates. The exposure to this risk is not considered as the Company and Group have no floating rate external borrowing and
\n
are not relying on interest income for funding.
\n
\n
(iii) Equity price risk
\n
\n
The Group and Company are exposed to the equity price risk through their investments in ordinary shares of Power Metals
\n
and shares to be issued in Pambili with total carrying value of US$ 418,000 at of 31 December 2024 (2023: US$ 378,000).
\n
Securities markets fluctuate, frequently on basis of uncontrollable macroeconomic and geopolitical developments. In
\n
addition, there can be developments within a public company that can affect its market valuation. The Directors review
\n
public announcements released by Power Metals and Pambili and monitor the liquidity of their shares to mitigate the
\n
financial impact of a sudden depreciation in their value.
\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n

\n

\n

\n\n

\n
Credit risk
\n
\n
Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual
\n
obligations.
\n
\n
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as
\n
at 31 December 2024 is detailed below:
\n
\n
For the Group, credit risk arises primarily from cash balances held at banks and loan receivables. The risk in relation to
\n
cash balances is mitigated by using only reputable financial institutions with a high credit rating. The Group\u2019s exposure to
\n
the amounts due from shareholder is discussed in note 22 and the loan receivables are detailed in note 15.
\n
\n
The Company is additionally exposed to credit risk on the intercompany balances with its subsidiaries. The recoverability
\n
of these balances is linked directly to the success of the exploration activities of the Group. As discussed in note 13, no
\n
impairment indicators exist on the exploration assets and thus the balances are deemed to be recoverable.
\n
\n\n
The Group and Company do not hold any collateral as security.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
\n\n
Liquidity risk
\n
\n
Liquidity risk arises from the possibility that the Company and its subsidiaries might encounter difficulty in settling its
\n
debts or otherwise meeting its obligations related to financial liabilities. The Company manages this risk by monitoring its
\n
financial resources and carefully planning its exploration expenditure programmes. The Group is dependent upon equity
\n
fundraisings to manage its liquidity risk.
\n
\n
With the exception of the convertible loan notes detailed in note 21, the Group and Company have no external borrowings
\n
(2023: none) and all their liabilities are due within six months. The convertible loan notes have a contractual maturity
\n
falling within 6 to 12 months of the year-end, with maximum cash redemption amount of US$ 5,112,000. The convertible
\n
loan notes were converted into ordinary shares of the Company in January 2025.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag491": { "value": "\n
\n
Market risk
\n
\n
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
\n
market prices. This risk comprises currency risk, interest rate risk and equity price risk.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n
(i) Currency risk
\n
\n
Currency risk is the risk that that the fair value or future cash flows of a financial instrument will fluctuate because of
\n
changes in foreign exchange rates. Currency risk arises on financial instruments that are denominated in a different currency
\n
to the entity\u2019s functional currency in which they are measured. Currency risk is monitored on a regular basis.
\n
\n
The net carrying amount of financial instruments split by currency are set out below:
\n
Group
\n
31 Dec 2024
\n
31 Dec 2023
\n
GBP
\n
\n
US$\u2019000
\n
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
GBP
\n
US$\u2019000
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
\n
404
\n
\n
563
\n
\n
138
\n
\n
\n
3,027
\n
304
\n
62
\n
Trade and other receivables
\n
\n
933
\n
\n
-
\n
\n
370
\n
\n
\n
637
\n
-
\n
387
\n
Trade and other payables
\n
\n
(61)
\n
\n
-
\n
\n
(66)
\n
\n
\n
(132)
\n
-
\n
(109)
\n
\n
Company
\n
31 Dec 2024
\n
31 Dec 2023
\n
GBP
\n
\n
US$\u2019000
\n
\n
USD
\n
US$\u2019000
\n
\n
BWP
\n
\n
US$\u2019000
\n
GBP
\n
US$\u2019000
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
Cash and cash equivalents
\n
\n
404
\n
\n
176
\n
\n
-
\n
\n
\n
1,084
\n
1
\n
-
\n
Trade and other receivables
\n
\n
933
\n
\n
-
\n
\n
-
\n
\n
\n
637
\n
-
\n
-
\n
Loan to subsidiaries
\n
\n
23,387
\n
\n
-
\n
\n
-
\n
\n
\n
12,442
\n
-
\n
-
\n
Trade and other payables
\n
\n
(61)
\n
\n
(14)
\n
\n
-
\n
\n
\n
(132)
\n
(1)
\n
-
\n
\n
The Group's and Company\u2019s exposure to foreign currency risk arises only from monetary financial instruments that are
\n
denominated in a different currency to the entity\u2019s functional currency in which they are measured, which is trivial for the
\n
Group.
\n
\n
Gains and losses on the intercompany funding loans between the UK and Botswana are capitalised as part of the exploration
\n
and evaluation intangible assets and therefore there is no exposure for the Group as whole. Exposure to currency risk from
\n
other financial instruments is immaterial.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n
\n
(ii) Interest rate risk
\n
\n
Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in interest
\n
rates. The exposure to this risk is not considered as the Company and Group have no floating rate external borrowing and
\n
are not relying on interest income for funding.
\n
\n
(iii) Equity price risk
\n
\n
The Group and Company are exposed to the equity price risk through their investments in ordinary shares of Power Metals
\n
and shares to be issued in Pambili with total carrying value of US$ 418,000 at of 31 December 2024 (2023: US$ 378,000).
\n
Securities markets fluctuate, frequently on basis of uncontrollable macroeconomic and geopolitical developments. In
\n
addition, there can be developments within a public company that can affect its market valuation. The Directors review
\n
public announcements released by Power Metals and Pambili and monitor the liquidity of their shares to mitigate the
\n
financial impact of a sudden depreciation in their value.
\n
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag493": { "value": "\n
(i) Currency risk
\n
\n
Currency risk is the risk that that the fair value or future cash flows of a financial instrument will fluctuate because of
\n
changes in foreign exchange rates. Currency risk arises on financial instruments that are denominated in a different currency
\n
to the entity\u2019s functional currency in which they are measured. Currency risk is monitored on a regular basis.
\n
\n
The net carrying amount of financial instruments split by currency are set out below:
\n
Group
\n
31 Dec 2024
\n
31 Dec 2023
\n
GBP
\n
\n
US$\u2019000
\n
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
GBP
\n
US$\u2019000
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
\n
404
\n
\n
563
\n
\n
138
\n
\n
\n
3,027
\n
304
\n
62
\n
Trade and other receivables
\n
\n
933
\n
\n
-
\n
\n
370
\n
\n
\n
637
\n
-
\n
387
\n
Trade and other payables
\n
\n
(61)
\n
\n
-
\n
\n
(66)
\n
\n
\n
(132)
\n
-
\n
(109)
\n
\n
Company
\n
31 Dec 2024
\n
31 Dec 2023
\n
GBP
\n
\n
US$\u2019000
\n
\n
USD
\n
US$\u2019000
\n
\n
BWP
\n
\n
US$\u2019000
\n
GBP
\n
US$\u2019000
\n
USD
\n
US$\u2019000
\n
BWP
\n
US$\u2019000
\n
Cash and cash equivalents
\n
\n
404
\n
\n
176
\n
\n
-
\n
\n
\n
1,084
\n
1
\n
-
\n
Trade and other receivables
\n
\n
933
\n
\n
-
\n
\n
-
\n
\n
\n
637
\n
-
\n
-
\n
Loan to subsidiaries
\n
\n
23,387
\n
\n
-
\n
\n
-
\n
\n
\n
12,442
\n
-
\n
-
\n
Trade and other payables
\n
\n
(61)
\n
\n
(14)
\n
\n
-
\n
\n
\n
(132)
\n
(1)
\n
-
\n
\n
The Group's and Company\u2019s exposure to foreign currency risk arises only from monetary financial instruments that are
\n
denominated in a different currency to the entity\u2019s functional currency in which they are measured, which is trivial for the
\n
Group.
\n
\n
Gains and losses on the intercompany funding loans between the UK and Botswana are capitalised as part of the exploration
\n
and evaluation intangible assets and therefore there is no exposure for the Group as whole. Exposure to currency risk from
\n
other financial instruments is immaterial.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag494": { "value": "\n

\n
Credit risk
\n
\n
Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual
\n
obligations.
\n
\n
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as
\n
at 31 December 2024 is detailed below:
\n
\n
For the Group, credit risk arises primarily from cash balances held at banks and loan receivables. The risk in relation to
\n
cash balances is mitigated by using only reputable financial institutions with a high credit rating. The Group\u2019s exposure to
\n
the amounts due from shareholder is discussed in note 22 and the loan receivables are detailed in note 15.
\n
\n
The Company is additionally exposed to credit risk on the intercompany balances with its subsidiaries. The recoverability
\n
of these balances is linked directly to the success of the exploration activities of the Group. As discussed in note 13, no
\n
impairment indicators exist on the exploration assets and thus the balances are deemed to be recoverable.
\n
\n\n
The Group and Company do not hold any collateral as security.
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag495": { "value": "\n
The Group and Company do not hold any collateral as security.
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag496": { "value": "\n
Liquidity risk
\n
\n
Liquidity risk arises from the possibility that the Company and its subsidiaries might encounter difficulty in settling its
\n
debts or otherwise meeting its obligations related to financial liabilities. The Company manages this risk by monitoring its
\n
financial resources and carefully planning its exploration expenditure programmes. The Group is dependent upon equity
\n
fundraisings to manage its liquidity risk.
\n
\n
With the exception of the convertible loan notes detailed in note 21, the Group and Company have no external borrowings
\n
(2023: none) and all their liabilities are due within six months. The convertible loan notes have a contractual maturity
\n
falling within 6 to 12 months of the year-end, with maximum cash redemption amount of US$ 5,112,000. The convertible
\n
loan notes were converted into ordinary shares of the Company in January 2025.
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag497": { "value": "\n
(d) Capital risk management
\n
\n
The Board\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to
\n
enable the Group to continue its exploration and evaluation activities, and to maintain an optimal capital structure to reduce
\n
the cost of capital. The Company and Group have no external borrowing and thus capital consists entirely of equity.
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag498": { "value": "\n

\n\n
27. Commitments
\n
\n
The Group\u2019s licence expenditure commitments are:
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Within 12 months
\n
\n
\n
\n
272
\n
\n
-
\n
Years 2-5
\n
\n
\n
\n
117
\n
\n
510
\n
Total
\n
\n
\n
\n
389
\n
\n
510
\n
\n
As at 31 December 2024 the Group had $163,537 (2023: US$ nil) contractual commitments with either geophysics or
\n
drilling companies and no contingent liabilities (2023: US$ nil). The Group can cancel its option agreements in Zimbabwe
\n
with no penalty.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag499": { "value": "\n
27. Commitments
\n
\n
The Group\u2019s licence expenditure commitments are:
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Within 12 months
\n
\n
\n
\n
272
\n
\n
-
\n
Years 2-5
\n
\n
\n
\n
117
\n
\n
510
\n
Total
\n
\n
\n
\n
389
\n
\n
510
\n
\n
As at 31 December 2024 the Group had $163,537 (2023: US$ nil) contractual commitments with either geophysics or
\n
drilling companies and no contingent liabilities (2023: US$ nil). The Group can cancel its option agreements in Zimbabwe
\n
with no penalty.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag500": { "value": "\n

\n
28. Related party transactions
\n
\n
Key management personnel consists of Company directors.
\n
\n\n
Key management personnel compensation
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
(restated*)
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
\n
US$\u2019000
\n
\n
(restated*)
\n
Short-term employee benefits
\n
\n
611
\n
\n
532
\n
\n
563
\n
\n
484
\n
Post-employment benefits
\n
\n
3
\n
\n
3
\n
\n
3
\n
\n
3
\n
Share-based payment expenses
\n
\n
99
\n
\n
437
\n
\n
99
\n
\n
437
\n
\n
\n
713
\n
\n
972
\n
\n
665
\n
\n
924
\n
*The comparative balances for the year-ended 31 December 2023 have been restated to correct for an overstatement of the share based
\n
payment charge attributable to directors and to include remuneration of directors received from subsidiaries.
\n
\n
Short-term benefits disclosed above include US$ 94,000 (2023: US$ 76,000) of annual bonuses which were accrued at
\n
year end and included within other payables.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n
\n
Transactions with other related parties
\n
\n
Technical, consulting and administrative services were provided to Kavango Minerals (Pty) Ltd by 3D Exploration Limited,
\n
a technical company majority-owned by Hilary Gumbo who is a Director of Kavango Minerals (Pty) Ltd. The total fees
\n
billed by 3D Exploration during the year were US$ 156,000 (2023: US $69,000) and the transaction was carried out at
\n
arms-length.
\n
\n
Communication services were provided by Dynamic Investor Relations Ltd, a communications company majority-owned
\n
by Mathew Benjamin Turney who is a director of Kavango Resources Plc. The total fees billed by Dynamic Investor
\n
Relations Ltd during the year were US$ 31,000 (2023: US$ 48,000) and the transaction was carried out at arms-length.
\n
\n
The Group incurred geological consultancy costs of US$ 47,000 (2023: US$ 143,000) provided Jeremy S Brett
\n
International Consulting Ltd, a consulting company owned by Jeremy S Brett whilst he was a director of Kavango
\n
Resources Plc. The transaction was carried out at arms-length.
\n
\n
The Group incurred corporate consultancy costs of US$ nil (2023: US$ 108,000) provided by Peter Wynter Bee, a non-
\n
executive director of the Company. The transaction was carried out at arms-length and the amount remains outstanding as
\n
at 31 December 2024 and is included within trade payables.
\n
\n
During the year-ended 31 December 2024, Peter Wynter Bee and Mathew Benjamin Turney subscribed for 16,750,000 and
\n
2,000,000 shares in the Company respectively as part of the May fundraise (note 22). In addition, Donald McAlister
\n
subscribed to 400,000 shares in the Company.
\n
\n
During the year-ended 31 December 2024, Peter Wynter Bee subscribed for a total of 1,2000,000 convertible loan notes
\n
issued by the Company. The transaction was at arms-length and the terms of the convertible loan notes are detailed in note
\n
21. As at 31 December 2024, the outstanding amount on the convertible loan notes due to Peter Wynter Bee was US$
\n
1,503,000 including US$ 11,000 of accumulated interest.
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n\n
28. Related party transactions (continued)
\n

\n
Transactions with Company subsidiaries
\n

\n
During the year ended 31 December 2024, Navassa Resources Ltd (\u201cNavassa\u201d), an intermediate holding company was
\n
liquidated. As the part of the liquidation process, Navassa\u2019s loan receivable from and equity holding in Kavango Minerals
\n
(Pty) of US$ 1,879,000 and US$ 28,000 respectively were transferred to the Company. The Company recognised an
\n
impairment charge of US$ 118,000 (2023: US$ 406,000) as part of liquidation process.
\n

\n
During the year the Company advanced funds to Kavango Minerals (Pty) Limited totalling US$ 707,000 (2023: US$
\n
1,608,000). The total loan outstanding as at 31 December 2024 was US$ 10,270,000 (2023: US$ 7,903,000). A loss on
\n
foreign exchange of US$ 219,000 (2023: gain of US$ 335,000) was included in the Company\u2019s other comprehensive
\n
income.
\n

\n
During the year the Company advanced funds to Kanye Resources (Pty) Ltd totalling US$ 2,774,000 (2023: US$
\n
1,231,000). The total loan outstanding as at 31 December 2024 was US$ 7,173,000 (2023: US$ 4,539,000). A loss on
\n
foreign exchange of US$ 140,000 (2023: gain of US$ 147,000) was included in the Company\u2019s other comprehensive
\n
income.
\n

\n
During the year the Company advanced funds to Kavango Zimbabwe (Private) Limited totalling US$ 4,302,000 (2023:
\n
US$ 466,000). The total loan outstanding as at 31 December 2024 was US$ 4,660,000 (2023: US$ 466,000).
\n

\n
During the year ended 31 December 2023, as part of the acquisition Ashmead Holdings (Pty) Ltd and Icon-Trading
\n
Company (Pty) Ltd, the Company acquired intercompany receivables from these two entities of US$ 436,000 and US$
\n
880,000 respectively. During the year ended 31 December 2024, the Company advanced further funds of US$ 102,000.
\n
The total loan outstanding as at 31 December 2024 was US$ 1,393,000 (2023: US$ 1,316,000).
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag501": { "value": "\n
Key management personnel compensation
\n
Group
\n
Company
\n
31 Dec
\n
2024
\n
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
US$\u2019000
\n
(restated*)
\n
31 Dec
\n
2024
\n
US$\u2019000
\n
\n
31 Dec
\n
2023
\n
\n
US$\u2019000
\n
\n
(restated*)
\n
Short-term employee benefits
\n
\n
611
\n
\n
532
\n
\n
563
\n
\n
484
\n
Post-employment benefits
\n
\n
3
\n
\n
3
\n
\n
3
\n
\n
3
\n
Share-based payment expenses
\n
\n
99
\n
\n
437
\n
\n
99
\n
\n
437
\n
\n
\n
713
\n
\n
972
\n
\n
665
\n
\n
924
\n
*The comparative balances for the year-ended 31 December 2023 have been restated to correct for an overstatement of the share based
\n
payment charge attributable to directors and to include remuneration of directors received from subsidiaries.
\n
\n
Short-term benefits disclosed above include US$ 94,000 (2023: US$ 76,000) of annual bonuses which were accrued at
\n
year end and included within other payables.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n

\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag503": { "value": "\n
29. Events after the reporting date
\n

\n
On 28 January 2025 the Company published an FCA-approved prospectus and raised gross proceeds of \u00a36,566,000 (US$
\n
8,160,000) by issuing 938,028,569 shares at 0.7 pence per share. The principal and outstanding interest on the convertible
\n
loan notes was also converted into 547,995,076 shares at 0.7 pence per share.
\n

\n
Details of warrants that expired after the year end are included in note 24.
\n

\n
On 7 April 2025, the outstanding loan receivable from Pambili of US$172,000 (\u00a3136,000) and the short-term working
\n
capital advance US$ 68,000(\u00a353,000) were refinanced into a convertible loan note. The convertible loan note is for a term
\n
of 12 months and is convertible into conversion units (\u201cUnits\u201d) priced at C$0.05 per Unit. Each Unit comprises one Pambili
\n
common share and one-half of one common share purchase warrant (each whole being a \u201cCLN Warrant\u201d). Each CLN
\n
Warrant will entitle the Company to acquire one common share at a price of C$0.10 per share for a period of 12 months
\n
following conversion notice.
\n

\n
On 22 April 2025, Kavango Resources PLC announced that it had entered into a US$5 million convertible loan facility
\n
with a consortium of Zimbabwe-registered pension funds. The loan is interest-free, can be drawn down in three tranches,
\n
and is convertible into new ordinary shares at the USD equivalent of 1 penny per share. Kavango intends for these shares
\n
to be listed on the Victoria Falls Stock Exchange in Zimbabwe, as part of its planned referral listing.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Tag504": { "value": "\n
30.Ultimate Controlling Party
\n

\n
Purebond Limited is the ultimate controlling party of Kavango Resources Plc.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:2138007PZJFATXWUTS29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }