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"unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00106": { "value": "60417.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00107": { "value": "78865.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2023-05-02T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "The financial statements of Georgina Energy plc, formerly known as Mining, Minerals and Metals Plc (registered number 08377465)
were approved by the Board of Directors and authorised for issue on 27 June 2025.
\n
They were signed on its behalf by:
\n
Anthony Hamilton
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"ConsolidatedStatementOfCashflows_NegatedLabel_00136": { "value": "19159.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_NegatedLabel_00137": { "value": "25154.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2023-05-01T00:00:00/2024-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_TotalLabel_00138": { "value": "3775090.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_TotalLabel_00139": { "value": "516648.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2023-05-01T00:00:00/2024-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_Label_00140": { "value": "10000.0", "decimals": 0, "dimensions": { "concept": "gex:CashAcquiredFromRtoClassifiedAsInvestingActivities", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_Label_00141": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "gex:CashAcquiredFromRtoClassifiedAsInvestingActivities", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2023-05-01T00:00:00/2024-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_TotalLabel_00144": { "value": "10000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": 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"period": "2024-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_PeriodStartLabel_00342": { "value": "2506.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2023-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_PeriodEndLabel_00343": { "value": "1215875.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2025-02-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashflows_PeriodEndLabel_00344": { "value": "2758.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "1.
GENERAL INFORMATION
\n
The Company was incorporated on 28 January 2013 in England and Wales as a limited company, limited by shares and with
\n
Registered Number 08377465 under the Companies Act 2006. The Company\u2019s registered office address is: 167-169 Great
\n
Portland Street, Fifth Floor, London W1W 5PF.
The company re-registered as a public limited company on 22 October 2018.
\n
On 30 July 2025 the Company changed its name from Mining Minerals & Metals plc to Georgina Energy plc.
\n
On 30 July 2024, the Company completed the acquisition of 100% of the ordinary share capital of Georgina Energy plc (later
\n
renamed \u201cGeorgina Production Ltd\u201d), a company incorporated in England and Wales with company number 11954589, and
\n
its fully owned subsidiary Westmarket Oil & Gas Pty Ltd, a Company incorporated in Australia with company number
\n
630241397.
Following this acquisition, the Company became the ultimate parent entity of the Group with the objective of
\n
the exploration for and exploitation of helium, hydrogen and hydrocarbon resources in Australia.
\n
Georgina Production Limited is entitled to exemption from audit under section 479A of the Companies Act 2006.
The
\n
members have not required the company to obtain an audit of its accounts for the year in question in accordance with
\n
section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with
\n
respect to accounting records and the preparation of accounts.
\nOther than the Directors the company did not have any staff. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "167-169 Great Portland Street, Fifth Floor, London W1W 5PF.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "Company changed its name from Mining Minerals & Metals plc to Georgina Energy plc.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "objective of the exploration for and exploitation of helium, hydrogen and hydrocarbon resources in Australia. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "2.
ACCOUNTING POLICIES
\n
Basis of preparation
\n
These Financial Statements have been presented in Pounds Sterling, being the functional currency of the Company.
\n
The Group\u2019s and Company\u2019s financial statements have been prepared in accordance with the UK-adopted international
\n
accounting standards (\u201cIAS\u201d)
and as applied in accordance with the provisions of the applicable law.
\n
The consolidated financial statements have been prepared on the historical cost basis, except for the measurement to
\n
fair value of assets and financial instruments as described in the accounting policies below, and on a going concern basis.
\n
The material accounting policies adopted by the Group and Company in the preparation of these Financial Statements are
\n
set out below on pages 42-49.
\n
Statement of compliance
\n
The financial statements comply with UK adopted International Accounting Standards (\u201cIAS\u201d).
\n
1.
The company has adopted all relevant IASs which were in effect from incorporation when preparing these financial
\n
statements.
\n
2.
Standards and Interpretations which are effective in the current year (Changes in accounting policies); None of the
\n
standards which became effective during the year which are applicable to the Company have had a material impact.
\n
Adoption of new Standards and Interpretations to standards in future years; The Directors anticipate that the adoption of
\n
new Standards and Interpretations in future years will have no material impact on the financial statements of the
\n
Company.
The Company expects to adopt all relevant Standards and Interpretations as and when they become effective.
\n
Basis of consolidation
\n
The Consolidated Financial Statements consolidate the Financial Statements of the Company and the subsidiaries
\n
from the date of acquisition.
\n
Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed
\n
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
\n
through its power over the entity. 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.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date.
\n
Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is
\n
recognised in accordance with IFRS 3 either in profit or loss or as a change to other comprehensive income.
\n
Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted
\n
for within equity.
\n
Where considered appropriate, adjustments are made to the financial information of subsidiaries to bring the
\n
accounting policies used into line with those used by other members of the Group. All intercompany transactions
\n
and balances between Group enterprises are eliminated on consolidation.
\n
The Company year end is 31 January and, at the point of acquisition of the subsidiary companies Georgina Production
\n
Limited and Westmarket Oil & Gas Pty Ltd, the subsidiary companies year end was 30 April.
As the acquisition of the
\n
subsidiaries on 30 July 2024 is considered to be a reverse takeover under accounting statndards, the consolidated financial
\n
statements include the historical performance of the acquired subsidiaries for the period 1 May 2024 to 31 January 2025,
\n
and those of the legal parent for the period from acquisition of 30 July 2024 to 31 January 2025.
The comparative historical
\n
performance in the consolidated financial statements is that of the acquired subsidiaries for the year to 30 April 2024.
As
\n
a result, the performance of the Group for the period to 31 January 2025 is not directly comparable to the prior year due
\n
to the performance being reported over a shorter period.
\n
The loss for the period includes a \u00a32.4m share based payment charge arising from the accounting treatment of the reverse
\n
takeover under IFRS and represents a non cash charge for the year.
Name of subsidiary
Relationship
Business
Country of
Registered office
incorporation
Georgina Production
100% of
Intermediary
United
167-169 Great Portland Street, Fifth
Limited (GPL)
subsidiary of
holding
Kingdom
Floor, London, England, W1W 5PF
GEP
company
Westmarket Oil & Gas
100% subsidiary
Exploration
Australia
10/100 Hay Street
Pty Ltd
of GPL
Subiaco WA 6008
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Standards and interpretations issued but not yet applied
\n
A number of new standards and amendments to standards and interpretations have been issued but are not yet effective
\n
and, in some cases, have not yet been adopted by the UK. The Directors do not expect that the adoption of these standards
\n
will have a material impact on the Company Financial Statements.
\n
Going concern
\n
These financial statements are prepared on the going concern basis. The going concern basis assumes that the Company
\n
will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities, loans
\n
and commitments in the normal course of business.
\n
The Directors have undertaken cashflow forecasting to determine the funding needs of the Group for a period from 31 May
\n
2025, at which point the Group held approx. \u00a30.43m in cash reserves, to 31 October 2026.
The Group has forecasted cash
\n
outflow over the assessment period totalling to \u00a34.5m (including repayment of CSS Loan and VAT liability) , of which approx.
\n
\u00a31.4m (including VAT liability) is committed at this point in time and undeferrable and \u00a33.1m (including repayment of CSS
\n
Loan) is deferable due to support letter from the lender for extension of tenure and the potential for contract cancellation
\n
or fee waiver should the Group be unable to secure the additional financing required to meet all of its planned corporate
\n
and exploration activity expenditure. The Group has
\n
Consequently, the Directors have determined that the Group and Company remains a going concern over the period of
\n
assessment.
However in order to meet its planned corporate and exploration activity expenditure, additional funding will
\n
be required over the period of assessment.
\n
As a result, there exists a material uncertainty which may cast significant doubt on the Company\u2019s ability to continue as a
\n
going concern. The financial statements do not include any adjustments that would result if the Group was unable to
\n
continue as a going concern.
\n
Investment in subsidiaries
Investment in subsidiaries, comprising equity instruments and capital contributions, are recognised initially at cost less any
\n
provision for impairment.
\n
Advance to subsidiaries
\n
Advance to subsidiaries are not considered to be subject to IFRS 9 on the basis that there are no formal agreements
\n
between the Company and its subsidiaries, and these advances are investments in nature.
Consequently these advances
\n
are measured at amortised cost, net of provision for impairment. The advances are interest free and have no fixed
\n
repayment terms.
\n
Advances are fully impaired when the business operations and development activity of the relevant subsidiary becomes
\n
indicative that the underlying project of the subsidiary may not yield ultimate economic inflows associated with the
\n
commercial development of the asset, such that the subsidiary is not expected to be able to repay the advance from its
\n
future economic activities. As a result, the value of the advances to subsidiaries have been aggregated with the investment
\n
in subsidiaries on the face of the Company only balance sheet as at the reporting date.
\n
Taxation
\n
The charge for taxation is based on the profit or loss for the period and takes into account deferred tax. The Group\u2019s liability
\n
for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred
\n
tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities
\n
in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss, and is
\n
accounted for using the liability method.
\n
Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available in the
\n
foreseeable future against which the temporary differences can be utilised.
\n
Intangible assets: capitalised exploration and evaluation costs
\n
Pre-licence costs are expensed in the period in which they are incurred. Expenditure on licence renewals and new licence
\n
applications covering an area previously under licence are capitalised in accordance with the policy set out below.
\n
Once the legal right to explore has been acquired, exploration costs and evaluation costs arising are capitalised on a project-
\n
by-project basis, pending determination of the technical feasibility and commercial viability of the project. Costs include
\n
appropriate technical and administrative expenses. If a project is successful, the related expenditures will be reclassified as
\n
development and production assets and amortised over the estimated life of the commercial reserves. Prior to this, no
\n
amortisation is recognised in respect of such costs. When all licences comprising a project are relinquished, a project is
\n
abandoned or is considered to be of no further commercial value to the Company, the related costs will be written off to
\n
administrative expense within profit or loss. Capitalised exploration costs are carried at historical cost less any impairment
\n
losses recognised.
\n
Impairment reviews for capitalised exploration and evaluation expenditure are carried out on a project-by-project basis,
\n
with each project representing a potential single cash generating unit. In accordance with the requirements of IFRS 6, an
\n
impairment review is undertaken when indicators of impairment arise such as:
\n
\u2022
unexpected geological occurrences that render the resource uneconomic;
\n
\u2022
title to the asset is compromised;
\n
\u2022
variations in mineral prices that render the project uneconomic;
\n
\u2022
substantive expenditure on further exploration and evaluation of mineral resources which is neither budgeted nor
\n
planned; and
\n
\u2022
the period for which the Group has the right to explore has expired and is not expected to be renewed.
\n
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased
\n
to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying
\n
amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
\n
in prior years. A reversal of an impairment loss is recognised in profit or loss for the year.
\n
Employee benefits
\n
Liabilities for wages and salaries, including any non monetary benefits, expected to be settled within 12 months of the
\n
reporting date are recognised in other payables in respect of employees services up to the reporting date and are measured
\n
at the amounts expected to be paid when the liabilities are settled.
Foreign Currencies
\n
The presentational currency of the Group is Sterling (\u00a3), which is also the functional currency of the Parent Company and
\n
Group given the UK centric headquartering of the Company and Group. Each Group entity determines its own functional
\n
currency and items included in the Financial Statements of each entity are measured using that functional currency.
The
\n
functional currencies of the Group entities are Sterling and Australian Dollars.
\n
The functional currencies of the foreign subsidiary are the Australian Dollar (\u201cAUD\u201d).
\n
Transactions in currencies other than the functional currency of the relevant entity are initially recorded at the exchange
\n
rate prevailing on the dates of the transaction. At each reporting date, monetary assets and liabilities that are denominated
\n
in foreign currencies are retranslated at the exchange rate prevailing at the reporting date. Non-monetary assets and
\n
liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date,
\n
when the fair value was determined. Gains and losses arising on retranslation are included in profit or loss for the year,
\n
except for exchange differences on non-monetary assets and liabilities, which are recognised directly in other
\n
comprehensive income, when the changes in fair value are recognised directly in other comprehensive income.
\n
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into the Group\u2019s
\n
presentational currency at exchange rates prevailing at the reporting date. Income and expense items are translated at
\n
the average exchange rates for the year unless exchange rates have fluctuated significantly during the year, in which case,
\n
the exchange rate at the date of the transaction is used. All exchange differences arising, if any, are recognised as other
\n
comprehensive income and are transferred to the Group\u2019s foreign currency translation reserve.
On disposal of any such
\n
overseas subsidiaries, cumulative foreign exchange losses or gains recognised in equity via Other Comprehensive Income
\n
become realised and are recognised through the profit and loss account on disposal.
\n
Share-Based Payments
\n
Share Options & Warrants
\n
The Group operates equity-settled share-based payment arrangements.
Where the fair value of the goods or services
\n
received may be determined directly, the fair value of the options or warrants are considered to reflect the fair value of
\n
the goods or services received. Where the fair value of the goods or services may not be directly measured, the fair value
\n
of services provided is determined indirectly by reference to the fair value of the instrument granted.
\n
The fair value of options and or warrants granted to various parties, in respect of services provided, is recognised as an
\n
expense in the Income Statement with a corresponding increase in equity reserves \u2013 the share-based payment reserve.
\n
The fair value is measured at grant date and charged over the vesting period during which the option becomes
\n
unconditional.
\n
The fair value of options is calculated using the Black-Scholes model, taking into account the terms and conditions upon
\n
which the options were granted. The exercise price is fixed at the date of grant.
\n
Non-market conditions are performance conditions that are not related to the market price of the entity\u2019s equity
\n
instruments. They are not considered, when estimating the fair value of a share-based payment. Where the vesting period
\n
is linked to a non-market performance condition, the Group recognises the goods and services it has acquired during the
\n
vesting period, based on the best available estimate of the number of equity instruments expected to vest. The estimate
\n
is reconsidered at each reporting date, based on factors such as a shortened vesting period, and the cumulative expense
\n
is \u201ctrued up\u201d for both the change in the number expected to vest and any change in the expected vesting period.
\n
Market conditions are performance conditions that relate to the market price of the entity\u2019s equity instruments. These
\n
conditions are included in the estimate of the fair value of a share-based payment. They are not taken into account for the
\n
purpose of estimating the number of equity instruments that will vest. Where the vesting period is linked to a market
\n
performance condition, the Group estimates the expected vesting period. If the actual vesting period is shorter than
\n
estimated, the charge is to be accelerated in the period that the entity delivers the cash or equity instruments to the
\n
counterparty. When the vesting period is longer, the expense is recognised over the originally estimated vesting period.
\n
Warrants issued as part of the cost of an equity raise (for example as part of advisers\u2019 fees) are recorded at fair value as a
\n
cost of that financing within Share Premium and Share-based Payment Reserve. Warrants issued to holders of loan notes
as an incentive to their consent for novation and or settlement in equity shares are recorded at fair value as a financing
\n
expense in the profit and loss for the period.
\n
On expiry or exercise of any options and warrants in issue, the fair value of such instruments which had been charged to
\n
the share based payment reserve are recycled into retained earnings in the period in which the instruments expire or are
\n
exercised.
\n
For other equity instruments, granted during the year (i.e. other than share options), fair value is measured on the basis
\n
of an observable market price.
\n
Reserves
\n
Share capital and share premium
\n
Proceeds from issuance of ordinary shares are classified as equity. Amounts in excess of the nominal value of the shares
\n
issued is recognised as share premium. Incremental costs directly attributable to the issuance of new ordinary shares are
\n
deducted against share capital.
\n
Reverse Takeover reserve
\n
This represents a non-distributable reserve arising on the acquisition of Georgina Energy plc by the Company.
\n
Merger reserve
\n
This represents a non-distributable reserve arising on the recognition of the premium on shares issued in consideration for
\n
the acquisition of Georgina Production Limited by the Company, which under the Companies Act requirements cannot be
\n
recognised in the Share Premium or Share Capital.
\n
Share based payments reserve
\n
Warrants and options classified as equity are recorded at fair value as of the date of issuance on the Company\u2019s Statement
\n
of Financial Position and no further adjustments to their valuation are made. Management estimates the fair value of these
\n
instruments, using option pricing models and assumptions that are based on the individual characteristics of the warrants
\n
or options on the valuation date as well as assumptions for expected volatility, expected life, yield and risk-free interest
\n
rate.
\n
The reserve for the fair value of share options and warrants that have been granted by the Company and remain
\n
unexercised.
On expiry or exercise of such options and warrants the fair value of the instruments are recycled out of the
\n
share based payment reserve into retained earnings or share capital and premium respectively.
\n
Shares to issue reserve
\n
The reserve represents the fair value of equity instruments to be issued at a future date and representing deferred or
\n
contingent consideration payable by the Company through the issuance of such shares.
\n
Foreign exchange translation reserve
\n
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into the Group\u2019s
\n
presentational currency at exchange rates prevailing at the reporting date. Income and expense items are
\n
translated at the average exchange rates for the period unless exchange rates have fluctuated significantly
\n
during the year, in which case, the exchange rate at the date of the transaction is used. All exchange differences
\n
arising, if any, are recognised as other comprehensive income and are transferred to the Group\u2019s foreign currency
\n
translation reserve.
\n
Operating segments
\n
Management considers the business to have a single operating segment, being the exploration for helium, hydrogen and
\n
hydrocarbons in Australia.
As a consequence no operating segment disclosures have been included in these financial
\n
statements as all operations are considered to form part of this single business activity.
\n
Financial assets and liabilities
\n
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of
\n
a financial instrument. Financial assets and financial liabilities are offset if there is a legally enforceable right to set off the
\n
recognised amounts and interests and it is intended to settle on a net basis.
\n
Financial assets
\n
Financial assets which are initially recognised at fair value and subsequently measured at amortised cost, are measured
\n
using the Effective Interest Rate Method (EIR) and are subject to impairment. Gains and losses are recognised in profit or
loss when the asset is derecognised, modified or impaired.
Financial assets are made up of trade and other receivables
\n
and cash.
\n
Trade and other receivables are held for the collection of contractual cash flows and are classified as being measured at
\n
amortised cost. They are recognised initially at fair value and subsequently measured at amortised cost using the effective
\n
interest method less provision for impairment.
\n
Cash and cash equivalents include cash on hand and deposits held at call with banks.
\n
Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. The
\n
methodology used to determine the amount of the provision is based on whether there has been a significant increase in
\n
credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since
\n
initial recognition of the financial asset, twelve month expected credit losses along with gross interest income are
\n
recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross
\n
interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along
\n
with interest income on a net basis are recognised.
\n
Financial liabilities
\n
The company does not currently have any financial liabilities measured at fair value through profit or loss, therefore all the
\n
financial liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised
\n
cost.
\n
Financial liabilities include:
\n
\u2022
Borrowings, which are initially recognised at fair value net of any transaction costs directly attributable to the issue
\n
of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost, using the effective
\n
interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on
\n
the balance of the liability carried in the Consolidated Statement of Financial Position. For the purposes of each
\n
financial liability, interest expense includes initial transaction costs and any premium payable on redemption as well
\n
as any interest or coupon payable while the liability is outstanding;
\n
\u2022
Liability components of convertible loans are measured as described further below; and
\n
\u2022
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently
\n
carried at amortised cost, using the effective interest method.
\n
Financial liabilities are derecognised when the contractual financial commitments of the liability have been met in full.
\n
Convertible loans
\n
Convertible loans are assessed to see if they meet the criteria for recognition of an equity component, being the
\n
determination that conversion is probably and will be for a defined number of equity instruments at a defined value.
Where
\n
convertible loans do not meet this criteria they are recognised and subject to the same treatment as borrowings that do
\n
not have any conversion feature.
\n
For convertible loans that do meet the criteria for recognition of an equity component, the proceeds, received on issue of
\n
the Group's convertible debt, are allocated into their liability and equity components. The amount initially attributed to
\n
the debt component equals the discounted cash flows, using a market rate of interest that would be payable on a similar
\n
debt instrument that does not include an option to convert. Subsequently, the debt component is accounted for as a
\n
financial liability, measured at amortised cost until extinguished on conversion or maturity of the bond. The remainder of
\n
the proceeds is allocated to the conversion option and is recognised in the \"Convertible debt option reserve\" within
\n
shareholders' equity, net of income tax effects.
\n
Where convertible loan instruments do not meet the criteria for recognition as containing an equity component, but are
\n
assessed as having an embedded derivative instrument resulting from the conversion terms, the principal and interest
\n
component is classified as financial liability and the conversion option feature as a derivative liability. The amount initially
\n
attributed to the debt component (host contract) equals the discounted cash flows using a market rate of interest that
\n
would be payable on a similar debt instrument that does not include an option to convert. Subsequently, the debt
\n
component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity
\n
of the bond. The derivative liability is initially recognised at fair value and subsequently held as a financial liability at fair
\n
value through profit or loss.
\n
Significant judgements and estimates
In preparing the financial statements judgement was used in considering whether or not a material uncertainty exists in
\n
relation to going concern. See the above Going Concern disclosures for details.
\n
Embedded derivative liability \u2013 convertible loan notes
\n
The Group issued a convertible loan (CLN) with embedded derivative features, which necessitates significant judgement
\n
in determining the classification of the derivative as either equity or a financial liability. This judgement considers the
\n
contractual terms of the conversion option, assessing whether the derivative meets the criteria for classification as
\n
equity in accordance with the requirements of IAS 32 \u2013 Financial Instruments: Presentation. The CLN was classified as a
\n
derivative financial liability (DFL) and is held at fair value through profit or loss (FVTPL).
\n
For CLNs where the embedded derivative is classified as a financial liability, an option-pricing model is applied to
\n
determine fair value, considering the complex terms and variability of the conversion feature.
\n
For CLNs classified as containing a DFL held at FVTPL, the Group uses a risk weighted Black Scholes model to estimate the
\n
fair value of the DFL on initial recognition, at each reporting date, and upon conversion events. Key inputs in the risk
\n
weighted Black Scholes model include the Company\u2019s share price, share price volatility, the risk free interest rate, and
\n
assumptions regarding the timing and probability of conversion.
\n
Changes in any of these assumptions may significantly impact the fair value of the derivative liability, potentially resulting
\n
in profit or loss variations. Management regularly reassesses these inputs, utilizing historical data and market-based
\n
assumptions to ensure that the fair value estimation reflects the economic substance of the convertible instrument.
\n
Exploration and evaluation cost
\n
The Directors have considered the application of IFRS 6 with regards to exploration expenditure undertaken on its Hussar
\n
asset, over which the Group holds an exploration licence, and its Mt Winter asset, over which it holds an exploration licence
\n
application.
\n
The Board considers that, notwithstanding the fact that it holds valid licence tenure over its Hussar prospect, the early
\n
stage of the current exploration activity represents a technical risk profile which the Board considers to be insufficiently
\n
advanced or \u201cde-risked\u201d to merit capitalisation of exploration expenditure at this stage.
Consequently all technical
\n
expenditure undertaken on this asset has been recognised in the loss for the period.
The Board has determined that it will
\n
revisit the technical risk profile of the asset following the execution and testing of its first well, assessing flow rates and
\n
decline profiles, following which it will determine to commence capitalisation of exploration, appraisal and development
\n
expenditure in the event of a commercially successful outcome.
\n
As the Mt Winter asset remains the subject of a licence application at the reporting date the Board does not consider it
\n
has sufficient tenure to commence capitalisation of exploration expenditure over this asset as at the period end.
\n
Consequently all such expenditure has been recognised in the loss for the period.
\n
Acquisition of subsidiary \u2013 purchase consideration
\n
During the year the Company acquired a 100% interest in Georgina Production Limited and its 100% subsidiary Westmarket
\n
Oil & Gas Pty Ltd.
Consideration for this purchase took the form of new ordinary shares in the Company and the obligation
\n
to issue further new ordinary shares in the Company at a future date once certain performance criteria have been met
\n
(the \u201cperformance shares\u201d).
The Directors have determined the fair value of this consideration by reference to the number
\n
of shares issued or to be issued and the contractual price of the shares as detailed in the readmission prospectus and share
\n
purchase agreement.
\n
The directors have considered the likelihood that the performance shares will be issued and determined that the issuance
\n
of these shares is highly probably, noting that one of the three criteria had been met as at the reporting date.
As a
\n
consequence the fair value of this consideration has been recognised as forming part of the cost of the investment in the
\n
subsidiary with the consideration shares to be issued being recognised in a \u201cshares to issue\u201d reserve in equity.
\n
Impairment of Non-financial Assets
\n
The Group follows the guidance of IAS 36 \u2013 Impairment of Assets to determine, when a non-financial asset is impaired. The
\n
Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
\n
exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
\n
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value less costs to sell and its
value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows
\n
that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU
\n
exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
\n
If the recoverable amount of an asset is not easily determined due to the early stage nature of the project, management
\n
undertakes a qualitative assessment of technical work undertaken to date to determine if the results of such work indicates
\n
the asset may be impaired.
\n
The group has the following Non-Financial Assets; Investments in subsidiaries and advances extended to subsidiaries
\n
(Company only).
\n
As the subsidiary projects remain in the early stage of their development cycle management has not been able to accurately
\n
determine the value in use of these assets as future cashflows cannot be reliably estimated at this stage.
Consequently
\n
management has undertaken a qualitative assessment of the technical work undertaken to date and determined that there
\n
are no current indications of impairment of these assets.
\n
Fair value of share based payments
\n
During the year warrants to subscribe for new ordinary shares in the Company were issued to a number of parties for
\n
services over the course of the completion of the transaction.
As the fair value of the services cannot be reliably measured
\n
directly, the Company has determined the fair value of these services by utilising the Black-Scholes valuation model.
In
\n
determining the fair value of the warrants the Directors have had to apply certain judgements, such as the application of
\n
a suitable volatility assumption as required by the Black-Scholes model.
As the Company does not have sufficient trading
\n
history to determine a suitable volatility expectation based on its own historic volatility, the historic volatility of comparable
\ncompanies have been used to arrive at this estimate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "Basis of preparation
These Financial Statements have been presented in Pounds Sterling, being the functional currency of the Company.
\n
The Group\u2019s and Company\u2019s financial statements have been prepared in accordance with the UK-adopted international
\n
accounting standards (\u201cIAS\u201d)
and as applied in accordance with the provisions of the applicable law.
\n
The consolidated financial statements have been prepared on the historical cost basis, except for the measurement to
\n
fair value of assets and financial instruments as described in the accounting policies below, and on a going concern basis.
\n
The material accounting policies adopted by the Group and Company in the preparation of these Financial Statements are
\nset out below on pages 42-49.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "Statement of compliance
The financial statements comply with UK adopted International Accounting Standards (\u201cIAS\u201d).
\n
1.
The company has adopted all relevant IASs which were in effect from incorporation when preparing these financial
\n
statements.
\n
2.
Standards and Interpretations which are effective in the current year (Changes in accounting policies); None of the
\n
standards which became effective during the year which are applicable to the Company have had a material impact.
\n
Adoption of new Standards and Interpretations to standards in future years; The Directors anticipate that the adoption of
\n
new Standards and Interpretations in future years will have no material impact on the financial statements of the
\n
Company.
The Company expects to adopt all relevant Standards and Interpretations as and when they become effective. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "Basis of consolidation
The Consolidated Financial Statements consolidate the Financial Statements of the Company and the subsidiaries
\n
from the date of acquisition.
\n
Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed
\n
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
\n
through its power over the entity. 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.
\n\n\n
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date.
\n
Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is
\n
recognised in accordance with IFRS 3 either in profit or loss or as a change to other comprehensive income.
\n
Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted
\n
for within equity.
\n
Where considered appropriate, adjustments are made to the financial information of subsidiaries to bring the
\n
accounting policies used into line with those used by other members of the Group. All intercompany transactions
\n
and balances between Group enterprises are eliminated on consolidation.
\n
The Company year end is 31 January and, at the point of acquisition of the subsidiary companies Georgina Production
\n
Limited and Westmarket Oil & Gas Pty Ltd, the subsidiary companies year end was 30 April.
As the acquisition of the
\n
subsidiaries on 30 July 2024 is considered to be a reverse takeover under accounting statndards, the consolidated financial
\n
statements include the historical performance of the acquired subsidiaries for the period 1 May 2024 to 31 January 2025,
\n
and those of the legal parent for the period from acquisition of 30 July 2024 to 31 January 2025.
The comparative historical
\n
performance in the consolidated financial statements is that of the acquired subsidiaries for the year to 30 April 2024.
As
\n
a result, the performance of the Group for the period to 31 January 2025 is not directly comparable to the prior year due
\n
to the performance being reported over a shorter period.
\n
The loss for the period includes a \u00a32.4m share based payment charge arising from the accounting treatment of the reverse
\n
takeover under IFRS and represents a non cash charge for the year.
Name of subsidiary
Relationship
Business
Country of
Registered office
incorporation
Georgina Production
100% of
Intermediary
United
167-169 Great Portland Street, Fifth
Limited (GPL)
subsidiary of
holding
Kingdom
Floor, London, England, W1W 5PF
GEP
company
Westmarket Oil & Gas
100% subsidiary
Exploration
Australia
10/100 Hay Street
Pty Ltd
of GPL
Subiaco WA 6008
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "Standards and interpretations issued but not yet applied
A number of new standards and amendments to standards and interpretations have been issued but are not yet effective
\n
and, in some cases, have not yet been adopted by the UK. The Directors do not expect that the adoption of these standards
\nwill have a material impact on the Company Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "Going concern
These financial statements are prepared on the going concern basis. The going concern basis assumes that the Company
\n
will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities, loans
\n
and commitments in the normal course of business.
\n
The Directors have undertaken cashflow forecasting to determine the funding needs of the Group for a period from 31 May
\n
2025, at which point the Group held approx. \u00a30.43m in cash reserves, to 31 October 2026.
The Group has forecasted cash
\n
outflow over the assessment period totalling to \u00a34.5m (including repayment of CSS Loan and VAT liability) , of which approx.
\n
\u00a31.4m (including VAT liability) is committed at this point in time and undeferrable and \u00a33.1m (including repayment of CSS
\n
Loan) is deferable due to support letter from the lender for extension of tenure and the potential for contract cancellation
\n
or fee waiver should the Group be unable to secure the additional financing required to meet all of its planned corporate
\n
and exploration activity expenditure. The Group has
\n
Consequently, the Directors have determined that the Group and Company remains a going concern over the period of
\n
assessment.
However in order to meet its planned corporate and exploration activity expenditure, additional funding will
\n
be required over the period of assessment.
\n
As a result, there exists a material uncertainty which may cast significant doubt on the Company\u2019s ability to continue as a
\n
going concern. The financial statements do not include any adjustments that would result if the Group was unable to
\ncontinue as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "Investment in subsidiaries
\n\n\n
Investment in subsidiaries, comprising equity instruments and capital contributions, are recognised initially at cost less any
\n
provision for impairment.
\n
Advance to subsidiaries
\n
Advance to subsidiaries are not considered to be subject to IFRS 9 on the basis that there are no formal agreements
\n
between the Company and its subsidiaries, and these advances are investments in nature.
Consequently these advances
\n
are measured at amortised cost, net of provision for impairment. The advances are interest free and have no fixed
\n
repayment terms.
\n
Advances are fully impaired when the business operations and development activity of the relevant subsidiary becomes
\n
indicative that the underlying project of the subsidiary may not yield ultimate economic inflows associated with the
\n
commercial development of the asset, such that the subsidiary is not expected to be able to repay the advance from its
\n
future economic activities. As a result, the value of the advances to subsidiaries have been aggregated with the investment
\nin subsidiaries on the face of the Company only balance sheet as at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Taxation
The charge for taxation is based on the profit or loss for the period and takes into account deferred tax. The Group\u2019s liability
\n
for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred
\n
tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities
\n
in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss, and is
\n
accounted for using the liability method.
\n
Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available in the
\nforeseeable future against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available in the foreseeable future against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Intangible assets: capitalised exploration and evaluation costs
Pre-licence costs are expensed in the period in which they are incurred. Expenditure on licence renewals and new licence
\n
applications covering an area previously under licence are capitalised in accordance with the policy set out below.
\n
Once the legal right to explore has been acquired, exploration costs and evaluation costs arising are capitalised on a project-
\n
by-project basis, pending determination of the technical feasibility and commercial viability of the project. Costs include
\n
appropriate technical and administrative expenses. If a project is successful, the related expenditures will be reclassified as
\n
development and production assets and amortised over the estimated life of the commercial reserves. Prior to this, no
\n
amortisation is recognised in respect of such costs. When all licences comprising a project are relinquished, a project is
\n
abandoned or is considered to be of no further commercial value to the Company, the related costs will be written off to
\n
administrative expense within profit or loss. Capitalised exploration costs are carried at historical cost less any impairment
\n
losses recognised.
\n
Impairment reviews for capitalised exploration and evaluation expenditure are carried out on a project-by-project basis,
\n
with each project representing a potential single cash generating unit. In accordance with the requirements of IFRS 6, an
\n
impairment review is undertaken when indicators of impairment arise such as:
\n
\u2022
unexpected geological occurrences that render the resource uneconomic;
\n
\u2022
title to the asset is compromised;
\n
\u2022
variations in mineral prices that render the project uneconomic;
\n
\u2022
substantive expenditure on further exploration and evaluation of mineral resources which is neither budgeted nor
\n
planned; and
\n
\u2022
the period for which the Group has the right to explore has expired and is not expected to be renewed.
\n
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased
\n
to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying
\n
amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
\nin prior years. A reversal of an impairment loss is recognised in profit or loss for the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "Employee benefits
Liabilities for wages and salaries, including any non monetary benefits, expected to be settled within 12 months of the
\n
reporting date are recognised in other payables in respect of employees services up to the reporting date and are measured
\nat the amounts expected to be paid when the liabilities are settled. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Foreign Currencies
The presentational currency of the Group is Sterling (\u00a3), which is also the functional currency of the Parent Company and
\n
Group given the UK centric headquartering of the Company and Group. Each Group entity determines its own functional
\n
currency and items included in the Financial Statements of each entity are measured using that functional currency.
The
\n
functional currencies of the Group entities are Sterling and Australian Dollars.
\n
The functional currencies of the foreign subsidiary are the Australian Dollar (\u201cAUD\u201d).
\n
Transactions in currencies other than the functional currency of the relevant entity are initially recorded at the exchange
\n
rate prevailing on the dates of the transaction. At each reporting date, monetary assets and liabilities that are denominated
\n
in foreign currencies are retranslated at the exchange rate prevailing at the reporting date. Non-monetary assets and
\n
liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date,
\n
when the fair value was determined. Gains and losses arising on retranslation are included in profit or loss for the year,
\n
except for exchange differences on non-monetary assets and liabilities, which are recognised directly in other
\n
comprehensive income, when the changes in fair value are recognised directly in other comprehensive income.
\n
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into the Group\u2019s
\n
presentational currency at exchange rates prevailing at the reporting date. Income and expense items are translated at
\n
the average exchange rates for the year unless exchange rates have fluctuated significantly during the year, in which case,
\n
the exchange rate at the date of the transaction is used. All exchange differences arising, if any, are recognised as other
\n
comprehensive income and are transferred to the Group\u2019s foreign currency translation reserve.
On disposal of any such
\n
overseas subsidiaries, cumulative foreign exchange losses or gains recognised in equity via Other Comprehensive Income
\nbecome realised and are recognised through the profit and loss account on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "Share-Based Payments
Share Options & Warrants
\n
The Group operates equity-settled share-based payment arrangements.
Where the fair value of the goods or services
\n
received may be determined directly, the fair value of the options or warrants are considered to reflect the fair value of
\n
the goods or services received. Where the fair value of the goods or services may not be directly measured, the fair value
\n
of services provided is determined indirectly by reference to the fair value of the instrument granted.
\n
The fair value of options and or warrants granted to various parties, in respect of services provided, is recognised as an
\n
expense in the Income Statement with a corresponding increase in equity reserves \u2013 the share-based payment reserve.
\n
The fair value is measured at grant date and charged over the vesting period during which the option becomes
\n
unconditional.
\n
The fair value of options is calculated using the Black-Scholes model, taking into account the terms and conditions upon
\n
which the options were granted. The exercise price is fixed at the date of grant.
\n
Non-market conditions are performance conditions that are not related to the market price of the entity\u2019s equity
\n
instruments. They are not considered, when estimating the fair value of a share-based payment. Where the vesting period
\n
is linked to a non-market performance condition, the Group recognises the goods and services it has acquired during the
\n
vesting period, based on the best available estimate of the number of equity instruments expected to vest. The estimate
\n
is reconsidered at each reporting date, based on factors such as a shortened vesting period, and the cumulative expense
\n
is \u201ctrued up\u201d for both the change in the number expected to vest and any change in the expected vesting period.
\n
Market conditions are performance conditions that relate to the market price of the entity\u2019s equity instruments. These
\n
conditions are included in the estimate of the fair value of a share-based payment. They are not taken into account for the
\n
purpose of estimating the number of equity instruments that will vest. Where the vesting period is linked to a market
\n
performance condition, the Group estimates the expected vesting period. If the actual vesting period is shorter than
\n
estimated, the charge is to be accelerated in the period that the entity delivers the cash or equity instruments to the
\n
counterparty. When the vesting period is longer, the expense is recognised over the originally estimated vesting period.
\n
Warrants issued as part of the cost of an equity raise (for example as part of advisers\u2019 fees) are recorded at fair value as a
\n
cost of that financing within Share Premium and Share-based Payment Reserve. Warrants issued to holders of loan notes
\n\n\n
as an incentive to their consent for novation and or settlement in equity shares are recorded at fair value as a financing
\n
expense in the profit and loss for the period.
\n
On expiry or exercise of any options and warrants in issue, the fair value of such instruments which had been charged to
\n
the share based payment reserve are recycled into retained earnings in the period in which the instruments expire or are
\n
exercised.
\n
For other equity instruments, granted during the year (i.e. other than share options), fair value is measured on the basis
\nof an observable market price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Share Options & Warrants
The Group operates equity-settled share-based payment arrangements.
Where the fair value of the goods or services
\n
received may be determined directly, the fair value of the options or warrants are considered to reflect the fair value of
\n
the goods or services received. Where the fair value of the goods or services may not be directly measured, the fair value
\n
of services provided is determined indirectly by reference to the fair value of the instrument granted.
\n
The fair value of options and or warrants granted to various parties, in respect of services provided, is recognised as an
\n
expense in the Income Statement with a corresponding increase in equity reserves \u2013 the share-based payment reserve.
\n
The fair value is measured at grant date and charged over the vesting period during which the option becomes
\n
unconditional.
\n
The fair value of options is calculated using the Black-Scholes model, taking into account the terms and conditions upon
\n
which the options were granted. The exercise price is fixed at the date of grant.
\n
Non-market conditions are performance conditions that are not related to the market price of the entity\u2019s equity
\n
instruments. They are not considered, when estimating the fair value of a share-based payment. Where the vesting period
\n
is linked to a non-market performance condition, the Group recognises the goods and services it has acquired during the
\n
vesting period, based on the best available estimate of the number of equity instruments expected to vest. The estimate
\n
is reconsidered at each reporting date, based on factors such as a shortened vesting period, and the cumulative expense
\n
is \u201ctrued up\u201d for both the change in the number expected to vest and any change in the expected vesting period.
\n
Market conditions are performance conditions that relate to the market price of the entity\u2019s equity instruments. These
\n
conditions are included in the estimate of the fair value of a share-based payment. They are not taken into account for the
\n
purpose of estimating the number of equity instruments that will vest. Where the vesting period is linked to a market
\n
performance condition, the Group estimates the expected vesting period. If the actual vesting period is shorter than
\n
estimated, the charge is to be accelerated in the period that the entity delivers the cash or equity instruments to the
\n
counterparty. When the vesting period is longer, the expense is recognised over the originally estimated vesting period.
\n
Warrants issued as part of the cost of an equity raise (for example as part of advisers\u2019 fees) are recorded at fair value as a
\n
cost of that financing within Share Premium and Share-based Payment Reserve. Warrants issued to holders of loan notes
\n\n\n
as an incentive to their consent for novation and or settlement in equity shares are recorded at fair value as a financing
\n
expense in the profit and loss for the period.
\n
On expiry or exercise of any options and warrants in issue, the fair value of such instruments which had been charged to
\n
the share based payment reserve are recycled into retained earnings in the period in which the instruments expire or are
\n
exercised.
\n
For other equity instruments, granted during the year (i.e. other than share options), fair value is measured on the basis
\nof an observable market price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Reserves
Share capital and share premium
\n
Proceeds from issuance of ordinary shares are classified as equity. Amounts in excess of the nominal value of the shares
\n
issued is recognised as share premium. Incremental costs directly attributable to the issuance of new ordinary shares are
\n
deducted against share capital.
\n
Reverse Takeover reserve
\n
This represents a non-distributable reserve arising on the acquisition of Georgina Energy plc by the Company.
\n
Merger reserve
\n
This represents a non-distributable reserve arising on the recognition of the premium on shares issued in consideration for
\n
the acquisition of Georgina Production Limited by the Company, which under the Companies Act requirements cannot be
\n
recognised in the Share Premium or Share Capital.
\n
Share based payments reserve
\n
Warrants and options classified as equity are recorded at fair value as of the date of issuance on the Company\u2019s Statement
\n
of Financial Position and no further adjustments to their valuation are made. Management estimates the fair value of these
\n
instruments, using option pricing models and assumptions that are based on the individual characteristics of the warrants
\n
or options on the valuation date as well as assumptions for expected volatility, expected life, yield and risk-free interest
\n
rate.
\n
The reserve for the fair value of share options and warrants that have been granted by the Company and remain
\n
unexercised.
On expiry or exercise of such options and warrants the fair value of the instruments are recycled out of the
\n
share based payment reserve into retained earnings or share capital and premium respectively.
\n
Shares to issue reserve
\n
The reserve represents the fair value of equity instruments to be issued at a future date and representing deferred or
\n
contingent consideration payable by the Company through the issuance of such shares.
\n
Foreign exchange translation reserve
\n
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into the Group\u2019s
\n
presentational currency at exchange rates prevailing at the reporting date. Income and expense items are
\n
translated at the average exchange rates for the period unless exchange rates have fluctuated significantly
\n
during the year, in which case, the exchange rate at the date of the transaction is used. All exchange differences
\n
arising, if any, are recognised as other comprehensive income and are transferred to the Group\u2019s foreign currency
\ntranslation reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Operating segments
Management considers the business to have a single operating segment, being the exploration for helium, hydrogen and
\n
hydrocarbons in Australia.
As a consequence no operating segment disclosures have been included in these financial
\n
statements as all operations are considered to form part of this single business activity.
\n
Financial assets and liabilities
\n
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of
\n
a financial instrument. Financial assets and financial liabilities are offset if there is a legally enforceable right to set off the
\n
recognised amounts and interests and it is intended to settle on a net basis.
\n
Financial assets
\n
Financial assets which are initially recognised at fair value and subsequently measured at amortised cost, are measured
\n
using the Effective Interest Rate Method (EIR) and are subject to impairment. Gains and losses are recognised in profit or
\n\n\n
loss when the asset is derecognised, modified or impaired.
Financial assets are made up of trade and other receivables
\n
and cash.
\n
Trade and other receivables are held for the collection of contractual cash flows and are classified as being measured at
\n
amortised cost. They are recognised initially at fair value and subsequently measured at amortised cost using the effective
\n
interest method less provision for impairment.
\n
Cash and cash equivalents include cash on hand and deposits held at call with banks.
\n
Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. The
\n
methodology used to determine the amount of the provision is based on whether there has been a significant increase in
\n
credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since
\n
initial recognition of the financial asset, twelve month expected credit losses along with gross interest income are
\n
recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross
\n
interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along
\n
with interest income on a net basis are recognised.
\n
Financial liabilities
\n
The company does not currently have any financial liabilities measured at fair value through profit or loss, therefore all the
\n
financial liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised
\n
cost.
\n
Financial liabilities include:
\n
\u2022
Borrowings, which are initially recognised at fair value net of any transaction costs directly attributable to the issue
\n
of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost, using the effective
\n
interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on
\n
the balance of the liability carried in the Consolidated Statement of Financial Position. For the purposes of each
\n
financial liability, interest expense includes initial transaction costs and any premium payable on redemption as well
\n
as any interest or coupon payable while the liability is outstanding;
\n
\u2022
Liability components of convertible loans are measured as described further below; and
\n
\u2022
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently
\n
carried at amortised cost, using the effective interest method.
\n
Financial liabilities are derecognised when the contractual financial commitments of the liability have been met in full.
\n
Convertible loans
\n
Convertible loans are assessed to see if they meet the criteria for recognition of an equity component, being the
\n
determination that conversion is probably and will be for a defined number of equity instruments at a defined value.
Where
\n
convertible loans do not meet this criteria they are recognised and subject to the same treatment as borrowings that do
\n
not have any conversion feature.
\n
For convertible loans that do meet the criteria for recognition of an equity component, the proceeds, received on issue of
\n
the Group's convertible debt, are allocated into their liability and equity components. The amount initially attributed to
\n
the debt component equals the discounted cash flows, using a market rate of interest that would be payable on a similar
\n
debt instrument that does not include an option to convert. Subsequently, the debt component is accounted for as a
\n
financial liability, measured at amortised cost until extinguished on conversion or maturity of the bond. The remainder of
\n
the proceeds is allocated to the conversion option and is recognised in the \"Convertible debt option reserve\" within
\n
shareholders' equity, net of income tax effects.
\n
Where convertible loan instruments do not meet the criteria for recognition as containing an equity component, but are
\n
assessed as having an embedded derivative instrument resulting from the conversion terms, the principal and interest
\n
component is classified as financial liability and the conversion option feature as a derivative liability. The amount initially
\n
attributed to the debt component (host contract) equals the discounted cash flows using a market rate of interest that
\n
would be payable on a similar debt instrument that does not include an option to convert. Subsequently, the debt
\n
component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity
\n
of the bond. The derivative liability is initially recognised at fair value and subsequently held as a financial liability at fair
\nvalue through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Financial assets and liabilities
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of
\n
a financial instrument. Financial assets and financial liabilities are offset if there is a legally enforceable right to set off the
\n
recognised amounts and interests and it is intended to settle on a net basis.
\n
Financial assets
\n
Financial assets which are initially recognised at fair value and subsequently measured at amortised cost, are measured
\n
using the Effective Interest Rate Method (EIR) and are subject to impairment. Gains and losses are recognised in profit or
\n\n\n
loss when the asset is derecognised, modified or impaired.
Financial assets are made up of trade and other receivables
\n
and cash.
\n
Trade and other receivables are held for the collection of contractual cash flows and are classified as being measured at
\n
amortised cost. They are recognised initially at fair value and subsequently measured at amortised cost using the effective
\n
interest method less provision for impairment.
\n
Cash and cash equivalents include cash on hand and deposits held at call with banks.
\n
Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. The
\n
methodology used to determine the amount of the provision is based on whether there has been a significant increase in
\n
credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since
\n
initial recognition of the financial asset, twelve month expected credit losses along with gross interest income are
\n
recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross
\n
interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along
\n
with interest income on a net basis are recognised.
\n
Financial liabilities
\n
The company does not currently have any financial liabilities measured at fair value through profit or loss, therefore all the
\n
financial liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised
\n
cost.
\n
Financial liabilities include:
\n
\u2022
Borrowings, which are initially recognised at fair value net of any transaction costs directly attributable to the issue
\n
of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost, using the effective
\n
interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on
\n
the balance of the liability carried in the Consolidated Statement of Financial Position. For the purposes of each
\n
financial liability, interest expense includes initial transaction costs and any premium payable on redemption as well
\n
as any interest or coupon payable while the liability is outstanding;
\n
\u2022
Liability components of convertible loans are measured as described further below; and
\n
\u2022
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently
\n
carried at amortised cost, using the effective interest method.
\n
Financial liabilities are derecognised when the contractual financial commitments of the liability have been met in full.
\n
Convertible loans
\n
Convertible loans are assessed to see if they meet the criteria for recognition of an equity component, being the
\n
determination that conversion is probably and will be for a defined number of equity instruments at a defined value.
Where
\n
convertible loans do not meet this criteria they are recognised and subject to the same treatment as borrowings that do
\n
not have any conversion feature.
\n
For convertible loans that do meet the criteria for recognition of an equity component, the proceeds, received on issue of
\n
the Group's convertible debt, are allocated into their liability and equity components. The amount initially attributed to
\n
the debt component equals the discounted cash flows, using a market rate of interest that would be payable on a similar
\n
debt instrument that does not include an option to convert. Subsequently, the debt component is accounted for as a
\n
financial liability, measured at amortised cost until extinguished on conversion or maturity of the bond. The remainder of
\n
the proceeds is allocated to the conversion option and is recognised in the \"Convertible debt option reserve\" within
\n
shareholders' equity, net of income tax effects.
\n
Where convertible loan instruments do not meet the criteria for recognition as containing an equity component, but are
\n
assessed as having an embedded derivative instrument resulting from the conversion terms, the principal and interest
\n
component is classified as financial liability and the conversion option feature as a derivative liability. The amount initially
\n
attributed to the debt component (host contract) equals the discounted cash flows using a market rate of interest that
\n
would be payable on a similar debt instrument that does not include an option to convert. Subsequently, the debt
\n
component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity
\n
of the bond. The derivative liability is initially recognised at fair value and subsequently held as a financial liability at fair
\nvalue through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Financial assets and liabilities
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of
\n
a financial instrument. Financial assets and financial liabilities are offset if there is a legally enforceable right to set off the
\n
recognised amounts and interests and it is intended to settle on a net basis.
\n
Financial assets
\n
Financial assets which are initially recognised at fair value and subsequently measured at amortised cost, are measured
\n
using the Effective Interest Rate Method (EIR) and are subject to impairment. Gains and losses are recognised in profit or
\n\n\n
loss when the asset is derecognised, modified or impaired.
Financial assets are made up of trade and other receivables
\n
and cash.
\n
Trade and other receivables are held for the collection of contractual cash flows and are classified as being measured at
\n
amortised cost. They are recognised initially at fair value and subsequently measured at amortised cost using the effective
\n
interest method less provision for impairment.
\n
Cash and cash equivalents include cash on hand and deposits held at call with banks.
\n
Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. The
\n
methodology used to determine the amount of the provision is based on whether there has been a significant increase in
\n
credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since
\n
initial recognition of the financial asset, twelve month expected credit losses along with gross interest income are
\n
recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross
\n
interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along
\n
with interest income on a net basis are recognised.
\n
Financial liabilities
\n
The company does not currently have any financial liabilities measured at fair value through profit or loss, therefore all the
\n
financial liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised
\n
cost.
\n
Financial liabilities include:
\n
\u2022
Borrowings, which are initially recognised at fair value net of any transaction costs directly attributable to the issue
\n
of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost, using the effective
\n
interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on
\n
the balance of the liability carried in the Consolidated Statement of Financial Position. For the purposes of each
\n
financial liability, interest expense includes initial transaction costs and any premium payable on redemption as well
\n
as any interest or coupon payable while the liability is outstanding;
\n
\u2022
Liability components of convertible loans are measured as described further below; and
\n
\u2022
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently
\n
carried at amortised cost, using the effective interest method.
\n
Financial liabilities are derecognised when the contractual financial commitments of the liability have been met in full.
\n
Convertible loans
\n
Convertible loans are assessed to see if they meet the criteria for recognition of an equity component, being the
\n
determination that conversion is probably and will be for a defined number of equity instruments at a defined value.
Where
\n
convertible loans do not meet this criteria they are recognised and subject to the same treatment as borrowings that do
\n
not have any conversion feature.
\n
For convertible loans that do meet the criteria for recognition of an equity component, the proceeds, received on issue of
\n
the Group's convertible debt, are allocated into their liability and equity components. The amount initially attributed to
\n
the debt component equals the discounted cash flows, using a market rate of interest that would be payable on a similar
\n
debt instrument that does not include an option to convert. Subsequently, the debt component is accounted for as a
\n
financial liability, measured at amortised cost until extinguished on conversion or maturity of the bond. The remainder of
\n
the proceeds is allocated to the conversion option and is recognised in the \"Convertible debt option reserve\" within
\n
shareholders' equity, net of income tax effects.
\n
Where convertible loan instruments do not meet the criteria for recognition as containing an equity component, but are
\n
assessed as having an embedded derivative instrument resulting from the conversion terms, the principal and interest
\n
component is classified as financial liability and the conversion option feature as a derivative liability. The amount initially
\n
attributed to the debt component (host contract) equals the discounted cash flows using a market rate of interest that
\n
would be payable on a similar debt instrument that does not include an option to convert. Subsequently, the debt
\n
component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity
\n
of the bond. The derivative liability is initially recognised at fair value and subsequently held as a financial liability at fair
\nvalue through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "Significant judgements and estimates
\n\n\n
In preparing the financial statements judgement was used in considering whether or not a material uncertainty exists in
\n
relation to going concern. See the above Going Concern disclosures for details.
\n
Embedded derivative liability \u2013 convertible loan notes
\n
The Group issued a convertible loan (CLN) with embedded derivative features, which necessitates significant judgement
\n
in determining the classification of the derivative as either equity or a financial liability. This judgement considers the
\n
contractual terms of the conversion option, assessing whether the derivative meets the criteria for classification as
\n
equity in accordance with the requirements of IAS 32 \u2013 Financial Instruments: Presentation. The CLN was classified as a
\n
derivative financial liability (DFL) and is held at fair value through profit or loss (FVTPL).
\n
For CLNs where the embedded derivative is classified as a financial liability, an option-pricing model is applied to
\n
determine fair value, considering the complex terms and variability of the conversion feature.
\n
For CLNs classified as containing a DFL held at FVTPL, the Group uses a risk weighted Black Scholes model to estimate the
\n
fair value of the DFL on initial recognition, at each reporting date, and upon conversion events. Key inputs in the risk
\n
weighted Black Scholes model include the Company\u2019s share price, share price volatility, the risk free interest rate, and
\n
assumptions regarding the timing and probability of conversion.
\n
Changes in any of these assumptions may significantly impact the fair value of the derivative liability, potentially resulting
\n
in profit or loss variations. Management regularly reassesses these inputs, utilizing historical data and market-based
\n
assumptions to ensure that the fair value estimation reflects the economic substance of the convertible instrument.
\n
Exploration and evaluation cost
\n
The Directors have considered the application of IFRS 6 with regards to exploration expenditure undertaken on its Hussar
\n
asset, over which the Group holds an exploration licence, and its Mt Winter asset, over which it holds an exploration licence
\n
application.
\n
The Board considers that, notwithstanding the fact that it holds valid licence tenure over its Hussar prospect, the early
\n
stage of the current exploration activity represents a technical risk profile which the Board considers to be insufficiently
\n
advanced or \u201cde-risked\u201d to merit capitalisation of exploration expenditure at this stage.
Consequently all technical
\n
expenditure undertaken on this asset has been recognised in the loss for the period.
The Board has determined that it will
\n
revisit the technical risk profile of the asset following the execution and testing of its first well, assessing flow rates and
\n
decline profiles, following which it will determine to commence capitalisation of exploration, appraisal and development
\n
expenditure in the event of a commercially successful outcome.
\n
As the Mt Winter asset remains the subject of a licence application at the reporting date the Board does not consider it
\n
has sufficient tenure to commence capitalisation of exploration expenditure over this asset as at the period end.
\n
Consequently all such expenditure has been recognised in the loss for the period.
\n
Acquisition of subsidiary \u2013 purchase consideration
\n
During the year the Company acquired a 100% interest in Georgina Production Limited and its 100% subsidiary Westmarket
\n
Oil & Gas Pty Ltd.
Consideration for this purchase took the form of new ordinary shares in the Company and the obligation
\n
to issue further new ordinary shares in the Company at a future date once certain performance criteria have been met
\n
(the \u201cperformance shares\u201d).
The Directors have determined the fair value of this consideration by reference to the number
\n
of shares issued or to be issued and the contractual price of the shares as detailed in the readmission prospectus and share
\n
purchase agreement.
\n
The directors have considered the likelihood that the performance shares will be issued and determined that the issuance
\n
of these shares is highly probably, noting that one of the three criteria had been met as at the reporting date.
As a
\n
consequence the fair value of this consideration has been recognised as forming part of the cost of the investment in the
\n
subsidiary with the consideration shares to be issued being recognised in a \u201cshares to issue\u201d reserve in equity.
\n
Impairment of Non-financial Assets
\n
The Group follows the guidance of IAS 36 \u2013 Impairment of Assets to determine, when a non-financial asset is impaired. The
\n
Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
\n
exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
\n
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value less costs to sell and its
\n\n\n
value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows
\n
that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU
\n
exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
\n
If the recoverable amount of an asset is not easily determined due to the early stage nature of the project, management
\n
undertakes a qualitative assessment of technical work undertaken to date to determine if the results of such work indicates
\n
the asset may be impaired.
\n
The group has the following Non-Financial Assets; Investments in subsidiaries and advances extended to subsidiaries
\n
(Company only).
\n
As the subsidiary projects remain in the early stage of their development cycle management has not been able to accurately
\n
determine the value in use of these assets as future cashflows cannot be reliably estimated at this stage.
Consequently
\n
management has undertaken a qualitative assessment of the technical work undertaken to date and determined that there
\n
are no current indications of impairment of these assets.
\n
Fair value of share based payments
\n
During the year warrants to subscribe for new ordinary shares in the Company were issued to a number of parties for
\n
services over the course of the completion of the transaction.
As the fair value of the services cannot be reliably measured
\n
directly, the Company has determined the fair value of these services by utilising the Black-Scholes valuation model.
In
\n
determining the fair value of the warrants the Directors have had to apply certain judgements, such as the application of
\n
a suitable volatility assumption as required by the Black-Scholes model.
As the Company does not have sufficient trading
\n
history to determine a suitable volatility expectation based on its own historic volatility, the historic volatility of comparable
\ncompanies have been used to arrive at this estimate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "Embedded derivative liability \u2013 convertible loan notes
The Group issued a convertible loan (CLN) with embedded derivative features, which necessitates significant judgement
\n
in determining the classification of the derivative as either equity or a financial liability. This judgement considers the
\n
contractual terms of the conversion option, assessing whether the derivative meets the criteria for classification as
\n
equity in accordance with the requirements of IAS 32 \u2013 Financial Instruments: Presentation. The CLN was classified as a
\n
derivative financial liability (DFL) and is held at fair value through profit or loss (FVTPL).
\n
For CLNs where the embedded derivative is classified as a financial liability, an option-pricing model is applied to
\n
determine fair value, considering the complex terms and variability of the conversion feature.
\n
For CLNs classified as containing a DFL held at FVTPL, the Group uses a risk weighted Black Scholes model to estimate the
\n
fair value of the DFL on initial recognition, at each reporting date, and upon conversion events. Key inputs in the risk
\n
weighted Black Scholes model include the Company\u2019s share price, share price volatility, the risk free interest rate, and
\n
assumptions regarding the timing and probability of conversion.
\n
Changes in any of these assumptions may significantly impact the fair value of the derivative liability, potentially resulting
\n
in profit or loss variations. Management regularly reassesses these inputs, utilizing historical data and market-based
\nassumptions to ensure that the fair value estimation reflects the economic substance of the convertible instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "Acquisition of subsidiary \u2013 purchase consideration
During the year the Company acquired a 100% interest in Georgina Production Limited and its 100% subsidiary Westmarket
\n
Oil & Gas Pty Ltd.
Consideration for this purchase took the form of new ordinary shares in the Company and the obligation
\n
to issue further new ordinary shares in the Company at a future date once certain performance criteria have been met
\n
(the \u201cperformance shares\u201d).
The Directors have determined the fair value of this consideration by reference to the number
\n
of shares issued or to be issued and the contractual price of the shares as detailed in the readmission prospectus and share
\n
purchase agreement.
\n
The directors have considered the likelihood that the performance shares will be issued and determined that the issuance
\n
of these shares is highly probably, noting that one of the three criteria had been met as at the reporting date.
As a
\n
consequence the fair value of this consideration has been recognised as forming part of the cost of the investment in the
\nsubsidiary with the consideration shares to be issued being recognised in a \u201cshares to issue\u201d reserve in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "Impairment of Non-financial Assets
The Group follows the guidance of IAS 36 \u2013 Impairment of Assets to determine, when a non-financial asset is impaired. The
\n
Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
\n
exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
\n
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value less costs to sell and its
\n\n\n
value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows
\n
that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU
\n
exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
\n
If the recoverable amount of an asset is not easily determined due to the early stage nature of the project, management
\n
undertakes a qualitative assessment of technical work undertaken to date to determine if the results of such work indicates
\n
the asset may be impaired.
\n
The group has the following Non-Financial Assets; Investments in subsidiaries and advances extended to subsidiaries
\n
(Company only).
\n
As the subsidiary projects remain in the early stage of their development cycle management has not been able to accurately
\n
determine the value in use of these assets as future cashflows cannot be reliably estimated at this stage.
Consequently
\n
management has undertaken a qualitative assessment of the technical work undertaken to date and determined that there
\nare no current indications of impairment of these assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "3.
AUDITORS\u2019 REMUNERATION
\n
The loss before income tax is stated after charging:
2025
2024
\u00a3
\u00a3
Auditors\u2019 remuneration:
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual
58,000
15,000
accounts - Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "4.
ADMINISTRATION EXPENSES
\n
Administration expenses for the period comprises:
9 months
Restated
period ended
Year
30
31 January
April 2024
2025
\u00a3
\u00a3
Directors fees
487,210
-
Accounting and audit
85,821
32,389
Legal & professional
148,868
161,622
RTO & other listing costs
(429,873)
6,657
Marketing & promotions
93,874
4,649
Insurance
40,603
-
Travel expenses
195,713
73,596
Depreciation
17,520
23,601
VAT provision expense
307,359
-
Other
6,168
29,200
Total
953,263
331,714
\n
The credit charge in the year under RTO & other listing costs has arisen due to the over accrual of costs in prior years
\nwhich have been reversed in the current year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "5.
FINANCE COSTS
\n
Finance costs for the period comprises:
9 months
Year
period ended
ended 30
31 January
April 2024
2025
\u00a3
\u00a3
Share based payments \u2013 financing activities
1,166,963
-
Loan interest
538,096
775,102
Total
1,705,059
331,714
\n
The share based payment charge in finance costs in the current period relates to the value of warrants granted and
\n
shares issued to various parties in the period against settlement of loan as part of RTO transactional activities.
The
\nwarrants were issued to loan note holders were accounted under IAS 32 \u2013 Financial Instruments using BS model. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "5.
FINANCE COSTS
\n
Finance costs for the period comprises:
9 months
Year
period ended
ended 30
31 January
April 2024
2025
\u00a3
\u00a3
Share based payments \u2013 financing activities
1,166,963
-
Loan interest
538,096
775,102
Total
1,705,059
331,714
\n
The share based payment charge in finance costs in the current period relates to the value of warrants granted and
\n
shares issued to various parties in the period against settlement of loan as part of RTO transactional activities.
The
\nwarrants were issued to loan note holders were accounted under IAS 32 \u2013 Financial Instruments using BS model.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "6.
INCOME TAX EXPENSE
\n
The corporation tax in the UK and Australia applied during the year was 19% and 30% respectively.
\n
The charge for the period can be reconciled to the loss in the Statement of Comprehensive income as follow:
Restated
2025
2024
\u00a3
\u00a3
(5,440,469)
(1,071,448)
Loss before tax on continuing operations
Tax at the Group blended corporation tax
(1,125,089)
(274,977)
rate of 20.68%
Effect of non allowable expenses
266,787
-
Deferred tax adjustment on account \u2013 not
recognised
858,302
274,977
Unutilised tax loss carry forward
-
-
-
-
Tax charge for the period
\n
The Group has accumulated tax losses of \u00a31,608,766 (2024: \u00a3750,464). No deferred tax asset has been recognised in
\n
respect of the losses carried forward, due to the uncertainty as to whether the Company will generate sufficient future
\nprofits in the foreseeable future to prudently justify this. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "7.
TRADE AND OTHER RECEIVABLES
2025
2024
\u00a3
\u00a3
VAT & GST receivable
301,909
15,399
Prepayments
83,780
2,926
385,689
18,325
\n
VAT and GST receivable consists of UK VAT (\u00a3208,665) and Australian goods and service tax (\u00a393,243) (GST) recoverable
\nfrom HMRC and the Australian ATO respectively (2024: GST only of \u00a315,399).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "8.
RIGHT OF USE ASSET
2025
2024
\u00a3
\u00a3
Opening position
39,334
64,095
Depreciation
(17,520)
(24,761)
Closing position
21,814
39,334
\n
The Right of Use asset at the period end comprises office lease space on which rental payments of \u00a318,547 were made in
\nthe year (2024: \u00a324,729). ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "8.
RIGHT OF USE ASSET
2025
2024
\u00a3
\u00a3
Opening position
39,334
64,095
Depreciation
(17,520)
(24,761)
Closing position
21,814
39,334
\n
The Right of Use asset at the period end comprises office lease space on which rental payments of \u00a318,547 were made in
\nthe year (2024: \u00a324,729).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "9.
SHARE CAPITAL & SHARE BASED PAYMENTS
\n
Ordinary shares of \u00a30.05 each
Company
Nominal
Number Shares
Share Capital
Share Premium
Merger
value (\u00a3)
Reserve
As at 1 May 2023 and 30 April
0.01
32,049,999
320,500
406,167
-
2024
1 for 5 consolidation \u2013 29 July
0.05
6,410,000
320,500
406,167
-
2024
Acquisition of GPL \u2013 30 July 2024
0.05
26,000,000
1,300,000
-
1,950,000
Placing
and
conversion
of
0.05
57,678,396
2,883,920
3,122,423
-
liabilities on readmission \u2013 30
July 2024
Equity settled transactions \u2013 25
0.05
580,000
29,000
27,942
-
September 2024
Exercise
of
warrants
\u2013
21
0.05
6,358,848
317,942
333,840
-
November 2024
As at 31 January 2025
0.25
97,027,244
4,851,362
3,890,372
1,950,000
\n
As at 31 January 2024 the Company had 32,049,999 ordinary shares of \u00a30.01 par value in issue.
On 29 July 2024 the
\n
Company undertook a 1 for 5 share consolidation, resulting in the reduction of shares in issue from 32,049,999 shares to
6,410,000 shares and an increase in nominal value per share from \u00a30.01 to \u00a30.05.
\n
On 30 July 2024 the Company issued 26m shares in consideration for the acquisition of Georgina Production Limited.
\n
Coincident with this acquisition, the Company issued 57.7m new ordinary shares to investors and various debtholders for
\n
cash and in conversion of amounts owing respectively.
\n
On 25 September the Company issued 0.58m new ordinary shares in settlement of various services received from suppliers.
\n
On 21 November 2024 the Company issued 6.4m new ordinary shares in satisfaction of exercise of warrants granted at the
\n
time of the acquisition of Georgina Production Limited.
\n
Share based payment reserve
\n
The share based payment reserve arises on recognition of the fair value of options and warrants issued to date where,
\n
other than for any warrants issued to investors deemed to form part of the value of the investment and therefore not
\n
recognised in the financial statements.
\n
As at 31 January 2024, the Company had 17.17m
warrants in issue exercisable at \u00a30.04 per share and expiring on 6
\n
September 2024. There warrants lapse during the period.
\n
Warrants issued in the Year
\n
On 30 July 2024 the Company issued the following warrants:
\n
\u2022
3,433,333 \u201cA\u201d warrants with a strike price of \u00a30.16 each exercisable for 2 years to former advisors and
\n
creditors of the company
\n
\u2022
2,480,000 \u201cB\u201d warrants with a strike price of \u00a30.125 each exercisable for 2 years to the brokers of the company
\n
\u2022
1,930,751 \u201cC\u201d warrants with a strike price of \u00a30.0875 each exercisable for 2 years to the former convertible
\n
loan note holders of Georgina Production Limited
\n
\u2022
4,800,000 \u201cD\u201d warrants with a strike price of \u00a30.125 each exercisable for 3 years to creditors of the company
\n
acquired as part of the acquisition of Georgina Production Limited
\n
\u2022
21,196,160 \u201cE\u201d warrants with a strike price of \u00a30.0875 each exercisable for 3 years and only exercisable once
\n
the Company achieved a 10% increase in the independent resource estimate of the Hussar prospect, which was
\n
achieved during the year to creditors of the company acquired as part of the acquisition of Georgina
\n
Production Limited.
The warrants contained a \u201ccashless\u201d exercise term whereby they could be exercised for nil
\n
subscription proceeds in return for 6,358,848 ordinary shares in full extinguishment of the Company
\n
obligations under the warrant instrument.
\n
On 19 September 2024 the Company issued the following warrants:
\n
\u2022
1,286,366 \u201cF\u201d warrants with a strike price of \u00a30.15625 each exercisable for 2 years to creditors of the Company
\n
The below table provides details on the assumptions used in arriving at the calculation of Fair Value for each of the above tranches
\n
of share warrants issued in the year and prior year, using the Black Scholes method.
\n\n \n
Date of grant
Tranche
Number of Warrants
Assumed
Exercise
Risk
free
Volatility (%)
FV
date
rate (%)
30 July 2024
A
3,433,333
30 July 2026
3.86%
56.22%
\u00a3108,315
30 July 2024
B
2,480,000
30 July 2026
3.86%
56.22%
\u00a3104,167
30 July 2024
C
1,930,751
30 July 2026
3.86%
56.22%
\u00a3112,241
30 July 2024
D
4,800,000
30 July 2027
3.83%
58.21%
\u00a3252,813
19 September 2024
F
1,286,366
30 July 2026
3.86%
56.22%
\u00a341,813
\n
The 21,196,160 \u201cE\u201d warrants issued in the year formed part of a debt novation agreement and so are considered to form part of
\n
the fair value of the debt instrument.
Consequently no fair value has been recognised in these financial statements for the grant
\n
of these warrants.
The warrants were exercised in the year on the \u201ccashless\u201d basis, with the share capital and premium
\n
recognised on exercise calculated with reference to the market value of the shares on admission and the corresponding expense
\n
recognised as a share based payment expense within finance costs in the period.
\n
As the Company does not have past share price trading data to draw on in estimating the expected future volatility of its share
\n
price for the purposes of utilising the Black Scholes valuation model as noted above, the directors have had to draw on the
\n
historic share price trading data of alternative projects which it has deemed to be analogous to the Group\u2019s operations, based on
\n
the nature and jurisdiction of the projects, listing location and market capitalisation.
2025
2024
Weighted
Weighted
average
average
Number of
exercise
Number of
exercise
options
price
options
price
Company and Group
Number
\u00a3
Number
\u00a3
Outstanding at the beginning of the period
17,166,667
0.04
17,166,667
0.04
Granted during the period
35,126,610
0.1049
-
-
Exercised during the period
(21,196,160)
(0.0875)
-
-
Lapsed during the period
(17,166,667)
(0.04)
-
-
Outstanding at the end of the period
13,930,450
0.02
17,166,667
0.04
\n
As at 31 January 2025 13,930,450 warrants were exercisable with a weighted average remaining useful life of 1.8 years (2024:
\n
17,166,667 exercisable for 0.6 years).
A fair value charge in the current period of \u00a31,166,963 has been recognised in finance
\n
costs associated with these warrants (2024: nil), with a FV deduction from share premium of \u00a3104,167 also having been
\n
recognised in the year (2024: nil).
No fair value charges remain to be recognised in future years associated with warrants in issue
\n
at the year end.
2025
2025
Share based payment reserve
\u00a3
\u00a3
b/f
-
-
Broker warrants \u2013 share premium deduction
104,167
-
Non broker warrants \u2013 finance costs
515,182
-
c/f
619,349
-
Share based payment reserve reconciliation to comprehensive income and cashflow
2025
2025
statement
\u00a3
\u00a3
Movement in share based payment reserve for the period
619,349
-
Less warrants to brokers \u2013 equity deduction
(104,167)
-
Share based payment on exercise of \u201ccashless\u201d warrants
651,781
-
Net share based payment charge for the period
1,166,963
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "9.
SHARE CAPITAL & SHARE BASED PAYMENTS
\n
Ordinary shares of \u00a30.05 each
Company
Nominal
Number Shares
Share Capital
Share Premium
Merger
value (\u00a3)
Reserve
As at 1 May 2023 and 30 April
0.01
32,049,999
320,500
406,167
-
2024
1 for 5 consolidation \u2013 29 July
0.05
6,410,000
320,500
406,167
-
2024
Acquisition of GPL \u2013 30 July 2024
0.05
26,000,000
1,300,000
-
1,950,000
Placing
and
conversion
of
0.05
57,678,396
2,883,920
3,122,423
-
liabilities on readmission \u2013 30
July 2024
Equity settled transactions \u2013 25
0.05
580,000
29,000
27,942
-
September 2024
Exercise
of
warrants
\u2013
21
0.05
6,358,848
317,942
333,840
-
November 2024
As at 31 January 2025
0.25
97,027,244
4,851,362
3,890,372
1,950,000
\n
As at 31 January 2024 the Company had 32,049,999 ordinary shares of \u00a30.01 par value in issue.
On 29 July 2024 the
\n
Company undertook a 1 for 5 share consolidation, resulting in the reduction of shares in issue from 32,049,999 shares to
\n\n\n
6,410,000 shares and an increase in nominal value per share from \u00a30.01 to \u00a30.05.
\n
On 30 July 2024 the Company issued 26m shares in consideration for the acquisition of Georgina Production Limited.
\n
Coincident with this acquisition, the Company issued 57.7m new ordinary shares to investors and various debtholders for
\n
cash and in conversion of amounts owing respectively.
\n
On 25 September the Company issued 0.58m new ordinary shares in settlement of various services received from suppliers.
\n
On 21 November 2024 the Company issued 6.4m new ordinary shares in satisfaction of exercise of warrants granted at the
\n
time of the acquisition of Georgina Production Limited.
\n
Share based payment reserve
\n
The share based payment reserve arises on recognition of the fair value of options and warrants issued to date where,
\n
other than for any warrants issued to investors deemed to form part of the value of the investment and therefore not
\n
recognised in the financial statements.
\n
As at 31 January 2024, the Company had 17.17m
warrants in issue exercisable at \u00a30.04 per share and expiring on 6
\n
September 2024. There warrants lapse during the period.
\n
Warrants issued in the Year
\n
On 30 July 2024 the Company issued the following warrants:
\n
\u2022
3,433,333 \u201cA\u201d warrants with a strike price of \u00a30.16 each exercisable for 2 years to former advisors and
\n
creditors of the company
\n
\u2022
2,480,000 \u201cB\u201d warrants with a strike price of \u00a30.125 each exercisable for 2 years to the brokers of the company
\n
\u2022
1,930,751 \u201cC\u201d warrants with a strike price of \u00a30.0875 each exercisable for 2 years to the former convertible
\n
loan note holders of Georgina Production Limited
\n
\u2022
4,800,000 \u201cD\u201d warrants with a strike price of \u00a30.125 each exercisable for 3 years to creditors of the company
\n
acquired as part of the acquisition of Georgina Production Limited
\n
\u2022
21,196,160 \u201cE\u201d warrants with a strike price of \u00a30.0875 each exercisable for 3 years and only exercisable once
\n
the Company achieved a 10% increase in the independent resource estimate of the Hussar prospect, which was
\n
achieved during the year to creditors of the company acquired as part of the acquisition of Georgina
\n
Production Limited.
The warrants contained a \u201ccashless\u201d exercise term whereby they could be exercised for nil
\n
subscription proceeds in return for 6,358,848 ordinary shares in full extinguishment of the Company
\n
obligations under the warrant instrument.
\n
On 19 September 2024 the Company issued the following warrants:
\n
\u2022
1,286,366 \u201cF\u201d warrants with a strike price of \u00a30.15625 each exercisable for 2 years to creditors of the Company
\n
The below table provides details on the assumptions used in arriving at the calculation of Fair Value for each of the above tranches
\n
of share warrants issued in the year and prior year, using the Black Scholes method.
\n\n \n
Date of grant
Tranche
Number of Warrants
Assumed
Exercise
Risk
free
Volatility (%)
FV
date
rate (%)
30 July 2024
A
3,433,333
30 July 2026
3.86%
56.22%
\u00a3108,315
30 July 2024
B
2,480,000
30 July 2026
3.86%
56.22%
\u00a3104,167
30 July 2024
C
1,930,751
30 July 2026
3.86%
56.22%
\u00a3112,241
30 July 2024
D
4,800,000
30 July 2027
3.83%
58.21%
\u00a3252,813
\n
19 September 2024
F
1,286,366
30 July 2026
3.86%
56.22%
\u00a341,813
\n
The 21,196,160 \u201cE\u201d warrants issued in the year formed part of a debt novation agreement and so are considered to form part of
\n
the fair value of the debt instrument.
Consequently no fair value has been recognised in these financial statements for the grant
\n
of these warrants.
The warrants were exercised in the year on the \u201ccashless\u201d basis, with the share capital and premium
\n
recognised on exercise calculated with reference to the market value of the shares on admission and the corresponding expense
\n
recognised as a share based payment expense within finance costs in the period.
\n
As the Company does not have past share price trading data to draw on in estimating the expected future volatility of its share
\n
price for the purposes of utilising the Black Scholes valuation model as noted above, the directors have had to draw on the
\n
historic share price trading data of alternative projects which it has deemed to be analogous to the Group\u2019s operations, based on
\n
the nature and jurisdiction of the projects, listing location and market capitalisation.
2025
2024
Weighted
Weighted
average
average
Number of
exercise
Number of
exercise
options
price
options
price
Company and Group
Number
\u00a3
Number
\u00a3
Outstanding at the beginning of the period
17,166,667
0.04
17,166,667
0.04
Granted during the period
35,126,610
0.1049
-
-
Exercised during the period
(21,196,160)
(0.0875)
-
-
Lapsed during the period
(17,166,667)
(0.04)
-
-
Outstanding at the end of the period
13,930,450
0.02
17,166,667
0.04
\n
As at 31 January 2025 13,930,450 warrants were exercisable with a weighted average remaining useful life of 1.8 years (2024:
\n
17,166,667 exercisable for 0.6 years).
A fair value charge in the current period of \u00a31,166,963 has been recognised in finance
\n
costs associated with these warrants (2024: nil), with a FV deduction from share premium of \u00a3104,167 also having been
\n
recognised in the year (2024: nil).
No fair value charges remain to be recognised in future years associated with warrants in issue
\n
at the year end.
2025
2025
Share based payment reserve
\u00a3
\u00a3
b/f
-
-
Broker warrants \u2013 share premium deduction
104,167
-
Non broker warrants \u2013 finance costs
515,182
-
c/f
619,349
-
Share based payment reserve reconciliation to comprehensive income and cashflow
2025
2025
statement
\u00a3
\u00a3
Movement in share based payment reserve for the period
619,349
-
Less warrants to brokers \u2013 equity deduction
(104,167)
-
Share based payment on exercise of \u201ccashless\u201d warrants
651,781
-
Net share based payment charge for the period
1,166,963
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "10.
TRADE AND OTHER PAYABLES
Restated
2025
2024
\u00a3
\u00a3
Trade payables and accruals
357,000
1,445,395
Other payables
874,792
306,746
1,231,792
1,752,141
\nIncluded in other payables is a provision for \u00a3872,908 for VAT repayable to HMRC (2024: \u00a3306,746). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "11.
BORROWINGS
Restated
2025
2024
\u00a3
\u00a3
Current borrowings
969,184
2,165,760
Non-current borrowings
828,188
250,674
1,797,372
2,416,434
\n
The current borrowings balance of \u00a3969k includes the following related party balances:
\n
\u2022
\u00a360k owed to Robin Fryer, a related party entity as a result of being director and shareholder.
The amount,
\n
which is not subject to formal loan documentation beyond agreement between the parties, includes interest of
\n
\u00a310k (8.5% per annum), is unsecured and was repaid following the year end.
\n
\u2022
\u00a350k owed to Swen Maikrainz which is repayable on demand and attracts an interest rate of 8.5% per annum.
\n
Included in current borrowings is the amount of \u00a3859,275 payable to CSS Alpha Global, which is denominated in USD
\n
with $1,071,143 in principal and interest outstanding at the year end.
The loan accrues interest on a monthly basis at
\n
1.5% of amounts outstanding (principal and interest), is subject to monthly repayments of \u00a320,000 (approx. $25,000)
\n
and is repayable in full at maturity on 30 July 2025.
\n
The non-current borrowings balance of \u00a3828k includes the following related party balances:
\n
\u2022
\u00a31.28m owed to Westmarket Corporation Pty, a related party entity as a result of being a major shareholder.
\n
The loan bears interest at 8% per annum and matures 5 years from its novation to the Company from GPL on 30
\n
July 2024 and is convertible into new ordinary shares, at the election of the Company, at the lower of a 35%
\n
discount to the readmission price of the company shares and the 5 day volume weighted average share price for
\n
the 5 day period prior to the election to convert.
As the terms of the convertibility has been deemed to
\n
represent a derivative liability the debt component of the loan has been recognised based on the total
\n
recognition value less the value of the derivative liability, with imputed interest to the reporting date.
See below
\n
for further details.
Reconciliation of movements in borrowings
\n\n \n
Restated
Period to 2025
Year to April 2024
\u00a3
\u00a3
Opening position (restated)
2,951,184
2,409,382
Borrowings acquired on RTO
241,194
-
Additions \u2013 non cash
477,697
-
Interest accrued
538,096
541,802
Cash repayments (including interest)
(609,626)
-
Principal converted to equity
(1,301,055)
-
FV adjustment for derivative liability
(502,524)
-
Foreign exchange differences
2,406
-
Closing position
1,797,372
2,951,184
\n
Borrowing \u2013 embedded derivative liability
\n
On 30 July 2024, the Company entered into a loan agreement with Westmarket Corporation Pty Ltd, a related party.
The loan
\n
bears interest at 8% per annum and matures 5 years from its novation to the Company from GPL on 30 July 2024 and is convertible
\n
into new ordinary shares, at the election of the Company, at the lower of a 35% discount to the readmission price of the company
\n
shares and the 5 day volume weighted average share price for the 5 day period prior to the election to convert.
\n
The conversion option attached to the loan is considered to form a derivative liability of the Company as, under certain
\n
circumstances, the conversion of the loan will result in the Company issuing a greater value of shares than the face value of the
\n
host financial liability contract.
As a consequence, the derivative liability has been valued using a risk weighted Black Scholes
\n
model to determine the fair value as at the date of initial recognition and the subsequent reporting date.
On initial recognition,
\n
the fair value of the embedded derivative is subtracted from the combined instrument fair value to arrive at the fair value of the
\n
host financial liability (debt), with the effective interest rate (EIR) being determined as the discount rate which discounts the
\n
future cashflows arising from the instrument to the fair value of the host contract at initial recognition.
\n
Reconciliation
of
initial
recognition
and
\n
reporting date carrying value of host contract
\n
and derivative financial liability
\n\n \n
31 January 2025
\u00a3
Host financial liability \u2013 initial recognition
696,916
Add:- Drawdowns
34,699
Add:- Forex on conversion from US$ to \u00a3 as part
7,674
of RTO
Interest in the period
88,899
c/f
828,188
Derivative financial liability \u2013 initial recognition
502,524
Fair value movement to 31 January 2025 \u2013
(419,235)
recognised in Comprehensive income for the
period
c/f
83,288
\n
The inputs into the risk weighted Black Scholes (\u201cBS\u201d) valuation model for the purposes of arriving at the fair value of the
\n
derivative liability were as follows:
Share price \u2013 13.88p
Maturity date \u2013 31 July 2026
Life \u2013 2 years
Risk free rate \u2013 3.84%
Volatility \u2013 50%
Dividend yield \u2013 nil
\n
The BS valuation model was undertaken for a variety of scenarios, being conversion at different market prices and in different
\n
timeframes over the period of convertibility of the loan, with a fair value determined for each and being assigned a risk weighting
\n
based on management\u2019s assessment of the probability of each scenario being the likely outcome, with the risk weighted average
\nfair value being taken as the best estimate for fair value of the embedded derivative. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "12.
DIRECTORS\u2019 EMOLUMENTS
Directors\u2019
Share based
Share Incentive
Pension
Short term
fees
payments*
Plan
contributions
benefits
Total
2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Peter Bradley
28
-
-
-
-
28
Robin Fryer
13
-
-
-
-
13
Anthony Hamilton
75
-
-
-
-
75
John Heugh
53
-
-
-
-
53
Mark Wallace
75
-
-
-
-
75
Johnny Smith (Resigned 30 July 2024)
-
25
-
-
-
25
Kay Bedlako (Resigned 30 July 2024)
-
25
-
-
-
25
Mike Stewart (Resigned 30 July 2024)
-
50
-
-
-
50
Roy Pitchford (Resigned 30 July 2024)
13
100
-
-
-
113
255
200
-
-
-
455
\n
No amount was paid or became payable to any of the Directors of the Company and there were no staff costs as no staff
\n
was employed by the Company during the period ended 31 January 2024.
\n*Amounts paid in shares represent a capital award on completion of the reverse takeover in the year. ", "dimensions": { "concept": "gex:DisclosureOfDirectorsEmolumentsTextBlock", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "13.
FINANCIAL RISK MANAGEMENT
\n
The Company uses a limited number of financial instruments, comprising cash and various items such as trade payables,
\n
which arise directly from operations. The Company does not trade in financial instruments.
\n
Financial risk factors
\n
The Company\u2019s activities expose it to a variety of financial risks: credit risk and liquidity risk. The Company\u2019s overall risk
\n
management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse
\n
effects on the Company\u2019s financial performance.
\n
a) Credit risk
\n
Credit risk is the risk of an unexpected loss if a counter party to a financial instrument fails to meet its commercial
\n
obligations. The Company\u2019s maximum credit risk exposure is limited to the carrying amount of cash of \u00a31,215,874 (2024:
\n
\u00a34,767). Credit risk is managed by ensuring that funds are deposited with financial institutions with a credit rating
\n
equivalent to, or above, the main UK clearing banks.
\n
Receivables as at the reporting date consist of:
\n
\u2022
VAT/GST recoverable of \u00a3304,510 (2024: \u00a318,325) and receivable within 3 months of the year end and
\n
\u2022
Prepayments of \u00a383,780 (2024: nil) which mature over a range of periods from 1 month to 12 months from the
\n
year end.
\n
b) Liquidity risk
\n
Prudent liquidity risk management implies maintaining sufficient cash such that the Company can ensure it has adequate
\n
resource to discharge all its liabilities. The directors have considered the liquidity risk as part of their going concern
\n
assessment. (See note 2).
Liquidity risk is managed by management via maintenance and regular review of cashflow
\n
forecasts against existing cash reserves and planned future sources of funding to ensure any forecast liquidity deficits are
\n
addressed in good time with adequate buffers to accommodate unforeseen circumstances and changes to funding
\n
availability.
\n
Included in trade and other payables of \u00a31,231,792 (2024: \u00a31,752,142) are amounts totalling \u00a3358,884 (2024: \u00a31,186,593)
\n
payable in less than 3 months and \u00a3872,908 (2024: \u00a3565,549) payable in 6 months respectively.
\n
c) Foreign currency risk
\n
The Group undertakes transactions in currencies other than its reporting currency, with borrowings in US Dollars totalling
\n
\u00a3859,275 as at the reporting date (2024: \u00a3965,371).
If the USD to Sterling foreign exchange rate were to increase or
\n
decrease by 10% this liability would decrease/increase by \u00a378,115 (2024: \u00a387,761).
The Group manages foreign currency
\n
risk by forecasting the need for foreign currency to settle planned future transactions and monitoring trends in the key
\n
currency exchange rates to consider whether advance currency purchases are merited, driven by observed volatility and
\n
materiality of transactional currency needs.
The Group does not engage in any structured foreign currency hedging
\n
strategies.
\n
Fair values
\n
Management assessed that the fair values of cash trade payables and other current liabilities approximate their carrying
\n
amounts largely due to the short-term maturities of these instruments. The fair value of derivative financial liabilities are
\ncalculated at each reporting date as detailed in note 11. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "a) Credit risk
Credit risk is the risk of an unexpected loss if a counter party to a financial instrument fails to meet its commercial
\n
obligations. The Company\u2019s maximum credit risk exposure is limited to the carrying amount of cash of \u00a31,215,874 (2024:
\n
\u00a34,767). Credit risk is managed by ensuring that funds are deposited with financial institutions with a credit rating
\n
equivalent to, or above, the main UK clearing banks.
\n
Receivables as at the reporting date consist of:
\n
\u2022
VAT/GST recoverable of \u00a3304,510 (2024: \u00a318,325) and receivable within 3 months of the year end and
\n
\u2022
Prepayments of \u00a383,780 (2024: nil) which mature over a range of periods from 1 month to 12 months from the
\nyear end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "b) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash such that the Company can ensure it has adequate
\n
resource to discharge all its liabilities. The directors have considered the liquidity risk as part of their going concern
\n
assessment. (See note 2).
Liquidity risk is managed by management via maintenance and regular review of cashflow
\n
forecasts against existing cash reserves and planned future sources of funding to ensure any forecast liquidity deficits are
\n
addressed in good time with adequate buffers to accommodate unforeseen circumstances and changes to funding
\n
availability.
\n
Included in trade and other payables of \u00a31,231,792 (2024: \u00a31,752,142) are amounts totalling \u00a3358,884 (2024: \u00a31,186,593)
\npayable in less than 3 months and \u00a3872,908 (2024: \u00a3565,549) payable in 6 months respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "c) Foreign currency risk
The Group undertakes transactions in currencies other than its reporting currency, with borrowings in US Dollars totalling
\n
\u00a3859,275 as at the reporting date (2024: \u00a3965,371).
If the USD to Sterling foreign exchange rate were to increase or
\n
decrease by 10% this liability would decrease/increase by \u00a378,115 (2024: \u00a387,761).
The Group manages foreign currency
\n
risk by forecasting the need for foreign currency to settle planned future transactions and monitoring trends in the key
\n
currency exchange rates to consider whether advance currency purchases are merited, driven by observed volatility and
\n
materiality of transactional currency needs.
The Group does not engage in any structured foreign currency hedging
\nstrategies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "14.
CAPITAL MANAGEMENT POLICY
\n
The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in
\n
order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure
\n
to reduce the cost of capital. The capital structure of the Company consists of equity attributable to equity holders of the
\nCompany, comprising issued share capital and reserves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "15.
FINANCIAL INSTRUMENTS
\n
The Company\u2019s principal financial instruments comprise cash and cash equivalents, loans and other payables. The
\n
Company\u2019s accounting policies and method adopted, including the criteria for recognition, the basis on which income and
\n
expenses are recognised in respect of each class of financial assets, financial liability and equity instrument are set out in
\n
Note 2. The Company do not use financial instruments for speculative purposes.
\n
The principal financial instruments used by the Company, from which financial instrument risk arises, are as follows:
Restated
As at 31
As at 30
January 2025
April 2024
\u00a3
\u00a3
Financial assets
Cash and cash equivalents
1,215,874
2,758
Total financial assets
1,215,874
2,758
Financial liabilities measured at amortised cost
Trade and other payables
357,000
1,752,142
Lease Liabilities
20,175
39,334
Borrowings
1,797,372
2,951,184
Total financial liabilities
2,174,547
4,742,660
\n
There are no financial assets that are either past due or impaired.
\n
Trade and other payables fall due for settlement within 3 months of the reporting date.
\n
Lease Liabilities fall due in less than 1 year.
\n
Borrowings include \u00a3144,700 falling due in less than 3 months, \u00a3824,484 falling due in 3-12 months and \u00a3828,188 falling
\n
due in 2-5 years (2024: Less than 3 months: nil, 3-12 Monthly: \u00a32,165,760 and 2-5 years: \u00a3785,424). It not include payment
\nof interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "16.
LOSS PER SHARE
\n
The loss per share has been calculated using the loss for the year and the weighted average number of ordinary shares
\n
entitled to dividend rights which were outstanding during the year. There were no potentially dilutive ordinary shares at
\n
the year end.
Restated
2025
2024
\u00a3
\u00a3
Loss for the period attributable to equity holders of the Group
(5,440,469)
(1,071,448)
Weighted average number of ordinary shares (number of shares)
138,829,294
194,245,588
Loss per share (pence per share)
(3.92)
(0.55)
\n
Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of the
\n
Company by the weighted average number of ordinary shares outstanding during the year.
\n
Diluted loss per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the
\n
Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average
\n
number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary
\n
shares.
\n
As at 31 January 2025 and 30 April 2024 the effects of all potentially dilutive instruments in issue for consideration in
\n
arriving at the fully diluted loss per share have been omitted as the impacts of all such instruments as at the year end are
\nanti-dilutive as the Group operated to a loss for the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "17.
RELATED PARTY TRANSACTIONS
\n
Key management are considered to be the directors and major shareholders. The key management personnel
\n
compensation and shareholder borrowings have been disclosed in note 12.
\n
During the year, Westmarket Corporation Pty Ltd (WMC), a company controlled by Mark Wallace and Anthony Hamilton,
\n
provided working capital support to the Group and met \u00a30.45m of Group transactions on its behalf, which were
\n
subsequently recharged to the Group for reimbursement.
As at the reporting date amounts owing to WMC totalled \u00a31.28m
\n
(2024: \u00a30.80m).
See note 11 for further details.
\n
During the year, the Group sublet office space from WMC for total rentals of \u00a318,547 (2024: \u00a324,730).
\n
The Board does not consider there to be any related parties to the Company other than Key Management Personnel,
\n
transactions settled by Westmarket Corporation on behalf of the Group and the borrowings from major shareholders
\ndisclosed in note 11. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "18.
REVERSE TAKEOVER
\n
On 30 July 2024, Mining Minerals and Metals plc (later renamed Georgina Energy plc or \u201cGEP\u201d) acquired 100% of the
\n
share capital of Georgina Energy plc (later renamed Georgina Production ltd or \u201cGPL\u201d) (the
\n
\u2018Legal Subsidiary\u2019) for 26,000,000 firm Consideration Shares at a deemed valuation of \u00a30.125 per share (nominal value
\n
\u00a30.05), and conditional consideration of 31,500,000 Deferred Consideration Shares at a deemed valuation of \u00a30.125 per
\n
share (nominal value \u00a30.05) valuing the Company at \u00a37,187,500.
\n
The acquisition has been treated as a reverse acquisition and hence accounted for in accordance with IFRS 2.
\n
Although the transaction resulted in GPL becoming a wholly owned subsidiary of the Company,
\n
the transaction constitutes a reverse acquisition as the previous shareholders of GPL own a
\n
substantial majority of the Ordinary Shares of the Company and the executive management of GPL became the executive
\n
management of GEP. In substance, the shareholders of GPL acquired a controlling interest in the Company and the
\n
transaction has therefore been accounted for as a reverse acquisition. The reverse acquisition falls under IFRS 2 rather
\n
than IFRS 3 as the activities of GEP (the \u2018Legal Parent\u2019) do not constitute a business.
\n
The following table summarises the consideration paid for the Legal Parent through the reverse acquisition and
\n
the amounts of the assets acquired and liabilities assumed on the acquisition date. The financial comparatives
\n
relate to Legal Subsidiary rather than the Legal Parent as the consolidated financial statements represent a
\n
continuation of the financial statements of the Legal Subsidiary.
\n
In accordance with IFRS 2, the value of obtaining the listing under a reverse acquisition is calculated on the net
\n
assets of the legal parent. The share based payment of \u00a32,415,663 arising from the acquisition is attributable to the
\n
value of the parent company being an LSE main market listed entity to the Legal Subsidiary and has been recognised as
\n
an expense in the statement of comprehensive income.
Consideration as at 30 July 2024
\u00a3
Firm consideration shares (26,000,000 ordinary shares)
3,250,000
Deferred consideration shares (31,500,000 ordinary shares)*
3,937,500
Total consideration
7,187,500
Fair value of shares acquired in GEP
1,249,950
Net liabilities of GEP acquired
1,165,713
Share based payment expense
2,415,663
\n
*The deferred consideration shares have been recognised in the Shares to issue
\n
reserve in equity following determination that the conditions for allotment meet
\n
the criteria for equity recognition.
In a reverse acquisition the acquisition date fair value of the consideration transferred by the Legal Subsidiary is
\n
based on the number of equity instruments that the Legal Subsidiary would have had to issue to the owners of the
\n
Legal Parent to give the owners of the Legal Parent the same percentage of equity interests that results from the
\n
reverse acquisition. However, in the absence of a reliable valuation of the Legal Subsidiary, the cost of the reverse
\n
acquisition was calculated using the fair value of all the pre-acquisition issued equity instruments of the Legal
\n
Parent as at the date of the acquisition. The fair value was based on the published price of the Legal Parent shares
\n
immediately prior to the acquisition being \u00a30.195 per share.
\n
All acquisition related costs incurred by the Legal Parent have been accrued as at the date of the completion of the
\n
acquisition and are consequently included in the pre-acquisition retained earnings which have been eliminated on
\n
consolidation along with other pre-acquisition losses in the Legal Parent in accordance with the requirements of IFRS 2.
\n
The fair values of the recognised amounts of identifiable assets acquired and liabilities assumed equate to their
\n
carrying values as stated above.
\n
The Group statement of comprehensive income includes an operating loss of \u00a31,892,379 in the period since acquisition,
\n
which is attributable to the Legal Parent.
\n
The following table summarises the movements in the Reverse Acquisition Reserve for the period.
\u00a3
Opening Balance
-
Investment in legal subsidiary
(7,187,500)
Elimination of legal subsidiary share capital
2,806,543
Share based payment on reverse acquisition
2,415,663
Transfer of pre-acquisition retained losses of the legal parent
(1,892,379)
Closing balance
(3,857,674)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "19.
PRIOR YEAR ADJUSTMENT
\n
Prior to acquisition of GPL by GEP, all the expenses of GPL and WMOG were funded by their investor, Westmarket Corporation
\n
Pty Ltd (\u2018WMC\u2019) but were not recharged in the correct accounting periods. Note that all entities are under common control. As
\n
part of the acquisition, the expenses paid for by WMC were invoiced to the respective entities in the current period. These
\n
expenses were therefore accounted for in the incorrect accounting period. Further it was noted that GPL and WMOG had
\n
incorrectly accrued certain expenses in previous periods.
\n
The management assessed the
above matters and concluded
that the errors were pertaining to 2024 and years prior to 2024.
\n
The management restated it prior year accounts and financial position beginning of the earliest prior period presented.
\n
The prior year comparatives for the Group have been restated from those previously reported as shown below:
As at 1 May 2023
As previously stated
Adjustment
As restated
1 May 2023
1 May 2023
\u00a3
\u00a3
\u00a3
Non current assets
Right of use asset
64,095
-
64,095
Total non current
64,095
-
64,095
assets
Current assets
Trade & other
9,427
2,837
12,264
receivables
\n \n
Cash
2,506
-
2,506
Total current assets
11,933
2,837
14,770
Total assets
76,028
2,837
78,865
Non current liabilities
Borrowings
530,247
488,476
1,018,723
Lease liabilities
41,053
-
41,053
Total non current
571,300
488,476
1,059,776
liabilities
Current liabilities
Borrowings
1,390,659
-
1,390,659
Trade & other
1,519,481
(257,699)
1,261,782
payables
Lease liabilities
23,435
-
23,435
Total current
2,933,576
(257,699)
2,675,876
liabilities
Equity
Share capital
2,806,543
-
2,806,543
Translation reserve
57,907
-
57,907
Retained earnings
(6,293,297)
(227,940)
(6,521,237)
Total equity
(3,428,847)
(227,940)
(3,656,787)
Total equity and
76,028
2,837
78,865
liabilities
\n\n \n
As at 30 April 2024
As previously stated
Adjustment
As restated
30 April 2024
30 April 2024
\u00a3
\u00a3
\u00a3
Non current assets
Right of use asset
39,334
-
39,334
Total non current
39,334
-
39,334
assets
Current assets
Trade & other
14,162
4,163
18,325
receivables
Cash
2,758
-
2,758
Total current assets
16,920
4,163
21,083
Total assets
56,254
4,163
60,417
Non current liabilities
Borrowings
250,674
534,750
785,424
Lease liabilities
-
-
-
Total non current
250,674
534,750
785,424
liabilities
Current liabilities
Borrowings
2,165,760
-
2,165,760
Trade & other
2,188,666
(436,525)
1,752,141
payables
Lease liabilities
39,334
-
39,334
Total current
4,393,760
(436,525)
3,957,235
liabilities
Equity
Share capital
2,806,543
-
2,806,543
Translation reserve
103,899
-
103,899
Retained earnings
(7,498,622)
(94,062)
(7,592,684)
Total equity
(4,588,180)
(94,062)
(4,682,242)
Total equity and
56,254
4,163
60,417
liabilities
\n
The total profit and loss impact of prior year adjustments for the year ended 30 April 2024 of \u00a3133,878 consisted of (a) a
\n
reduction of Project expenses from \u00a398,876 to \u00a3(20,839) and (b) a reduction in Admin expenses from \u00a3345,876 to \u00a3331,714,
\ngiving rise to a reduction in loss per share of 0.07 pence per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "20.
EVENTS SUBSEQUENT TO YEAR END
\n
On 11 February 2025 the Company announced the resignation of Robin Fryer from the Board of directors with
\n
immediate effect.
\n
On 20 February the Company announced it had entered into a contract of sale to acquire the entire interest in the Mt
\n
Winter exploration asset, via its holding company Oilco Pty Ltd, incorporated in Australia.
Consideration for the
\n
transaction took the form of an immediate deposit payable of A$50,000 followed by an additional cash payment of
\n
A$300,000 due on the granting of the EP155 permit (currently in application) by the Australian Department of Mining
\n
and Energy.
\n
On 25 February 2025 the Company announced the publication of its Hussar project Scoping Study, undertaken by
\n
Duncan Seddon & Associates Pty Ltd in Australia.
The study confirmed the potential commercial viability of the project,
\n
with an IRR of 27.3% and NPV10 of US$1.64bn on the basis of a 40MMscf daily flow rate scenario.
\n
On 25 February 2025 the Company announced the allotment of 66,743 new ordinary shares in the Company in
\n
settlement of an administrative error in the allotment of shares to incumbent shareholders at the time of the acquisition
\n
of GPL on 30 July 2024.
\n
On 15 April 2025 the Company announced the allotment of 6,500,000 new ordinary shares in the Company to Anthony
\n
Hamilton and Mark Wallace in satisfaction of the first of three tranches of \u201cperformance shares\u201d, forming part of the
\n
deferred consideration payable for the acquisition of GPL by the Company on 30 July 2024, following the achievement of
\n
the 10% resource upgrade milestone on the Hussar project in October 2024.
\n
On 8 May the Company announced the upgraded resource estimates at its Mt Winter project following seismic data
\n
reprocessing and remapping, resulting in a 15% increase in net attributable 2U Prospective Recoverable
\n
Resources of helium and hydrogen, a 3% increase in natural gas resource and identification of a new 60km\u00b2 structural
\n
closure, offering future drill target potential.
On 19 June 2025, the Company settled the principal and interest outstanding to Robin Fryer, totalling \u00a361,655 at the
\nsettlement date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "21.
ULTIMATE CONTROLLING PARTY
\nAs at 31 January 2025 there was no ultimate controlling party. ", "dimensions": { "concept": "gex:DisclosureOfUltimateControllingPartyTableTextBlock", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2025
\n\n \n
Share
Share
Merger
Retained
Share based
Shares to
Total equity
capital
premium
reserve
earnings
payment
issue
reserve
reserve
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Balance at 31
320,500
406,167
-
(715,542)
-
-
11,125
January 2023
Total
-
-
-
(242,530)
-
-
(242,530)
comprehensiv
e loss for the
year
Balance at 31
320,500
406,167
-
(958,072)
-
-
(231,405)
January 2024
Total
-
-
-
(2,839,226)
-
-
(2,839,226)
comprehensiv
e loss for the
year
Transaction
with owners
Issue of shares
4,212,920
3,254,532
1,950,000
-
-
-
9,417,452
Warrants
-
(104,168)
-
-
619,349
-
515,182
issued
Exercise
of
317,942
333,841
-
-
-
-
651,783
warrants
Shares to issue
-
-
-
-
-
3,937,500
3,937,500
Total
4,530,862
3,484,205
1,950,000
-
619,349
3,937,500
14,521,917
transactions
with owners
Balance at 31
4,851,362
3,890,373
1,950,000
(3,797,298)
619,349
3,937,500
11,451,286
January 2025
\n
There are no items of other comprehensive income included in the financial statements.
\n
The notes to the financial statements on pages 42-72 form an integral part of these financial statements.
COMPANY STATEMENT OF CASHFLOWS
\n
for the year ended 31 January 2025
\n\n \n
Year ended
Year ended
31 January 2025
31 January 2024
\u00a3
\u00a3
Loss before tax
(2,839,226)
(242,530)
Adjusted for:
Share based payments \u2013 finance costs
1,166,963
-
Fair value adjustment \u2013 derivative liability
(419,235)
-
(Increase)/Decrease in trade and other receivables
(282,733)
11,059
(Decrease)/Increase in trade and other creditors
281,763
(4,697)
Interest charged in the year
218,548
-
Unrealised foreign exchange
5,586
-
Equity settled transactions
462,481
-
Net cash used in operating activities
(1,405,853)
(236,168)
Funds provided to subsidiary undertaking
(1,218,371)
-
Net cash used in investing activities
(1,218,371)
-
Repayment of loans including interest
(571,626)
192,725
Proceeds from issuing shares
4,403,875
Net cash from financing activities
3,832,249
192,725
Net decrease in cash and cash equivalents
1,208,025
(43,443)
Cash and cash equivalents at beginning of the year
4,767
48,210
Cash and cash equivalents at end of the year
1,212,792
4,767
\n
There are no items of other comprehensive income included in the financial statements.
\nThe notes to the financial statements on pages 42-72 form an integral part of these financial statements ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008HMWNFOBOHGW65", "period": "2024-05-01T00:00:00/2025-02-01T00:00:00" } } } }