{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "ken": "http://kendrickresourcesplc.com/xbrl/2025", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://kendrickresourcesplc.com/xbrl/2025/213800U66STYS4VQZH68-2025-12-29.xsd" ] }, "facts": { "fact-1": { "value": "KENDRICK RESOURCES PLC ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-7": { "value": "The Group\u2019s principal activity is to enhance the value of its mineral resource projects through exploration and technical studies conducted by the Group or through joint venture or other arrangements with a view to establishing the projects can be economically mined for profit. Prior to this year, the Group\u2019s focus has been on vanadium, nickel, and copper battery metals projects in Scandinavia via its subsidiaries. During 2025 the Company has, given the Board\u2019s extensive resource project experience in Southern Africa and the relative cost of developing projects in Southern Africa compared to Scandinavia, been focussing on acquiring project in Southern Africa. In 2025 exercised an option to acquire the Blue Fox copper exploration project (\u201cBlue Fox\u201d) located in northwest Zambia and post the year end acquired a 70% interest in Bonya Exploration Pty Namibia (\u201cBonya\u201d) Rare Earth Project located in Namibia which is now the Company\u2019s main focus.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-9": { "value": "443003.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-10": { "value": "693059.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-11": { "value": "27829.0", "decimals": 0, "dimensions": { "concept": "ken:ReversalOfPreviouslyCapitalisedExplorationAndEvaluationExpenditure", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ken:ReversalOfPreviouslyCapitalisedExplorationAndEvaluationExpenditure", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-13": { "value": "5559.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "2176953.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "2737711.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "-2586568.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "-3430770.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-19": { "value": "16857.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-20": { "value": "6351.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-21": { "value": "-2603425.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "-3437121.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "-2603425.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "-3437121.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "-36031.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "133917.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "-2639456.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "-3303204.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "-0.91", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-34": { "value": "-1.4", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-35": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IntangibleExplorationAndEvaluationAssets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-38": { "value": "2200826.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IntangibleExplorationAndEvaluationAssets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-39": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "2200826.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-41": { "value": "7357.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentInvestments", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-42": { "value": "1798.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentInvestments", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-43": { "value": "42204.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-44": { "value": "46998.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "6525.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "17551.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "56086.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "66347.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "56086.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-50": { "value": "2267173.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-51": { "value": "1012957.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-52": { "value": "821378.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-53": { "value": "183363.0", "decimals": 0, "dimensions": { "concept": "ken:BorrowingsHostLiabilityAmortisedCost", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ken:BorrowingsHostLiabilityAmortisedCost", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "56300.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherBorrowings", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "125000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherBorrowings", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "18502.0", "decimals": 0, "dimensions": { "concept": "ken:BorrowingsDerivativeFinancialLiabilitiesFVTPL", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ken:BorrowingsDerivativeFinancialLiabilitiesFVTPL", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "1271122.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "946378.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "-1215036.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "1320795.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "23014360.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "23001460.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "31979944.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "31889219.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "100258.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ReserveOfSharebasedPayments", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "100258.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ReserveOfSharebasedPayments", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "1824000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "1824000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "70851.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "106882.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "-58204449.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "-55601024.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "-1215036.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "1320795.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "-2603425.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "-3437121.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "-2176953.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "-2737711.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "-12865.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "5559.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "-419166.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "-699410.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "4794.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "1042.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "209079.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "438668.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "-205293.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "-259700.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "11071.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PurchaseOfExplorationAndEvaluationAssets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "181658.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PurchaseOfExplorationAndEvaluationAssets", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "-11071.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "-181658.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "64000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "125000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "38800.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingOtherEquityInstruments", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingOtherEquityInstruments", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "103625.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "206425.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "125000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "-9939.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "-316358.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-107": { "value": "1087.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "133917.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "17551.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-110": { "value": "199992.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-111": { "value": "6525.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "17551.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "22998307.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-114": { "value": "31810107.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-115": { "value": "100258.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-116": { "value": "1824000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-117": { "value": "-27035.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-118": { "value": "-52163903.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-119": { "value": "4577999.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-121": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-122": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-123": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-124": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-125": { "value": "-3437121.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-126": { "value": "-3437121.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-128": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-129": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-130": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-131": { "value": "133917.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-132": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-133": { "value": "133917.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-134": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-135": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-136": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-137": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-138": { "value": "133917.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-139": { "value": "-3437121.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-140": { "value": "-3303204.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-141": { "value": "1909.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-142": { "value": "44091.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-143": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-144": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-145": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-146": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-147": { "value": "46000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-148": { "value": "23001460.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-149": { "value": "31889219.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-150": { "value": "100258.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-151": { "value": "1824000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-152": { "value": "106882.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-153": { "value": "-55601024.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-154": { "value": "1320795.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-155": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-156": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-157": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-158": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-159": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-160": { "value": "-2603425.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-161": { "value": "-2603425.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-162": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-163": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-164": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-165": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-166": { "value": "-36031.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-167": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "-36031.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-169": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-170": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-171": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-172": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-173": { "value": "-36031.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-174": { "value": "-2603425.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-175": { "value": "12900.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-176": { "value": "90725.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-178": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-179": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-181": { "value": "103625.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-182": { "value": "23014360.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "31979944.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-184": { "value": "100258.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:GBP" } }, "fact-185": { "value": "1824000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "70851.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "-58204449.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "-1215036.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800U66STYS4VQZH68", "period": "2025-12-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-2": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-8": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-4": { "value": "7/8 Kendrick Mews, London SW7 3HG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-191": { "value": "2. ADOPTION OF NEW AND REVISED STANDARDS There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective from 1 January 2025, none of which have a material impact on these financial statements. There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to apply early. The following amendments were not effective for the year ended 29 December 2025: \u2022 IAS 1 (Amendments) \u2013 Classification of Liabilities as Current or Non-current (effective date 1 January 2027 \u2022 IAS 7 and IFRS 7 (Amendments) \u2013 Supplier Finance Arrangements (effective date 1 January 2027) \u2022 IFRS 10 and IAS 28 (Amendments) \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date deferred indefinitely) \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (effective 1 January 2027) \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective date 1 January 2027) It is not expected that the amendments listed above, once adopted, will have a material impact on the financial statements. The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. The principal accounting policies adopted are set out below. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-189": { "value": "2. ADOPTION OF NEW AND REVISED STANDARDS There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective from 1 January 2025, none of which have a material impact on these financial statements. There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to apply early. The following amendments were not effective for the year ended 29 December 2025: \u2022 IAS 1 (Amendments) \u2013 Classification of Liabilities as Current or Non-current (effective date 1 January 2027 \u2022 IAS 7 and IFRS 7 (Amendments) \u2013 Supplier Finance Arrangements (effective date 1 January 2027) \u2022 IFRS 10 and IAS 28 (Amendments) \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date deferred indefinitely) \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (effective 1 January 2027) \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective date 1 January 2027) It is not expected that the amendments listed above, once adopted, will have a material impact on the financial statements. The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. The principal accounting policies adopted are set out below. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-195": { "value": "The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-196": { "value": "3. SIGNIFICANT ACCOUNTING POLICIES Basis of preparation The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d) and rounded to the nearest \u00a3. Going concern The operational requirements of the Company comprise maintaining a Head Office in the UK with a Board of two executive Directors and three non-executive Directors for, amongst other things, determining and implementing strategy and managing operations. The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration period and this, in turn, depends on the Company\u2019s ability to raise funds to provide additional working capital to finance its ongoing activities. Management has successfully raised money in the past, but there is no guarantee that adequate funds will be available when needed in the future. As at 29 December 2025, the Group had net liabilities of \u00a31.23m and cash and cash equivalents of \u00a37k. An operating loss is expected in the year subsequent to the date of these financial statements and as a result the Group will need to raise funding to provide additional working capital to finance its ongoing activities. Post the year end the Company has raised \u00a31,587,000 by a combination of the issue of shares and convertible loan notes as detailed in note 23 (post balance sheet events) to the Accounts Based on fundraisings post the year end, the current cash balance of approximately \u00a3590K at the date of these financial statements and the Board's assessment that the Group will be able to raise additional funds, as and when required, to meet its working capital and capital expenditure requirements, the Board have concluded that they have a reasonable expectation that the Group can based on a cash flow forecast to 31 July 2027 continue in operational existence for the foreseeable future and at least for a period of 12 months from the date of approval of these financial statements. For these reasons the financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As there can be no guarantee that the required future funding can be raised in the necessary timeframe, a material uncertainty exists that may cast significant doubt on the Group\u2019s and Company\u2019s future ability to continue as a going concern. This financial report does not include any adjustments relating to the recoverability and classification of recorded assets amounts or liabilities that might be necessary should the entity not continue as a going concern. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and any recognised impairment loss. Depreciation and amortisation is charged so as to write off the cost or valuation of assets, other than land, over their estimated useful lives, using the straight -line method, on the following bases: Office equipment and computers 25% The gain or loss arising on disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. Exploration and evaluation assets Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves. Accumulated costs in relation to an abandoned area are written off in full in the year in which the decision to abandon the area is made. When production commences, the accumulated costs for the relevant area of interest are transferred to development assets and amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Investment in subsidiaries In the Company\u2019s financial statements, investment in subsidiaries are stated at cost and reviewed for impairment if there are any indications that the carrying value may not be recoverable. Financial instruments Recognition of financial assets and financial liabilities Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired. Loans and receivables Trade and other receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost less any provision for impairment. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash with three months or less remaining to maturity and are subject to an insignificant risk of changes in value. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade and other receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in trade and other receivables recognised and carried at amortised cost less an allowance for any uncollectible amounts based on expected credit losses. Trade and other payables Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Convertible loan notes (CLNs) Each component of the loan note (principal/ interest and conversion feature) are assessed separately. Management has assessed the entire instrument as financial liability. Based on that, convertible loan notes are recorded at their issue price and are carried at their face value. Subsequently, the CLN is accounted for at amortised cost. Any interest due on these CLNs is recorded on accrual basis. On conversion/redemption, the face value of converted CLNs is reduced from the total carried value. Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic resource will result, and that outflow can be reliably measured. Share-based payments The Group applies IFRS 2 Share-based Payment for all grants of equity instruments. The Group issues equity-settled share-based payments to its employees. Equity-settled share- based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest. Fair value is measured using the Black Scholes model. The expected life used in the model is adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. The inputs to the model include: the share price at the date of grant, exercise price expected volatility, risk free rate of interest. Share capital Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability. The Company\u2019s ordinary shares are classified as equity instruments. The Company considers its capital to be total equity. There have been no changes in what the Company considers to be capital since the previous period. The Group is not subject to any externally imposed capital requirements. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and all entities, which are controlled by the Group. Control is achieved when the Company: \u2022 has the power over the investee; \u2022 is exposed, or has rights to variable return from its involvement with the investee; and \u2022 has the ability to use its power to affects its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The results of subsidiaries are included in the consolidated financial statements from the effective date of acquisition to the effective date of disposal. Adjustments are made when necessary to the financial statements of subsidiaries to bring their accounting policies in line with those of the Group. All intra-Group transactions, balances, income and expenses are eliminated in full on consolidation. When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. Non-controlling interests in the net assets of consolidated subsidiaries are identified and recognised separately from the Group\u2019s interest therein and are recognised within equity. Losses of subsidiaries attributable to non-controlling interests are allocated to the non-controlling interest even if this results in a debit balance being recognised for non-controlling interest. Transactions which result in changes in ownership, where the Group had control of the subsidiary, both before and after the transaction, are regarded as equity transactions and are recognised directly in the statement of changes in equity. The difference between the fair value of consideration paid or received and the movement in non-controlling interest for such transactions is recognised in equity attributable to the owners of the parent. Where a subsidiary is disposed of and a non-controlling shareholding is retained, the remaining investment is measured to fair value with the adjustment to fair value recognised in profit or loss as part of the gain or loss on disposal of the controlling interest. Foreign currency transactions and balances (i) Functional and presentational currency Items included in the Group\u2019s financial statements are measured using Pounds Sterling (\u201c\u00a3\u201d), which is the currency of the primary economic environment in which the Group operates (\u201cthe functional currency\u201d). The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d), which is the functional currency of the Company and is the Group\u2019s presentational currency. The individual financial statements of each Group company are presented in the functional currency of the primary economic environment in which it operates. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Transactions in the accounts of individual Group companies are recorded at the rate of exchange ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates ruling at the balance sheet date. All differences are taken to the income statement. For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the year. Exchange differences arising recognised in other comprehensive income and transferred to the Group\u2019s translation reserve within equity as \u2018Other reserves\u2019. Upon disposal of foreign operations, such translation differences are derecognised as an income or as expenses in the year in which the operation is disposed of in other comprehensive income. Operating segments that aligns with geographical segments A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment) or in providing products or services within a particular economic environment (geographical segment), which is subject to risk and rewards that are different from those of other segments. The internal management reporting used by the chief operating decision maker consists of one segment. Hence in the opinion of the directors, no separate disclosures are required under IFRS 8. The Group\u2019s revenue in the current and prior year is \u00a3Nil and consequently no geographical segment information regarding revenue has been disclosed. In respect of non-current assets the only two geographical areas are Scandinavia and the UK of which the latter is \u00a3Nil. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-193": { "value": "Basis of preparation The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d) and rounded to the nearest \u00a3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-192": { "value": "Going concern The operational requirements of the Company comprise maintaining a Head Office in the UK with a Board of two executive Directors and three non-executive Directors for, amongst other things, determining and implementing strategy and managing operations. The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration period and this, in turn, depends on the Company\u2019s ability to raise funds to provide additional working capital to finance its ongoing activities. Management has successfully raised money in the past, but there is no guarantee that adequate funds will be available when needed in the future. As at 29 December 2025, the Group had net liabilities of \u00a31.23m and cash and cash equivalents of \u00a37k. An operating loss is expected in the year subsequent to the date of these financial statements and as a result the Group will need to raise funding to provide additional working capital to finance its ongoing activities. Post the year end the Company has raised \u00a31,587,000 by a combination of the issue of shares and convertible loan notes as detailed in note 23 (post balance sheet events) to the Accounts Based on fundraisings post the year end, the current cash balance of approximately \u00a3590K at the date of these financial statements and the Board's assessment that the Group will be able to raise additional funds, as and when required, to meet its working capital and capital expenditure requirements, the Board have concluded that they have a reasonable expectation that the Group can based on a cash flow forecast to 31 July 2027 continue in operational existence for the foreseeable future and at least for a period of 12 months from the date of approval of these financial statements. For these reasons the financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As there can be no guarantee that the required future funding can be raised in the necessary timeframe, a material uncertainty exists that may cast significant doubt on the Group\u2019s and Company\u2019s future ability to continue as a going concern. This financial report does not include any adjustments relating to the recoverability and classification of recorded assets amounts or liabilities that might be necessary should the entity not continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-190": { "value": "Going concern The operational requirements of the Company comprise maintaining a Head Office in the UK with a Board of two executive Directors and three non-executive Directors for, amongst other things, determining and implementing strategy and managing operations. The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration period and this, in turn, depends on the Company\u2019s ability to raise funds to provide additional working capital to finance its ongoing activities. Management has successfully raised money in the past, but there is no guarantee that adequate funds will be available when needed in the future. As at 29 December 2025, the Group had net liabilities of \u00a31.23m and cash and cash equivalents of \u00a37k. An operating loss is expected in the year subsequent to the date of these financial statements and as a result the Group will need to raise funding to provide additional working capital to finance its ongoing activities. Post the year end the Company has raised \u00a31,587,000 by a combination of the issue of shares and convertible loan notes as detailed in note 23 (post balance sheet events) to the Accounts Based on fundraisings post the year end, the current cash balance of approximately \u00a3590K at the date of these financial statements and the Board's assessment that the Group will be able to raise additional funds, as and when required, to meet its working capital and capital expenditure requirements, the Board have concluded that they have a reasonable expectation that the Group can based on a cash flow forecast to 31 July 2027 continue in operational existence for the foreseeable future and at least for a period of 12 months from the date of approval of these financial statements. For these reasons the financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As there can be no guarantee that the required future funding can be raised in the necessary timeframe, a material uncertainty exists that may cast significant doubt on the Group\u2019s and Company\u2019s future ability to continue as a going concern. This financial report does not include any adjustments relating to the recoverability and classification of recorded assets amounts or liabilities that might be necessary should the entity not continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-194": { "value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-197": { "value": "Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-198": { "value": "Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and any recognised impairment loss. Depreciation and amortisation is charged so as to write off the cost or valuation of assets, other than land, over their estimated useful lives, using the straight -line method, on the following bases: Office equipment and computers 25% The gain or loss arising on disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-200": { "value": "Depreciation and amortisation is charged so as to write off the cost or valuation of assets, other than land, over their estimated useful lives, using the straight -line method, on the following bases: Office equipment and computers 25% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-201": { "value": "Exploration and evaluation assets Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves. Accumulated costs in relation to an abandoned area are written off in full in the year in which the decision to abandon the area is made. When production commences, the accumulated costs for the relevant area of interest are transferred to development assets and amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-202": { "value": "Investment in subsidiaries In the Company\u2019s financial statements, investment in subsidiaries are stated at cost and reviewed for impairment if there are any indications that the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-204": { "value": "Financial instruments Recognition of financial assets and financial liabilities Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-199": { "value": "Financial instruments Recognition of financial assets and financial liabilities Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-203": { "value": "Financial instruments Recognition of financial assets and financial liabilities Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-205": { "value": "De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-206": { "value": "Loans and receivables Trade and other receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost less any provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-207": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash with three months or less remaining to maturity and are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-229": { "value": "Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade and other receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in trade and other receivables recognised and carried at amortised cost less an allowance for any uncollectible amounts based on expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-208": { "value": "Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade and other receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in trade and other receivables recognised and carried at amortised cost less an allowance for any uncollectible amounts based on expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-209": { "value": "Trade and other payables Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-210": { "value": "Convertible loan notes (CLNs) Each component of the loan note (principal/ interest and conversion feature) are assessed separately. Management has assessed the entire instrument as financial liability. Based on that, convertible loan notes are recorded at their issue price and are carried at their face value. Subsequently, the CLN is accounted for at amortised cost. Any interest due on these CLNs is recorded on accrual basis. On conversion/redemption, the face value of converted CLNs is reduced from the total carried value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-211": { "value": "Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic resource will result, and that outflow can be reliably measured. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-212": { "value": "Share-based payments The Group applies IFRS 2 Share-based Payment for all grants of equity instruments. The Group issues equity-settled share-based payments to its employees. Equity-settled share- based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest. Fair value is measured using the Black Scholes model. The expected life used in the model is adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. The inputs to the model include: the share price at the date of grant, exercise price expected volatility, risk free rate of interest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-213": { "value": "Share capital Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability. The Company\u2019s ordinary shares are classified as equity instruments. The Company considers its capital to be total equity. There have been no changes in what the Company considers to be capital since the previous period. The Group is not subject to any externally imposed capital requirements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-214": { "value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and all entities, which are controlled by the Group. Control is achieved when the Company: \u2022 has the power over the investee; \u2022 is exposed, or has rights to variable return from its involvement with the investee; and \u2022 has the ability to use its power to affects its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The results of subsidiaries are included in the consolidated financial statements from the effective date of acquisition to the effective date of disposal. Adjustments are made when necessary to the financial statements of subsidiaries to bring their accounting policies in line with those of the Group. All intra-Group transactions, balances, income and expenses are eliminated in full on consolidation. When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. Non-controlling interests in the net assets of consolidated subsidiaries are identified and recognised separately from the Group\u2019s interest therein and are recognised within equity. Losses of subsidiaries attributable to non-controlling interests are allocated to the non-controlling interest even if this results in a debit balance being recognised for non-controlling interest. Transactions which result in changes in ownership, where the Group had control of the subsidiary, both before and after the transaction, are regarded as equity transactions and are recognised directly in the statement of changes in equity. The difference between the fair value of consideration paid or received and the movement in non-controlling interest for such transactions is recognised in equity attributable to the owners of the parent. Where a subsidiary is disposed of and a non-controlling shareholding is retained, the remaining investment is measured to fair value with the adjustment to fair value recognised in profit or loss as part of the gain or loss on disposal of the controlling interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-215": { "value": "Foreign currency transactions and balances (i) Functional and presentational currency Items included in the Group\u2019s financial statements are measured using Pounds Sterling (\u201c\u00a3\u201d), which is the currency of the primary economic environment in which the Group operates (\u201cthe functional currency\u201d). The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d), which is the functional currency of the Company and is the Group\u2019s presentational currency. The individual financial statements of each Group company are presented in the functional currency of the primary economic environment in which it operates. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Transactions in the accounts of individual Group companies are recorded at the rate of exchange ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates ruling at the balance sheet date. All differences are taken to the income statement. For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the year. Exchange differences arising recognised in other comprehensive income and transferred to the Group\u2019s translation reserve within equity as \u2018Other reserves\u2019. Upon disposal of foreign operations, such translation differences are derecognised as an income or as expenses in the year in which the operation is disposed of in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-230": { "value": "(i) Functional and presentational currency Items included in the Group\u2019s financial statements are measured using Pounds Sterling (\u201c\u00a3\u201d), which is the currency of the primary economic environment in which the Group operates (\u201cthe functional currency\u201d). The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d), which is the functional currency of the Company and is the Group\u2019s presentational currency. The individual financial statements of each Group company are presented in the functional currency of the primary economic environment in which it operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-231": { "value": "Operating segments that aligns with geographical segments A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment) or in providing products or services within a particular economic environment (geographical segment), which is subject to risk and rewards that are different from those of other segments. The internal management reporting used by the chief operating decision maker consists of one segment. Hence in the opinion of the directors, no separate disclosures are required under IFRS 8. The Group\u2019s revenue in the current and prior year is \u00a3Nil and consequently no geographical segment information regarding revenue has been disclosed. In respect of non-current assets the only two geographical areas are Scandinavia and the UK of which the latter is \u00a3Nil. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-232": { "value": "4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Group\u2019s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, on in the period of the revision and future periods if the revision affects both current and future periods. Critical accounting estimates and judgments are those that have a significant risk of causing material adjustment and are often applied to matters or outcomes that are inherently uncertain and subject to change. As such, management cautions that future events often vary from forecasts and expectations and that estimates routinely require adjustment. Details of the Group\u2019s significant accounting judgements and critical accounting estimates are as follows: Impairment of Exploration and evaluation assets The recoverable amounts of individual exploration assets have been determined based on various factors including Independent Expert Reports, the Group\u2019s exploration activities, and commodity prices. It is reasonably possible that assumptions may change which may then impact on estimates and may then require a material adjustment to the carrying value of assets including intangible assets. The Group tests annually whether exploration assets have suffered any impairment, in accordance with the accounting policy. As detailed in Note 12 the carrying value of the Group Exploration and Evaluation asset at the year end was \u00a3Nil (2024 \u00a32,200,826) after an impairment provision of \u00a32,212,076 (2024 \u00a32,737,711) and the Company Exploration and Evaluation asset at the year end was \u00a3Nil (2024 \u00a3Nil) after an impairment provision of \u00a3Nil (2024 \u00a3637,639). Determination of Cash-generating units for Exploration and Evaluation assets In accordance with IFRS 6 \u2013 Exploration for and Evaluation of Mineral Resources, the Group identifies cash-generating units (\u201cCGUs\u201d) for exploration and evaluation assets for the purposes of impairment assessment. A CGU is defined as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Given the nature of the Group\u2019s activities, the determination of CGUs under IFRS 6 requires the exercise of significant judgement. The Group has determined that each exploration licence or geographically contiguous group of exploration licences with similar geological characteristics and a shared exploration strategy represents a separate CGU, based on the following considerations: \u2022 Exploration and evaluation assets do not generate cash inflows while in the exploration stage; \u2022 Cash inflows, if any, are expected to arise only once technical feasibility and commercial viability of extraction have been demonstrated; \u2022 Exploration licences are managed, budgeted for, and reviewed separately by management; \u2022 Decisions to continue, relinquish, farm-out, or develop an exploration licence are made on a licence-by-licence (or project-by-project) basis; \u2022 Exploration results, risks and potential outcomes are specific to each licence area and are not interdependent. Accordingly, CGUs are defined at a level no larger than an individual exploration project, and in all cases do not exceed a reporting segment in accordance with IFRS 6. Recoverability of Parent company investment in subsidiary undertakings The carrying value of the Parent company\u2019s investment is ultimately dependent on the recoverability of the underlying assets i.e. the exploration and evaluation assets which are reviewed for indicators of impairment on an annual basis as noted above. An impairment in the exploration and evaluation assets may then require an adjustment to the carrying value of the investment in the subsidiary companies. As detailed in Note 14 the Company conducted an impairment review under IFRS 9 of the loans made to subsidiaries and determined that it would make a full impairment provision against the recoverability of the Company investment in and loans to Northern X Scandinavia AB in relation to the Airijoki Project . Accordingly an impairment provision of \u00a31,270,080 (2024: \u00a31,081,753) against the carrying value of the Company\u2019s investment in subsidiaries and \u00a31,116,961 (2024: \u00a3794,287) was made against the Company\u2019s loans to subsidiaries assessed as stage 3. The Company is satisfied that having made these provisions the carrying value of \u00a3Nil (2024: \u00a32,371,574) fairly reflects the position at the date of approval of these accounts. Going Concern The Directors have considered the going concern basis of preparation and as per note 3 no adjustments have been made in these financial statements which are prepared on a going concern basis. Contingent consideration The amount of contingent consideration to be paid is based on the occurrence of future events, such as the achievement of expected and estimated project milestones such as a positive feasibility study or a decision to mine. Accordingly, the estimate of fair value contains uncertainties as it involves judgment about the likelihood and timing of achieving these milestones and the period in which they may be achieved as well as the discount rate used. Where a contingent consideration milestone in relation to an exploration project is uncertain and may only occur if at all in several years then the Company will disclose the contingent liability but not provide for it in the financial statements. Changes in fair value of the contingent consideration obligation result from changes to the assumptions used to estimate the probability of success for each milestone, the anticipated timing of achieving the milestones and the discount period and rate to be applied. A change in any of these assumptions could produce a different fair value, which could have a material impact on the results from operations. As detailed in Note 13 there is contingent consideration due to Pursuit Minerals Ltd in relation to the acquisition on 6 May 2022 of i) Northern X Finland Oy (\u201cNorthern X Finland\u201d) which owned in Finland the Koitelainen vanadium projects which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Karhujupukka vanadium- magnetite exploration project (\u201cFinnish Projects\u201d) and ii) Northern X Scandinavia AB (\u201cNorthern X Scandinavia\u201d) which owned in Sweden the Airijoki vanadium project (the \u201cAirijoki Project\u201d) which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Kramsta, Kullberget, Simesvallen and Sum\u00e5ssj\u00f6n exploration projects in Sweden (collectively known as the \u201cCentral Sweden Projects\u201d) (the Airijoki Project and the Central Sweden Projects are collectively the \u201cSwedish Projects\u201d). As at the end of the year the Group has impaired all the projects acquired from Pursuit. As part of the purchase agreement with Pursuit there is deferred contingent consideration based on two accretive value milestones being achieved; a) Milestone One which triggers a A$250,000 (approx. \u00a3136,000) payment in cash, is the completion by the Group (or any successor or assignee) of a Feasibility Study, as defined by the JORC Code (2012), on any individual project area in the Nordic Projects, demonstrating an internal rate of return of not less than 25%; and b) Milestone Two which triggers a A$500,000 (approx. \u00a3272,000) payment in cash is a decision to mine being made by the Group (or any successor or assignee) in respect of any project area in the Nordic Projects. No provision has been made in these financial statements for the deferred contingent consideration referred to above as in light of the impairment provision in 2025 against the Airijoki vanadium licences in Sweden all the projects acquired from Pursuit have been fully impaired. Acquisition of EV Metals AB On 4 August 2023 the Company signed a Share Sale and Purchase Agreement with EMX Royalty Corporation (EMX) to acquire 100% of EV Metals AB, a Swedish company that owns the Njuggtraskliden and Mjovattnet exploration licences (the \u201cSwedish Nickel Projects\u201d) hosting drill-defined magmatic nickel\u2013copper\u2013cobalt\u2013platinum group metal mineralisation along the Swedish \u201cNickel Line\u201d. The consideration paid to acquire EV Metals AB was SEK110,780 (approx. \u00a38,200) and the issue of 15 Million 5 year options to EMX to acquire ordinary shares in the Company at 1.3 pence per Kendrick Share. Further commitments in relation to the Swedish Nickel Projects \u2022 From 13 January 2024 onwards, the Company has to pay an annual advanced royalty of US$30,000 per project to EMX which increases by US$5,000 annually per Project, ceasing upon the Commencement of Commercial Production (\u201cAdvance Royalty\u201d). The Advance Royalty for 2024 has not been paid but has been accrued for. The Advance Royalty will not be due in relation to 2025 onwards as the Swedish Nickel Projects are not being continued. \u2022 On or before 13 May 2024 the Company has committed to one thousand meter drilling for each of the Swedish Nickel Projects and thereafter annually, ceasing for a project on the date upon which the Company commissions a Pre-Feasibility Study on the project (\u201cDrilling Commitment\u201d). \u2022 Royalty Agreement: At the closing of the Swedish Nickel Projects acquisition the Company entered into a royalty agreement under which a 3% net smelter royalty is payable to EMX on commercial production from any of the Swedish Nickel Projects (\u201cProduction Royalty\u201d). A 1% interest in this royalty may be bought back in stages for a total cash consideration of US$1,000,000 on or before the fifth anniversary of the closing of the Acquisition. No provision has been made in these financial statements for the further commitments in relation to the Swedish Nickel Projects referred to above as the Group decided in 2024 not to continue with and has fully impaired its investment in the Swedish Nickel Projects. Having assessed the current funding market for the Group\u2019s Airijoki vanadium energy storage project in Sweden the Board have decided to make a full impairment provision against this project notwithstanding the prospectivity of the Airijoki Project were it fully funded. This is so that the Company can focus instead on the Bonya rare earths project acquired post the year end and the Blue Fox project acquired during the period. Blue Fox option and joint venture The Company announced on 10 June 2025 it had entered into an option and joint venture agreement with Cooperlemon Consultancy Limited (\u201cCCL\u201d) for the exploration and if appropriate development of licence number 34412-HQ-LEL located in the Northwestern region of Zambia (\u201cBlue Fox Project\u201d) and on 29 September 2025 exercised its option in relation to the Blue Fox Project. Expenditure Commitment: Having exercised its option in relation to the Blue Fox Project the Company has to spend not less than US$500,000 during the 30-month period from 29 September 2025 assessing and exploring the Licence area. At the end of the Exploration and Evaluation Period, the parties will assess and jointly agree the basis upon which they will form a joint venture company to explore and develop the Licence in the ratio 70% / 30% between Kendrick and CCL. The JV Company will be responsible for the future financing of the project, with CCL having no obligation to fund its share of the JV Company costs through to a decision to mine. No provision has been made in these financial statements for the expenditure commitment in relation to the Blue Fox project as at the year-end only 3 of the 30 month expenditure period had elapsed and the timing and quantum of expenditure will depend on the results of ongoing exploration in relation to the Blue Fox Project. If the Company does not meet its expenditure commitment in relation to the Blue Fox project this will affect the Company\u2019s rights in relation to the Blue Fox project. Convertible loan notes (CLNs) Convertible instruments can be complex, containing a number of features which can have a significant impact on the accounting under IFRS 9 Financial Instruments and IAS 32 Presentation of Financial Instruments. Each component of a convertible instrument (principal/ interest and conversion feature) are assessed separately. In the 2024 accounts the Company assessed the entire amount paid to the Company under the Sanderson Capital Partners Facility detailed in note 17 and announced on 22 April 2024 (\u201cCLN\u201d) as a financial liability as part of the amounts drawn down under the CLN had not been paid. Based on that, the convertible loan notes were recorded at their issue price and were carried at their face value. In 2025 further amounts drawdown under the CLN were paid and post the period end all amounts drawdown under the CLN were paid. In the 2025 accounts the Company has reassessed the classification of the CLN and determined that the \u00a3189,000 paid under the CLN and outstanding at the year end (note 17) represents a compound financial instrument comprising a host liability measured at amortised cost and an embedded derivative liability (in relation to the conversion option) measured at fair value through the profit or loss (FVTPL) as the conversion feature is not the conversion of a fixed amount of stated principal into a fixed number of shares. The value of the host liability included in current borrowings, at inception was calculated using a market interest rate for an equivalent instrument without conversion option. The discount rate applied was 20%. This reclassification represents a refinement in presentation and measurement arising from a more detailed application of IFRS 9 Financial Instruments and IAS 32 Presentation of Financial Instruments to the contractual terms of the CLN. There is no change to the total liability recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-233": { "value": "
5. OPERATING LOSS
The operating loss has been arrived at after charging:
2025
2024
\u00a3
\u00a3
Staff costs (note 7
)
126,000
126,000
Impairment charge on exploration and evaluation assets (note
12)
2,149,124
2,737,711
Gain in fair value of investment
(5,559)
-
Reversal of previously capitalised exploration and evaluation
expenditure **
27,829
-
** During the year, the Group reassessed an accrual previously recognised in respect of
exploration and evaluation expenditure which had been capitalised and impaired. Following
receipt of additional information the accrual was reduced by \u00a327,829, with the corresponding
credit recognised within exploration and evaluation expenses in the income statement.
Finance Charge comprises
2025
2024
\u00a3
\u00a3
Finance cost on convertible loan (EIR) (note 17)
25,864
-
Fair values movement on derivative (note 17)
(12,999)
-
Other finance charges
3,992
6,351
16,857
6,351
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-234": { "value": "
6. AUDITORS\u2019 REMUNERATION
The remuneration of the auditors can be analysed as follows:
2025
2024
\u00a3
\u00a3
Fees payable to the company\u2019s auditor for the audit of the
Company\u2019s financial statements
57,500
82,225
57,500
82,225
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-216": { "value": "7. STAFF COSTS
2025
2024
Number
Number
Directors
5
5
The average monthly number of employees
5
5
Their aggregate remuneration comprised
:-
\u00a3
\u00a3
Fees
126,000
126,000
126,000
126,000
Included within staff costs \u00a3126,000 (2023: \u00a3126,000) relates to amounts in respect of Directors who are the only key management personnel. The highest paid director\u2019s emoluments was \u00a348,000 (2024: \u00a348,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-235": { "value": "7. STAFF COSTS
2025
2024
Number
Number
Directors
5
5
The average monthly number of employees
5
5
Their aggregate remuneration comprised
:-
\u00a3
\u00a3
Fees
126,000
126,000
126,000
126,000
Included within staff costs \u00a3126,000 (2023: \u00a3126,000) relates to amounts in respect of Directors who are the only key management personnel. The highest paid director\u2019s emoluments was \u00a348,000 (2024: \u00a348,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-217": { "value": "8. TAXATION No liability to corporation tax arose for the year ended 29 December 2025 and year ended 29 December 2024, as a result of underlying losses brought forward. Reconciliation of effective tax rate:
2025
2024
\u00a3
\u00a3
Loss before tax
(2,603,425)
(3,437,121)
Tax credit at the standard rate of tax in the UK
(650,856)
(859,280)
Tax effect of non-deductible expenses
544,238
730,086
Loss carried forward
106,618
129,194
Tax for the year
-
-
The standard rate of corporation tax in the UK applied during the year was 25% (2024: 25%). At 29 December 2025, the Company are carrying forward estimated tax losses of \u00a37.4m (2024: \u00a37.3m) in respect of various activities over the years. No deferred tax asset is recognised in respect to these accumulated tax losses as there is insufficient evidence that it is probable that the amount will be recovered in future years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-236": { "value": "At 29 December 2025, the Company are carrying forward estimated tax losses of \u00a37.4m (2024: \u00a37.3m) in respect of various activities over the years. No deferred tax asset is recognised in respect to these accumulated tax losses as there is insufficient evidence that it is probable that the amount will be recovered in future years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-237": { "value": "9. LOSS PER SHARE
29 December
29 December
2025
2024
Loss after tax for the purposes of earnings per
\u00a32,603,425
\u00a33,437,121
share attributable to equity shareholders
Weighted average number of shares
286,415,275
245,674,119
Basic and diluted loss per ordinary share
(0.91) p
(1.40) p
The use of the weighted average number of shares in issue in the period recognises the variations in the number of shares throughout the period and this is in accordance with IAS 33 as is the fact that the diluted earnings per share should not show a more favourable position that the basic earnings per share. There would be no dilutive impact were the share options to be exercised as their exercise price is greater than the Company share price during the period and to the date of signing these accounts. As per note 23 following the issue of 80,119,660 additional new Ordinary Shares of the Company\u2019s since the year end the total issued share capital consist of 373,367,812 Ordinary Shares with voting rights. Were these shares issued during the period this would have affected the earnings per share calculations and reduced the loss per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-238": { "value": "10. PROPERTY PLANT AND EQUIPMENT
Group & Company
Office equipment
Total
and computer
\u00a3
\u00a3
COMPANY
Cost
At 29 December 2023
60,587
60,587
Additions
-
-
At 29 December 2024
60,587
60,587
Additions
-
-
At 29 December 2025
60,587
60,587
Accumulated depreciation
At 29 December 2023
(60,587)
(60,587)
Charge for the year
-
-
At 29 December 2024
(60,587)
(60,587)
Charge for the year
-
-
At 29 December 2025
(60,587)
(60,587)
Carrying amount
At 29 December 2025
-
-
At 29 December 2024
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-239": { "value": "11. CURRENT ASSET INVESTMENT
Group & Company
2025
2024
\u00a3
\u00a3
Balance as at 29 December
1,798
1,798
Fair value through profit and loss
5,559
-
Balance as at 29 December
7,357
1,798
The investment represents the holding of 8,174,387 shares in Bezant Resources Plc, which were held at 29 December 2025 at their market value on 29 December 2025 of \u00a37,357. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-240": { "value": "12. EXPLORATION AND EVALUATION ASSETS Exploration and Evaluation Assets - Group
Swedish
Finnish
Norwegian
Projects
Projects
Projects
Total
\u00a3
\u00a3
\u00a3
\u00a3
Balance 29 December 2023
2,559,421
712,206
1,485,252
4,756,879
Additions in year
98,363
1,012
82,283
181,658
Impairment Provision *
(456,958)
(713,218)
(1,567,535)
(2,737,711)
Balance 29 December 2024
2,200,826
-
-
2,200,826
Additions in year
10,304
767
11,071
Currency translation differences
(34,944)
-
-
(34,944)
Impairment Provision **
(2,176,186)
-
(767)
(2,176,953)
Balance 29 December 2025
-
-
-
-
* The 2024 impairment provision relates to the Simesvallen 100, Kullberget100, Sumasjon1, Mjovattent and Njuggtraskliden licences in Sweden , the Koitelainen and Karhujupukka North licences in Finland and the Espedalen & Sigdal licences in Norway. The provision was made as after an assessment of the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity. The Board has decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded. ** The 2025 impairment provision is in relation to the Airijoki Project. The provision was made having assessed the current funding market for the Company\u2019s Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of the Airijoki Project were it fully funded. This is so that the Company can focus instead on the Bonya and Blue Fox projects which are more prospective and for which investors have shown a willingness to support as evidenced by the Company\u2019s fundraising post the year end.
Exploration and Evaluation Assets - Company
Norwegian
Projects
Total
\u00a3
\u00a3
-
Balance 29 December 2023
637,639
637,639
Impairment Provision *
(637,639)
(637,639)
Balance 29 December 2024
-
-
Additions
-
-
Impairment Provision
-
-
Balance 29 December 2025
-
-
* The 2024 impairment provision relates to the Espedalen & Sigdal licences in Norway. The provision was made as after an assessment of the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity. The Board has decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded. No provision has been made in these financial statements for the further commitments under the Norwegian Projects in relation to drilling commitments, Milestone Payments or Production Royalties as it has been decided not to advance these projects. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-218": { "value": "13. CONGINGENT LIABILITIES On 6 May 2022 the Company completed the acquisition from Pursuit Minerals Ltd (\u201cPursuit\u201d) of; (a) 100% of Northern X Finland Oy (\u201cNorthern X Finland\u201d), which owned in Finland the Koitelainen vanadium projects which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Karhujupukka vanadium-magnetite exploration project (\u201cFinnish Projects\u201d); and (b) 100% of Northern X Scandinavia AB (\u201cNorthern X Scandinavia\u201d) which owned in Sweden the Airijoki and vanadium project (the \u201cAirijoki Project\u201d) which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Kramsta, Kullberget, Simesvallen and Sum\u00e5ssj\u00f6n exploration projects in Sweden (collectively known as the \u201cCentral Sweden Projects\u201d) (the Airijoki Project and the Central Sweden Projects are collectively the \u201cSwedish Projects\u201d). (Collectively the Northern X Group and the Nordic Projects ). As part of the purchase agreement with Pursuit there is deferred contingent consideration based on two accretive value milestones being achieved; a) Milestone One which triggers a A$250,000 (approx. \u00a3136,000) payment in cash, is the completion by the Group (or any successor or assignee) of a Feasibility Study, as defined by the JORC Code (2012), on any individual project area in the Nordic Projects, demonstrating an internal rate of return of not less than 25%; and b) Milestone Two which triggers a A$500,000 (approx. \u00a3272,000) payment in cash is a decision to mine being made by the Group (or any successor or assignee) in respect of any project area in the Nordic Projects. No provision has been made in these financial statements for the deferred contingent consideration referred to above as in light of the impairment provision in 2025 against the Airijoki vanadium licences in Sweden all the projects acquired from Pursuit have been fully impaired. Acquisition of EV Metals AB On 4 August 2023 the Company signed a Share Sale and Purchase Agreement with EMX Royalty Corporation (EMX) to acquire 100% of EV Metals AB, a Swedish company that owns the Njuggtraskliden and Mjovattnet exploration licences (the \u201cSwedish Nickel Projects\u201d) hosting drill-defined magmatic nickel\u2013copper\u2013cobalt\u2013platinum group metal mineralisation along the Swedish \u201cNickel Line\u201d. The consideration paid to acquire EV Metals AB was SEK110,780 (approx. \u00a38,200) and the issue of 15 Million 5 year options to EMX to acquire ordinary shares in the Company at 1.3 pence per Kendrick Share. Further commitments in relation to the Swedish Nickel Projects \u2022 From 13 January 2024 onwards, the Company has to pay an annual advanced royalty of US$30,000 per project to EMX which increases by US$5,000 annually per Project, ceasing upon the Commencement of Commercial Production (\u201cAdvance Royalty\u201d). The Advance Royalty for 2024 has not been paid but has been accrued for. The Advance Royalty will not be due in relation to 2025 onwards as the Swedish Nickel Projects are not being continued. \u2022 On or before 13 May 2024 the Company has committed to one thousand meter drilling for each of the Swedish Nickel Projects and thereafter annually, ceasing for a project on the date upon which the Company commissions a Pre-Feasibility Study on the project (\u201cDrilling Commitment\u201d). \u2022 Royalty Agreement: At the closing of the Swedish Nickel Projects acquisition the Company entered into a royalty agreement under which a 3% net smelter royalty is payable to EMX on commercial production from any of the Swedish Nickel Projects (\u201cProduction Royalty\u201d). A 1% interest in this royalty may be bought back in stages for a total cash consideration of US$1,000,000 on or before the fifth anniversary of the closing of the Acquisition. No provision has been made in these financial statements for the further commitments in relation to the Swedish Nickel Projects referred to above as the Group decided in 2024 not to continue with and has fully impaired its investment in the Swedish Nickel Projects. Having assessed the current funding market for the Group\u2019s Airijoki vanadium energy storage project in Sweden the Board have decided to make a full impairment provision against this project notwithstanding the prospectivity of the Airijoki Project were it fully funded. This is so that the Company can focus instead on the Bonya rare earths project acquired post the year end and the Blue Fox project acquired during the period. Blue Fox option and joint venture The Company announced on 10 June 2025 it had entered into an option and joint venture agreement with Cooperlemon Consultancy Limited (\u201cCCL\u201d) for the exploration and if appropriate development of licence number 34412-HQ-LEL located in the Northwestern region of Zambia (\u201cBlue Fox Project\u201d) and on 29 September 2025 exercised its option in relation to the Blue Fox Project. Expenditure Commitment: Having exercised its option in relation to the Blue Fox Project the Company has to spend not less than US$500,000 during the 30-month period from 29 September 2025 assessing and exploring the Licence area. At the end of the Exploration and Evaluation Period, the parties will assess and jointly agree the basis upon which they will form a joint venture company to explore and develop the Licence in the ratio 70% / 30% between Kendrick and CCL. The JV Company will be responsible for the future financing of the project, with CCL having no obligation to fund its share of the JV Company costs through to a decision to mine. No provision has been made in these financial statements for the expenditure commitment in relation to the Blue Fox project as at the year-end only 3 of the 30 month expenditure period had elapsed and the timing and quantum of expenditure will depend on the results of ongoing exploration in relation to the Blue Fox Project. If the Company does not meet its expenditure commitment in relation to eh Blue Foix project this will affect the Company\u2019s rights in relation to the Blue Fox project. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-241": { "value": "13. CONGINGENT LIABILITIES On 6 May 2022 the Company completed the acquisition from Pursuit Minerals Ltd (\u201cPursuit\u201d) of; (a) 100% of Northern X Finland Oy (\u201cNorthern X Finland\u201d), which owned in Finland the Koitelainen vanadium projects which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Karhujupukka vanadium-magnetite exploration project (\u201cFinnish Projects\u201d); and (b) 100% of Northern X Scandinavia AB (\u201cNorthern X Scandinavia\u201d) which owned in Sweden the Airijoki and vanadium project (the \u201cAirijoki Project\u201d) which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Kramsta, Kullberget, Simesvallen and Sum\u00e5ssj\u00f6n exploration projects in Sweden (collectively known as the \u201cCentral Sweden Projects\u201d) (the Airijoki Project and the Central Sweden Projects are collectively the \u201cSwedish Projects\u201d). (Collectively the Northern X Group and the Nordic Projects ). As part of the purchase agreement with Pursuit there is deferred contingent consideration based on two accretive value milestones being achieved; a) Milestone One which triggers a A$250,000 (approx. \u00a3136,000) payment in cash, is the completion by the Group (or any successor or assignee) of a Feasibility Study, as defined by the JORC Code (2012), on any individual project area in the Nordic Projects, demonstrating an internal rate of return of not less than 25%; and b) Milestone Two which triggers a A$500,000 (approx. \u00a3272,000) payment in cash is a decision to mine being made by the Group (or any successor or assignee) in respect of any project area in the Nordic Projects. No provision has been made in these financial statements for the deferred contingent consideration referred to above as in light of the impairment provision in 2025 against the Airijoki vanadium licences in Sweden all the projects acquired from Pursuit have been fully impaired. Acquisition of EV Metals AB On 4 August 2023 the Company signed a Share Sale and Purchase Agreement with EMX Royalty Corporation (EMX) to acquire 100% of EV Metals AB, a Swedish company that owns the Njuggtraskliden and Mjovattnet exploration licences (the \u201cSwedish Nickel Projects\u201d) hosting drill-defined magmatic nickel\u2013copper\u2013cobalt\u2013platinum group metal mineralisation along the Swedish \u201cNickel Line\u201d. The consideration paid to acquire EV Metals AB was SEK110,780 (approx. \u00a38,200) and the issue of 15 Million 5 year options to EMX to acquire ordinary shares in the Company at 1.3 pence per Kendrick Share. Further commitments in relation to the Swedish Nickel Projects \u2022 From 13 January 2024 onwards, the Company has to pay an annual advanced royalty of US$30,000 per project to EMX which increases by US$5,000 annually per Project, ceasing upon the Commencement of Commercial Production (\u201cAdvance Royalty\u201d). The Advance Royalty for 2024 has not been paid but has been accrued for. The Advance Royalty will not be due in relation to 2025 onwards as the Swedish Nickel Projects are not being continued. \u2022 On or before 13 May 2024 the Company has committed to one thousand meter drilling for each of the Swedish Nickel Projects and thereafter annually, ceasing for a project on the date upon which the Company commissions a Pre-Feasibility Study on the project (\u201cDrilling Commitment\u201d). \u2022 Royalty Agreement: At the closing of the Swedish Nickel Projects acquisition the Company entered into a royalty agreement under which a 3% net smelter royalty is payable to EMX on commercial production from any of the Swedish Nickel Projects (\u201cProduction Royalty\u201d). A 1% interest in this royalty may be bought back in stages for a total cash consideration of US$1,000,000 on or before the fifth anniversary of the closing of the Acquisition. No provision has been made in these financial statements for the further commitments in relation to the Swedish Nickel Projects referred to above as the Group decided in 2024 not to continue with and has fully impaired its investment in the Swedish Nickel Projects. Having assessed the current funding market for the Group\u2019s Airijoki vanadium energy storage project in Sweden the Board have decided to make a full impairment provision against this project notwithstanding the prospectivity of the Airijoki Project were it fully funded. This is so that the Company can focus instead on the Bonya rare earths project acquired post the year end and the Blue Fox project acquired during the period. Blue Fox option and joint venture The Company announced on 10 June 2025 it had entered into an option and joint venture agreement with Cooperlemon Consultancy Limited (\u201cCCL\u201d) for the exploration and if appropriate development of licence number 34412-HQ-LEL located in the Northwestern region of Zambia (\u201cBlue Fox Project\u201d) and on 29 September 2025 exercised its option in relation to the Blue Fox Project. Expenditure Commitment: Having exercised its option in relation to the Blue Fox Project the Company has to spend not less than US$500,000 during the 30-month period from 29 September 2025 assessing and exploring the Licence area. At the end of the Exploration and Evaluation Period, the parties will assess and jointly agree the basis upon which they will form a joint venture company to explore and develop the Licence in the ratio 70% / 30% between Kendrick and CCL. The JV Company will be responsible for the future financing of the project, with CCL having no obligation to fund its share of the JV Company costs through to a decision to mine. No provision has been made in these financial statements for the expenditure commitment in relation to the Blue Fox project as at the year-end only 3 of the 30 month expenditure period had elapsed and the timing and quantum of expenditure will depend on the results of ongoing exploration in relation to the Blue Fox Project. If the Company does not meet its expenditure commitment in relation to eh Blue Foix project this will affect the Company\u2019s rights in relation to the Blue Fox project. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-219": { "value": "
14. INVESTMENT IN AND LOANS TO SUBSIDIARIES
Loans to Subsidiaries
Total
Investment
in & Loans
Company
Northern X
Northern X
Caledonian
EV
to
Investment in
Scandinavia
Scandinavia
Minerals
Metals
Subsidiarie
Subsidiaries
AB
Finland OY
AS
AB
s
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Balance 29 December 2023
2,351,833
1,300,573
15,291
665,290
239
4,333,226
Loans to Subsidiaries
-
(199,079)
4,548
82,282
26,637
(85,612)
Impairment Provision *
(1,081,753)
-
(19,839)
(747,572)
(26,876)
(1,876,040)
Balance 29 December 2024
1,270,080
1,101,494
-
-
-
2,371,574
Loans to Subsidiaries
-
13,525
179
767
996
15,467
Impairment Provision
(1,270,080)
(1,115,019)
(179)
(767)
(996)
(2,387,041)
Balance 29 December 2025
-
-
-
-
-
-
* The 2024 impairment provision relates to the Simesvallen 100, Kullberget100, Sumasjon1, Mjovattent
and Njuggtraskliden licences in Sweden , the Koitelainen and Karhujupukka North licences in Finland
and the Espedalen & Sigdal licences in Norway. The provision was made as after an assessment of the
current funding market for nickel exploration and development companies and the operational and
maintenance costs of its projects and their relative prospectivity. The Board has decided to focus on its
Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects
were they fully funded.
** The 2025 impairment provision is in relation to the Airijoki Project. The provision was made having
assessed the current funding market for the Company\u2019s Airijoki vanadium energy storage project in
Sweden notwithstanding the prospectivity of the Airijoki Project were it fully funded. This is so that the
Company can focus instead on the Bonya Namibian rare earth\u2019s project acquired post year end and the
Blue Fox Zambian copper project acquired during the period which are more prospective and for which
investors have shown a willingness to support as evidenced by the Company\u2019s fundraising post the year
end.
Investments in subsidiaries are recorded at cost, which is the fair value of the consideration paid less
impairment.
The Company conducted an impairment review under IFRS 9 of the loans made to subsidiaries and
determined that it should make a full impairment provision against the recoverability of the Company
investment in and loans to Northern X Scandinava AB in relation to the Airijoki Project.
An impairment provision of \u00a31,270,080 (2024: \u00a31,081,753) against the carrying value of the Company\u2019s
investment in subsidiaries and \u00a31,116,961 (2024: \u00a3794,287) was made against the Company\u2019s loans to
subsidiaries assessed as stage 3. The Company is satisfied that having made these provisions the carrying
value of \u00a3Nil (2024: \u00a32,371,574) fairly reflects the position at the year end.
Principal Subsidiaries (in 2024 and 2025 unless indicated to the contrary)
Country of
Company\u2019s
Name & registered
incorporation
Nature of
Proportion of
office address
and residence
business
equity
Northern X Scandinavia
Sweden
Base Metals
100%
AB Hellstrom Advokatbyra KB,
Box 7305,
Stockholm Sweden
103 90
Exploration
Northern X Finland Oy C/o Millar
Finland
Base Metals
100%
Ab, Storgatan 51, 972 31 Lule\u00e5
Exploration
Sweden, Finnish business identity
code 2892740-6
Caledonian Minerals AS c/o IM
Norway
Base Metals
100%
Ruud Regnskap AS, Smalgangen
Exploration
3, 0188
Oslo, Norway
EV Metals AB c/o Nordfors
Sweden
Base Metals
100%
Consulting AB, Box 528, 101 30
Exploration
Stockholm
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-242": { "value": "The Company conducted an impairment review under IFRS 9 of the loans made to subsidiaries and determined that it should make a full impairment provision against the recoverability of the Company investment in and loans to Northern X Scandinava AB in relation to the Airijoki Project. An impairment provision of \u00a31,270,080 (2024: \u00a31,081,753) against the carrying value of the Company\u2019s investment in subsidiaries and \u00a31,116,961 (2024: \u00a3794,287) was made against the Company\u2019s loans to subsidiaries assessed as stage 3. The Company is satisfied that having made these provisions the carrying value of \u00a3Nil (2024: \u00a32,371,574) fairly reflects the position at the year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-6": { "value": "15. TRADE AND OTHER RECEIVABLES Group Group Company Company 2025 2024 2025 2024 \u00a3 \u00a3 \u00a3 \u00a3 VAT receivable 8,074 9,099 8,074 8,624 Prepayments 20,505 26,190 20,505 26,190 Other receivables 13,625 12,751 2,000 2,000 42,204 48,040 30,579 36,814 The fair value of trade and other receivables is not significantly different from the carrying value and none of the balances are past due.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-5": { "value": "16. TRADE AND OTHER PAYABLES Group Group Company Company 2025 2024 2025 2024 \u00a3 \u00a3 \u00a3 \u00a3 Trade and other payables 679,257 444,932 679,257 444,932 Fees owed to directors 244,819 217,510 244,819 217,510 Accruals 88,205 140,759 88,205 140,759 Loans and other payables 676 18,177 557 18,056 1,012,957 821,378 1,012,838 821,257 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-220": { "value": "17 BORROWINGS
2025
2024
Host liability and other loans
\u00a3
\u00a3
Convertible Loan Facility brought forward
125,000
-
Reclassification to host liability
(20,834)
Open host liability at amortised cost
104,166
Convertible Loan Facility
125,000
Further drawdowns during year
53,333
Finance cost recognised (EIR)
25,864
Closing host liability at year end
183,363
Other loans:
Director\u2019s Loan -Colin Bird
35,000
Other Loan **
21,300
239,663
125,000
** Includes \u00a317,500 transferred from Trade and Other Payables at 29 December 2024
2025
2024
Embedded derivative liability (FVTPL)
\u00a3
\u00a3
Convertible Loan Facility brought forward
125,000
-
Reclassification to host liability
(104,166)
Opening derivative liability
20,834
Further drawdowns during year
10,667
Fair value movement on derivative
(12,999)
18,502
Nil
On 22 April 2024 the Company announced it had entered into an unsecured convertible loan funding facility (the \u201cFacility\u201d) for \u00a3500,000 with Sanderson Capital Partners Ltd (the \u201cLender\u201d). The Facility was originally convertible at 0.75 pence per ordinary share (\u201cShare\u201d) but in light of the fundraising on 28 February 2025 at 0.25 pence per Share is now convertible at 0.25 pence per Share. The Company was able to draw down under the Facility in four loan tranches of \u00a3125,000 each and the Company has made three Loan Tranche drawdowns of \u00a3125,000 each under the Facility and is not permitted to make any additional drawdowns. To date \u00a3189,000 has been paid by the Lender under the Facility of which \u00a3125,000 is due to be repaid to the Lender. The Facility was created as a standby facility and the Company is re-negotiating the terms of the Facility with the Lender who is a long term shareholder in the Company. In the 2024 accounts the Company assessed the entire amount paid under the Facility as a financial liability as part of the amounts drawn down under the Facility had not been paid. Based on this, the amounts paid under the Facility were recorded at their issue price and were carried at their face value of \u00a3125,000.. In 2025 a further \u00a364,000 was paid under the Facility were paid and post the period end the balance of \u00a3186,000 drawdown under the Facility were paid. In the 2025 accounts the Company has reassessed the classification of the Facility and determined that the \u00a3189,000 paid under the Facility and outstanding at the year end represents a compound financial instrument comprising a host liability measured at amortised cost and an embedded derivative liability (in relation to the conversion option) measured at fair value through the profit or loss (FVTPL) as the conversion feature is not the conversion of a fixed amount of stated principal into a fixed number of shares. The value of the host liability included in current borrowings, at inception was calculated using a market interest rate for an equivalent instrument without conversion option. The discount rate applied was 20%. This reclassification represents a refinement in presentation and measurement arising from a more detailed application of IFRS 9 Financial Instruments and IAS 32 Presentation of Financial Instruments to the contractual terms of the CLN. There is no change to the total liability recognised. The terms of the Facility are summarised below: Working Capital Facility Agreement The Facility is for \u00a3500,000 in total, is unsecured, interest free and the Company was able to be drawn down in four loan tranches of \u00a3125,000 each and the Company has made three Loan Tranche drawdowns of \u00a3125,000 each under the Facility and is not permitted to make any additional drawdowns. To date \u00a3189,000 has been paid by the Lender under the Facility of which \u00a3125,000 is due to be repaid to the Lender. The Facility was created as a standby facility and the Company is re-negotiating the terms of the Facility with the Lender who is a long term shareholder in the Company. Repayment and Conversion Repayment Unless otherwise converted, the Company must repay each Loan Tranche on the first anniversary of the advance by the Lender of the applicable Loan Tranche (\u201cMaturity Date\u201d). As per note 23 post the period end the Maturity Date was extended to 30 June 2027. The Company may prepay the whole or part of the Facility on any day prior to the Maturity Date for a Loan Tranche upon giving not less than 14 days\u2019 prior written notice to the Lender and paying in cash a prepayment fee of 5% of the amount which the Company prepays in cash before the Maturity Date. The Lender can during the 14 days\u2019 notice period make an election for all or part of the Loan subject to a prepayment notice to be repaid in Shares in which case the 5% fee shall not apply to that proportion of the Loan repaid in Shares. Conversion of Loan Tranche by Lender The Lender may at any time during the Facility Period elect to convert all or part of any drawn down amount into such number of new Shares equal to the amount of the Loan Tranche that is to be repaid at the date of the election divided by the conversion price. The original conversion price was 0.75 pence (\u201cOriginal Conversion Price\u201d) which under the conversion adjustment mechanism described below has been reduced to 0.25 pence being the fundraising price announced by the Company on 25 February 2025 and is now 0.025 pence per Share (\u201cFebruary 25 Fundraising\u201d) (\u201cNew Conversion Price\u201d). Conversion of Loan by the Company The Company may at any time during the Loan Period elect to convert all or part of a Loan if the Share price exceeds a target conversion price for a period of five or more business days. The original target conversion price was 1.0 pence per share (\u201cOriginal Target Conversion Price\u201d) which under the conversion adjustment mechanism described below has been reduced to 0.333 pence following the February 2025 Fundraising (\u201cNew Target Conversion Price\u201d). Conversion Adjustment Mechanism If the Company before i) the Maturity Date for a Loan Tranche and before ii) the Loan Tranche has been repaid issues Shares for cash consideration (\u201cIssue Price\u201d) at a discount to 0.75 pence per Share (the \u201cBase Issue Price\u201d) then the Conversion Price and the Target Conversion Price in respect of that Loan Tranche shall be multiplied by a fraction, the numerator of which will be the Issue Price and the denominator of which will be 0.75 pence. Interest and Fees The Loan is interest free. The Lender is due to be paid an arrangement fee of 10% of the amount of the Facility to be settled by the issue of 11,764,706 new Shares (\u201cFacility Fee Shares\u201d) credited as fully paid by at an issue price of 0.425p per Share (being the Five Day VWAP on the date the Facility was announced) with the Facility Fee Shares to be issued on or before 31 December 2024 or such other date agreed by the parties. The Facility Fee Shares have not yet been issued or accounted for in these Financial Statements.. On the drawdown of any Loan Tranche the Lender shall be paid a further fee of 2% of the amount of the relevant Loan Tranche which is to be settled by the issue of new Shares credited as fully paid at the five-day VWAP on the date of the relevant Loan drawdown notice (\u201cDrawdown Fee Shares\u201d) with the Drawdown Fee Shares to be issued on or before 31 December 2024 or such other date agreed by the parties. The Drawdown Fee Shares have not yet been issued or accounted for in these Financial Statements.. Option to Extend Facility If the Company had drawn down in full or in part against all four loan tranches then it had the option to elect to be able to drawdown up to an additional GBP250,000 (\u201cOptional Loan Tranche\u201d). As the Company only made drawdowns against three of the loan tranches it does not have this option. Warrants On the drawdown of any Loan Tranche, the Lender shall be issued three year warrants over Shares (\u201cWarrants\u201d) with a face value equal to 50% of the amount drawn down under the Loan Tranche. The exercise price for the Warrants applicable to each of the tranches are as follows: 1.5 pence per share for the drawdown of the four loan tranches; and 2 pence per share for the drawdown of the Optional Loan Tranche; If there were no drawdowns under two or more of the loan tranches then, the Company would have had to issue a three year warrant to the Lender for an amount equal to 25% of the Facility that has not been drawn down with an exercise price of 1 pence per share (\u201cNo Draw Down Warrants\u201d). The Company does not have to issue the No Draw Down Warrants as it made drawdowns under three of the loan tranches. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-249": { "value": "18. SHARE CAPITAL AND SHARE PREMIUM
2025
2024
Issued and fully paid
equity share capital
Number
\u00a3
Number
\u00a3
Ordinary shares of \u00a30.0003 each
293,248,152
87,974
250,248,152
75,074
Deferred shares of \u00a30.00999 each
335,710,863
3,353,752
335,710,863
3,353,752
Deferred shares of \u00a30.009 each
1,346,853,81
12,121,684
1,346,853,817
12,121,68
4
Deferred shares of \u00a30.01 each
19,579,925
195,799
19,579,925
195,799
Deferred shares of \u00a30.04 each
181,378,766
7,
255,151
181,378,766
7,255,151
23,014,360
23,001,460
Number of
Share
Ordinary
Share
Premium
Group & Company
shares
capital
\u00a3
\u00a3
As at 1 January 2024
243,882,767
73,165
31,845,128
Shares issued to settle accrued fees to consultants
6,365,385
1,909
44,091
As at 29 December 2024
250,248,152
75,074
31,889,219
Shares issued from share subscriptions
43,000,000
12,900
94,600
Share issue costs
-
-
(3,875)
As at 29 December 2025
293,248,152
87,974
31,979,944
On 25 February 2025 the Company issued 43,000,000 new ordinary shares of \u00a30.0003p at 0.25p raising \u00a3107,500. At the Annual General Meeting held on 4 February 2021, shareholders approved that the 335,710,863 Existing Ordinary Shares in issue be subdivided each into one new ordinary share of \u00a30.00001 (\u201cNew Ordinary Share\u201d) and one deferred share of \u00a30.00999 (\u201c2020 Deferred Share) in the capital of the Company. The New Ordinary Shares carry the same rights as attached to the Existing Ordinary Shares (save for the reduction in their nominal value). The 2020 Deferred Shares have no voting rights and have no rights as to dividends and only very limited rights on a return of capital. They will not be admitted to trading or listed on any stock exchange and will not be freely transferable. The holders of the 2020 Deferred Shares are not entitled to any further right of participation in the assets of the Company. As such, the 2020 Deferred Shares effectively have no value. At the Annual General Meeting held on 25 October 2021, shareholders approved an ordinary resolution that for every thirty (30) issued and unissued ordinary share of \u00a30.00001 each in the share capital of the Company (\u201cExisting Shares\u201d) be consolidated into one (1) ordinary share of \u00a30.0003 each (\u201cNew Shares\u201d) such New Shares having the same rights and being subject to the same restrictions, save as to nominal value, as the Existing Shares. The deferred shares of \u00a30.01 each and \u00a30.009 each confer no rights to vote at a general meeting of the Company or to a dividend. On a winding-up the holders of the deferred shares are only entitled to the paid-up value of the shares after the repayment of the capital paid on the ordinary shares and \u00a35,000,000 on each ordinary share. The deferred shares of \u00a30.04 each have no rights to vote or to participate in dividends and carry limited rights on return of capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-243": { "value": "18. SHARE CAPITAL AND SHARE PREMIUM
2025
2024
Issued and fully paid
equity share capital
Number
\u00a3
Number
\u00a3
Ordinary shares of \u00a30.0003 each
293,248,152
87,974
250,248,152
75,074
Deferred shares of \u00a30.00999 each
335,710,863
3,353,752
335,710,863
3,353,752
Deferred shares of \u00a30.009 each
1,346,853,81
12,121,684
1,346,853,817
12,121,68
4
Deferred shares of \u00a30.01 each
19,579,925
195,799
19,579,925
195,799
Deferred shares of \u00a30.04 each
181,378,766
7,
255,151
181,378,766
7,255,151
23,014,360
23,001,460
Number of
Share
Ordinary
Share
Premium
Group & Company
shares
capital
\u00a3
\u00a3
As at 1 January 2024
243,882,767
73,165
31,845,128
Shares issued to settle accrued fees to consultants
6,365,385
1,909
44,091
As at 29 December 2024
250,248,152
75,074
31,889,219
Shares issued from share subscriptions
43,000,000
12,900
94,600
Share issue costs
-
-
(3,875)
As at 29 December 2025
293,248,152
87,974
31,979,944
On 25 February 2025 the Company issued 43,000,000 new ordinary shares of \u00a30.0003p at 0.25p raising \u00a3107,500. At the Annual General Meeting held on 4 February 2021, shareholders approved that the 335,710,863 Existing Ordinary Shares in issue be subdivided each into one new ordinary share of \u00a30.00001 (\u201cNew Ordinary Share\u201d) and one deferred share of \u00a30.00999 (\u201c2020 Deferred Share) in the capital of the Company. The New Ordinary Shares carry the same rights as attached to the Existing Ordinary Shares (save for the reduction in their nominal value). The 2020 Deferred Shares have no voting rights and have no rights as to dividends and only very limited rights on a return of capital. They will not be admitted to trading or listed on any stock exchange and will not be freely transferable. The holders of the 2020 Deferred Shares are not entitled to any further right of participation in the assets of the Company. As such, the 2020 Deferred Shares effectively have no value. At the Annual General Meeting held on 25 October 2021, shareholders approved an ordinary resolution that for every thirty (30) issued and unissued ordinary share of \u00a30.00001 each in the share capital of the Company (\u201cExisting Shares\u201d) be consolidated into one (1) ordinary share of \u00a30.0003 each (\u201cNew Shares\u201d) such New Shares having the same rights and being subject to the same restrictions, save as to nominal value, as the Existing Shares. The deferred shares of \u00a30.01 each and \u00a30.009 each confer no rights to vote at a general meeting of the Company or to a dividend. On a winding-up the holders of the deferred shares are only entitled to the paid-up value of the shares after the repayment of the capital paid on the ordinary shares and \u00a35,000,000 on each ordinary share. The deferred shares of \u00a30.04 each have no rights to vote or to participate in dividends and carry limited rights on return of capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-221": { "value": "18. SHARE CAPITAL AND SHARE PREMIUM
2025
2024
Issued and fully paid
equity share capital
Number
\u00a3
Number
\u00a3
Ordinary shares of \u00a30.0003 each
293,248,152
87,974
250,248,152
75,074
Deferred shares of \u00a30.00999 each
335,710,863
3,353,752
335,710,863
3,353,752
Deferred shares of \u00a30.009 each
1,346,853,81
12,121,684
1,346,853,817
12,121,68
4
Deferred shares of \u00a30.01 each
19,579,925
195,799
19,579,925
195,799
Deferred shares of \u00a30.04 each
181,378,766
7,
255,151
181,378,766
7,255,151
23,014,360
23,001,460
Number of
Share
Ordinary
Share
Premium
Group & Company
shares
capital
\u00a3
\u00a3
As at 1 January 2024
243,882,767
73,165
31,845,128
Shares issued to settle accrued fees to consultants
6,365,385
1,909
44,091
As at 29 December 2024
250,248,152
75,074
31,889,219
Shares issued from share subscriptions
43,000,000
12,900
94,600
Share issue costs
-
-
(3,875)
As at 29 December 2025
293,248,152
87,974
31,979,944
On 25 February 2025 the Company issued 43,000,000 new ordinary shares of \u00a30.0003p at 0.25p raising \u00a3107,500. At the Annual General Meeting held on 4 February 2021, shareholders approved that the 335,710,863 Existing Ordinary Shares in issue be subdivided each into one new ordinary share of \u00a30.00001 (\u201cNew Ordinary Share\u201d) and one deferred share of \u00a30.00999 (\u201c2020 Deferred Share) in the capital of the Company. The New Ordinary Shares carry the same rights as attached to the Existing Ordinary Shares (save for the reduction in their nominal value). The 2020 Deferred Shares have no voting rights and have no rights as to dividends and only very limited rights on a return of capital. They will not be admitted to trading or listed on any stock exchange and will not be freely transferable. The holders of the 2020 Deferred Shares are not entitled to any further right of participation in the assets of the Company. As such, the 2020 Deferred Shares effectively have no value. At the Annual General Meeting held on 25 October 2021, shareholders approved an ordinary resolution that for every thirty (30) issued and unissued ordinary share of \u00a30.00001 each in the share capital of the Company (\u201cExisting Shares\u201d) be consolidated into one (1) ordinary share of \u00a30.0003 each (\u201cNew Shares\u201d) such New Shares having the same rights and being subject to the same restrictions, save as to nominal value, as the Existing Shares. The deferred shares of \u00a30.01 each and \u00a30.009 each confer no rights to vote at a general meeting of the Company or to a dividend. On a winding-up the holders of the deferred shares are only entitled to the paid-up value of the shares after the repayment of the capital paid on the ordinary shares and \u00a35,000,000 on each ordinary share. The deferred shares of \u00a30.04 each have no rights to vote or to participate in dividends and carry limited rights on return of capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-250": { "value": "19. WARRANTS AND SHARE OPTIONS At 29 December 2025 the warrants in the table below over ordinary shares in the issued share capital of the Company were issued and at the period end had not been exercised.
Number of
Exercise
Expiry
Warrants
price (p)
At 1 January 2025
Fundraising Warrants
92,857,143
6.0
6 May 2025
Broker Warrants
4,642,856
3.5
6 May 2025
Consultant Warrants
4,375,943
3.5
6 May 2025
Drawdown Warrants
4,166,667
1.5
23 August 2026
106,042,60
9
Expired during period
Fundraising Warrants
(92,857,14
3)
6.0
6 May 2025
Broker Warrants
(4,642,856
)
3.5
6 May 2025
Consultant Warrants
(4,375,943
)
3.5
6 May 2025
Issued in period
Broker Warrants
A warrant reserve was not created in relation to the 101,875,942 warrants expiring 6 May 2025
as they were all issued in relation to raising funds for the Company\u2019s Listing in May 2022.
1,550,000
0.25
28 Feb 2028
At 29 December 2025
5,716,677
Share price at the date of issue 0.78p Strike price During 2024 the Company issued 4,166,667 Drawdown Warrants exercisable at 1.5 pence for three years in relation to the drawdown of \u00a3125,000 under the Facility which was paid during the year.The fair value of the drawdown warrants of \u00a39,333 was determined at the date of the grant using the Black Scholes model, using the following inputs but has not been provided for in these financial statements: 1.5p Volatility 65% Expected life 1,095 days (3 years) Risk free rate 3.81%
Share price at the date of issue
0.265p
three years in relation to the fundraising announced on 25 February 2025
Strike price
On 28 February 2025 the Company issued 1,550,000 Broker Warrants exercisable at 0.25 pence for
The fair value of the drawdown warrants of \u00a31,894 was determined at the date of the grant using
the Black Scholes model, using the following inputs but has not been provided for in these
financial statements:
0.250p
Volatility
62%
Expected life
1,095 days (3 years)
Risk free rate
Share Based Payment Reserve
3.968%
\u00a3
Brought forward 1
st
January 2025 **
100,258
Additions during year
-
Deductions during year
100,258
** Includes \u00a359,758 in relation to 22,550,000 share options issued 2 February 2023 to directors and consultants and \u00a340,500 in relation to 15,000,000 options issued to EMX on 7 August 2023 in relation to the acquisition of EV Metals AB A new Share Option Scheme for the directors, senior management, consultants and employees was approved at the AGM on 4 February 2021, as outlined in the Directors Report. On 2 February 2023 the Company issued in aggregate, 22,550,000 options over ordinary shares of \u00a30.0003 par value in the capital of the Company (\"Ordinary Shares\") have been granted fully vested pursuant to the Share Option Scheme (the \"Options\"). Of the 22,550,000 Options, 13,750,000 have been awarded to directors of the Company, as detailed further below and the balance of 8,800,000 to other eligible participants. The Company has not previously issued any Options pursuant to the Share Option Plan.
Directors
No. of Options
Colin Bird Executive Chairman
6,000,000
Martyn Churchouse
5,000,000
Alex Borrelli
1,000,000
Evan Kirby
1,000,000
Kjeld Thygesen
750,000
Total Directors
13,750,000
All the Options have an exercise price of 3.5 pence per Ordinary Share and vested on issue. To incentivise and retain directors, officers, consultants and employees critical to enhancing the future market value of the Company. The options expire on 3 February 2031 being the date one day prior to the tenth anniversary of the AGM at which the Share Option Plan was approved. The Options can be exercised any time after vesting and prior to their scheduled expiry and must be exercised within 6 months of an option holder leaving the Company or within 12 months of the
Share price at the date of issue
0.93p
the Black Scholes model, using the following inputs:
Strike price
death of an option holder. The Company\u2019s mid-market closing share price on 2 February 2023,
being the latest practicable date prior to the issue of the options, was 0.93 pence.
As a result of this the fair value of the share options was determined at the date of the grant using
3.5p
Volatility
50%
Expected life
2,920 days (8 years)
Risk free rate
The resultant fair value of the share options as at 29 March 2023 was determined to be \u00a359,758
As detailed in note 13 in addition to the consideration paid to acquire EV Metals AB on 7 August
2023, the Company issued 15 million 5 year options to EMX to acquire ordinary shares in the
Company at 1.3 pence per Kendrick Share. The options can be exercised any time after vesting
4%
Share price at the date of issue 0.775p the Black Scholes model, using the following inputs: Strike price and prior to their scheduled expiry and the Company\u2019s mid-market closing share price on 4 August 2023, being the latest practicable date prior to the issue of the options, was 0.775 pence. As a result of this the fair value of the share options was determined at the date of the grant using 1.3p Volatility 50% Expected life 1,825 days (5 years) Risk free rate 5% The resultant fair value of the options was determined to be \u00a340,500. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-251": { "value": "20. FINANCIAL INSTRUMENTS Capital risk management The Company manages its capital to ensure that it will be able to continue as a going concern, while maximising the return to shareholders. The capital resources of the Company comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity. The Company\u2019s primary objective is to provide a return to its equity shareholders through capital growth. Going forward the Company will seek to maintain a yearly ratio that balances risks and returns of an acceptable level and also to maintain a sufficient funding base to the Company to meet its working capital and strategic investment needs. Categories of financial instruments
2025
2024
\u00a3
\u00a3
Financial assets
Current asset investment
7,357
1,798
Cash and cash equivalents
6,525
17,551
Trade and other receivables
21,700
21,290
35,582
40,639
Financial liabilities classified as held at amortised cost
Trade and other payables
679,257
444,932
679,257
444,932
All financial assets are held at amortised costs except current asset investments as detailed below. Fair value of financial assets and liabilities Fair value is the amount at which a financial instrument could be exchanged in an arm\u2019s length transaction between informed and willing parties, other than a forced or liquidation sale and excludes accrued interest. Where available, market values have been used to determine fair values. The current asset investment is Level 1 in the fair value hierarchy and is held at fair value. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments which are measured at fair value by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Management assessed that the fair values of current asset investment, cash and short-term deposits, other receivables, trade and other payables, borrowings and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Financial risk management objectives Management provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risks reports which analyse exposures by degree and magnitude of risks. These risks include foreign currency risk, credit risk, liquidity risk and cash flow interest rate risk. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Company entered into an unsecured convertible loan funding facility, which is subject to an arrangement fee of 10% of the amount of the Facility to be settled by the issue of new shares as detailed in note 17. The Loan is interest free and so the Group is not exposed to any risks associated with fluctuations in interest rates on the loan. Otherwise the Group has no other committed borrowings. Fluctuation in interest rates applied to cash balances held at the balance sheet date would have minimal impact on the Group. Foreign exchange risk and foreign currency risk management Foreign currency exposures are monitored on a monthly basis. Funds are transferred between the Sterling and US Dollar accounts in order to minimise foreign exchange risk. The Group holds the majority of its funds in Sterling. The carrying amounts of the Group\u2019s foreign currency denominated financial assets and monetary liabilities at the reporting date are as follows:
Financial liabilities
Financial assets
2025
2024
2025
2024
\u00a3
\u00a3
\u00a3
\u00a3
US Dollars
44,551
47,958
53
198
Swedish Krona
41,465
57,190
43
15
Euros
4,317
4,588
-
-
Norwegian Krona
18,773
16,223
-
-
Credit risk management Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Group. The Group does not have any significant credit risk exposure on trade receivables. The Group makes allowances for impairment of receivables where there is an identified event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows. The directors consider the foreign exchange risk exposure is limited. The credit risk on liquid funds (cash) is considered to be limited because the Group banks with counterparties which are financial institutions with high credit ratings assigned by international credit-rating agencies with the Group\u2019s principal banker being HSBC UK which currently has a A+ rating with S&P Global Ratings The carrying amount of financial assets recorded in the financial statements represents the Company\u2019s maximum exposure to credit risk. Liquidity risk management Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Management monitor forecasts of the Company\u2019s liquidity reserve, comprising cash and cash equivalents, on the basis of expected cash flow. At 29 December 2025, the Group held cash and cash equivalents of \u00a36,525 (2024: \u00a317,551) and the directors assess the liquidity risk as part of their going concern assessment (see note 3). The maturity of the Group\u2019s financial liabilities at the Statement of Financial Position date, based on the contracted undiscounted payments as disclosed in note 14, falls within one year and payable on demand. The Group aim to maintain appropriate cash balances in order to meet its liabilities as they fall due. Maturity analysis
Group
Between
Between
Between
2025
On
In
1 and 6
6 and 12
1 and 3
Total
demand
1 month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
1,012,957
-
128,041
884,916
-
-
Convertible Loan \u2013
189,000
-
-
189,000
-
-
host liability
Other loans
56,300
-
-
56,300
-
-
Derivative Liability \u2013
18,502
-
-
18,502
-
-
conversion option *\u2013
host liability
**The embedded derivative liability does not give rise to fixed contractual cash flows. The amount disclosed represents the carrying value at the balance sheet date. Group
2024
Between
Between
Between
On
In
1 and 6
6 and 12
1 and 3
Total
demand
1 month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
821,378
-
133,660
687,718
-
-
Borrowings
125,000
-
-
125,000
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-222": { "value": "Capital risk management The Company manages its capital to ensure that it will be able to continue as a going concern, while maximising the return to shareholders. The capital resources of the Company comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity. The Company\u2019s primary objective is to provide a return to its equity shareholders through capital growth. Going forward the Company will seek to maintain a yearly ratio that balances risks and returns of an acceptable level and also to maintain a sufficient funding base to the Company to meet its working capital and strategic investment needs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-223": { "value": "Fair value of financial assets and liabilities Fair value is the amount at which a financial instrument could be exchanged in an arm\u2019s length transaction between informed and willing parties, other than a forced or liquidation sale and excludes accrued interest. Where available, market values have been used to determine fair values. The current asset investment is Level 1 in the fair value hierarchy and is held at fair value. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments which are measured at fair value by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Management assessed that the fair values of current asset investment, cash and short-term deposits, other receivables, trade and other payables, borrowings and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-244": { "value": "Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments which are measured at fair value by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Management assessed that the fair values of current asset investment, cash and short-term deposits, other receivables, trade and other payables, borrowings and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-245": { "value": "Financial risk management objectives Management provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risks reports which analyse exposures by degree and magnitude of risks. These risks include foreign currency risk, credit risk, liquidity risk and cash flow interest rate risk. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Company entered into an unsecured convertible loan funding facility, which is subject to an arrangement fee of 10% of the amount of the Facility to be settled by the issue of new shares as detailed in note 17. The Loan is interest free and so the Group is not exposed to any risks associated with fluctuations in interest rates on the loan. Otherwise the Group has no other committed borrowings. Fluctuation in interest rates applied to cash balances held at the balance sheet date would have minimal impact on the Group. Foreign exchange risk and foreign currency risk management Foreign currency exposures are monitored on a monthly basis. Funds are transferred between the Sterling and US Dollar accounts in order to minimise foreign exchange risk. The Group holds the majority of its funds in Sterling. The carrying amounts of the Group\u2019s foreign currency denominated financial assets and monetary liabilities at the reporting date are as follows:
Financial liabilities
Financial assets
2025
2024
2025
2024
\u00a3
\u00a3
\u00a3
\u00a3
US Dollars
44,551
47,958
53
198
Swedish Krona
41,465
57,190
43
15
Euros
4,317
4,588
-
-
Norwegian Krona
18,773
16,223
-
-
Credit risk management Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Group. The Group does not have any significant credit risk exposure on trade receivables. The Group makes allowances for impairment of receivables where there is an identified event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows. The directors consider the foreign exchange risk exposure is limited. The credit risk on liquid funds (cash) is considered to be limited because the Group banks with counterparties which are financial institutions with high credit ratings assigned by international credit-rating agencies with the Group\u2019s principal banker being HSBC UK which currently has a A+ rating with S&P Global Ratings The carrying amount of financial assets recorded in the financial statements represents the Company\u2019s maximum exposure to credit risk. Liquidity risk management Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Management monitor forecasts of the Company\u2019s liquidity reserve, comprising cash and cash equivalents, on the basis of expected cash flow. At 29 December 2025, the Group held cash and cash equivalents of \u00a36,525 (2024: \u00a317,551) and the directors assess the liquidity risk as part of their going concern assessment (see note 3). The maturity of the Group\u2019s financial liabilities at the Statement of Financial Position date, based on the contracted undiscounted payments as disclosed in note 14, falls within one year and payable on demand. The Group aim to maintain appropriate cash balances in order to meet its liabilities as they fall due. Maturity analysis
Group
Between
Between
Between
2025
On
In
1 and 6
6 and 12
1 and 3
Total
demand
1 month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
1,012,957
-
128,041
884,916
-
-
Convertible Loan \u2013
189,000
-
-
189,000
-
-
host liability
Other loans
56,300
-
-
56,300
-
-
Derivative Liability \u2013
18,502
-
-
18,502
-
-
conversion option *\u2013
host liability
**The embedded derivative liability does not give rise to fixed contractual cash flows. The amount disclosed represents the carrying value at the balance sheet date. Group
2024
Between
Between
Between
On
In
1 and 6
6 and 12
1 and 3
Total
demand
1 month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
821,378
-
133,660
687,718
-
-
Borrowings
125,000
-
-
125,000
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-224": { "value": "Foreign exchange risk and foreign currency risk management Foreign currency exposures are monitored on a monthly basis. Funds are transferred between the Sterling and US Dollar accounts in order to minimise foreign exchange risk. The Group holds the majority of its funds in Sterling. The carrying amounts of the Group\u2019s foreign currency denominated financial assets and monetary liabilities at the reporting date are as follows:
Financial liabilities
Financial assets
2025
2024
2025
2024
\u00a3
\u00a3
\u00a3
\u00a3
US Dollars
44,551
47,958
53
198
Swedish Krona
41,465
57,190
43
15
Euros
4,317
4,588
-
-
Norwegian Krona
18,773
16,223
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-225": { "value": "Credit risk management Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Group. The Group does not have any significant credit risk exposure on trade receivables. The Group makes allowances for impairment of receivables where there is an identified event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows. The directors consider the foreign exchange risk exposure is limited. The credit risk on liquid funds (cash) is considered to be limited because the Group banks with counterparties which are financial institutions with high credit ratings assigned by international credit-rating agencies with the Group\u2019s principal banker being HSBC UK which currently has a A+ rating with S&P Global Ratings The carrying amount of financial assets recorded in the financial statements represents the Company\u2019s maximum exposure to credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-226": { "value": "Liquidity risk management Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Management monitor forecasts of the Company\u2019s liquidity reserve, comprising cash and cash equivalents, on the basis of expected cash flow. At 29 December 2025, the Group held cash and cash equivalents of \u00a36,525 (2024: \u00a317,551) and the directors assess the liquidity risk as part of their going concern assessment (see note 3). The maturity of the Group\u2019s financial liabilities at the Statement of Financial Position date, based on the contracted undiscounted payments as disclosed in note 14, falls within one year and payable on demand. The Group aim to maintain appropriate cash balances in order to meet its liabilities as they fall due. Maturity analysis
Group
Between
Between
Between
2025
On
In
1 and 6
6 and 12
1 and 3
Total
demand
1 month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
1,012,957
-
128,041
884,916
-
-
Convertible Loan \u2013
189,000
-
-
189,000
-
-
host liability
Other loans
56,300
-
-
56,300
-
-
Derivative Liability \u2013
18,502
-
-
18,502
-
-
conversion option *\u2013
host liability
**The embedded derivative liability does not give rise to fixed contractual cash flows. The amount disclosed represents the carrying value at the balance sheet date. Group
2024
Between
Between
Between
On
In
1 and 6
6 and 12
1 and 3
Total
demand
1 month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
821,378
-
133,660
687,718
-
-
Borrowings
125,000
-
-
125,000
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-227": { "value": "
21. RELATED PARTY TRANSACTIONS
Remuneration of key management personnel
The key management personnel of the Company are considered to be the Directors. Details of
their remuneration are covered in note 7. Amounts owed to Directors is shown in Note 16.
The shareholdings of the Directors in the issued share capital of the Company was as follows:
29 December 2025
29 December 2024
Director
Number of
Percentage
Number of
Percentage
Ordinary
of issued
Ordinary Shares
of issued
Shares
ordinary
ordinary
share capital
share
capital
Colin Bird*
55,819,227
19.03%
47,819,227
19.11%
Kjeld Thygesen
2,142,857
0.73%
2,142,857
0.86%
Alex Borrelli
82,777
0.03%
82,777
0.03%
Evan Kirby
-
-
-
-
Martyn Churchouse
-
-
-
-
* Includes 3,695,238 shares held by Lion Mining Finance Ltd and 33,428,571 shares held by
Camden Park Trading Ltd, companies controlled by Colin Bird.
The Company entered into a licence agreement dated 1 February 2022 with Lion Mining Finance
Limited (a company controlled by Colin Bird, a director of the Company) which was amended
with effect from 1 June 2022. Pursuant to this agreement, the Company has been granted a licence
to use the premises at 7-8 Kendrick Mews, London SW7 for a licence fee of \u00a31,500 per month
(ex VAT) which can be terminated on 2 months\u2019 notice as the initial 12 month term of the
agreement has already expired.. In addition, Lion Mining Finance Limited provides basic
administrative and support services as required by the Company from time-to-time. At the year
end the Group owed Lion Mining Finance Ltd \u00a348,850 (2024 - \u00a327,250) and incurred expenses
of \u00a318,000 (2024 - \u00a318,000) in the year.
Directors\u2019 Letters of Appointment and Service Agreements
(a) Pursuant to an agreement dated 29 April 2022 the Company renewed the appointment of Colin
Bird as a Director. The appointment continues unless terminated by either party giving to the other
three months\u2019 notice in writing. Colin Bird is entitled to director\u2019s fees of \u00a318,000 per annum for
being a Director of the Company plus reasonable and properly documented expenses incurred
during the performance of his duties. Colin Bird is not entitled to any pension, medical or similar
employee benefits. The agreement replaces all previous agreements with Colin Bird in relation to
his appointment as a director of the Company. At the year end the Group owed Colin Bird \u00a356,708
(2024 - \u00a338,708) in respect of director fees.
(b) Pursuant to a consultancy agreement dated 29 April 2022, the Company has, with effect from the date of the IPO, appointed Colin Bird as a consultant to provide technical advisory services in relation to its current and future projects including, but not limited to, assessing existing geological data and studies, existing mine development studies and developing exploration programs and defining the framework of future geological and mine study reports (the \u201cColin Bird Services\u201d). The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Colin Bird is entitled to fees of \u00a32,500 per month for being a consultant to the Company plus reasonable and properly documents expenses incurred during the performance of the Colin Bird Services. At the year end the Group owed Colin Bird \u00a372,500 (2024 - \u00a342,500) in respect of consultancy fees. (c) Pursuant to an agreement dated 29 April 2022, renewed the appointment of Kjeld Thygesen as a non-executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Kjeld Thygesen is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Kjeld Thygesen is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Kjeld Thygesen \u00a372,000 (2024 - \u00a354,000) in respect of director fees. (d) Pursuant to an agreement dated 29 April 2022, Alex Borrelli was appointed as a non-executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Alex Borrelli is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Alex Borrelli is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Alex Borelli \u00a341,824 (2024 - \u00a328,333) in respect of director fees in relation to Alex Borrelli. (e) Pursuant to an agreement dated 29 April 2022, Evan Kirby was appointed as a non-executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Evan Kirby is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Evan Kirby is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Metallurgical Management Services a company controlled by Evan Kirby \u00a342,000 (2024 - \u00a324,000) in respect of director fees in relation to Evan Kirby. (f) Pursuant to an agreement dated 31 January 2023, Martyn Churchouse was appointed as an executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Martyn Churchouse is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Martyn Churchouse is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Martyn Churchouse \u00a342,111 (2024 - \u00a324,111) in respect of director fees in relation to Martyn Churchouse. (g) Pursuant to a consultancy agreement dated 31 January 2023, the Company has, appointed Martyn Churchouse as a consultant to provide technical advisory services in relation to its current and future projects including, but not limited to, assessing existing geological data and studies, existing mine development studies and developing exploration programs and defining the framework of future geological and mine study reports (the \u201cMartyn Churchouse Services\u201d). The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Martyn Churchouse is entitled to fees of \u00a3500 per month for being a consultant to the Company plus reasonable and properly documents expenses incurred during the performance of the Martyn Churchouse Services. At the year end the Group owed Martyn Churchouse \u00a312,000 (2024 - \u00a36,000) in respect of consultancy fees. Loans to Subsidiaries
2025
2024
\u00a3
\u00a3
Loans to Northern X Scandinavia AB
-
1,101,493
Loans to Northern X Finland OY
-
-
Loans to Caledonian Minerals AS
-
-
Loans to EV Metals AB
-
-
-
1,101,493
All intra-group loans are interest-free and form part of the Company\u2019s investment in subsidiaries. The loans are net of the impairments detailed in note 14. During the period Colin Bird lent \u00a335,000 to the company on an interest free basis which was outstanding at the year end (2024: \u00a3Nil). Post the period end this loan was repaid by set off against the subscription monies due by Colin Bird to the Company in relation to the fundraising announced by the Company on 23 March 2026 (note 23) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-246": { "value": "21. RELATED PARTY TRANSACTIONS Remuneration of key management personnel The key management personnel of the Company are considered to be the Directors. Details of their remuneration are covered in note 7. Amounts owed to Directors is shown in Note 16. The shareholdings of the Directors in the issued share capital of the Company was as follows:
29 December 2025
29 December 2024
Director
Number of
Percentage
Number of
Percentage
Ordinary
of issued
Ordinary Shares
of issued
Shares
ordinary
ordinary
share capital
share
capital
Colin Bird*
55,819,227
19.03%
47,819,227
19.11%
Kjeld Thygesen
2,142,857
0.73%
2,142,857
0.86%
Alex Borrelli
82,777
0.03%
82,777
0.03%
Evan Kirby
-
-
-
-
Martyn Churchouse
-
-
-
-
* Includes 3,695,238 shares held by Lion Mining Finance Ltd and 33,428,571 shares held by Camden Park Trading Ltd, companies controlled by Colin Bird. The Company entered into a licence agreement dated 1 February 2022 with Lion Mining Finance Limited (a company controlled by Colin Bird, a director of the Company) which was amended with effect from 1 June 2022. Pursuant to this agreement, the Company has been granted a licence to use the premises at 7-8 Kendrick Mews, London SW7 for a licence fee of \u00a31,500 per month (ex VAT) which can be terminated on 2 months\u2019 notice as the initial 12 month term of the agreement has already expired.. In addition, Lion Mining Finance Limited provides basic administrative and support services as required by the Company from time-to-time. At the year end the Group owed Lion Mining Finance Ltd \u00a348,850 (2024 - \u00a327,250) and incurred expenses of \u00a318,000 (2024 - \u00a318,000) in the year. Directors\u2019 Letters of Appointment and Service Agreements (a) Pursuant to an agreement dated 29 April 2022 the Company renewed the appointment of Colin Bird as a Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Colin Bird is entitled to director\u2019s fees of \u00a318,000 per annum for being a Director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Colin Bird is not entitled to any pension, medical or similar employee benefits. The agreement replaces all previous agreements with Colin Bird in relation to his appointment as a director of the Company. At the year end the Group owed Colin Bird \u00a356,708 (2024 - \u00a338,708) in respect of director fees. (b) Pursuant to a consultancy agreement dated 29 April 2022, the Company has, with effect from the date of the IPO, appointed Colin Bird as a consultant to provide technical advisory services in relation to its current and future projects including, but not limited to, assessing existing geological data and studies, existing mine development studies and developing exploration programs and defining the framework of future geological and mine study reports (the \u201cColin Bird Services\u201d). The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Colin Bird is entitled to fees of \u00a32,500 per month for being a consultant to the Company plus reasonable and properly documents expenses incurred during the performance of the Colin Bird Services. At the year end the Group owed Colin Bird \u00a372,500 (2024 - \u00a342,500) in respect of consultancy fees. (c) Pursuant to an agreement dated 29 April 2022, renewed the appointment of Kjeld Thygesen as a non-executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Kjeld Thygesen is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Kjeld Thygesen is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Kjeld Thygesen \u00a372,000 (2024 - \u00a354,000) in respect of director fees. (d) Pursuant to an agreement dated 29 April 2022, Alex Borrelli was appointed as a non-executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Alex Borrelli is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Alex Borrelli is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Alex Borelli \u00a341,824 (2024 - \u00a328,333) in respect of director fees in relation to Alex Borrelli. (e) Pursuant to an agreement dated 29 April 2022, Evan Kirby was appointed as a non-executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Evan Kirby is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Evan Kirby is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Metallurgical Management Services a company controlled by Evan Kirby \u00a342,000 (2024 - \u00a324,000) in respect of director fees in relation to Evan Kirby. (f) Pursuant to an agreement dated 31 January 2023, Martyn Churchouse was appointed as an executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Martyn Churchouse is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Martyn Churchouse is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Martyn Churchouse \u00a342,111 (2024 - \u00a324,111) in respect of director fees in relation to Martyn Churchouse. (g) Pursuant to a consultancy agreement dated 31 January 2023, the Company has, appointed Martyn Churchouse as a consultant to provide technical advisory services in relation to its current and future projects including, but not limited to, assessing existing geological data and studies, existing mine development studies and developing exploration programs and defining the framework of future geological and mine study reports (the \u201cMartyn Churchouse Services\u201d). The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Martyn Churchouse is entitled to fees of \u00a3500 per month for being a consultant to the Company plus reasonable and properly documents expenses incurred during the performance of the Martyn Churchouse Services. At the year end the Group owed Martyn Churchouse \u00a312,000 (2024 - \u00a36,000) in respect of consultancy fees. Loans to Subsidiaries
2025
2024
\u00a3
\u00a3
Loans to Northern X Scandinavia AB
-
1,101,493
Loans to Northern X Finland OY
-
-
Loans to Caledonian Minerals AS
-
-
Loans to EV Metals AB
-
-
-
1,101,493
All intra-group loans are interest-free and form part of the Company\u2019s investment in subsidiaries. The loans are net of the impairments detailed in note 14. During the period Colin Bird lent \u00a335,000 to the company on an interest free basis which was outstanding at the year end (2024: \u00a3Nil). Post the period end this loan was repaid by set off against the subscription monies due by Colin Bird to the Company in relation to the fundraising announced by the Company on 23 March 2026 (note 23) ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-247": { "value": "22. NET DEBT
Group
Company
Group
Company
2025
2025
2024
2024
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
6,525
6,521
17,551
15,204
Borrowings
(189,000)
(189,000)
(125,000)
(125,000)
Net (debt) / funds at year end
(182,475)
(182,479)
(107,449)
(109,796)
Net funds brought /forward
(107,449)
(109,796)
199,992
39,953
Cash flow movements
(75,026)
(72,683)
(307,441)
(149,749)
Net (debt) / funds as at year end
(182,475)
(182,479)
(107,449)
(109,796)
Net debt is calculated as total borrowings (including \u201ccurrent and non-current borrowings\u201d as shown in the statement of financial position) less cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-228": { "value": "22. NET DEBT
Group
Company
Group
Company
2025
2025
2024
2024
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
6,525
6,521
17,551
15,204
Borrowings
(189,000)
(189,000)
(125,000)
(125,000)
Net (debt) / funds at year end
(182,475)
(182,479)
(107,449)
(109,796)
Net funds brought /forward
(107,449)
(109,796)
199,992
39,953
Cash flow movements
(75,026)
(72,683)
(307,441)
(149,749)
Net (debt) / funds as at year end
(182,475)
(182,479)
(107,449)
(109,796)
Net debt is calculated as total borrowings (including \u201ccurrent and non-current borrowings\u201d as shown in the statement of financial position) less cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } }, "fact-248": { "value": "
23. EVENTS AFTER THE REPORTING DATE
As announced on 22 January 2026 the Company entered into a binding and exclusive Option
Agreement valid until 19 May 2026 to acquire not less than 70% interest on terms to be agreed
with Bonya Exploration Pty Namibia (\u201cBonya\u201d) to evaluate EPL4458 and EPL 6691 licenses for
the prospectivity of developing a Rare Earth mining project in Namibia.
Following work carried out on assaying and further trenching and identification of possible
drilling targets and carrying out all the necessary legal, financial and regulatory checks it was
further announced on 23 February that the Company had decided to exercise the option and
entered into a definitive agreement with Bonya Exploration Pty Namibia (\u201cBonya\u201d) which owns
Namibia exploration licences EPL4458 and EPL 6691 (the \u201cLicences\u201d) and Bonya\u2019s shareholder
(the \u201cAgreement\u201d) under which Kendrick will hold a 70% interest in the Licences which have
prospectivity for the development of a Rare Earth mining project (the \u201cProject\u201d).
The consideration payable is i) USD300,000 cash consideration and ii) the issue of 22,000,000
ordinary shares in Kendrick (the \u201cConsideration Shares). Further consideration of USD500,000
and a further 3,000,000 Consideration Shares will be payable when the Licences have been
granted an extension of at least 18 months.
On 10 February 2026 the Company secured a \u00a3337,000 unsecured convertible loan facility (the
\u201cConvertible Loan Facility\u201d) provided by high net worth individuals, including \u00a337,000 from
Colin Bird the Company\u2019s Chairman (together, the \u201cLenders\u201d) which is convertible at 0.66804
pence per share (the \u201cConvertible Conversion Price\u201d) and repayable by 31 January 2027 (the
\u201cConvertible Repayment Date\u201d).
In addition the long term shareholder Sanderson Capital Partners Ltd (\u201cSanderson\u201d) agreed to
extend the maturity date for the \u00a3375,000 drawdown under the unsecured convertible loan funding
facility announced on 22 April 2024 (the \u201cSanderson Facility\u201d) to 30 June 2027; and to advance
a further \u00a3250,000 under the Facility (the \u201cAdditional Loan Tranche\u201d) which is convertible at
the Convertible Conversion Price and repayable at the Convertible Repayment Date.
The Convertible Loan Facility is unsecured and is convertible at the option of the Lenders or the
Company and is interest free. The Convertible Loan Facility is convertible, at the Convertible
Conversion price save that if prior to repayment there is a \u2018Qualifying Financing\u2019, being any issue
of new shares for cash at less than the Convertible Conversion Price the loan will convert at the
price and on the same terms as the relevant \u2018Qualifying Financing\u2019. The agreement includes
customary terms and conditions for a facility of this nature.
The terms of the \u00a3375,000 drawn down under the pre-existing Sanderson Facility remain the same
save that the maturity date has been extended to 30 June 2027. The Additional Loan Tranche terms
are as follows:
Repayment Unless otherwise converted, the Company must repay the Additional Loan Tranche on 31 January 2027 (the \u201cRepayment Date\u201d). The Company may prepay the whole or part of the Facility on any day prior to the Repayment Date upon giving not less than 14 days\u2019 prior written notice to the Lender and paying in cash a prepayment fee of 5% of the amount which the Company prepays in cash before the Repayment Date. Sanderson can during the 14 days\u2019 notice period make an election for all or part of the loan subject to a prepayment notice to be repaid in new ordinary shares (\u201cShares\u201d) in which case the 5% fee shall not apply to that proportion of the loan repaid in Shares. Conversion of Loan Tranche by Lender Sanderson may at any time prior to the Repayment Date elect to convert all or part of any drawn down amount into such number of Shares equal to the amount of the Additional Loan Tranche that is to be repaid at the date of the election, divided by the Convertible Conversion price, If prior to repayment of the Additional Loan Tranche there is a \u2018Qualifying Financing\u2019, being any issue of Shares for cash at less than the Convertible Conversion Price, then the Additional Loan Tranche\u2019s conversion price will be at the price and on the same terms as the relevant \u2018Qualifying Financing\u2019 Conversion of Loan by the Company The Company may at any time prior to the Repayment Date elect to convert all or part of Additional Loan Tranche if the Share price exceeds 1.336 pence (\u201cTarget Conversion Price\u201d) for a period of five or more business days. Interest and Fees The Additional Loan Tranche is interest free. Sanderson shall be paid an arrangement fee of 10% of the amount of the Additional Loan Tranche to be settled by the issue of 2,663,843 Shares (\u201cFacility Fee Shares\u201d) credited as fully paid by at an issue price of 0.93849p per Share (being the Five Day VWAP on the date of this announcement) with the Facility Fee Shares to be issued on or before 31 December 2026 or such other date agreed by the parties. Sanderson shall be paid a further fee of 2% of the amount of the Additional Loan Tranche which is to be settled by the issue of 532,769 new Shares credited as fully paid by at an issue price of 0.93849p per Share (being the Five Day VWAP on the date of this announcement) (\u201cDrawdown Fee Shares\u201d) with the Drawdown Fee Shares to be issued on or before 31 December 2026 or such other date agreed by the parties. Warrants Sanderson shall be issued warrants over Shares (\u201cWarrants\u201d) exercisable at any time up until 10 February 2029, with a face value equal to \u00a3125,000 and an exercise price of 1.336 pence per share for the drawdown of the Additional Loan Tranche. On 25 February 2026 the Company announced the issue of new 17,531,200 ordinary shares of GBP0.0003 each (\u201cConversion Shares\u201d) to settle \u00a3350,624 of accrued fees (\u201cthe \u201cAccrued Fees\u201d) that would otherwise be payable by the Company. The Conversion Shares will rank pari passu with the existing ordinary shares in the Company. Of the \u00a3350,624 of accrued fees owed \u00a3289,374 were due to Directors and Lion Mining Finance Ltd a company controlled by Chairman Colin Bird. It was announced on 23 March 2026 the Company raised \u00a31,000,000 before expenses (the \u201cFundraising\u201d) at 2.6 pence per Ordinary Share (the \u201cFundraising Price\u201d) through the issue of 38,461,537 new Ordinary Shares of \u00a30.0003 each (the \u201cFundraising Shares\u201d) The Fundraising comprised a placing of 9,615,385 Fundraising Shares raising \u00a3250,000 via Shard Capital Partners PLC (\u201cShard\u201d) (the \u201cPlacing\u201d), and Company arranged share subscriptions for 28,846,152 Fundraising Shares raising \u00a3750,000 (the \u201cShare Subscriptions\u201d). Colin Bird, the Company\u2019s Executive Chairman subscribed \u00a365,000 for 2,500,000 Fundraising Shares which represented in aggregate 6.5% per cent. of the gross Fundraising proceeds. and Heather Churchouse a person closely associated with Martyn Churchouse a Director of the Company has subscribed \u00a320,000 for 769,231 Fundraising Shares which represent in aggregate 2% per cent. of the gross Fundraising proceeds. The Company also issued a warrant to Shard to subscribe for 576,923 new Ordinary Shares exercisable at the Fundraising Price for a period of two years from Admission (\u201cBroker Warrants\u201d) on 7 April 2026. The Company also agreed to issue 576,923 shares at the Fundraising Price to settle \u00a315,000 of accrued fees due to a consultant. Other than these matters, no significant events have occurred subsequent to the reporting date that would have a material impact on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2024-12-30T00:00:00/2025-12-30T00:00:00" } } } }