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"mci_ProceedsFromIssueOfConvertibleLoanNote_D1167070555_CY": { "value": "51709.0", "dimensions": { "concept": "mci:ProceedsFromIssueOfConvertibleLoanNote", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "mci_ProceedsFromIssueOfConvertibleLoanNote_D1167070555_PY": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "mci:ProceedsFromIssueOfConvertibleLoanNote", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_CashFlowsFromUsedInInvestingActivities_E56_CY": { "value": "51709.0", "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_CashFlowsFromUsedInInvestingActivities_E56_PY": { "value": "-165263.0", "dimensions": { "concept": 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"ifrs-full_CashAndCashEquivalents_E77_PY": { "value": "371484.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_CashAndCashEquivalents_E78_CY": { "value": "320829.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_CashAndCashEquivalents_E78_PY": { "value": "72286.0", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": { "value": "MEDCAW INVESTMENTS PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_E61_CY": { "value": "
1.\u2003 General Information
\u00a0
The Company was incorporated on 11 December 2020 as a public company in England and Wales with company number 13078596 under the Companies Act, 2006.
\u00a0
The address of its registered office is Eccleston Yards, 25 Eccleston Place London SW1W 9NF United Kingdom.
\u00a0
The principal activity of the Company is to pursue one or more acquisitions.
\u00a0
The Company listed on the London Stock Exchange (\u201cLSE\u201d) on 21st December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ifrs-full_LegalFormOfEntity_E6_CY": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": { "value": "Eccleston Yards, 25 Eccleston Place London SW1W 9NF", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ifrs-full_PrincipalPlaceOfBusiness_E9_CY": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_E10_CY": { "value": "The principal activity of the Company is to pursue one or more acquisitions", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_E2_CY": { "value": "
2.\u2003 Accounting policies
\u00a0
The principal accounting policies applied in preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.
2.1\u2003 Basis of preparation
\u00a0
The principal accounting policies applied in the preparation of the Financial Statements are set out below. These policies have been consistently applied to the year presented, unless otherwise stated.
\u00a0
The Company Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (\u2018IFRS').
\u00a0
The Company Financial Statements are presented in \u00a3 unless otherwise stated.
2.2\u2003 Going concern
\u00a0
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The Company has incurred recurring losses in the current and prior periods and, as at the reporting date, is dependent on securing additional funding to meet its working capital requirements.
\u00a0
These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
\u00a0
Subsequent to the reporting date, the Company announced a proposed corporate transaction involving the acquisition of the Eagle Lake Gold Project, a move to AIM, and an associated equity fundraise of approximately \u00a32 million. If completed, the Directors consider that this transaction would provide the Company with access to sufficient funding to support its working capital needs. The Directors also note the Company's history of receiving support from shareholders and financiers and reasonably expect such support to continue. In addition, the Company has the ability to significantly reduce or defer discretionary expenditure pending completion of the proposed fundraising.
Notwithstanding the material uncertainty described above, the Directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would be required if the Company were unable to continue as a going concern.
2.3\u2003 Cash and cash equivalents
\u00a0
Cash and cash equivalents comprise cash at bank and in hand, and demand deposits with banks and other financial institutions.
2.4\u2003 Equity
\u00a0
Share capital is determined using the nominal value of shares that have been issued.
The Share premium account includes any premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from the Share premium account, net of any related income tax benefits.
\u00a0
Equity-settled share-based payments are credited to a share-based payment reserve as a component of equity until related options or warrants are exercised or lapse.
\u00a0
Retained losses includes all current and prior year results as disclosed in the income statement.
2.5\u2003 Foreign currency translation
\u00a0
The financial statements are presented in Sterling which is the Company's functional and presentational currency.
\u00a0
Transactions in currencies other than the functional currency are recognised at the rates of exchange on the dates of the transactions. At each reporting date, monetary assets and liabilities are retranslated at the rates prevailing at the balance sheet date with differences recognised in the Statement of comprehensive income in the year in which they arise.
2.6\u2003 Financial instruments
\u00a0
IFRS 9 requires an entity to address the classification, measurement and recognition of financial assets and liabilities.
\u00a0
a)
Classification
\u00a0
The Company classifies its financial assets in the following measurement categories:
\u00a0
\u25cf
those to be measured subsequently at fair value (either through OCI or through profit or loss);
\u00a0
\u00a0
\u25cf
those to be measured at amortised cost; and
\u00a0
\u00a0
\u25cf
those to be measured subsequently at fair value through profit or loss.
The classification depends on the Company's business model for managing the financial assets and the contractual terms of the cash flows.
\u00a0
For assets measured at fair value, gains and losses will be recorded either in profit or loss or in OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
\u00a0
b)
Recognition
\u00a0
Purchases and sales of financial assets are recognised on trade date (that is, the date on which the Company commits to purchase or sell the asset). Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.
\u00a0
c)
Measurement
\u00a0
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
\u00a0
Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
\u00a0
Debt instruments
\u00a0
Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss
arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.
\u00a0
d)
Impairment
\u00a0
The Company assesses, on a forward-looking basis, the expected credit losses associated with any debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
2.7\u2003 Equity instruments
\u00a0
Equity instruments issued by the Company are recorded at the proceeds received net of any direct issue costs.
2.8\u2003 Share based payments
\u00a0
The Company issues equity-settled share-based payments to certain advisors.
\u00a0
Equity-settled Share based payments are measured at fair value at the date of grant.
\u00a0
Fair value is measured using an appropriate options pricing model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
\u00a0
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, together with a corresponding increase in equity, based upon the Company's estimate of the shares that will eventually vest.
\u00a0
Where the terms of an equity-settled transaction are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in value of the transaction as a result of the modification, as measured at the date of the modification.
Where an equity-settled transaction is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the transaction is recognised immediately. However, if a new transaction is substituted for the cancelled transaction and designated as a replacement transaction on the date that it is granted, the cancelled and new transactions are treated as if they were a modification of the original transaction, as described in the previous paragraph.
2.9\u2003 Taxation
\u00a0
Tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
2.10\u2003 Critical accounting judgements and key sources of estimation uncertainty
\u00a0
The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected.
\u00a0
Estimation of fair value of warrants issued in the year
The fair value of the warrants issued during the period have been calculated using a Black Scholes model which requires a number of assumptions and inputs, see Note 14 below.
Separation of convertible loan note into liability and equity components
\u00a0
On 10 September 2025, the Company issued unsecured convertible loan notes with a total principal value of \u00a3550,000. In accordance with IAS 32, the instrument has been separated into a liability component and an equity component. The determination of an appropriate market discount rate for the liability component at initial recognition requires significant judgement. Management applied a rate of 17% per annum, derived using a build-up approach consistent with IFRS 13, reflecting the unsecured nature of the instrument, the Company's illiquidity as an unquoted entity, and a distressed issuer premium. See Note 15 for further details.
2.11\u2003 New standards and interpretations not yet adopted
\u00a0
At the date of approval of these financial statements, the following standards and interpretations which have not been applied in these financial statements were in issue but were effective (and in some cases have not yet been adopted by the UK):
\u00a0
The following standards have been amended and adoption is mandatory for periods beginning on or after 1 January 2025, with early adoption permitted:
Standard
Effective date
Overview
Amendments to
IAS 21
Lack of Exchangeability
1 January 2025 (early adoption permitted)
An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations.
For further details see in brief INT2023-19.
\u00a0
Future changes to International Financial Reporting Standards
\u00a0
Adoption of the following new and amended standards is mandatory for periods beginning on 1 January 2026 and beyond:
Standard
Effective date
Overview
Amendment to IFRS 9 and
1 January 2026
These amendments:
IFRS 7
Classification and
Measurement of Financial Instruments
(early adoption permitted)
\u25cf
clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;
\u00a0
\u00a0
\u25cf
clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
\u00a0
\u00a0
\u25cf
add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and
\u00a0
\u00a0
\u25cf
make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI).
For further details see In brief INT2024-14.
IFRS 18 Presentation and
Disclosure in Financial
Statements
1 January 2027 (early adoption permitted)
This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
\u00a0
\u00a0
\u25cf
the structure of the statement of profit or loss;
\u00a0
\u00a0
\u25cf
required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and
\u00a0
\u00a0
\u25cf
enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
\u00a0
\u00a0
For further details see In brief INT2024-06.
Except for IFRS 18, which will affect the presentation and disclosure of the Company's financial statements when it becomes effective, the Directors do not expect the adoption of the above standards to have a material impact on the Company's financial reporting.
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2.1\u2003 Basis of preparation
\u00a0
The principal accounting policies applied in the preparation of the Financial Statements are set out below. These policies have been consistently applied to the year presented, unless otherwise stated.
\u00a0
The Company Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (\u2018IFRS').
\u00a0
The Company Financial Statements are presented in \u00a3 unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_E62_CY": { "value": "
2.2\u2003 Going concern
\u00a0
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The Company has incurred recurring losses in the current and prior periods and, as at the reporting date, is dependent on securing additional funding to meet its working capital requirements.
\u00a0
These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
\u00a0
Subsequent to the reporting date, the Company announced a proposed corporate transaction involving the acquisition of the Eagle Lake Gold Project, a move to AIM, and an associated equity fundraise of approximately \u00a32 million. If completed, the Directors consider that this transaction would provide the Company with access to sufficient funding to support its working capital needs. The Directors also note the Company's history of receiving support from shareholders and financiers and reasonably expect such support to continue. In addition, the Company has the ability to significantly reduce or defer discretionary expenditure pending completion of the proposed fundraising.
\u00a0
Notwithstanding the material uncertainty described above, the Directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would be required if the Company were unable to continue as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_E22_CY": { "value": "
2.3\u2003 Cash and cash equivalents
\u00a0
Cash and cash equivalents comprise cash at bank and in hand, and demand deposits with banks and other financial institutions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_E55_CY": { "value": "
2.4\u2003 Equity
\u00a0
Share capital is determined using the nominal value of shares that have been issued.
The Share premium account includes any premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from the Share premium account, net of any related income tax benefits.
\u00a0
Equity-settled share-based payments are credited to a share-based payment reserve as a component of equity until related options or warrants are exercised or lapse.
\u00a0
Retained losses includes all current and prior year results as disclosed in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_E42_CY": { "value": "
2.5\u2003 Foreign currency translation
\u00a0
The financial statements are presented in Sterling which is the Company's functional and presentational currency.
\u00a0
Transactions in currencies other than the functional currency are recognised at the rates of exchange on the dates of the transactions. At each reporting date, monetary assets and liabilities are retranslated at the rates prevailing at the balance sheet date with differences recognised in the Statement of comprehensive income in the year in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_E39_CY": { "value": "
2.6\u2003 Financial instruments
\u00a0
IFRS 9 requires an entity to address the classification, measurement and recognition of financial assets and liabilities.
\u00a0
a)
Classification
\u00a0
The Company classifies its financial assets in the following measurement categories:
\u00a0
\u25cf
those to be measured subsequently at fair value (either through OCI or through profit or loss);
\u00a0
\u00a0
\u25cf
those to be measured at amortised cost; and
\u00a0
\u00a0
\u25cf
those to be measured subsequently at fair value through profit or loss.
\u00a0
The classification depends on the Company's business model for managing the financial assets and the contractual terms of the cash flows.
\u00a0
For assets measured at fair value, gains and losses will be recorded either in profit or loss or in OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
\u00a0
b)
Recognition
\u00a0
Purchases and sales of financial assets are recognised on trade date (that is, the date on which the Company commits to purchase or sell the asset). Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.
\u00a0
c)
Measurement
\u00a0
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
\u00a0
Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
\u00a0
Debt instruments
\u00a0
Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss
arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.
\u00a0
d)
Impairment
\u00a0
The Company assesses, on a forward-looking basis, the expected credit losses associated with any debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_mci_DescriptionOfAccountingPolicyForEquityInstrumentsExplanatory_D866502393_CY": { "value": "
2.7\u2003 Equity instruments
\u00a0
Equity instruments issued by the Company are recorded at the proceeds received net of any direct issue costs.
", "dimensions": { "concept": "mci:DescriptionOfAccountingPolicyForEquityInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_E86_CY": { "value": "
2.8\u2003 Share based payments
\u00a0
The Company issues equity-settled share-based payments to certain advisors.
\u00a0
Equity-settled Share based payments are measured at fair value at the date of grant.
\u00a0
Fair value is measured using an appropriate options pricing model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
\u00a0
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, together with a corresponding increase in equity, based upon the Company's estimate of the shares that will eventually vest.
\u00a0
Where the terms of an equity-settled transaction are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in value of the transaction as a result of the modification, as measured at the date of the modification.
\u00a0
Where an equity-settled transaction is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the transaction is recognised immediately. However, if a new transaction is substituted for the cancelled transaction and designated as a replacement transaction on the date that it is granted, the cancelled and new transactions are treated as if they were a modification of the original transaction, as described in the previous paragraph.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_E52_CY": { "value": "
2.9\u2003 Taxation
\u00a0
Tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_E3_CY": { "value": "
2.10\u2003 Critical accounting judgements and key sources of estimation uncertainty
\u00a0
The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected.
\u00a0
Estimation of fair value of warrants issued in the year
\u00a0
The fair value of the warrants issued during the period have been calculated using a Black Scholes model which requires a number of assumptions and inputs, see Note 14 below.
Separation of convertible loan note into liability and equity components
\u00a0
On 10 September 2025, the Company issued unsecured convertible loan notes with a total principal value of \u00a3550,000. In accordance with IAS 32, the instrument has been separated into a liability component and an equity component. The determination of an appropriate market discount rate for the liability component at initial recognition requires significant judgement. Management applied a rate of 17% per annum, derived using a build-up approach consistent with IFRS 13, reflecting the unsecured nature of the instrument, the Company's illiquidity as an unquoted entity, and a distressed issuer premium. See Note 15 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations_D2041575746_CY": { "value": "2.11\u2003 New standards and interpretations not yet adopted\u00a0At the date of approval of these financial statements, the following standards and interpretations which have not been applied in these financial statements were in issue but were effective (and in some cases have not yet been adopted by the UK):\u00a0The following standards have been amended and adoption is mandatory for periods beginning on or after 1 January 2025, with early adoption permitted:\u00a0StandardEffective dateOverviewAmendments toIAS 21Lack of Exchangeability1 January 2025 (early adoption permitted)An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations.For further details see in brief INT2023-19.\u00a0Future changes to International Financial Reporting Standards\u00a0Adoption of the following new and amended standards is mandatory for periods beginning on 1 January 2026 and beyond:\u00a0StandardEffective dateOverviewAmendment to IFRS 9 and1 January 2026These amendments:IFRS 7Classification andMeasurement of Financial Instruments(early adoption permitted)\u25cfclarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;\u00a0\u00a0\u25cfclarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;\u00a0\u00a0\u25cfadd new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and\u00a0\u00a0\u25cfmake updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI).For further details see In brief INT2024-14.IFRS 18 Presentation andDisclosure in FinancialStatements1 January 2027 (early adoption permitted)This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:\u00a0\u00a0\u25cfthe structure of the statement of profit or loss;\u00a0\u00a0\u25cfrequired disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and\u00a0\u00a0\u25cfenhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.\u00a0\u00a0For further details see In brief INT2024-06.Except for IFRS 18, which will affect the presentation and disclosure of the Company's financial statements when it becomes effective, the Directors do not expect the adoption of the above standards to have a material impact on the Company's financial reporting.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": { "value": "
3.\u2003 Segmental analysis
\u00a0
The Company manages its operations in one segment, being seeking a suitable investment. The results of this segment are regularly reviewed by the board as a basis for the allocation of resources, in conjunction with individual investment appraisals, and to assess its performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfExpensesExplanatory_E43_CY": { "value": "
4.\u2003 Administrative expenses
\u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December 2025
31 December 2024
\u00a0
\u00a3
\u00a3
Directors' fees*
(182,454)
72,000
Professional Fees (Legal & accounting)
178,193
105,217
Listing expenses
39,622
47,468
Other administrative expenses
47,131
15,532
Insurance
35,993
26,880
\u00a0
118,485
267,097
\u00a0
*This figure represents the reversal of historic accrued director fees from prior financial periods. As noted above, following the Board's review of historic remuneration arrangements in anticipation of the forthcoming RTO Admission transaction, accrued director fees totalling \u00a3182,454 were waived and written off in full. No director fees were accrued during the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_E40_CY": { "value": "
5.\u2003 Directors' and Employees
\u00a0
The average number of persons employed by the Company (including executive and non-executive directors) during the year ended 31 December 2025 was:
\u00a0
No of employees
Year ended
Year ended
\u00a0
31 December 2025
31 December 2024
\u00a0
\u00a0
\u00a0
Management
3
3
\u00a0
3
3
\u00a0
The aggregate payroll costs of these persons were as follows:
\u00a0
\u00a0
\u00a3
\u00a3
\u00a0
\u00a0
\u00a0
Wages and salaries
(182,454)
72,000
\u00a0
(182,454)
72,000
\u00a0
\u00a0
\u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3
\u00a3
Fees to directors
(182,454)
72,000
\u00a0
(182,454)
72,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory_E7_CY": { "value": "
6.\u2003 Auditor's Remuneration
\u00a0
\u00a0
Year ending 31
Year ending 31
\u00a0
December 2025
December 2024
\u00a0
\u00a3
\u00a3
Fees payable to the Company's auditor for the
audit of the Company
26,500
30,000
\u00a0
\u00a0
\u00a0
\u00a0
26,500
30,000
\u00a0
An over-accrual of \u00a35,000 relating to prior-year audit fees was carried forward into FY2025. Accordingly, the FY2025 auditors' remuneration has been adjusted to reflect this, resulting in a net charge of \u00a326,500 (\u00a331,500 current-year accrual less the \u00a35,000 over-accrual).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": { "value": "
7.\u2003 Taxation
\u00a0
\u00a0
\u00a0
As at 31
As at 31
\u00a0
\u00a0
December 2025
December 2024
\u00a0
\u00a0
\u00a3
\u00a3
\u00a0
A reconciliation of the tax charge / credit appearing in the income statement to the tax that would result from applying the standard rate of tax to the results for the year is:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loss per accounts
(144,478)
(432,360)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Tax credit at the standard rate of corporation tax in the UK of 19%
(27,451)
(82,148)
\u00a0
Adjustment for items disallowable for tax
-
-
\u00a0
Tax losses for which no deferred tax is recognised
27,451
82,148
\u00a0
Tax expense recognised in accounts
-
-
\u00a0
The Company has total carried forward losses of \u00a31,392,256 (2024: \u00a31,247,778). The taxed value of the unrecognised deferred tax asset is \u00a3265,848 (2024: \u00a3238,397) and these losses do not expire. No deferred tax assets in respect of tax losses have been recognised in the accounts because there is currently insufficient evidence of the timing of suitable future taxable profits against which they can be recovered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": { "value": "
8.\u2003 Earnings per share
\u00a0
The calculation of the basic and diluted earnings per share is calculated by dividing the profit or loss for the year by the weighted average number of ordinary shares in issue during the year.
\u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a3
\u00a3
Loss attributable to shareholders of Medcaw Investments Plc
(144,478)
(432,360)
\u00a0
\u00a0
\u00a0
Weighted number of ordinary shares in issue
22,132,095
22,132,095
Basic & dilutive earnings per share from continuing
operations - pence
(0.65)
(1.95)
\u00a0
There is no difference between the diluted loss per share and the basic loss per share presented. Share options and warrants could potentially dilute basic earnings per share in the future but were not included in the calculation of diluted earnings per share as they are anti-dilutive for the year presented. See note 13 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_E17_CY": { "value": "
9.\u2003 Cash and cash equivalents
\u00a0
\u00a0
As at
As at
\u00a0
31 December 2025
31 December 2024
\u00a0
\u00a3
\u00a3
Cash at bank
320,829
72,286
\u00a0
320,829
72,286
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory_E99_CY": { "value": "
10.\u2003 Other current assets
\u00a0
\u00a0
As at 31 December
As at 31 December
\u00a0
2025
2024
\u00a0
\u00a3
\u00a3
Prepayments
684
24,746
VAT
43,642
1,445
\u00a0
44,326
26,191
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_mci_DisclosureOfLoanNoteExplanatory_D338445949_CY": { "value": "
11.\u2003 Loan note
\u00a0
\u00a0
As at 31 December
As at 31 December
\u00a0
2025
2024
\u00a0
\u00a3
\u00a3
Loan note
-
315,173
Interest receivable
-
38,727
Provision for doubtful debts
-
(353,900)
\u00a0
-
-
\u00a0
On 23 June 2023, 19 January 2024 and 8 October 2024, the Company advanced loans of \u00a3149,910, \u00a3157,430 and \u00a37,833, respectively, to Abyssinian Metals Pty Ltd (\u201cAML\u201d) to fund working capital; the loans accrued interest at 10% per annum payable monthly, were repayable on demand, and included a conversion option into AML equity subject to milestones. Following the dispute relating to the Kenticha Lithium Project in Ethiopia disclosed on 8 November 2024, together with subsequent adverse developments including the administration of AML's parent company and suspension of the project, the Board concluded there was no reasonable expectation of recovery of either principal or accrued interest. In accordance with IFRS 9 (Appendix A; para 5.5.13), the loan was classified as credit-impaired (Stage 3) and, applying IFRS 9.5.4.1(b), interest income ceased to be recognised from 1 January 2025 because the net carrying amount was nil.
\u00a0
No interest income was therefore recognised during the year ended 31 December 2025. An impairment charge of \u00a3196,141 was recorded in 2024, and in 2025 the full carrying value of \u00a3353,900 (principal and accrued interest) was written off as an impairment of financial assets, leaving no remaining asset at 31 December 2025. On 2 April 2025, the Board announced that the Company will not proceed with the proposed reverse transaction with AML (originally announced 7 July 2023) as a result of the ongoing dispute. The cessation of interest recognition from 1 January 2025 accords with IAS 1.15 and IAS 1.31 (faithful representation), avoiding recognition of income without economic substance.
", "dimensions": { "concept": "mci:DisclosureOfLoanNoteExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": { "value": "
12.\u2003 Trade and other payables
\u00a0
\u00a0
As at 31 December
As at 31 December
\u00a0
2025
2024
\u00a0
\u00a3
\u00a3
Trade payables
63,195
16,327
Accruals
33,749
245,454
\u00a0
96,944
261,781
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_mci_DisclosureOfShareCapitalAndSharePremiumExplanatory_D1636591027_CY": { "value": "
13.\u2003 Share capital and share premium
\u00a0
\u00a0
Ordinary
Shares
Share
Capital
Share
Premium
Total
\u00a0
\u00a0
\u00a3
\u00a3
\u00a3
At 31 December 2023
22,132,095
221,320
1,005,110
1,226,430
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Issue of ordinary shares
-
-
-
-
Share issue costs
-
-
-
-
At 31 December 2024
22,132,095
221,320
1,005,110
1,226,430
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Issue of ordinary shares
-
-
-
-
Share issue costs
-
-
-
-
At 31 December 2025
22,132,095
221,320
1,005,110
1,226,430
\u00a0
The share premium represents the difference between the nominal value of the shares issued and the actual amount subscribed less; the cost of issue of the shares, the value of the bonus share issue, or any bonus warrant issue.
\u00a0
The Company has only one class of share. All ordinary shares have equal voting rights and rank pari passu for the distribution of dividends and repayment of capital.
", "dimensions": { "concept": "mci:DisclosureOfShareCapitalAndSharePremiumExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_E125_CY": { "value": "
14.\u2003 Share based payments reserve
\u00a0
\u00a0
2025
2024
\u00a0
\u00a3
\u00a3
Opening balance
14,903
14,903
Broker warrants
-
-
Advisor warrants
-
-
Adviser warrants
-
-
At 31 December
14,903
14,903
The share-based payments reserve reflects the fair value of services received in exchange for warrants granted in prior periods, measured at grant date in accordance with IFRS 2. The total reserve at 31 December 2025 is \u00a314,903 (2024: \u00a314,903), with no new warrants granted during the year.
\u00a0
All previously issued warrants expired during the year. Accordingly, the weighted average remaining contractual life of outstanding warrants at 31 December 2025 is nil (2024: 0.5 years). No warrants were outstanding at the reporting date.
\u00a0
No reversal or reclassification of the reserve has been made, as the expense was recognised in full at the
time of grant and is unaffected by subsequent expiry.
\u00a0
Warrants
\u00a0
\u00a0
As at 31 December 2025
\u00a0
Weighted average
exercise price
Number of
warrants
Brought forward at 1 January 2024
5.3p
1,900,000
Expired during the year
5p
(1,600,000)
Expired during the year
8p
(300,000)
Cancelled
-
-
Granted in year
-
-
Vested in year
-
-
Outstanding at 31 December 2025
-
-
Exercisable at 31 December 2025
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_mci_DisclosureOfConvertibleLoanNoteExplanatory_D1193901380_CY": { "value": "
15.\u2003 Convertible Loan Note
\u00a0
\u00a0
31 December 2025
\u00a0
\u00a3
\u00a0
\u00a0
Current liability
\u00a0
Liability (fair value)
498,291
Accrued interest
25,993
\u00a0
524,284
\u00a0
\u00a0
Equity
\u00a0
Conversion (option)
51,709
\u00a0
51,709
\u00a0
\u00a0
Total Convertible Loan Note Value
585,779
On 10 September 2025, the Company issued unsecured convertible loan notes with a total principal value of \u00a3550,000. The notes carry a fixed interest rate of 6% per annum and are redeemable at par on the first anniversary of issue unless earlier converted into ordinary shares upon completion of a Qualifying Transaction, as defined in the loan note instrument. As the Company does not have an unconditional right to defer settlement for more than twelve months after the reporting date, the liability component of the notes is classified as a current liability.
\u00a0
In accordance with the requirements of IFRS, the instrument has been separated into a liability component, measured at fair value on initial recognition and subsequently at amortised cost, and an equity component representing the residual value attributable to the embedded conversion option. For the year ended 31 December 2025, interest expense of \u00a325,993 has been recognised in profit or loss. At the reporting date, the carrying amounts were as follows: a liability component of \u00a3498,291, accrued interest of \u00a325,993 (total current liability \u00a3524,284), and an equity component of \u00a351,709. The total carrying value of the convertible loan notes at 31 December 2025 was \u00a3585,779.
\u00a0
In determining the fair value of the liability component at initial recognition, management applied a discount rate of 17% per annum. This rate was derived using a build-up approach in accordance with IFRS 13, reflecting what a market participant would demand when pricing a comparable instrument. Starting from the UK risk-free rate of approximately 4.5-5.0% at September 2025, management applied premiums to reflect the unsecured nature of the instrument, the Company's small size and illiquidity as an unquoted entity, and a distressed issuer premium reflecting the Company's position as a cash-shell with no revenue and no guarantee of completing a Qualifying Transaction. This approach produces a supportable range of approximately 14-19%, with 17% adopted as a reasonable mid-point. The 17% rate is further supported by the structure of the instrument itself: the contractual coupon of 6% is materially below what an arms- length lender would require for unsecured debt of this nature, with the conversion feature representing the additional compensation to investors in the form of equity upside on the pending Qualifying Transaction. Management is satisfied that 17% represents a fair, reasonable and supportable assumption in accordance with IFRS 9, IAS 32 and IFRS 13.
", "dimensions": { "concept": "mci:DisclosureOfConvertibleLoanNoteExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_E53_CY": { "value": "
16.\u2003 Financial Instruments and Risk Management
\u00a0
Principal financial instruments
\u00a0
The principal financial instruments used by the Company from which the financial risk arises are as follows:
\u00a0
\u00a0
31 December 2025
31 December 2024
\u00a0
\u00a3
\u00a3
\u00a0
\u00a0
\u00a0
Financial Assets at amortised cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
320,829
72,286
Loan note
-
-
\u00a0
320,829
72,286
\u00a0
\u00a0
\u00a0
Financial Liabilities at amortised cost
\u00a0
\u00a0
Trade and other payables
63,195
16,327
\u00a0
63,195
16,327
The financial liabilities are payable within one year.
\u00a0
General objectives and policies
\u00a0
Per the Directors report the overall objective of the Board is to set policies that seek to reduce risk as far as practical without unduly affecting the Company's competitiveness and flexibility. Further details regarding these policies are:
\u00a0
Policy on financial risk management
\u00a0
The Company's principal financial instruments comprise cash and cash equivalents, loan receivables, trade and other payables. The Company's accounting policies and methods adopted, including the criteria for recognition, the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are set out in note 2 - \u201cAccounting Policies\u201d.
\u00a0
The Company does not use financial instruments for speculative purposes. The carrying value of all financial assets and liabilities approximates to their fair value.
\u00a0
Derivatives, financial instruments and risk management
\u00a0
The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices.
Credit risk
\u00a0
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties. The Company's exposure and the credit ratings of its counterparties are monitored by the Board of Directors to ensure that the aggregate value of transactions is spread amongst approved counterparties.
\u00a0
The Company applies IFRS 9 to measure expected credit losses for its loan receivables, these are regularly monitored and assessed. Loans are subject to an expected credit loss provision when it is probable that amounts outstanding are not recoverable as set out in the accounting policy.
\u00a0
The Company's principal financial assets are cash and cash equivalents and a loan note. Cash equivalents include amounts held on deposit with financial institutions.
\u00a0
The credit risk on liquid funds held in current accounts and available on demand is limited because the Company's counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
\u00a0
No financial assets have indicators of impairment.
\u00a0
The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recorded in the financial statements.
Liquidity risk
\u00a0
During the 31 December 2025, the Company was financed by cash raised through equity funding. Funds raised surplus to immediate requirements are held as cash deposits in Sterling.
\u00a0
In managing liquidity risk, the main objective of the Company is to ensure that it can pay all of its liabilities as they fall due. The Company monitors its levels of working capital to ensure that it can meet its liabilities as they fall due.
\u00a0
The table below shows the undiscounted cash flows on the Company's financial liabilities as at 31 December 2025 on the basis of their earliest possible contractual maturity.
\u00a0
Total
Within 2
months
Within 2-6 months
\u00a0
\u00a3
\u00a3
\u00a3
At 31 December 2025
\u00a0
\u00a0
\u00a0
Trade payables
63,195
63,195
-
Accruals
33,749
33,749
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
Within 2
months
Within 2-6 months
\u00a0
\u00a3
\u00a3
\u00a3
At 31 December 2024
\u00a0
\u00a0
\u00a0
Trade payables
16,327
16,327
-
Accruals
245,454
245,454
-
Capital management
\u00a0
The Company considers its capital to be equal to the sum of its total equity. The Company's objective when managing its capital is to ensure it obtains sufficient funding for continuing as a going concern. The Company funds its capital requirements through the issue of new shares to investors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_E58_CY": { "value": "
16.\u2003 Financial Instruments and Risk Management
\u00a0
Principal financial instruments
\u00a0
The principal financial instruments used by the Company from which the financial risk arises are as follows:
\u00a0
31 December 2025
31 December 2024
\u00a0
\u00a3
\u00a3
\u00a0
\u00a0
\u00a0
Financial Assets at amortised cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
320,829
72,286
Loan note
-
-
\u00a0
320,829
72,286
\u00a0
\u00a0
\u00a0
Financial Liabilities at amortised cost
\u00a0
\u00a0
Trade and other payables
63,195
16,327
\u00a0
63,195
16,327
The financial liabilities are payable within one year.
\u00a0
General objectives and policies
\u00a0
Per the Directors report the overall objective of the Board is to set policies that seek to reduce risk as far as practical without unduly affecting the Company's competitiveness and flexibility. Further details regarding these policies are:
\u00a0
Policy on financial risk management
\u00a0
The Company's principal financial instruments comprise cash and cash equivalents, loan receivables, trade and other payables. The Company's accounting policies and methods adopted, including the criteria for recognition, the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are set out in note 2 - \u201cAccounting Policies\u201d.
\u00a0
The Company does not use financial instruments for speculative purposes. The carrying value of all financial assets and liabilities approximates to their fair value.
\u00a0
Derivatives, financial instruments and risk management
\u00a0
The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices.
Credit risk
\u00a0
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties. The Company's exposure and the credit ratings of its counterparties are monitored by the Board of Directors to ensure that the aggregate value of transactions is spread amongst approved counterparties.
\u00a0
The Company applies IFRS 9 to measure expected credit losses for its loan receivables, these are regularly monitored and assessed. Loans are subject to an expected credit loss provision when it is probable that amounts outstanding are not recoverable as set out in the accounting policy.
\u00a0
The Company's principal financial assets are cash and cash equivalents and a loan note. Cash equivalents include amounts held on deposit with financial institutions.
\u00a0
The credit risk on liquid funds held in current accounts and available on demand is limited because the Company's counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
\u00a0
No financial assets have indicators of impairment.
\u00a0
The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recorded in the financial statements.
Liquidity risk
\u00a0
During the 31 December 2025, the Company was financed by cash raised through equity funding. Funds raised surplus to immediate requirements are held as cash deposits in Sterling.
\u00a0
In managing liquidity risk, the main objective of the Company is to ensure that it can pay all of its liabilities as they fall due. The Company monitors its levels of working capital to ensure that it can meet its liabilities as they fall due.
\u00a0
The table below shows the undiscounted cash flows on the Company's financial liabilities as at 31 December 2025 on the basis of their earliest possible contractual maturity.
\u00a0
Total
Within 2
months
Within 2-6 months
\u00a0
\u00a3
\u00a3
\u00a3
At 31 December 2025
\u00a0
\u00a0
\u00a0
Trade payables
63,195
63,195
-
Accruals
33,749
33,749
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
Within 2
months
Within 2-6 months
\u00a0
\u00a3
\u00a3
\u00a3
At 31 December 2024
\u00a0
\u00a0
\u00a0
Trade payables
16,327
16,327
-
Accruals
245,454
245,454
-
Capital management
\u00a0
The Company considers its capital to be equal to the sum of its total equity. The Company's objective when managing its capital is to ensure it obtains sufficient funding for continuing as a going concern. The Company funds its capital requirements through the issue of new shares to investors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCreditRiskExplanatory_E27_CY": { "value": "
Credit risk
\u00a0
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties. The Company's exposure and the credit ratings of its counterparties are monitored by the Board of Directors to ensure that the aggregate value of transactions is spread amongst approved counterparties.
\u00a0
The Company applies IFRS 9 to measure expected credit losses for its loan receivables, these are regularly monitored and assessed. Loans are subject to an expected credit loss provision when it is probable that amounts outstanding are not recoverable as set out in the accounting policy.
\u00a0
The Company's principal financial assets are cash and cash equivalents and a loan note. Cash equivalents include amounts held on deposit with financial institutions.
\u00a0
The credit risk on liquid funds held in current accounts and available on demand is limited because the Company's counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
\u00a0
No financial assets have indicators of impairment.
\u00a0
The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recorded in the financial statements.
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_E88_CY": { "value": "
Liquidity risk
\u00a0
During the 31 December 2025, the Company was financed by cash raised through equity funding. Funds raised surplus to immediate requirements are held as cash deposits in Sterling.
\u00a0
In managing liquidity risk, the main objective of the Company is to ensure that it can pay all of its liabilities as they fall due. The Company monitors its levels of working capital to ensure that it can meet its liabilities as they fall due.
\u00a0
The table below shows the undiscounted cash flows on the Company's financial liabilities as at 31 December 2025 on the basis of their earliest possible contractual maturity.
\u00a0
Total
Within 2
months
Within 2-6 months
\u00a0
\u00a3
\u00a3
\u00a3
At 31 December 2025
\u00a0
\u00a0
\u00a0
Trade payables
63,195
63,195
-
Accruals
33,749
33,749
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
Within 2
months
Within 2-6 months
\u00a0
\u00a3
\u00a3
\u00a3
At 31 December 2024
\u00a0
\u00a0
\u00a0
Trade payables
16,327
16,327
-
Accruals
245,454
245,454
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory_E97_CY": { "value": "
Capital management
\u00a0
The Company considers its capital to be equal to the sum of its total equity. The Company's objective when managing its capital is to ensure it obtains sufficient funding for continuing as a going concern. The Company funds its capital requirements through the issue of new shares to investors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E115_CY": { "value": "
17.\u2003 Related Party Transactions
\u00a0
Provision of services
\u00a0
During the year, \u00a384,000 (2024: \u00a322,673) was incurred for the provision of administrative and corporate accounting services from Orana Corporate LLP, of which Charles Wood and Sarah Cope are directors of the Company and Partners of Orana Corporate LLP. Of this amount, \u00a375,000 will be settled through the Convertible Loan Note instrument as part of the forthcoming transaction. These transactions have been treated at arm's length and processed at the fair market value of services provided. Other than these there were no other related party transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_mci_DisclosureOfUltimateControllingPartyExplanatory_D2041798105_CY": { "value": "
18.\u2003 Ultimate Controlling Party
\u00a0
As at 31 December 2025, there was no ultimate controlling party of the Company.
", "dimensions": { "concept": "mci:DisclosureOfUltimateControllingPartyExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCommitmentsExplanatory_E23_CY": { "value": "
19.\u2003 Capital Commitments
\u00a0
As at 31 December 2025 there were no capital commitments for the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_E42_CY": { "value": "
20.\u2003 Subsequent events
\u00a0
On 19 December 2025, prior to the year end, the Company announced that it had entered into binding heads of terms with Ulvestone Ltd regarding the proposed acquisition of 90% of the Eagle Lake Gold Project, located in Ontario, Canada. The proposed total consideration is \u00a34.17 million, comprising \u00a3170,000 in cash and \u00a34.0 million to be satisfied through the issue of new ordinary shares at 1.5 pence per share. The transaction had
not completed as at 31 December 2025 and does not give rise to an adjusting event. It is disclosed here as a non-adjusting post-balance sheet event in accordance with IAS 10.
\u00a0
The proposed acquisition forms part of a wider corporate transaction involving:
\u00a0
\u00a0
\u25cf
the cancellation of the Company's listing on the Main Market of the London Stock Exchange;
\u00a0
\u25cf
the admission of the enlarged group to trading on AIM; and
\u00a0
\u25cf
an associated equity fundraise to support the enlarged group's strategy and working capital requirements.
\u00a0
As announced, trading in the Company's shares has been temporarily suspended pending publication of the AIM admission document and completion of the regulatory process required for the proposed move to AIM. Subsequent to 31 December 2025, the Company has continued to progress the transaction. The Company expects the transaction to complete during Q2 2026, subject to satisfaction of the conditions precedent and finalisation of definitive agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800UTM4MRTZHJ8C21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }