Half-year Results

Arc Minerals (LSE: ARCM), an exploration company focused on discovering and developing Tier 1 copper deposits in Africa, announces its unaudited financial results for the six months ended 30 June 2026 (the “Interim Results”) which has been made available on the Company’s website at https://www.arcminerals.com/investors/results-presentations.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2026

• The movement in trade and other receivables includes the movement in both long- and short-term receivables.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the period ended 30 June 2026

Items that may be reclassified subsequently to profit or loss:

Items that may be reclassified subsequently to profit or loss:

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the period ended 30 June 2026

Basis of preparation

The condensed consolidated interim financial statements have been prepared under the historical cost convention and on a going concern basis and in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) as adopted by the European Union (“IFRS”) and those parts of the BVI Business Companies Act applicable to companies reporting under IFRS.

The condensed consolidated interim financial statements contained in this document do not constitute statutory accounts. In the opinion of the directors, the condensed consolidated interim financial statements for the period fairly present the financial position, result of operations and cash flows for this period.

Statement of compliance

The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 “Interim Financial Statements” in preparing these condensed consolidated interim financial statements. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS as adopted by the European Union.

Accounting policies

The condensed consolidated interim financial statements for the period ended 30 June 2026 have not been audited or reviewed in accordance with the International Standard on Review Engagements (UK) 2410. The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory annual financial statements for the year ended 31 December 2025.

New accounting standards

There were no new standards, amendments or interpretations effective for the first time for periods beginning on or after 1 January 2026 that had a material effect on these condensed consolidated interim financial statements. At the date of approval of these condensed consolidated interim financial statements, there were no issued but not yet effective standards or amendments expected to have a material impact on the Group's financial statements.

Significant judgements and estimates

In preparing these condensed consolidated interim financial statements, management has exercised judgement in determining the carrying amount of the restricted Handa bank balance following restoration of access to the relevant bank accounts after the reporting date. The carrying amount reflects bank information obtained after the reporting date but before authorisation of these condensed consolidated interim financial statements. Further details are provided in Note 5.

Going concern

The Directors have reviewed a forecast prepared by the executive and have a reasonable expectation that the Group has sufficient funds to continue in operation and satisfy liabilities for the foreseeable future. The Directors therefore consider it appropriate for the Company to continue to adopt the going concern basis in preparing these condensed consolidated interim financial statements.

Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Financial risk management

Risks and uncertainties

The Board continually assesses and monitors the key risks of the business. The key risks that could affect the Group’s medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group’s December 2025 Annual Report and Financial Statements, a copy of which is available on the Company’s website. The key financial risks are market risk, currency risk, and liquidity.

Loss per share

As the inclusion of outstanding warrants and options would result in a decrease in the earnings per share, they are considered anti-dilutive and, as such, a diluted loss per share is not included.

Intangible assets

Restricted cash – Handa group

Following implementation of the Settlement Agreement, as announced on 27 May 2026, the restrictions affecting the bank accounts of Handa Resources Limited ("Handa") were lifted during September 2026. Following restoration of access to the accounts, the Group obtained bank information which indicated that the balance at the date on which the Group obtained control of Handa differed from the balance reflected in the accounting records previously made available to the Group. Accordingly, the carrying amount of the restricted balance has been adjusted to reflect the information subsequently obtained, resulting in a non-cash loss of £774k recognised during the period. The closing carrying amount of £520k also reflects foreign exchange translation movements recognised during the period.

Trade and other payables

Surrendered Share Options Payable

The surrendered share options payable was in relation to the surrendered share options as announced on 16 March 2021.

Minority shareholder loans

The minority shareholder loans represent the loan from the 33% minority shareholder to Unico Minerals Limited. The Company has also provided a loan to this company on similar terms which had a balance on the reporting date of c.£1.56 million.

Long-term payables

The minority shareholder loans are payable to the minority shareholder Alvis-Crest (Proprietary) Limited in the amount of BWP 1,797,430 (GBP 102k) as at 30 June 2026 (31 December 2025: BWP 1,797,430 (GBP 102k)). The loans are unsecured and loan holders have agreed to roll forward the loans until a liquidity event occurs.

Share capital

The authorised share capital of the Company and the called up and fully paid amounts at 30 June 2026 were as follows:

Warrants Outstanding

As announced on 24 April 2026, the Company issued 1,011,479,051 warrants in connection with the Fundraise and Creditor Subscription, on the basis of one warrant for each new ordinary share issued. The warrants have an exercise price of 0.8 pence per ordinary share and expire on 30 April 2029.

At 30 June 2026, the Company had 1,267,567,930 warrants outstanding (31 December 2025: 256,088,879), comprising:

256,088,879 warrants exercisable at 3 pence; and

1,011,479,051 warrants exercisable at 0.8 pence.

The weighted average remaining contractual life of the warrants outstanding at 30 June 2026 was 1.5 years, and the weighted average exercise price was 1.24 pence per ordinary share.

Short-term investments

The Company’s investments held at fair value through profit and loss consist of investments publicly traded on the London Stock Exchange. These investments are valued at the mid-price as at period end.

Gains on short-term investments held at fair value through profit and loss

• See note 1 (accounting policy).

Short-term investments comprise units in the JPMorgan Global Short Duration Bond Active UCITS ETF, held for treasury management purposes. The ETF invests principally in investment-grade, GBP-denominated, short-term fixed, variable and floating rate debt securities.

Events after the reporting date

Long-term incentive awards

As announced on 9 July 2026, the Company granted 61,000,000 Restricted Stock Units and 59,000,000 share options to certain directors and senior management. The share options have an exercise price of 0.8 pence, vest equally over three years and have a five-year term. The Restricted Stock Units are subject to performance-based vesting conditions and have a five-year term.

There were no other material events after the reporting date in addition to those disclosed in the 31 December 2025 Annual Report.

Other matters

The condensed consolidated interim financial statements set out above do not constitute the Group’s statutory accounts for the period ended 30 June 2026 or for earlier periods but are derived from those accounts where applicable.

A copy of this interim statement is available on the Company’s website: www.arcminerals.com.