Critical Metals
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Molulu resource estimate and PEA
Exploration at Molulu was halted by financial constraints after the November 2025 results. Funding was confirmed and the site reopened in early September 2026. The field programme started on 2 October 2026, with Phase 1 aiming to build a trial ore stockpile. Phase 2 depends on a review of the Phase 1 results.
- Phase 1 aim
- Establish a trial ore stockpile for commercial validation, then trial delivery to test logistics and buyers 26 Oct 2026 ↗
- Site reopened
- Early September 2026, after funding was confirmed 26 Oct 2026 ↗
- Fieldwork start
- Announced 2 October 2026 26 Oct 2026 ↗
- Next milestone
- Initial reconciled results expected late December 2026 26 Oct 2026 ↗
- Phase 2
- Contingent on detailed assessment of results and potential for up-scaling 26 Oct 2026 ↗
Next: Initial reconciled results from trial extraction, despatch and delivery · 31 Dec 2026
- 26 Oct 2026 Phase 1 scout mining fieldwork under way
- 7 Nov 2025 Exploration halted; geological data analysis planned
Additional funding requirement
Led to Temporary suspension of listing – Cause stated: late audited accounts; controls strengthened
The £2.1m NIU convertible loan note was raised on 31 December 2025. The final results state that part of the funds went on restructuring, debt reduction and Molulu, and that fieldwork restarted after funds were released. No closing cash figure is given here.
- Amount
- £2.1 million convertible loan note from NIU 26 Oct 2026 ↗
- Use of money
- Restructuring, debt reduction and advancing the Molulu Project 26 Oct 2026 ↗
- Funder
- NIU Invest SE, majority shareholder 26 Oct 2026 ↗
- 26 Oct 2026 £2.1m NIU note funded fieldwork restart
- 3 Feb 2026 £2.1m NIU convertible loan note raised
- 7 Nov 2025 Planned, cash minimal
CEO succession and restructuring
Two CEOs left within weeks in late 2025 and Danilo Lange became interim CEO on 16 December 2025. The final results now call him CEO and list two new non-executive directors. Remuneration and Audit Committees are centralised under the three independent non-executive directors.
- CEO
- Danilo Lange, described as CEO in the results 26 Oct 2026 ↗
- New NEDs
- Selina Hayes and Kriss Tremaine 26 Oct 2026 ↗
- Chairman
- Kelvin Williams, Non-Executive Chairman 26 Oct 2026 ↗
- Committees
- Remuneration and Audit centralised under three independent NEDs 26 Oct 2026 ↗
- 26 Oct 2026 Lange now described as CEO; board restructured
- 3 Feb 2026 Interim CEO Lange in place; board strengthened
- 16 Dec 2025 Interim CEO in place; search under way
Temporary suspension of listing
Follows from Additional funding requirement – £2.1m NIU note funded fieldwork restartLed to CEO succession and restructuring – Lange now described as CEO; board restructured
Next: confirm reinstatement of shares
- 3 Feb 2026 Cause stated: late audited accounts; controls strengthened
- 7 Nov 2025 Reinstatement application lodged with FCA
- 3 Nov 2025 Suspended from Official List 3 Nov 2025
Closed · 2
Company filings. Not investment advice.