2025 Audited Final Results
Georgina Energy published audited FY2025 results as pre-revenue exploration company with resource upgrades and pending Mt Winter acquisition.
| 9 months to 31 Jan 2025 | |
|---|---|
| Operating profit | (£1.7m) |
| Profit before tax | (£5.4m) |
| Net income | (£5.4m) |
| Cash from operations | (£2.6m) |
| Cash | £1.2m |
Figures as reported, converted to £ where needed – see all financials.
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Georgina Energy plc is pleased to announce the publication of its audited results for the year ended 31 January 2025 ("FY 2025"). A copy of the full annual report and accounts can be found on the Company's website at www.georginaenergy.com and a summary is outlined in the Appendix.
Highlights:
- Successful RTO of Mining, Minerals and Metals PLC and raise of £5 million in July 2024
- Significant resource upgrade at Hussar of approx. 20% and extension of resource area by 50km2
- Terms agreed to acquire 100% of Mt Winter from Mosman Oil & Gas; subject to completion
- 15% increase of helium and hydrogen at Mt Winter following seismic reprocessing; included identification of further 60km2 structural closure
- Outlook:
o Hussar:
§ Formal drilling approval for Hussar expected within weeks following successful submission of majority of required documentation to DEMIRS; Environmental Management Plan ("EMP") of expanded area due to be lodged imminently
§ Subject to formal approval, long lead items will be ordered for Hussar, along with contractors secured
§ Extension of resource area may provide additional future well target sites
o Mt Winter:
§ Aboriginal Land Rights Act Agreement from Central Land Council expected imminently, following which 100% acquisition will be approved
§ Well Management Plan, detailed HSE plan and comprehensive EMP will be submitted to the Northern Territory Department of Mining and Energy ("NTDME")
§ Identification of second larger target structure within licence area offers significant future potential to increase production
o The Company is progressing negotiations following the completion of a detailed review for potential advanced prospects with proven drilled occurrences of gas with high concentrations of helium, hydrogen and hydrocarbons under relevant Confidentiality Agreements. These potential targets are slated for re-entry and development following the completion of developments at Hussar and Mt Winter.
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"We are pleased to publish the audited FY 2025 and now look forward to lifting the suspension of trading subject to FCA approval in the forthcoming days. Whilst we understand the frustration of the recent suspension, Georgina continues to focus on multiple workstreams to fulfil obligations for the Hussar drilling permit approval and completion of the Mt Winter acquisition along with preparing the re-entry plans for Mt Winter. We look forward to providing further updates in relation to our efforts and would like to thank shareholders for their patience and support."
Filing of FY 2025 with the National Storage Mechanism (NSM)
The Company is now working to format the FY2025 accounts into a the iXBRL format required for filing with the NSM and this workstream has commenced. The Company anticipates filing FY2025 with the NSM in the forthcoming days and subsequently requesting the lifting of suspension of the shares to trading by the Financial Conduct Authority.
Appendix
The Appendix contains the key reports and statements for FY2025. Please refer to the full annual report with regard to the notes to the accounts.
I have pleasure in presenting the 2025 Annual Report and Accounts of Georgina Energy Plc (the "Company" or "Georgina") formerly known as Mining Metals and Minerals Plc ("MMM").
On 30 July 2024 the Company successfully completed the reverse takeover of Georgina Production Ltd formerly known as Georgina Energy Plc, raising gross proceeds of £5.0 million and was readmitted to the London Stock Exchange adopting the name of the target company. The listing code of the Company was changed to GEX.
Georgina Production ltd is an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia.
Over the past twelve months, we have continued to advance our exploration strategy with focus, discipline, and a clear commitment to delivering long-term shareholder value in a challenging and rapidly evolving energy landscape.
Strategic Progress
Georgina Production Ltd is still at the pre-revenue stage of its lifecycle, but 2025 has been a year of meaningful progress in laying the foundation for future value creation. Our technical teams have made strong headway in de-risking our high-potential gas assets in Western Australia, with seismic interpretation, geotechnical analysis, and environmental studies moving us closer to drill-ready status and towards obtaining the exploration licence in the Northern Territories.
Traditional gas suppliers invest significantly in infrastructure to extract and store gas resources. Georgina's key difference is to sell its gas from the well head having executed a non-binding off-take agreement. The sale of raw gas at the well head would mitigate infrastructure cost exposure, which become the responsibility of the Off taker.
Post period end the Company successfully agreed terms to acquire 100% of the share capital of the company holding with a 100% working interest in Mt Winter EPA 155, paid the required deposit post year end and is now subject to completion.
A resource upgrade study was commissioned for Hussar EP513, resulting in an overall increase of approximately 20% across the main commodities; BCFG 196 Helium, BCFG 218 Hydrogen and BCFG 2,030 Hydrocarbons. This increase has also resulted in an increase in the exploration footprint of approximately 50km2 (refer RNS dated 17 October 2024 and 10 January 2025).
Further works were conducted at Hussar with a scoping study completed by an Independent qualified consulting group which confirms the viability of a commercial gas field development at Hussar, capable of producing helium, hydrogen, LNG and argon.
The Company has completed initial site operations at Hussar and is currently completing its various reporting obligations including but not limited to the Environmental Impact Study (EIS2) to seek drilling approval.
Financial Stewardship
As a pre-revenue company, maintaining financial discipline is paramount. Throughout the period, we managed our capital prudently, ensuring that funds were deployed effectively to advance core technical and regulatory workstreams while keeping our cost base lean.
At period-end, the Group held a cash balance of £1.2 million, following a successful capital raise in July 2024, which was strongly supported by both institutional and retail investors. This funding has provided the resources necessary to progress our planned drilling program and maintain momentum through 2025.
Market Position and Outlook
We remain confident in the long-term demand for natural gas, particularly as a key enabler of energy transition in both domestic and regional markets. Our asset portfolio is strategically located in a region with supportive infrastructure and growing demand, offering a strong potential pathway to commercialization.
Looking ahead, our primary focus is on delivering our maiden drilling campaign at Hussar - a key milestone that could unlock significant value. Discussions with potential off-take parties continue to progress, and we remain open to strategic partnerships that can accelerate our path to development while managing risk and capital exposure.
Governance and ESG Commitment
We are committed to high standards of corporate governance, transparency, and environmental responsibility. During the period, we began implementing frameworks that will support responsible operations as we transition from exploration to development.
In all our activities, we engage respectfully with local communities and stakeholders, ensuring that our presence brings shared value and long-term benefit to host regions.
Closing Remarks
While we have not yet achieved commercial production, we are steadily building the foundations of a company capable of delivering long-term value in a low-carbon future. I would like to thank our shareholders for their continued belief in our vision, our partners for their collaboration, and our dedicated team for their resilience and commitment.
2025/26 financial year will be pivotal for Georgina Energy, and I look forward to updating you on our progress as we take the next steps in our journey.
Peter Bradley
Chairman
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GEORGINA ENERGY PLC
Opinion
We have audited the financial statements of Georgina Energy Plc (the 'parent company' or 'company') and its subsidiaries (the 'group') for the period ended 31 January 2025 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statements of Changes in Equity, the Consolidated Statement of Cash Flows, the Company Statement of Financial Position, the Company Statements of Changes in Equity, the Company Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards and as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
In our opinion:
- the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 January 2025 and of the group's loss for the period then ended;
Basis for opinion
Material uncertainty related to going concern
We draw attention to Note 2 in the financial statements, which indicates that the group and parent company is at present reliant on the continued support of its directors and lenders, which has been confirmed, as well as the support of other external creditors in not seeking immediate repayment of liabilities due in the ordinary course of business. There is a need to secure further financing in order to continue to progress the exploration projects and to meet its ongoing working capital needs as they fall due.
Whilst, based on the positive results from the initial exploration activities to date, successful fundraises and continued support from directors, lenders and creditors in the past, management is confident that they can secure the required funding, there is no guarantee that such funding would be secured within the required timelines. As stated in Note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group's and parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
- reviewing management's assessment of going concern and discussing with management the future strategic plans of the group and sources of funding that are expected to be available, as well as available paths for cash preservation;
- reviewing management-prepared cash flow forecasts up to 31 October 2026, including confirmation of mathematical accuracy, and assessing their reasonableness through reference to current period actual financial information;
- reviewing stress testing of the cash flow forecast prepared by management based on reasonably possible scenarios;
- reviewing the adequacy and completeness of disclosures surrounding going concern in the financial statements; and
- reviewing and corroborating post balance sheet events in relation to the group's and parent company's ability to raise funds and any impact on the assumptions used in the forecast.
Our application of materiality
For the purposes of determining whether the financial statements are free from material misstatement, we define materiality as a magnitude of misstatement, including omission, that makes it probable that the economic decisions of a reasonably knowledgeable person, relying on the financial statements, would be changed, or influenced. We have also considered those misstatements including omissions that would be material by nature and would impact the economic decisions of a reasonably knowledgeable person based on our understanding of the business, industry and complexity involved.
We apply the concept of materiality both in planning and throughout the course of audit, and in evaluating the effect of misstatements. Materiality is used to determine the financial statements areas that are included within the scope of our audit and the extent of sample sizes during the audit.
The materiality applied to the group financial statements was set at £63,900. This was calculated based on 2% of net assets as per the draft group financial statements. The benchmark used is the one which we determined, in our professional judgment, to be the principal benchmark within the group financial statements relevant to shareholders of the group in assessing financial performance of the group as the focus is on the net investment in the business driving the exploration activities.
The materiality applied to the parent company financial statements was set at £37,700. This was initially calculated based on 2% of net assets as per the draft parent company financial statements but limited to 59% of group materiality due to audit aggregation risk.
The performance materiality for the group financial statements was set at £44,000 and the parent company financial statements was set at £26,400 being 70% of materiality for the financial statements as a whole respectively. The threshold was considered appropriate in light of the current size and level of complexity of the group and the parent company, and our assessment of inherent risk.
In determining materiality and performance materiality, we considered the following factors:
- our cumulative knowledge of the group and parent company and their environment;
- the change in the level of judgement required in respect of the key accounting estimates;
- significant transactions during the period;
- the stability in key management personnel; and
- the level of misstatements identified in prior periods.
For each component in the scope of our group audit, we allocated a performance materiality based on the relative significance of each component to the group and aggregation risk. The range of performance materiality allocated across components was between £22,000 and £35,200.
We agreed with the Audit Committee that we would report on the misstatements identified during our audit above £3,000 for the group financial statements and £2,640 for the parent company financial statements as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.
Due to audit and management adjustments, the materiality benchmark reduced significantly from that communicated at the planning stage. As a result, the revised overall group material and parent company material was reduced to £30,000 and £18,000 respectively.
We re-assessed all the areas wherein testing could have been affected by the reduced level of materiality. Based on the assessment, we were able to determine that the audit evidences obtained through the current audit procedures were sufficient and appropriate to provide a reasonable basis for our opinion.
Our approach to the audit
The group includes the listed parent company, Georgina Energy Plc ('GEP') in the United Kingdom, and its subsidiaries - Georgina Production Limited ('GPL') in the United Kingdom and Westmarket Oil & Gas Pty Ltd ('WMOG') in Australia.
The scope of our audit was based on the significance of component's operations and materiality. Each component was assessed as to whether they were significant or not to the group by either their size or risk. Based on the assessment, we have undertaken a full scope audit on all the 3 components.
The group's key accounting function is based in the United Kingdom and Australia and our audit was performed by our team in London with regular contact maintained with the group throughout.
In designing our audit approach, we considered those areas which were deemed to involve significant judgement and estimation by the directors, such as the key audit matter surrounding the recoverability of the carrying value of investments in and advance to subsidiaries, accounting of reverse takeover and classification and valuation for convertible loan notes. Other judgemental areas related to management assessment of going concern and the carrying value of value added tax liability. We also addressed the risk of management override of controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Key audit matters
In addition to the matter described in the Material uncertainty related to going concern section of our report, we have determined the matter described below to be the key audit matter to be communicated in our report.
| Key Audit Matter | How our scope addressed this matter |
Carrying value of investment in and advance to subsidiaries (company only) Refer Note C4 and 2
| During the period, the parent company made investment in subsidiaries amounting to £7.19m and provided advance to subsidiaries amounting to £4.87m to fund working capital requirement. The subsidiaries hold an exploration permit for the Hussar project and right to earn up to 90% of interest in the exploration permit subject to certain performance conditions over the Mt Winter project. The advance to the subsidiary was accounted under IAS 27- Separate Financial Statements. Management performed impairment assessment over the carrying value of investment in and advance to subsidiaries in line with IAS 36- Impairment of Assets . This assessment involves use of estimates and judgements by the management and may result in inaccurate carrying values due to management bias. This has been identified as a key audit matter as 1) the balances are material to the financial statements; and 2) there are significant estimates and judgements involved in management's assessment which is susceptible to misstatement due to management bias. | Our work in this area included but not limited to: · Obtaining an understanding of management's process and controls in relation to impairment assessment; · Reviewing management's accounting for the investment and advance in/to subsidiaries under IAS 27-Separate Financial Statements and IFRS 10- Consolidated Financial Statements; · Obtaining underlying documentation to confirm ownership; · Obtaining and reviewing management's impairment assessment and challenging key estimates and assumptions used therein; · Reviewing board minutes and Regulatory News Service announcements for any discussion impacting the carrying value of investments; and · Reviewing disclosures in the financial statements to ensure compliance with the relevant accounting standards. Based on the audit procedures performed, we found the carrying value to be appropriate and the judgements and estimates applied by the management were reasonable. However below instances may result in impairment in future. Approval of exploration permit for Mt. Winter The parent company expects to recover it investments through successful implementation of projects. Currently the Mt. Winter project is subject to exploration permit. The group is in discussion to finalise the Land Council Agreement and post which it can apply for the permit. However the approval of such a permit is at the discretion of the minister. If the permit is not granted, this may lead to an impairment of the carrying value as the parent company may not be able to continue with exploration activities to derive expected benefits |
Accounting for Reverse Takeover ("RTO") (group) Refer Note 18 and 2
| On 30 July 2024, the parent company acquired 100% of the share capital in Georgina Production Limited (formerly Georgina Energy Plc) under a reverse takeover. This has been identified as a key audit matter for the following reasons: 1) the material nature of the transaction and the material balances arising on account of such transaction- share based payment expense and reverse merger reserve, 2) the risk of incorrect accounting treatment resulting in material misstatements in the financial statements, and 3) the significant estimates and judgements involved in management's assessment of fair value purchase consideration and net assets acquired . | Our work in this area included: Reviewing the purchase agreement to ensure the consideration calculated is in accordance with the legal agreements and accounting standards; Reviewing management's RTO paper and fair value assessment and obtaining supporting documentation around the fair value assessment to challenge the key assumption used therein; Recalculating share based payment expense recognised on reverse acquisition and reverse acquisition reserve on consolidation; and · Reviewing disclosures in the financial statements to ensure compliance with the relevant accounting standards. Based on the audit work performed and noted above, we have not noted any issues with the accounting treatment. |
Classification and valuation of convertible loan notes (group and company) Refer Note 2 and 11
| The parent company entered into transfer and loan amendment agreement with Westmarket Corporation Pty Ltd on 11 July 2024 as part of the acquisition of Georgina Production Limited. The loan gives the option to the borrower to convert the loans into ordinary equity shares at specified conversion price. There is a risk that the classification and valuation of the convertible loan notes is not in accordance with the requirements of IAS 32- Financial Instruments: Presentation and IFRS 13- Fair Value Measurement and may result in inaccurate classification and valuation due to management bias. This has been identified as a key audit matter as 1) the balance is material to the financial statements; and 2) there are significant estimates and judgements involved in management's assessment which is susceptible to incorrect classification and valuation of convertible loan notes due to management bias. | Our work in this area included but not limited: · Obtaining and reviewing the convertible loan note agreement including any subsequent amendments to understand the key terms; · Obtaining and evaluating management's assessment of the classification of the instrument accordance with IAS 32- Financial Instruments : Presentation ; · Obtaining management's valuation of the convertible loan notes and evaluating the key inputs and assumptions used within the model, providing appropriate challenge through engaging internal valuations team as auditor's expert; and · Considering the appropriateness of disclosures included in the financial statements. Based on the audit procedures performed, we found the classification and valuation to be appropriate and the judgements and estimates applied by management were reasonable. |
| Prior period adjustments (Group only) Refer note 19 | |
| During the period, the company acquired Georgina Production Limited ('GPL')and Westmarket Oil & Gas Pty Ltd('WMOG') Prior to acquisition, all the expenses of GPL and WMOG were funded by their investor, Westmarket Corporation Pty Ltd ('WMC') but were not recharged in the correct accounting periods. Note that all entities are under common control. As part of the acquisition, the expenses paid for by WMC were invoiced to the respective entities in the current period. These expenses were therefore accounted for in the incorrect accounting period. Further it was noted that GPL and WMOG had incorrectly accrued certain expenses in previous periods. This was considered to be a key audit matter due to the material nature of the transactions involving related parties and the significant time spent by the audit team in gaining sufficient evidence of the corrections made. | Our work in this area included 1) Enquiring with the management on the process of recharge and book keeping 2) Reviewing management's impact assessment and challenging management on the reasonableness of the approach to ensure coverage and completeness 3) Reviewing management's adjustment and corroborating it against supporting documentation. 4) Reviewing the actual booking of the adjustments to ensure they are booked to correct period, entity and general ledger codes 5) Reviewing adequacy of the disclosure in the financial statements As a result of the above, prior year accounts were restated. Based on our audit procedures, the expenses during the period and accruals and creditor balances as at period end post adjustments appear to be reasonable. |
Other information
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
Matters on which we are required to report by exception
- certain disclosures of directors' remuneration specified by law are not made; or
- the part of the directors' remuneration report to be audited has not been properly prepared in accordance with the Companies Act 2006; or
- a corporate governance statement has not been prepared by the parent company; and
- we have not received all the information and explanations we require for our audit
Responsibilities of directors
As explained more fully in the directors' Responsibility Statement, the directors are responsible for the preparation of the group and parent company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the audit of the financial statements
- We obtained an understanding of the group and parent company and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, and experience of the sector.
o UK Listing Rules;
o Disclosure Guidance and Transparency Rules;
o UK Companies Act 2006;
o UK income tax and employment laws;
o Local company, taxation and employment laws and regulations applicable in Australia;
o Mining industry regulations in Australia;
o General Data Protection Regulations; and
o Anti-bribery regulations.
The audit team remained alert to instance of non-compliance with laws and regulations throughout the audit.
o Making enquiries of management;
o Reviewing Board minutes;
o Obtaining confirmation from group's company secretary and directors on compliance with laws and regulations;
o Reviewing the nature of legal and professional fees;
o Reviewing Regulatory News Service announcements; and
o Reviewing post balance sheet events.
· We also considered the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias existed in relation to the recoverability of the carrying value of investment in and advance to subsidiaries, determination of purchase consideration in respect of reverse takeover accounting and valuation of convertible loan note . We addressed this by challenging the judgements made by management when auditing these significant accounting judgements (refer to the key audit matter section).
- Our review of non-compliance with laws and regulations incorporated the listed parent company and material components. The risk of actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.
Other matters which we are required to address
We were appointed by the Board of Directors on 17 October 2024 to audit the financial statements for the period ending 31 January 2025 and subsequent financial periods. This is our first period of appointment as statutory auditors.
Our audit opinion is consistent with the additional report to the Audit Committee.
Use of our report
Timothy Harris (Senior Statutory Auditor) 15 Westferry Circus
For and on behalf of PKF Littlejohn LLP Canary Wharf
Statutory Auditor London E14 4HD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period ended 31 January 2025
| Continuing operations | 9 months Period ended 31 January 2025 | Restated Year ended 30 April 2024 | |
|---|---|---|---|
| £ | £ | ||
| Note | |||
| Administrative expenses | 4 | (953,263) | (331,714) |
| Project expenses | (770,340) | 20,839 | |
| Operating profit | (1,723,603) | (310,875) | |
| Other income | - | 14,529 | |
| Finance income | 19,895 | - | |
| Finance costs | 5 | (1,705,059) | (775,102) |
| Share based payments on reverse acquisition | 18 | (2,415,663) | - |
| Fair value movement - derivative liability | 419,235 | - | |
| Foreign exchange | (35,274) | - | |
| Loss before taxation | (5,440,469) | (1,071,448) | |
| Income tax | 6 | - | - |
| Loss after taxation | (5,440,469) | (1,071,448) | |
| Other comprehensive income and expenses | |||
| Foreign exchange different on translation of subsidiary | 29,094 | 45,992 | |
| Total comprehensive loss for the period attributable to the owner | (5,411,375) | (1,025,456 ) | |
| Loss per share | |||
| Basic and diluted (pence per share) | 16 | (3.92) | (0.55) |
The notes to the financial statements on pages 42-72 form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 January 2025
The notes to the financial statements on pages 42-72 form an integral part of these financial statements.
| Note | 31 January 2025 | Restated 30 April 2024 | Restated 1 May 2023 | |
|---|---|---|---|---|
| £ | £ | £ | ||
| ASSETS | ||||
| Current assets | ||||
| Trade and other receivables | 7 | 385,689 | 18,325 | 12,264 |
| Cash and cash equivalents | 1,215,874 | 2,758 | 2,506 | |
| Total current assets | 1,601,563 | 21,083 | 14,770 | |
| Non-current assets | ||||
| Right of use assets | 8 | 21,814 | 39,334 | 64,095 |
| Total non-current assets | 21,814 | 39,334 | 64,095 | |
| Total assets | 1,623,377 | 60,417 | 78,865 | |
| EQUITY | ||||
| Equity Attributable to Owners of the company | ||||
| Share capital | 9 | 4,851,362 | 2,806,543 | 2,806,543 |
| Share premium | 9 | 3,890,372 | - | - |
| Merger Reserve | 9 | 1,950,000 | - | - |
| Reverse acquisition reserve | 18 | (3,857,674) | - | - |
| Share based payment reserve | 9 | 619,349 | - | - |
| Shares to issue reserve | 18 | 3,937,500 | - | - |
| Foreign exchange reserve | 132,994 | 103,899 | 57,907 | |
| Retained earnings | (13,033,153) | (7,592,684) | (6,521,237) | |
| Total equity | (1,509,250) | (4,682,242) | (3,656,787) | |
| LIABILITIES | ||||
| Current liabilities | ||||
| Trade and other payables | 10 | 1,231,792 | 1,752,141 | 1,261,782 |
| Borrowings | 11 | 969,184 | 2,165,760 | 1,390,659 |
| Lease liability | 20,175 | 39,334 | 23,435 | |
| Total current liabilities | 2,221,151 | 3,957,235 | 2,675,876 | |
| Non-current liabilities | ||||
| Derivative liability | 11 | 83,288 | - | - |
| Borrowings | 11 | 828,188 | 785,424 | 1,018,723 |
| Lease liability | - | - | 41,053 | |
| Total non-current liabilities | 911,476 | 785,424 | 1,059,776 | |
| Total liabilities | 3,132,627 | 4,742,659 | 3,735,652 | |
| TOTAL EQUITY AND LIABILITIES | 1,623,377 | 60,417 | 78,865 | |
The financial statements of Georgina Energy plc, formerly known as Mining, Minerals and Metals Plc (registered number 08377465) were approved by the Board of Directors and authorised for issue on 27 June 2025.
They were signed on its behalf by:
Anthony Hamilton
Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period to 31 January 2025
| Share capital | Share premium | Retained earnings | Other reserves | Total equity | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Balance at 30 April 2023 | 2,806,543 | - | (6,293,297) | 57,907 | (3,428,847) |
| Prior year adjustment (note 19) | - | - | (227,940) | - | (227,940) |
| Restated at 30 April 2023 | 2,806,543 | - | (6,521,237) | 57,907 | (3,656,787) |
| Total comprehensive loss for the year | - | - | (1,205,325) | - | (1,205,325) |
| Impact of foreign exchange gains and losses | - | - | - | 45,992 | 45,992 |
| Balance at 30 April 2024 | 2,806,543 | - | (7,726,562) | 103,899 | (4,816,120) |
| Prior year adjustment (note 19) | - | - | 133,878 | - | 133,878 |
| Restated at 30 April 2024 | 2,806,543 | - | (7,592,684) | 103,899 | (4,682,242) |
| Total comprehensive loss for the year | - | - | (5,440,469) | - | (5,440,469) |
| Impact of foreign exchange gains and losses | - | - | - | 29,094 | 29,094 |
| Total comprehensive incomed | - | - | (5,440,469) | 29,094 | (5,411,375) |
| Transactions with owners | |||||
| Recognition of Georgina Energy plc equity at acquisition date (note 18) | (1,186,043) | 406,167 | - | 2,029,826 | 1,249,950 |
| Issue of shares | 2,912,920 | 3,254,532 | - | - | 6,167,452 |
| Issue of warrants | (104,168) | - | 619,349 | 515,181 | |
| Exercise of warrants in the year | 317,942 | 333,841 | - | - | 651,783 |
| Total transactions with owners | 2,044,819 | 3,890,372 | - | 2,649,175 | 8,584,366 |
| Balance at 31 January 2025 | 4,851,362 | 3,890,372 | (13,033,153) | 2,782,170 | (1,509,250) |
The notes to the financial statements on pages 42-72 form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
for the period to 31 January 2025
| Other Reserves | RTO reserve | Merger reserve | Share based payment reserve | Shares to issue reserve | Foreign exchange translation reserve | Total |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Balance at 30 April 2023 | - | - | - | - | 57,907 | 57,907 |
| Impact of foreign exchange gains and losses | - | - | - | - | 45,992 | 45,992 |
| Balance at 30 April 2024 | - | - | - | - | 103,899 | 103,899 |
| Impact of foreign exchange gains and losses | - | - | - | - | 29,094 | 29,094 |
| Total comprehensive incomed | - | - | - | - | 29,094 | 29,094 |
| Transactions with owners | ||||||
| Recognition of Georgina Energy plc equity at acquisition date (note 18) | (3,857,674) | 1,950,000 | - | 3,937,500 | - | 2,029,826 |
| Issue of warrants | - | - | 619,349 | - | - | 619,349 |
| Total transactions with owners | (3,857,674) | 1,950,000 | 619,349 | 3,937,500 | - | 2,649,175 |
| Balance at 31 January 2025 | (3,857,674) | 1,950,000 | 619,349 | 3,937,500 | 132,994 | 2,782,170 |
| CONSOLIDATED STATEMENT OF CASHFLOWS | ||||||
| for the period to 31 January 2025 | ||||||
| 9 months Period ended 31 January 2025 £ | Restated Year ended 30 April 2024 £ | |||||
| Cash flows from operating activities | ||||||
| Loss before taxation | (5,440,469) | (1,071,448) | ||||
| Depreciation | 17,520 | 24,761 | ||||
| Finance costs | 538,096 | - | ||||
| Share-based payments finance costs | 1,166,964 | - | ||||
| Share-based payments on RTO | 2,415,663 | - | ||||
| Equity settled transactions | 462,481 | - | ||||
| Fair value change - derivative liabilities | (419,235) | - | ||||
| Decrease/(Increase) in receivables | (289,439) | (6,062) | ||||
| (Decrease) / increase in payables | (1,050,405) | 490,361 | ||||
| Unrealised foreign exchange | 26,851 | 45,992 | ||||
| Net cash outflow from operations | (2,571,973) | (516,396) | ||||
| Cash inflows from financing activities | ||||||
| Proceeds from issue of shares net of issue costs | 4,403,875 | - | ||||
| Proceeds of new borrowings, as received net of associated fees | - | 451,802 | ||||
| Repayment of borrowings including interest | (609,626) | - | ||||
| Lease liability payments | (19,159) | (25,154) | ||||
| Net cash inflow from financing activities | 3,775,090 | 516,648 | ||||
| Cash inflows from investing activities | ||||||
| Cash acquired from RTO | 10,000 | - | ||||
| Net cash inflow from investing activities | 10,000 | |||||
| Net increase in cash and cash equivalents | 1,213,117 | 252 | ||||
| Cash and cash equivalents at the beginning of year | 2,758 | 2,506 | ||||
| Cash and cash equivalents at end of period | 1,215,875 | 2,758 | ||||
There are no items of other comprehensive income included in the financial statements.
The notes to the financial statements on pages 42-72 form an integral part of these financial statements.
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