Half-year Results
Ironveld PLC has released its unaudited interim results for the six months ended 31 December 2025, reporting a loss for the period of £732,000, an increase from the £689,000 loss in the prior year period. Revenue remained at nil, while administrative expenses rose to £729,000 from £635,000. Total assets decreased to £35,031,000 from £35,315,000, and net assets fell to £22,428,000 from £23,164,000. The company continues to operate on a going concern basis, acknowledging the potential need for further short-term funding.
| Half year to 31 Dec 2025 | Now | Year before | Change |
|---|---|---|---|
| Revenue | £0.0m | £0.0m | |
| Operating profit | (£0.7m) | (£0.7m) | |
| Profit before tax | (£0.7m) | (£0.7m) | |
| Net income | (£0.7m) | (£0.7m) | |
| Cash from operations | (£0.7m) | (£0.4m) | |
| Cash | £0.1m | – |
Figures as reported, converted to £ where needed – see all financials.
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596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018).
Ironveld PLC
Unaudited Financial Results for the Six Month Period Ended 31 December 2025
Ironveld PLC ("Ironveld" or the "Company") announces its unaudited interim results for the six months period ended 31 December 2025. These interim financial statements are published below and are available on the Company's website at www.ironveld.com.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIOD ENDING 31 DECEMBER 2025
| Unaudited Period ending 31 December 2025 | Unaudited Period ending 31 December 2024 | ||
|---|---|---|---|
| Note | £'000 | £'000 | |
| Continuing Operations | |||
| Revenue | - | - | |
| Administrative expenses | (729) | (635) | |
| Foreign exchange loss | (2) | (24) | |
| Operating loss | (731) | (659) | |
| Finance Costs | (1) | (30) | |
| Loss before taxation | (732) | (689) | |
| Income Tax | - | - | |
| Loss for the period | (732) | (689) | |
| Total comprehensive loss for the period | |||
| Attributable to owners of the Company | (685) | (660) | |
| Non-controlling interest | (47) | (29) | |
| Total comprehensive loss for the period attributable to shareholders from continuing operations | (732) | (689) | |
| Basic loss per share (pence) | 4 | (0.004) | (0.01) |
| IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | |||
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
| AS AT 31 DECEMBER 2025 | |||
| Unaudited | Audited | ||
| As At 31 December 2025 | As At 30 June 2025 | ||
| Note | £'000 | £'000 | |
| NON-CURRENT ASSETS | |||
| Intangible assets | 5 | 27,340 | 27,310 |
| Property, plant and equipment | 7,331 | 6,844 | |
| TOTAL NON-CURRENT ASSETS | 34,671 | 34,154 | |
| CURRENT ASSETS | |||
| Inventories | 43 | 41 | |
| Trade and other receivables | 242 | 258 | |
| Cash and cash equivalents | 75 | 862 | |
| TOTAL CURRENT ASSETS | 360 | 1,161 | |
| TOTAL ASSETS | 35,031 | 35,315 | |
| NON-CURRENT LIABILITIES | |||
| Trade and other payables | (4,423) | (4,128) | |
| Lease liabilities | (15) | (15) | |
| Deferred tax liabilities | (4,012) | (3,884) | |
| TOTAL NON-CURRENT LIABILITIES | (8,450) | (8,027) | |
| CURRENT LIABILITIES | |||
| Trade and other payables | (4,142) | (4,111) | |
| Lease liabilities | (11) | (13) | |
| Borrowings | - | - | |
| TOTAL CURRENT LIABILITIES | (4,153) | (4,124) | |
| TOTAL LIABILITIES | (12,603) | (12,151) | |
| NET ASSETS | 22,428 | 23,164 | |
| EQUITY | |||
| Share capital | 6 | 14,244 | 14,244 |
| Share premium | 6 | 28,806 | 28,806 |
| Other Reserves | 251 | 238 | |
| Retained earnings reserve | (13,188) | (12,456) | |
| Foreign currency translation reserve | (10,489) | (10,244) | |
| Non-controlling interest | 2,804 | 2,576 | |
| TOTAL EQUITY | 22,428 | 23,164 | |
IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - AS AT 31 DECEMBER 2025
| Share Capital £'000 | Share Premium £'000 | Other Reserves £'000 | Foreign exchange reserve £'000 | Retained Earnings £'000 | Non-Controlling Interest £'000 | Total Equity £'000 | |
|---|---|---|---|---|---|---|---|
| Balance at 31 December 2024 | 14,035 | 28,025 | 332 | (9,750) | (11,704) | 2,750 | 23,688 |
| Loss for period | - | - | - | - | (754) | (113) | (867) |
| Other comprehensive income | - | - | - | (494) | - | (61) | (555) |
| Total comprehensive loss for period | - | - | - | (494) | (754) | (174) | (1,422) |
| Transactions with owners in own capacity | |||||||
| Ordinary shares issued in the period | 209 | 1,181 | - | - | - | - | 1,390 |
| Share issue costs | - | (400) | 158 | - | - | - | (242) |
| Cancelled share warrants | - | - | (2) | - | 2 | - | - |
| Share based payments | - | - | (250) | - | - | - | (250) |
| Total transactions with owners, recognised in equity | 209 | 781 | (94) | - | 2 | - | 898 |
| Balance at 30 June 2025 | 14,244 | 28,806 | 238 | (10,244) | (12,456) | 2,576 | 23,164 |
| Loss for period | - | - | - | - | (685) | (47) | (732) |
| Other comprehensive income | - | - | - | (245) | (47) | 275 | (17) |
| Total comprehensive loss for period | - | - | - | (245) | (732) | 228 | (749) |
| Transactions with owners in own capacity | |||||||
| Share based payments | - | - | 13 | - | - | - | 13 |
| Total transactions with owners, recognised directly in equity | - | - | 13 | - | - | - | 13 |
| Balance at 31 December 2025 | 14,244 | 28,806 | 251 | (10,489) | (13,188) | 2,804 | 22,428 |
| IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | |||||||
| CONSOLIDATED STATEMENT OF CASHFLOWS | |||||||
| FOR THE 6 MONTH PERIOD ENDING 31 DECEMBER 2025 | |||||||
| Period ended 31 December 2025 | Period ended 31 December 2024 | ||||||
| £000 | £000 | ||||||
| Cash flow from operating activities | |||||||
| Loss before taxation for the period | (732) | (635) | |||||
| Adjustments for: | |||||||
| Share based payments | 13 | 12 | |||||
| Depreciation | 9 | 9 | |||||
| Interest | (1) | (15) | |||||
| Foreign exchange | (82) | (1) | |||||
| Changes in working capital: | |||||||
| Movement in inventories | (2) | - | |||||
| Decrease/ (Increase) in trade and other receivables | 16 | (74) | |||||
| Increase in trade and other payables | 31 | 270 | |||||
| Net cash outflow from operating activities | (748) | (434) | |||||
| Cash flows from investing activities | |||||||
| Exploration and evaluation activities | (30) | (577) | |||||
| Net cash outflow from investing activities | (30) | (577) | |||||
| Cash flows from financing activities | |||||||
| Proceeds from issue of shares | - | 2,126 | |||||
| Proceeds from borrowings | - | 203 | |||||
| Payment of lease liabilities | (9) | (2) | |||||
| Net cash (outflow)/ inflow from financing activities | (9) | 2,327 | |||||
| Net (decrease)/ increase in cash and cash equivalents | (787) | 1,316 | |||||
| Exchange differences on cash | - | (1) | |||||
| Cash and cash equivalents at beginning of the period | 862 | 4 | |||||
| Cash and cash equivalents at end of the period | 75 | 1,319 | |||||
IRONVELD PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDING 31 DECEMBER 2025
General information
Ironveld plc is a speciality metals producer based in South Africa, with its shares admitted to trading on the AIM Market of the London Stock Exchange. The Company is domiciled in the United Kingdom and incorporated and registered in England and Wales, with registration number 05555087. The address of its registered office is Eccleston Yards, 25 Eccleston Place, London SW1W 9NF, United Kingdom.
Accounting Policies
2.1 Basis of Preparation
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 this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 June 2025, which have been prepared in accordance with UK adopted international accounting standards.
Statutory financial statements for the year ended 30 June 2025 were approved by the Board of Directors on 30 March 2026 and will be filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified, though it contained a material uncertainty paragraph in respect of going concern. The condensed interim financial statements are unaudited and have not been reviewed by the Company's auditor.
2.2 Accounting Policies
Except as described below, the same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Company's annual financial statements for the year ended 30 June 2025.
Changes in accounting policy and disclosures
New and amended standards adopted by the Group and Company
A number of new and amended standards and interpretations issued by the International Accounting Standards Board (IASB) have become effective for the first time for financial periods beginning on or after 1 July 2025 and have been applied by the Company and Group in these interim financial statements. None of these new and amended standards and interpretations had a significant effect on the Company or Group because they are either not relevant to the Company or Group's activities or require accounting which is consistent with the Company or Group's current accounting policies.
2.3 Going concern
These financial statements have been prepared on the going concern basis. Management have prepared cash flow projections which indicate that the Group will start to generate operating cash flows from its projects in the near future. Post period, the Group has signed agreements with Daemaneng Minerals to operate and manage both mining and DMS processing operations on a capital-light basis.
The projections indicate that further funding may be required in the short term until such time as the Group is generating operating cash flows. The Directors are confident that the Group will be able to raise funding in the required timescale, based on discussions with finance providers and its history of fundraising. However, while the Directors consider that there are reasonable prospects of securing such funding, the timing and outcome of these matters are not wholly within the Group's control. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Group were unable to continue as a going concern.
2.4 Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the 2025 Annual Report, a copy of which is available on the Company's website: www.ironveld.com. The key financial risks are foreign currency risk, liquidity risk, credit risk, market risk and fair value estimation.
2.5 Critical accounting estimates and judgements
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in the 30 June 2025 Annual Report. The nature and amounts of such estimates have not changed significantly during the interim period.
2.6 Prior year adjustment
The 30 June 2025 Annual Report included a prior year adjustment which effected the results of the 2024 year end. This adjustment has not been reflected in the prior year comparatives as set out in this unaudited interim report.
3 Dividends
4 Earnings per Share
The calculation for basic and diluted earnings per ordinary share is based on the total comprehensive loss after income tax attributable to equity shareholders for the period and is as follows:
| Unaudited Period ended 31 Dec 2025 | Unaudited Period ended 31 Dec 2024 | |
|---|---|---|
| Loss attributable to shareholders of Ironveld PLC - £'000 | (685) | (660) |
| Weighted average number of ordinary shares in issue | 15,830,978,237 | 6,078,624,000 |
| Basic and diluted earnings per share for continuing operations (pence) | (0.004) | (0.01) |
5 Intangibles
The movement in capitalised exploration and evaluation costs during the period was as follows:
| Exploration & Evaluation at Cost and Net Book Value | £'000 | |||
|---|---|---|---|---|
| Opening balance - 31 December 2024 | 28,239 | |||
| Additions | 341 | |||
| Foreign Exchange | (1,270) | |||
| As at 30 June 2025 | 27,310 | |||
| Opening balance - 1 July 2025 | 27,310 | |||
| Additions | 30 | |||
| Foreign Exchange | - | |||
| As at 31 December 2025 | 27,340 | |||
| 6 Share Capital and Share Premium | ||||
| Ordinary Shares | Share Capital | Share Premium | Total | |
| # | £'000 | £'000 | £'000 | |
| As at 31 December 2024 | 13,742,089,348 | 14,035 | 28,025 | 42,060 |
| Issue of ordinary shares | 2,088,888,889 | 210 | 731 | 941 |
| Share issue costs/adjustments | - | (1) | 50 | 49 |
| As at 30 June 2025 | 15,830,978,237 | 14,244 | 28,806 | 43,050 |
| As at 31 December 2025 | 15,830,978,237 | 14,244 | 28,806 | 43,050 |
There were no changes to share capital or share premium during the period from 1 July 2025 to 31 December 2025.
7 Events subsequent to period end
There were no material events subsequent to period end that require disclosure and are not included in the 2025 Annual Report.
8 Related Parties
There were no related party transactions during the six month period ended 31 December 2025; for full details of related party balances and transactions refer to the audited Annual Report and Accounts for the year ended 30 June 2025.
9 Approval of interim financial statements
10 Availability of interim financial statements
Copies of these interim financial statements are available from the Ironveld website at www.ironveld.com.
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