UK small-cap RNS · 3 Feb 2026

Flooding delays site operations by about a month and pushes the 1,000t DMS trial from Q1 to Q2 2026, and the FY25 accounts slip to end-February. Offset by a second paid DMS delivery, a 25,000t ROM deal at agreed terms and German off-take interest.

ZKM faces asserted withholding tax claims of about US$71m for 2018-2020. A 5 Feb appeal hearing may only lead to further procedural steps, adding liability uncertainty while the company is already trying to restructure its June 2026 debt.

Two rigs ramping up to 20 holes a month after the oversubscribed raise support the maiden resource timetable. Weather has caused intermittent drilling, and the JORC publication is now early Q3 2026.

Unaudited FY2025 trading statement shows production, costs and capex inside guidance, with lower net debt and a record year; the subtype is a trading update, not final results, and an impairment is flagged.

The $1.0m follow-on order for H2 FY26 delivery leads the company to expect FY26 performance ahead of previous expectations, lifting guidance that had already been raised in December.

Board only says it has confidence in achieving management expectations for FY26, with 95% booked; the £28-30m revenue and £3.5-4.5m EBITDA guidance is not raised.

Expects a headline pre-tax loss of c.£3.5m and net debt up to £17.5m from £12.1m, as tariffs, transformation costs and higher energy and wage costs hit; improving H2 trends only partly offset this.

H1 revenue fell 12% and underlying profit nearly halved to £4.0m, but this was flagged in October and the Board says FY expectations hold on a materially stronger H2.

The Board only confirms it is 'confident in meeting current market expectations' for FY2026 (revenue £55.5m, EBITDA £10.9m consensus). That is the same as December, so guidance is not raised.

Interim results show a transition period with stabilisation and NIU backing, but exploration at Molulu was limited by financial constraints and the company discloses no figures here.

Both CRO programmes are launching and FY25 revenue of c.$545k is stated, but the runway only reaches late Q1 2026 on £737,500 of notes, so funding pressure remains.