Alba Mineral Resources (ALBA) H2 2025 earnings summary

Executive summary

• Significant operational progress with transition to active underground development at Clogau Gold Mine and expansion into critical minerals via Motzfeldt project acquisition.

• Bulk sampling and underground development advanced at Clogau, with new processing equipment installed to improve gold recovery.

• Acquisition of 25.5% interest in Motzfeldt rare earth project in Greenland, with high-grade assay results and further fieldwork planned.

• Continued support and investment in GreenRoc Strategic Materials plc, which secured a 30-year exploitation licence for the Amitsoq Graphite Project.

• Early-stage Finnsbo project in Sweden advanced, though subject to legal dispute over earn-in rights.

Financial highlights

• Group loss after tax of £1,508,000 for the year ended 30 November 2025, compared to £3,523,000 loss in 2024.

• Operating loss before impairments was £634,000, down from £715,000 in the prior year.

• Non-cash loss of £426,000 from dilution of GreenRoc holding, share of GreenRoc loss £228,000, and £150,000 impairment on oil & gas investment.

• Cash at period end was £362,000; £1,125,000 raised via placings during the year, with a further £800,000 raised post year-end.

• £363,000 spent on exploration activities, down from £651,000 in 2024.

Outlook and guidance

• Focus remains on advancing Clogau exploration and optimising processing to identify economic gold zones.

• Motzfeldt project to undergo technical and feasibility work, aiming for exploitation licence application within 12 months.

• Continued support for GreenRoc and Amitsoq Project, with exposure to both precious and critical minerals.