ECR Minerals (ECR) H1 2026 earnings summary

Executive summary

• Strategic pivot from junior exploration to diversified Australian gold producer, highlighted by the acquisition of Paleogold Limited and the Raglan Project, adding near-term producing assets and experienced operational teams.

• Operational progress includes initial production at Raglan, advanced permitting at Blue Mountain, and significant exploration at Maddens and Lolworth.

• Fundraising of £1.5 million in January 2026 strengthened the financial position and enabled execution of the new strategy.

Financial highlights

• Net assets increased to £7,121,842 at 31 March 2026 (from £5,520,965 at 31 March 2025), reflecting acquisitions and fundraising.

• Total comprehensive expenses for H1 2026 were £225,565, a significant reduction from £720,821 in H1 2025.

• Operating loss for the six months ended 31 March 2026 was £548,683 (2025: £400,729).

• Cash and cash equivalents rose to £1,203,321 at 31 March 2026 (2025: £871,756).

• Loss per share remained at (0.02)p, unchanged from H1 2025.

Outlook and guidance

• Focus on bringing Blue Mountain and Salt Bush into production by mid-2027, aiming for a portfolio of four producing gold assets.

• Maddens and Lolworth positioned as cornerstone assets, combining near-term production with district-scale exploration potential.

• Continued optimisation at Raglan and further updates on production and gold sales expected.