REG - ALT Resources PLC - Unaudited Interim Results
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RNS Number : 5398G ALT Resources PLC 02 June 2026
2 June 2026
ALT RESOURCES PLC
("ALTR" or the "Company")
Unaudited Interim Results
ALT Resources Plc (ALTR.L), a company formed to capture value accretive
opportunities in the natural resources industry, announces its unaudited
Interim Results for the period ended 31 December 2025.
Director's Statement
I am pleased to report on the unaudited interim financial statements to
shareholders for the period ending 31 December 2025.
On 18 November 2025, the Company announced the signing of two Letters of
Intent with Tartana Minerals Ltd ("Tartana"), an ASX-listed copper producer
and critical minerals exploration and development company.
The Letters of Intent relate to:
1) Proposed Financing Transaction - ALTR intends to provide financing to
Tartana to support the optimisation of commercial copper sulphate production
at its project located in the Chillagoe region of North Queensland.
2) Joint Venture Formation - ALTR and Tartana propose to form a joint
venture to explore and develop a portfolio of assets in Queensland with
potential for tin, copper, and other critical minerals.
The proposed transactions are consistent with ALTR's stated strategy of
originating differentiated royalty and streaming investments in assets that
are either in production or approaching production. Royalty financing provides
an alternative to conventional debt and equity funding, enabling operators to
access capital while maintaining operational control and upside. In addition,
the Company intends to incubate the joint venture assets, advancing resource
development and monetisation while retaining a royalty interest.
Post Period
On 23 April 2026, the Company announced that it was in discussions with
prospective investors to raise the necessary capital to consummate the
proposed transactions and facilitate the Company's proposed admission to
trading on AIM ("Admission"). In connection with the proposed fundraising, the
Company announced that it had received commitments for £208,750 in advance of
its planned Admission.
These commitments comprise:
1) committed subscriptions of £100,000 to support Admission; and
2) the issue of £108,750 unsecured convertible loan notes ("CLNs") to
certain investors ("CLN holders").
The CLNs are be convertible into shares in the capital of the Company,
calculated by dividing the nominal value of the CLNs by the price per share of
the Company placed with new investors as part of the Admission process. If
Admission has not occurred by 4 February 2027, the CLNs will need to be
redeemed at their nominal value.
The Company is progressing the proposed transactions and looks forward to
providing further updates.
Prad Mazumder
Director
2 June 2026
For further information:
www.altresources.co.uk.com (http://www.altresources.co.uk.com)
ALT Resources plc
Prad Mazumder
Paris Christofides
Joint-CEOs
+44 207 193 2376 / stacey@altresources.co.uk
Responsibility statement
This statement is being made by the Director, Mr. Prad Mazumder, and to the
best of his knowledge.
a. The financial statements, prepared in accordance with IAS 34 'Interim
financial reporting' as adopted by the United Kingdom, give an accurate and
fair view of the assets, liabilities, financial position, and profit or loss
of the issuer, and
b. The management report includes a fair review of the business's development
and performance and the issuer's position, together with a description of the
principal risks and uncertainties it faces.
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR ALT RESOURCES PLC FOR THE 6 MONTHS
TO 31 DECEMBER 2025
Unaudited statement of comprehensive income
The statements of comprehensive income of ALT Resources PLC for the periods
ended 31 December 2025 and 31 December 2024 are set out below:
Unaudited Unaudited
6 months ended 31 Dec 2025 6 months ended 31 Dec 2024
as restated
£ £
Administrative expenses (67,921) (342,047)
Operating loss (67,921) (342,047)
Income tax - -
Loss and total comprehensive loss for the period (67,921) (342,047)
Earnings per share
Basic loss per share (0.1458p) (0.7340p)
Diluted loss per share (0.1458p) (0.7340p)
The statement of comprehensive income has been prepared on the basis that all
operations are continuing operations.
Unaudited statement of financial position
The statements of financial position of ALT Resources PLC as at 31 December
2025 and 30 June 2025 are set out below:
ASSETS Notes Unaudited as at 31 Dec 2025 Audited
Current assets £ as at 30 Jun 2025
£
Trade and other receivables 2 21,284 82,803
Cash and cash equivalents 40,423 61,744
61,707 144,547
Total assets 61,707 144,547
EQUITY
Called up share capital 93,200 93,200
492,580
Share premium account 492,580 492,580
863,856
Other reserves 863,856 863,856
Retained earnings (1,993,510) (1,925,589)
Total equity (543,874) (475,953)
LIABILITIES
Non-current liabilities
Borrowings 3 268,855 -
Current liabilities
Trade and other payables 4 306,726 359,145
Borrowings 3 30,000 261,355
Total liabilities 605,581 620,500
Total equity and liabilities 61,707 144,547
Unaudited statement of changes in equity
The statement of changes in equity of ALT Resources PLC for the 18-month
period ended 31 December 2025 is set out below:
Share Other Reserves
Share premium Retained
capital account £ earnings Total
as restated
£ £ £ £
Balance at 1 July 2024 as restated 93,200 492,580 863,856 (1,757,207) (307,571)
Loss for the period and total comprehensive loss for the period
- - - (342,047) (342,047)
Balance at 31 December 2024 as restated 93,200 492,580 863,856 (2,099,254) (649,618)
Profit for the period and total comprehensive income for the period
- - - 173,665 173,665
Balance at 30 June 2025 93,200 492,580 863,856 (1,925,589) (475,953)
Loss for the period and total comprehensive loss for the period
- - - (67,921) (67,921)
Balance at 31 December 2025 93,200 492,580 863,856 (1,993,510) (543,874)
Unaudited statement of cash flows
The statements of cash flows of ALT Resources PLC for the six months ended 31
December 2025 and 31 December 2024 are set out below:
Unaudited Unaudited
6 months ended 31 Dec 2025 6 months ended 31 Dec 2024
£ £
Cash flows from operating activities
Cash absorbed by operations (51,321) (139,349)
Net cash outflow from operating activities (51,321) (139,349)
Financing activities
Proceeds from borrowings 30,000 200,000
Net cash generated from financing activities 30,000 200,000
Net (decrease)/increase in cash and cash equivalents (21,321) 60,651
Cash and cash equivalents at beginning of period 61,744 35,706
Cash and cash equivalents at end of period 40,423 96,357
Notes to the unaudited interim financial statements
1 Accounting policies
Company information
ALT Resources PLC is a public company limited by shares incorporated in
England and Wales. The registered office is 13 Hanover Square, London, W1S
1HL. The Company will focus on royalty and exploration opportunities within
the natural resources industry, particularly projects with identified reserves
and/or resources that are near production or producing. The Company will
target opportunities that have a funding requirement to develop and/or
increase production volumes.
1.1 Basis of preparation
These unaudited interim financial statements present the results of the
Company for the six months ended 31 December 2025 and the financial position
as at that date, together with comparative information for the six months
ended 31 December 2024 and the year ended 30 June 2025.
The accounting policies set out in the financial statements for the period
ended 30 June 2025 have been applied consistently to all periods presented in
these unaudited interim financial statements.
The unaudited interim financial statements have been prepared in accordance
with the IAS 34 'Interim financial reporting' as adopted by the United
Kingdom. They should be read in conjunction with the financial statements for
the period ended 30 June 2025, which are prepared in accordance with IFRS as
adopted by the United Kingdom and with the Companies Act 2006.
The unaudited interim financial statements for the six months ended 31
December 2024 and for the six months ended 31 December 2025 do not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006.
The unaudited interim financial statements are prepared in sterling, which is
the functional currency of the Company. Monetary amounts in these unaudited
interim financial statements are rounded to the nearest £.
The unaudited interim financial statements have been prepared on the
historical cost basis.
1.2 Going concern
The going concern disclosure within the financial statements for the year
ended 30 June 2025 included reference to a material uncertainty
in respect of the ability of the Company to continue to operate as a going
concern. In preparing the 2025 financial statements, the Directors concluded
that, taking into account the information that they had at the time, in their
judgement it was appropriate that the Company continue as a going concern
despite there being a material uncertainty that may cause significant doubt
about the ability of the Company to continue to operate as a going concern.
In preparing these interim financial statements, the Directors have reviewed
the latest information available to them and concluded that there is no
significant change in circumstances since the date of signing the 2025
financial statements. Therefore, it is their view that it is appropriate for
the Company to continue as a going concern and these interim financial
statements have consequently been prepared on a going concern basis.
1.3 Significant accounting policies
The unaudited interim financial statements have been prepared on the basis of
accounting policies adopted in the financial statements for the year ended 30
June 2025 and expected to be adopted in the financial statements for the
period ending 30 June 2026. Where new IFRS standards, amendments or
interpretations became effective in the six months to 31 December 2025 there
has been no material impact on the net assets or results of the Company.
Notes to the unaudited interim financial statements (continued)
2 Trade and other receivables
Unaudited Audited
as at as at
31 Dec 2025 30 Jun 2025
£ £
VAT recoverable 21,194 57,618
Other receivables 90 19,685
Prepayments - 5,500
21,284 82,803
3 Borrowings
Unaudited Audited
as at as at
31 Dec 2025 30 Jun 2025
£ £
Borrowings held at amortised cost:
Current
Loans from parent undertaking - 261,355
Other loans 30,000 -
30,000 261,355
Non-current
Loans from parent undertaking 268,855 -
298,855 261,355
At 30 June 2025, the loan from the Company's parent undertaking was
contractually repayable on demand as a result of a breach of the terms of the
facility agreement. Accordingly, the loan was classified as a current
liability at 30 June 2025. Subsequently, the parent undertaking granted a
waiver of the breach. As a result, at the interim reporting date, the loan was
repayable at the earlier of 13 September 2034 and such earlier date as may be
agreed between the borrower and the lender. Therefore, the loan was classified
as a non-current liability at 31 December 2025.
The other loans of £30,000 relate to advance share subscriptions from a
number of subscribers. The subscription agreements state that the issue of
shares is conditional on Admission occurring before the Listing Date, a date
which is to be communicated separately to the investors and was yet to be
determined at the date of authorisation of these interim financial statements.
4 Trade and other payables
Unaudited Audited
as at as at
31 Dec 2025 30 Jun 2025
£ £
Current
Trade payables 249,102 298,348
Accruals 44,966 51,902
Accrued interest payable 12,658 8,895
306,726 359,145
Notes to the unaudited interim financial statements (continued)
5 Prior period adjustment
Changes to the statement of comprehensive income
Notes 6 months ended 31 December 2024
Previously Adjustment As restated
reported
£ £ £
Other income (i) 29,940 (29,940) -
Administrative expenses (i) (371,987) 29,940 (342,047)
Loss and total comprehensive loss for the period
(342,047) - (342,047)
Reconciliation of changes in equity
1 Jul 31 Dec
2024 2024
Notes £ £
Equity as previously reported (99,840) (441,887)
Adjustments to prior year
Correction of under accrual for costs (ii) (207,731) (207,731)
Equity as adjusted (307,571) (649,618)
Analysis of the effect upon equity
Retained earnings (207,731) (207,731)
Notes to reconciliation
(i) Reclassification of comparatives in statement of comprehensive income
In preparing the financial statements for the year ended 30 June 2025, the
directors concluded that £29,940 of other income in the interim financial
statements for the period ended 31 December 2024 had been incorrectly
classified. These items were reclassified against administrative expenses in
the financial statements for the year ended 30 June 2025 and in the
comparative period for these interim financial statements.
(ii) Under accrual for costs
A prior year adjustment was made in the financial statements for the year
ended 30 June 2025 to correct for an under accrual for legal and audit costs
amounting to £207,731 in total. Comparative information in these interim
financial statements has been restated where necessary to ensure consistency
with the corrected opening equity position. Comparative information previously
restated in the annual financial statements has not been further adjusted.
Notes to the unaudited interim financial statements (continued)
6 Events after the reporting date
Subsequent to 31 December 2025, the Company announced progress in relation to
its proposed transactions and admission to trading on AIM, including
fundraising commitments. Further details are set out in the Post Period
section of these interim financial statements. The Directors are not aware of
any other material events requiring disclosure.
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