REG - Atlas Metals Group - Interim Results
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RNS Number : 2777B Atlas Metals Group PLC 30 September 2025
30 September 2025
Atlas Metals Group plc
("Atlas Metals", the "Company" or together with its subsidiaries the "Group")
Interim Results to 30 June 2025
Atlas Metals (LON: AMG), the natural resources and energy investment company,
announces its unaudited interim results for the six months ended 30 June 2025
("H1" or the "Period").
Financial Review
Atlas Metals reported an unaudited operating loss for the six months period
ended 30 June 2025 of £728,291 which includes the disposal of the Gold Ridge
Investment for US$550 000 (six months period to 30 June 2024: an unaudited
operating loss of £1,374,111).
Basic and diluted loss per share for the Period was 4.93p (six months period
to 30 June 2024: Basic loss per share and diluted loss per share was 0.09p).
The share capital has been rebased taking account of adjustments necessitated
by the 100 into 1 share consolidated effected 5 December 2024.
Proposed Acquisition of Universal Pozzolanic Silica Alumina Ltd
On 17 June 2025 the Company announced the proposed acquisition of Universal
Pozzolanic Silica Alumina Ltd ("UPSA") and subsequently, post period end on 10
September 2025, that it had entered into a conditional Share Purchase
Agreement to acquire the entire issued ordinary share capital of UPSA (the
"Proposed Acquisition"). The parties continue to progress the Proposed
Acquisition and further announcements will be made in due course as
appropriate.
Responsibility Statement
We confirm that to the best of our knowledge:
· The interim financial statements have been prepared in accordance with
UK-adopted international accounting standards
· The interim financial statements give a true and fair view of the
assets, liabilities, financial position and loss of the Group;
· The interim report includes a fair review of the information required
by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the interim financial information, and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
· The interim financial information includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and Transparency Rules,
being the information required on related party transactions.
Christopher Chadwick, Executive Director
30 September 2025
For further information, please contact:
Atlas Metals Group PLC:
Christopher Chadwick +44 (0) 207 796 9060
Peterhouse Capital Limited - Joint Broker:
Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey + 44 (0) 207 469 0930
S I Capital Limited - Joint Broker:
Nick Emerson +44 (0) 1483 413500
IFC Advisory Limited - Financial PR and IR:
Tim Metcalfe +44 (0) 203 934 6630
Florence Chandler +44 (0) 203 934 6630
Consolidated Statement of Profit or Loss
6 months to 6 months to Year ended 31 December 2024
30 June 2025 30 June 2024
Unaudited Unaudited Audited
£ £ £
Revenue - - -
Cost of sales - - -
Gross profit - - -
Administrative expenses (784,365) (1,291,223) (2,835,694)
Other operating income 164,155 - 10,000
- - -
Operating loss before tax (620,211) (2,825,694)
(1,291,223)
Taxation - - -
Finance income 10,746 10,058 -
Finance costs (118,826) (92,946) (275,693)
Revaluation of investments (288,966)
Loss for the period (728,291) (1,374,111) (3,390,353)
Attributable to:
Equity holders of the parent (728,291) (1,374,111) (3,390,353)
Non-controlling interests - - -
(728,291) (1,374,111) (3,390,353)
Earnings per share - see note 3
Basic (4.93) pence (0.09) pence (0.26) pence
Diluted (4.93) pence (0.09) pence (0.26) pence
Consolidated Statement of Comprehensive Income
6 months to 6 months to Year ended 31 December 2024
30 June 2025 30 June 2024
Unaudited Unaudited Audited
£ £ £
Loss after tax (728,291) (1,374,111) (3,390,353)
Items that may subsequently be reclassified to profit or loss:
- Foreign exchange movements (21,937) (1,536) (2,215)
- Share option charge - 34,951 -
Total comprehensive loss (750,227) (1,340,696) (3,392,568)
Attributable to:
Equity holders of the parent (750,227) (1,340,696) (3,392,568)
Non-controlling interests - - -
(750,227) (1,340,696) (3,392,568)
Consolidated Statement of Financial Position
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
£ £ £
Non-current assets
Intangible fixed assets - 575,077 575,077
Tangible fixed assets - - -
Investments 258,110 258,109 258,110
Investments in associates - - -
Available for sale assets - - -
Total non-current assets 258,110 833,186 833,187
Current assets
Trade and other receivables 614,989 15,761 148,837
Cash and cash equivalents 11,873 76 24,049
Total current assets 626,862 15,837 172,886
Current liabilities
Trade and other payables (3,740,917) (3,165,550) (3,384,322)
Convertible loan notes (1,831,006) (1,635,170)
Loans (91,987) (15,530)
Total current liabilities (5,663,909) (3,165,550) (5,035,022)
Non-current liabilities
Other non-current liabilities (246,409) (21,094) (246,171)
Total non-current liabilities (246,409) (21,094) (246,171)
Net assets (5,025,347) (2,337,622) (4,275,120)
Equity
Share capital 384,631 384,631 384,631
Share premium 6,717,248 6,717,248 6,717,248
Share based payment reserve 174,149 92,248 174,149
Retained losses (12,260,407) (9,515,874) (11,532,116)
Foreign currency reserve (40,696) (15,875) (19,032)
Equity attributable to equity holders of the parent (5,025,347) (2,337,622) (4,275,120)
Non-controlling interests - - -
Total equity (5,025,347) (2,337,622) (4,275,120)
Consolidated Statement of Cash Flows
6 months to 6 months to Year ended 31 December 2024
30 June 2025 30 June 2024
Unaudited Unaudited Audited
£ £ £
Cash flow from operating activities
Operating loss (728,291) (1,374,111) (3,390,353)
Loss on Disposal - - 288,966
Revaluation of investments - - -
Foreign exchange (21,937) 941 (2,215)
Finance income - (10,058) -
Finance costs 112,588 92,946 275,693
Bonus shares issued - - -
Share option charge - 34,951 116,851
Increase/(decrease) in creditors 521,439 352,273 1,277,201
Decrease/(increase) in debtors (466,151) 66,654 (76,480)
Net cash used in operating activities (582,352) (836,405) (1,510,337)
Cash flows from investing activities
Payments for intangible assets - - -
Payments for tangible fixed assets - - -
Proceeds from sale of investments 575,077 780,279 175,000
Purchase of investments - - -
Net cash used in investing activities 575,077 780,279 175,000
Cash flows from financing activities
Proceeds from issue of shares and warrants
- 231,341 246,341
Cost of shares issued - 15,000 -
Convertible loan note repayment (4,901) (318,291) -
Bridging loan repayment - - (91,607)
Bridging and other loan financing - 122,780 1,199,280
Net cash generated from financing activities (4,901) 50,830 1,354,014
Net increase/(decrease) in cash and cash equivalents (12,176) (5,296) 18,677
Cash and cash equivalents at the beginning of period
24,049 5,372 5,372
Cash and cash equivalents at end of period 11,873 76 24,049
Consolidated Statement of Changes in Equity
Share capital Share premium Share based payment reserve Retained earnings Foreign currency reserve Non-controlling interest Total
£ £ £ £ £ £ £
As at 30 June 2023 359,997 6,495,541 47,392 (7,197,430) (17,528) - (312,028)
Loss for the period - - - (944,333) - - (944,333)
Translation differences - - - - 711 - 711
Total comprehensive income - - - (944,333) 711 - (943,622)
Share option charge - 9,906 - - - 9,906
Shares issued - - - - - - -
Total contributions by and distributions to owners of the Company - - 9,906 - - - 9,906
As at 31 December 2023 359,997 6,495,541 57,298 (8,141,763) (16,817) - (1,245,744)
Loss for the period - - - (1,374,111) - - (1,374,111)
Translation differences - 941 - 941
Total comprehensive income - - - (1,374,111) 941 - (1,373,170)
Share option charge - - 34,951 - - - 34,951
Shares issued 24,634 221,707 - - - - 246,341
Total contributions by and distributions to owners of the Company 24,634 34,951 - - - 281,292
221,707
For the period to 30 June 2024 384,631 6,717,248 92,248 (9,515,874) (15,875) - (2,337,622)
Loss for the period - - - (2,016,242) - - (2,016,242)
Translation differences - - - - (3,156) - (3,156)
Total comprehensive income - - - (2,016,242) (3,156) - (2,019,398)
Share option charge - 81,900 - - - 81,900
Shares issued - - - - - - -
Total contributions by and distributions to owners of the Company - - 81,900 - - - 81,900
As at 31 December 2024 384,631 6,717,248 174,149 (11,532,116) (19,032) - (4,275,120)
Loss for the period - - - (728,291) - - (728,291)
Translation differences - (21,937) - (21,937)
Total comprehensive income - - - (728,291) (21,937) - (750,227)
Share option charge - - - - - - -
Shares issued - - - - - - -
Total contributions by and distributions to owners of the Company - - - - - -
-
For the period to 30 June 2025 384,631 6,717,248 174,149 (12,260,406) (40,696) - (5,025,347)
Half-yearly report notes
1. Half-yearly report
This interim report was approved by the Board of Directors on 30 September
2025.
The information relating to the six months periods to 30 June 2025 and 30 June
2024 are unaudited.
The information relating to the year ended 31 December 2024 is extracted from
the audited financial statements of the Company which have been filed at
Companies House and on which the auditors issued an unqualified audit report.
The condensed interim financial statements have been reviewed by the Company's
auditor.
2. Basis of accounting
The interim financial statements have been prepared using accounting policies
and practices that are consistent with those adopted in the statutory
financial statements for the year ended 31 December 2024, although the
information does not constitute statutory financial statements within the
meaning of the Companies Act 2006. The interim financial statements have been
prepared under the historical cost convention.
These interim financial statements are prepared in accordance with UK-adopted
international accounting standards and the Disclosure and Transparency Rules
of the UK Financial Conduct Authority.
This interim report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this interim report
should be read in conjunction with the annual report for the year ended 31
December 2024.
The Company will report again for the full year to 31 December 2025.
Going concern
The Company's Day to day financing is from its available cash resources.
The Company is confident of raising funds and disposing of non-core assets to
execute its' strategy of completing an RTO in a timely manner.
For the reasons outlined above, the Directors are satisfied that the Company
will be able to meet its current and future liabilities, and continue trading,
for the foreseeable future and, in any event, for a period of not less than
twelve months from the date of approving this interim report. The preparation
of these interim financial statements on a going concern basis is therefore
considered to remain appropriate.
Critical accounting estimates
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 Company's 2024 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Intangible assets
Exploration and development costs
All costs associated with mineral exploration and investments are capitalised
on a project-by-project basis, pending determination of the feasibility of the
project. Costs incurred include appropriate technical and administrative
expenses but not general overheads. If an exploration project is successful,
the related expenditures will be transferred to mining assets and amortised
over the estimated life of economically recoverable reserves on a unit of
production basis.
Intangible assets
Exploration and development costs
Where a licence is relinquished or a project abandoned, the related costs are
written off in the period in which the event occurs. Where the Group maintains
an interest in a project, but the value of the project is considered to be
impaired, a provision against the relevant capitalised costs will be raised.
The recoverability of all exploration and development costs is dependent upon
the discovery of economically recoverable reserves, the ability of the Group
to obtain necessary financing to complete the development of reserves and
future profitable production or proceeds from the disposition thereof.
3. Earnings per share
6 months to 6 months to Year ended 31 December 2024
30 June 2025 30 June 2024
Unaudited Unaudited Audited
£ £ £
These have been calculated on a loss of: (728,291) (1,374,111) (3,390,353)
The basic weighted average number of shares used was: 14,780,451 1,478,045,122 1,318,767,201
The diluted weighted average number of shares used was:
17,164,451 1,629,352,010 1,511,630,717
Basic loss per share: (4.93) pence (0.09) pence (0.26) pence
Diluted loss per share: (4.93) pence (0.09) pence (0.26) pence
4. Events after the reporting period
An announcement that Atlas Metals Group has entered into a conditional Share
Purchase Agreement to acquire the entire issued ordinary share capital of
Universal Pozzolanic Silica Alumina Ltd was made on 10 September 2025.
The Condensed interim financial statements were approved by the Board of
Directors on 30 September 2025.
By order of the Board
Christopher Chadwick
Director
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