Alba Mineral Resources (ALBA) H1 2025 earnings summary

Executive summary

• Completed Phase 1 of blasting at Clogau, processing 11.6 tonnes of ore and yielding 11.58 grams of gold after refining.

• Minted and sold three limited-edition Welsh gold coins at significant premiums to spot gold price.

• Renewed exploration rights at Clogau and advanced preparations for further underground blasting.

• Announced conditional acquisition of a 51% interest in the Motzfeldt Project, a multi-element asset in Greenland.

• Completed share placings to fund Motzfeldt, Clogau, and Finnsbo project activities.

Financial highlights

• Loss after tax for the six months ended 31 May 2025 was £761,000, compared to a loss of £639,000 in the same period last year.

• Operating loss reduced to £254,000 from £489,000 year-over-year, after adjusting for a one-off non-cash cost in the prior period.

• Net assets at 31 May 2025 were £6.85 million, down £0.68 million from year end, mainly due to increased liabilities and reduced value of GreenRoc investment.

• Administrative expenses decreased to £280,000 from £522,000 year-over-year.

• Cash and cash equivalents at period end were £21,000, down from £97,000 at the previous period end.

Outlook and guidance

• Plans to resume blasting at Clogau and continue ore processing and refining.

• Motzfeldt Project to focus on mineralogical and metallurgical test work, followed by a Scoping Study.

• Finnsbo project could become significant depending on maiden drilling results.