URA (GEMR) H1 2026 earnings summary

Executive summary

• Advanced natural resource interests and implemented a broader capital allocation strategy during H1 2026.

• Strengthened financial position post-period by converting £1.79 million of liabilities into equity, reducing debt and preserving cash.

• Acquired 9 Bitcoin as part of treasury diversification; experienced a fair value loss at period end but subsequent price recovery.

• Entered a conditional agreement to acquire El Yarumo gold processing business in Colombia, aiming to diversify and add revenue-generating assets.

• Continued to manage and evaluate existing assets, including potential sale of Gravelotte and phased restart at Curlew Emerald Mine.

Financial highlights

• Loss before taxation for H1 2026 was £614,000, up from £304,000 (restated) in H1 2025, mainly due to a £70,000 digital asset revaluation loss and higher finance costs.

• Operating expenses increased to £507,000 (H1 2025: £410,000).

• Loss after tax was £614,000 (H1 2025: £299,000 restated).

• Net assets at 30 June 2026 were £36,000, down from £634,000 at 31 December 2025.

• Cash and cash equivalents at period end were £669,000 (31 December 2025: £1.613 million).

Outlook and guidance

• Focus on building a diversified natural resources portfolio with greater exposure to operating, revenue-generating assets.

• El Yarumo acquisition, if completed, expected to provide a platform for gold processing and production growth in Colombia.

• Ongoing evaluation of asset development, partnerships, joint ventures, or monetisation for best risk-adjusted returns.