URA (GEMR) H2 2025 earnings summary

Executive summary

• 2025 marked a year of transition, recapitalisation, and governance improvements, with a focus on strengthening the balance sheet and reassessing the asset portfolio.

• Operational progress included initial test sales of emeralds from the Gravelotte project and early-stage development at Curlew in Australia.

• A significant recapitalisation was completed, including a £617k equity subscription, £1.5m convertible loan note, and planned conversion of £230k in accrued fees to equity.

• The company adopted a Cryptocurrency and Digital Asset Treasury Policy and made its first Bitcoin allocation post year-end.

Financial highlights

• First revenues of $57k (£45k) from trial emerald sales at Gravelotte; other projects remain pre-revenue.

• Group loss reduced to £0.9m (2024: £1.9m restated); company loss £0.7m (2024: £1.4m restated), mainly due to non-recurrence of prior year impairment.

• Group cash at year-end: £1.61m (2024: £414k); company cash: £129k (2024: £283k).

• Net cash outflow from operations: £781k (2024: £550k); net increase in cash: £1.25m (2024: £256k decrease).

• Total liabilities increased to £1.81m (2024: £489k), mainly from convertible loan notes.

Outlook and guidance

• Entering 2026 with improved capital base, refreshed leadership, and broader strategic toolkit.

• Board progressing corporate, financing, and strategic initiatives to enhance financial strength and flexibility.

• Ongoing focus on advancing Gravelotte to full-scale production and unlocking value from other assets.