- 0,014£
- 5,19%
Richmond Hill Resources PLC
("Richmond Hill" or the "Company")
Final Results for the Year Ended 30 September 2025
Richmond Hill Resources PLC (AIM: RHR) is pleased to announce that its Final
Results for the year ended 30 September 2025 will shortly be posted to
shareholders and are available on the Company's website:
https://richmondhillresources.com/investors/corporate-documents/
This announcement contains inside information for the purposes of the UK Market
Abuse Regulation. The Directors of the Company are responsible for the release
of this announcement.
For further information, please contact:
Richmond Hill Resources plc Tel: +44 (0)787958 4153
Hamish Harris
Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0)20 7213 0880
Ludovico Lazzaretti / James Western
Clear Capital Limited (Broker) Tel: +44 (0) 20 3869 6080
Bob Roberts
Further information on the Company can be found on its website at
https://richmondhillresources.com/
DIRECTOR'S STATEMENT & STRATEGIC REPORT
Following extensive review and deliberation by the Board regarding Shareholder
value and the long-term success of Richmond Hill Resources Plc, the Company made
the decision to divest its subsidiaries in the beverage industry and instead
concentrate on the natural resources sector, in the first instance in a copper
exploration asset in Canada. The Company subsequently entered into an
Acquisition Agreement with Ulvestone Ltd pursuant to which the Company acquired
the entire issued share capital of the Bulawayo CC Ventures, owner of the Saint
Sophie copper Project which consists of 145 map designated mineral exploration
tiles covering a total surface area of approximately 87 km2. The Project is
located in the Centre-du-Québec region, approximately 165 km east of Montreal
and 80 km southwest of Quebec City in Canada, within a region known for copper
mineralisation. As part of the process the Company delisted from AQUIS and was
admitted to trading on AIM raising gross proceeds of circa £1,400,000.
In December 2025 Richmond Hill subsequently announced it had entered into a
binding term sheet to acquire the Martello Gold Project in Ontario Canada which
consists of 88 mining claims located within 4,241 hectares situated in the
Wabigoon Greenstone belt which includes numerous other reported gold deposits.
Subsequently, Richmond Hill engaged the services of a third-party contractor to
undertake technical work, including historic data compilation, target
generation, and drill-programme planning.
In January 2026 the Company raised gross proceeds of £600,000 at a placing price
of 2.6 pence per share and shortly after raised an additional £39,000 via a
retail WRAP offer.
Looking ahead, Richmond Hill plans to progress its two Canadian projects with
the Martello project in particular expected to be undertaking a maiden drill
campaign in the coming months. The Company remains focused on unlocking long
-term shareholder value by advancing our core assets, securing non-dilutive
funding, and actively managing its portfolio in line with market cycles.
The Directors would like to thank all our shareholders and stakeholders for
their continued support and look forward to updating them as we progress
forward.
Results for the year
The loss before tax on continuing operations for the year amounted to $1,001,000
(year to 30 September 2024: $1,662,000) which includes impairment of intangibles
amounting to $Nil (2024: $1,327,000), staff cost amounting $124,000 (2024: $Nil)
and professional and consultancy fees amounting to $202,000 (2024: $60,000).
Net assets have decreased from ($399,000) to ($1,253,000).
GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
Year ended 30 Year ended 30
September 2025 September 2024
$'000 (restated*)
$'000
Revenue Cost of sales - -
- -
Gross Profit - -
IPO and related extraordinary costs (542) -
Impairment of intangible assets - (1,327)
Share based payments - (3)
Inventory write down - 0
Other administrative expenses (448) (330)
Total administrative expenses (990) (1,660)
Loss from continuing operations (990) (1,660)
Finance cost (11) (2)
Loss before and after taxation, and loss (1,001) (1,662)
attributable to the equity holders of the
Company from continuing operations
Loss on remeasurement to fair value of (48) -
assets held for sale
(Loss)/profit on discontinued operations (360) (3,591)
Loss for the year (1,409) (5,253)
Exchange difference on translating 25 (20)
foreign operations
Total comprehensive loss for the year, (1,384) (5,273)
attributable to owners of the company
Profit/(loss) attributable to
Non-controlling shareholders (150) (993)
Equity holders of the parent (1,259) (4,260)
(1,409) (5,253)
Total comprehensive loss attributable to
Non-controlling shareholders (150) (993)
Equity holders of the parent (1,234) (4,280)
(1,384) (5,273)
Total earnings per ordinary share
Basic and diluted loss per share (cents) 9 (1.42) (7.98)
from continuing operations (restated)
Basic and diluted loss per share (cents) 9 (0.36) (12.47)
from discontinued operations
As permitted by section 408 of the Companies Act 2006, the parent company's
profit and loss account has not been included in these financial statements. The
loss after taxation for the financial year for the parent company was $988,000
(2024: $5,275,000).
*The activities of Mazeray Corporation, STI signature Spirits Group LLC, Shinju
Spirits Inc. and Shinju Whiskey LLC have been reclassified as discontinued
operations.
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
GROUP AND COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
ASSETS Group Group Company Company
30 30 30 30
September September September September
2025 2024 2025 2024
$'000 $'000 $'000 $'000
Non-current assets
Investment in subsidiaries - - 13 -
Current assets
Non-current asset held for 13 - - -
sale
Inventory 94
Trade and other receivables 62 129 62 67
Cash and cash equivalents 59 418 59 8
Total current assets 134 641 121 75
Total assets 134 641 134 75
LIABILITIES
Current liabilities
Trade and other payables 1,181 821 1,181 673
Loans payable 206 219 206 219
Total current liabilities 1,387 1,040 1,387 892
and total liabilities
EQUITY
Share capital 803 186 803 186
Share premium 6,757 6,844 6,757
6,844
Other reserves 131 133 2 4
Exchange reserve (224) (249) (254)
(276)
Retained deficit (8,504) (7,247) (8,561) (7,575)
Equity attributable to the (1,037) (333) (1,253)
equity holders of the
Company
(817)
Non-controlling interest (216) (66) - -
Total equity (1,253) (399) (1,253)
(817)
Total equity and liabilities 134 641 134 75
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
Share Share Exchange Other Retained Total Non
Total
capital premium reserve reserves earnings equity
-controlling equity
interest
$'000 $'000 $'000 $'000 $'000 $'000
$'000
Balance at 1 128 6,675 (229) 5 (2,991) 3,588 (27)
3,561
October 2023
Share issue 58 192 - - - 250 -
250
Share issue - (23) - - - (23) -
(23)
costs
Share based - - - 3 - 3 -
3
payments
Cancellation - - - (4) 4 - -
-
of options
Disposal of - - - 129 - 129 954
1,083
subsidiaries
without loss
of
control
Transactions 58 169 - 128 4 359 954
1,313
with owners
Exchange - - (20) - - (20) -
(20)
difference on
translating
foreign
operations
Loss for the - - - - (4,260) (4,260) (993)
(5,253)
year
Total - - (20) - (4,260) (4,280) (993)
(5,273)
comprehensive
loss
for the year
Balance at 30 186 6,844 (249) 133 (7,247) (333) (66)
(399)
September
2024
Share issue 617 40 - - - 657 -
657
Share issue - (127) - - - (127) -
(127)
costs
Cancellation - - - (2) 2 - -
-
of options
Transactions 617 (87) - (2) 2 530 -
530
with owners
Exchange - - 25 - - 25 -
25
difference on
translating
foreign
operations
Loss for the - - - - (1,259) (1,259) (150)
(1,409)
period
Total - - 25 - (1,259) (1,234) (150)
(1,384)
comprehensive
loss
for the
period
Balance at 30 803 6,757 (224) 131 (8,504) (1,037) (216)
(1,253)
September
2025
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
Share Share Share based Exchange Retained Total
capital premium payment reserve earnings equity
reserve
$'000 $'000 $'000 $'000 $'000
Balance at 30 128 6,675 5 (229) (2,304) 4,275
September 2023
Share issue 58 192 - - - 250
Share issue costs - (23) - - - (23)
Share based - - 3 - - 3
payments
Cancellation of - - (4) - 4 -
options
Transactions with 58 169 (1) - 4 230
owners
Exchange - - - (47) - (47)
differences
Loss for the year - - - - (5,275) (5,275)
Total comprehensive - - - (47) (5,275) (5,322)
loss for the year
Balance at 30 186 6,844 4 (276) (7,575) (817)
September 2024
Share issue 617 40 - - - 657
Share issue costs - (127) - - - (127)
Cancellation of - - (2) - 2 -
options
Transactions with 617 - (87) (2) - 2 530
owners
Exchange - - - 22 - 22
differences
Loss for the period - - - - (988) (988)
Total comprehensive - - - 22 (988) (966)
loss for the period
Balance at 30 803 6,757 2 (254) (8,561) (1,253)
September 2025
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
GROUP AND COMPANY CASHFLOW STATEMENT
Group Group
Company Company
Year Year
Year Year
ended ended
ended ended
30 30 30
30
September September
September September
2025 2024
2025 2024
$'000 $'000
$'000 $'000
Cash flow from operating
activities
Continuing operations
Loss after taxation (1,001) (1,662)
(988) (5,275)
Finance cost 11 2
11 2
Impairment of intangibles - 1,327
(13) 4,441
Impairment on receivables - -
- 542
Decrease/(increase)in trade and 5 (13)
5 (13)
other receivables
Share based payments - 3
- 3
Services settled by shares 24 27
24 27
Increase in trade and other 508 192
508 192
payables
Net cash outflow from operating (453) (124)
(453) (81)
activities from continuing
operations
Cash flows from investing
activities
Cash utilised by discontinued (405) 421
- -
activities
Net cash outflow from investing - 421
- -
activities
Cash flows from financing
activities
Proceeds from issue of share 633 106
633 106
capital
Share issue costs (127) -
(127) -
Loans received 7 18
7 18
Loans repaid (25) -
(25) -
Interest paid -
-
(2)
(2)
Net cash inflow from financing 488
activities 122
488 122
Net change in cash and cash (370) 419
35 41
equivalents
Cash and cash equivalents at 418 19
8 14
beginning of period
Exchange differences on cash and 11 (20)
16 (47)
cash equivalents
Cash and cash equivalents at end 418
of period 59
59 8
The accompanying principal accounting policies and notes form an integral part
of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Richmond Hill Resources Plc is a public limited company which was listed on the
Aquis Stock Exchange "(AQSE") from 12 March 2021 until 15 October 2025 and is
now listed on AIM and the Frankfurt stock exchange, and incorporated and
domiciled in the United Kingdom. The registered office is 6 Heddon Street,
London, W1B 4BT.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these Group and
Company financial statements are set out below.
These policies have been consistently applied to all the periods presented,
unless otherwise stated.
Basis of preparation
These Group and Company financial statements have been prepared in accordance
with UK-adopted international accounting standards and in accordance with the
requirements of the Companies Act 2006.
The Group and Company financial statements have been prepared under the
historical cost convention. These Group and Company financial statements (the
"Financial Statements") have been prepared and approved by the Directors on 20
March 2026 and signed by Hamish Harris.
The accounting policies have been applied consistently throughout the
preparation of these Financial Statements, and the financial report is presented
in US Dollars ($) and all values are rounded to the nearest thousand dollars
($`000) unless otherwise stated.
The financial statements for the year ended 30 September 2024, have been
restated to classify the activities of Mazeray Corporation, STI signature
Spirits Group LLC, Shinju Spirits Inc. and Shinju Whiskey LLC as discontinued
and held for sale.
The preparation of the Group and Company financial statements requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the group's accounting
policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the Group and Company
financial statements, are disclosed in Note 3.
Going Concern
The Directors have prepared cash flow forecasts for the period ending 31 March
2026 which take account of the current cost and operational structure of the
Group.
The forecasts include discretionary investment in its new mining investments and
further investment may require further fund raises. The Company raised
approximately $1,972,000 (£1,476,000), before expenses in October 2025 and
$882,000 (£639,000) in January & February 2026.
In forming the conclusion that it is appropriate to prepare the financial
statements on a going concern basis the Directors have made the following
assumptions that are relevant to the next twelve months: - in the event that the
Company's future investments require further funding, sufficient funding can be
obtained.
The cost structure of the Group comprises a high proportion of discretionary
spend and therefore in the event that cash flows become constrained, costs can
be quickly reduced to enable the Group to operate within its available funding.
As a company that is not yet in a position of being cash flow positive, the
Directors are aware that the Group must go to the marketplace to raise cash to
meet its investment plans.
The Group has previously constantly demonstrated its ability to raise further
cash by way of completing placings during the prior years, and is confident of
further equity fund raising where necessary. Therefore, they are confident that
existing cash balances, along with the any new funding required for future
investments, would be adequate to ensure that costs can be covered.
The Directors are therefore of the opinion that the Group has adequate financial
resources to enable it to continue in operation for the foreseeable future. For
this reason, it continues to adopt the going concern basis in preparing the
financial statements.
9. Earnings Per Share
Group Group
Year ended 30 Year ended 30
September 2025 September 2024
$'000 $'000
Loss attributable to owners of the Company (1,001) (1,662)
from continuing operations
Basic and diluted profit/loss per share from (258) (2,598)
operations held for sale attributable to the
owners of the Company
Year ended 30 Year ended 30
September 2025 September 2024
Number Number
Weighted average number of shares for 70,724,006 20,831,621
calculating basic loss per share
Year ended 30 Year ended 30
September 2025 September 2024
Cents Cents
Basic and diluted loss per share from (1.42) (7.98)
continuing operations
Basic and diluted profit/loss per share from (0.36) (12.47)
operations held for sale
The effect of shares that may be issued in future in respect of warrants are
anti-dilutive, but is potentially dilutive against future profits.
Events after the end of the reporting period
On 13 October 2025, the Company announced that after the AGM, the Share
Reorganisation would become effective and each existing Ordinary Share in the
issued share capital of the Company at the Record Date had been sub-divided and
re-designated into one new Ordinary Share of £0.001 each and one Deferred Share
of £0.005 each. The issued share capital of the Company immediately following
the Share Reorganisation comprised 104,649,639 Ordinary Shares and 104,649,639
Deferred Shares.
On 13 October 2025, the Company announced, that admission to AIM would take
place on 15 October 2025, and on admission the acquisition of Bulawayo CC
Ventures Limited would complete.
On 13 October 2025, the Company announced that its ordinary shares will be
admitted for trading on AIM from 15 October 2025 and withdrawn from trading on
AQSE at the same time.
On 14 October 2025, the Company announced that it had issued 140,000,000
Ordinary Shares at £0.01 per share raising £1,400,000, a further 7,627,791
Ordinary Shares at £0.01 per share raising £76,277.91, 7,970,168 Ordinary Shares
at £0.01 per share in settlement of unpaid Directors' fees of £79,701.68,
18,963,351 Ordinary Shares at £0.01 per share in settlement of certain
creditors, and 315,000,000 Ordinary Shares at £0.01 per share in consideration
for the acquisition of Bulawayo CC Ventures Limited.
On 23 October 2025, the Company announced that its ordinary shares have been
approved for trading on the Frankfurt Stock Exchange ("FSE").
On 28 January 2026, the Company announced that it had issued 23,077,000 Ordinary
Shares at £0.026 per share raising £600,000, a further 38,750,000 Ordinary
Shares at £0.02 per share in consideration for the acquisition of the Martello
Gold Project, and 1,300,000 Ordinary Shares at £0.02 per share in settlement of
a creditor.
On 2 February 2026, the Company announced that it had issued 1,505,298 Ordinary
Shares at £0.026 per share raising £39,000.
On 3 February 2026, the Company announced that it had issued 59,421,094 Ordinary
Shares at £0.001 per share to be held in the newly established Employee Benefit
Trust.
The Company now has 718,264,341 ordinary shares of £0.001 each ("Ordinary
Shares") in issue, each share carrying the right to one vote. The Company does
not hold any Ordinary Shares in treasury. The figure of 718,264,341 Ordinary
Shares may be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the Company
under the Financial Conduct Authority's Disclosure and Transparency Rules.
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