UK Builders Find Support in Labour's Plan to Upgrade Roads and Railways
Companies including Balfour Beatty Plc, Costain Group Plc, Morgan Sindall Group Plc and Kier Group Plc are lined up to win orders after Chancellor of the Exchequer Rachel Reeves announced £113 billion ($154 billion) of funding for public infrastructure across the UK last month. That includes £39 billion to build affordable homes, £14 billion for the Sizewell C nuclear project in Suffolk and £15 billion for new transport infrastructure across the north and midlands.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
If someone had invested £5,000 in Lloyds shares a week ago, they would have made…
Last week was a great time to own Lloyds (LSE:LLOY) shares. The British banking giant saw its market cap surge more than 10% on Monday following the long-anticipated court ruling relating to the motor financing mis-selling scandal. And while a bit of profit-taking activity followed, the share price has still broken through and remained above the 80p threshold for the first time since 2015. As such, anyone who put in £5,000 right before this bump is now sitting comfortably on around £5,326 – not bad for a single week. But with such a massive cloud of uncertainty now lifted, could Lloyds shares be on track to climb even higher? What happened? As previously mentioned, the main catalyst behind this boost stems from the Supreme Court's favourable ruling. It concluded that car dealers do not owe fiduciary duties to customers and that the payment of commissions linked to car finance from banks like Lloyds isn't inherently unlawful. So, is Lloyds off the hook? Not quite. The Financial Conduct Authority is still proceeding with a targeted redress scheme to compensate car buyers who were impacted by discretionary commission arrangements. This is where car dealers would earn a higher commission by charging a higher interest rate. But with an estimated compensation of £950 per customer, the £1.2bn that Lloyds has already put aside is expected to cover the bulk of its exposure. Time to consider buying? With the threat of a massive legal penalty now eliminated, investor sentiment has improved significantly. And the analyst team at Goldman Sachs subsequently upgraded its Lloyds share price forecast to 99p. That's around 23% higher than current levels. And if accurate, would grow the previous £5,000 investment even more to £6,550. Of course, forecasts need to be taken with a pinch of salt. Goldman's projection is based on Lloyds delivering 8% annual core revenue growth between 2024 and 2027. It also depends on management successfully delivering on its target of 13.5% return on tangible equity. The favourable banking environment certainly makes this possible, especially now that the legal risk has reduced drastically. However, that doesn't guarantee Lloyds shares will be a winning investment. The bank's performance is ultimately tied to the state of the British economy. A sudden or even gradual slowdown could reduce lending demand as well as send borrower default rates in the wrong direction. Lower interest rates should help spark demand, particularly for mortgages. But if there's an insufficient volume of new loans, Lloyds could struggle to offset the drop in expected interest income. In such a scenario, Lloyds will likely fall short of Goldman's growth expectations. The bottom line One of the biggest risk factors surrounding Lloyds appears to now be in the rearview mirror. It comes as a major relief to shareholders who are now able to focus more on the underlying fundamentals rather than the legal landscape. And with the shares trading at a relatively modest price-to-earnings ratio, continued performance could help elevate the share price further and support the 4.1% dividend yield. Lloyds shares are unlikely to skyrocket, so growth investors are probably better served considering stocks elsewhere. But for more conservative income-seeking individuals, Lloyds shares could now be worth mulling over. The post If someone had invested £5,000 in Lloyds shares a week ago, they would have made… appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Zaven Boyrazian has no position in any of the shares mentioned. The Motley Fool UK has recommended Lloyds Banking Group Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 minutes ago
- Yahoo
Pharaoh Capital's £24M Revenue Model Signals Investor Demand in Renewable Energy Assets
The U.K.-based investment firm's milestone highlights growing confidence in renewable energy as a stable, income-producing asset class. LEEDS, U.K. / / August 11, 2025 / Pharaoh Capital announced it has reached £24 million in revenue, underscoring increasing investor demand for recurring-income opportunities tied to renewable energy. The achievement reflects the firm's focus on asset-backed returns through long-term solar Power Purchase Agreements (PPAs), aligning investor interests with the energy transition while reducing exposure to volatile power markets. Founded in 2022, the Leeds-based family office has steadily grown its renewables portfolio by funding and managing commercial solar installations. The approach provides immediate energy savings to clients and delivers reliable cash flows for investors. Built on infrastructure-backed assets and predictable contractual revenues, the model is resonating with institutional investors seeking stable options beyond traditional energy markets. "The energy sector has faced unprecedented swings, from sharp wholesale price fluctuations to geopolitical pressures," said Grant Nicholson, founder of Pharaoh Capital. "Our model addresses that instability by building an asset base that generates contracted, long-term income. For investors, it represents a way to participate in the energy transition while benefiting from steady, recurring returns." Pharaoh Capital's £24 million revenue milestone shows not just operational success but also growing confidence in renewable infrastructure as a defensible asset class. Its solar PPA model has been deployed across multiple projects for major commercial clients, helping businesses secure cost certainty while meeting decarbonization commitments in an environment of unpredictable utility costs. Unlike speculative plays in emerging green technology, Nicholson said Pharaoh Capital's strategy centres on proven, income-producing infrastructure. Solar installations funded and managed by the firm are held as long-term assets, with electricity sold under fixed-term agreements. This approach delivers measurable sustainability results while insulating investors from the market volatility that has disrupted conventional power providers. "The recurring-income structure of solar PPAs is reshaping how investors view renewables," Nicholson said. "This is not about speculative bets on untested technology. It's about building dependable, income-generating assets in a sector essential to both the economy and the environment." The announcement comes at a time when asset managers increasingly integrate environmental, social, and governance (ESG) priorities into their investment strategies. For both family offices and institutional funds, renewable infrastructure has become a core element in balancing yield needs with sustainability mandates. Pharaoh Capital's traction illustrates this trend, showing how cash flows from energy infrastructure can complement, or even replace, exposure to more volatile equity or commodity-linked energy positions. By merging operational expertise in energy with disciplined capital deployment, the firm has positioned itself at the intersection of finance and the clean energy transition. Nicholson's background in energy and entrepreneurship has shaped the company's strategy, focusing on scalable investments with predictable returns. Initially bootstrapped with its own capital, Pharaoh Capital has shown how distributed energy assets can be both commercially viable and aligned with broader decarbonization efforts. As demand grows for capital-efficient clean energy solutions, Pharaoh Capital's model has drawn attention for its ability to deliver immediate benefits to end-users while maintaining investor returns. Governments and corporations accelerating net-zero targets have further increased the appeal of funding infrastructure that meets both operational and environmental objectives. Looking ahead, Nicholson noted that the firm is preparing to expand by leveraging debt financing to accelerate its deployment strategy. "We've proven the model using our own balance sheet," he said. "Now, the priority is scaling it. There's clear demand both from businesses seeking predictable energy pricing and from investors pursuing stable, ESG-aligned returns." Pharaoh Capital's continued growth reflects a broader shift among investors recognising renewable energy assets as both a hedge against price risk and a consistent income stream. As the firm builds on its £24 million revenue base, it illustrates how private capital is reshaping the path to energy transition through commercially grounded, infrastructure-backed models. About Pharaoh Capital Pharaoh Capital is a family office investment firm based in Leeds, U.K., specialising in energy and renewables. Established in 2022, it focuses on asset-backed investments in distributed energy infrastructure, combining operational expertise with long-term capital to deliver predictable cash flows and sustainable growth. Pharaoh Capital partners with like-minded investors to fund and manage renewable energy assets that support decarbonization while meeting institutional yield requirements. Its approach integrates active ownership and disciplined capital deployment to unlock value in an evolving energy landscape. Contact Details:Business: Pharaoh CapitalContact Name: Grant NicholsonEmail: gn@ Country: United Kingdom Disclaimer:This content has been provided by Pharaoh Capital and is published as received. Pharaoh Capital is solely responsible for the information contained herein, including its accuracy and completeness. This press release is for informational purposes only and does not constitute financial advice or an endorsement of any product or service. Readers should conduct their own research and consult a licensed financial advisor before making investment decisions. SOURCE: Pharaoh Capital View the original press release on ACCESS Newswire Sign in to access your portfolio
Yahoo
23 minutes ago
- Yahoo
Caledonia Mining Corporation Plc: Results for the Quarter ended June 30, 2025
Details of Management Conference Call Strong Performance Driven by Record Q2 Production and Higher Gold Prices ST HELIER, Jersey, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ('Caledonia' or 'the Company') (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces its operating and financial results for the quarter ended June 30, 2025 ('Q2 2025' or the 'Quarter'). Further information on the financial and operating results for the Quarter can be found in the Management Discussion and Analysis ('MD&A') and the unaudited condensed consolidated interim financial statements, which are available on the Company's website and are being filed on SEDAR+. Q2 2025 HIGHLIGHTS Financial Highlights: Gold revenue of $65.0 million (second quarter of 2024 ('Q2 2024'): $50.1 million, +30%) Gross profit of $33.8 million (Q2 2024: $22.9 million, +48%) EBITDA of $39.5 million (including one off profit on sale of solar plant in April 2025 of $8.5m) (Q2 2024: $20.4 million, +94%) Net profit attributable to shareholders of the Company of $20.5 million (Q2 2024: $8.3 million, +147%) Adjusted EPS of 113.9 cents (Q2 2024: 44.6 cents, +155%) Net cash from operating activities of $28.1 million (Q2 2024: $19.1 million, +47%) Net cash position (including fixed term deposits) improved to $26.2 million (Q2 2024: negative $1.4 million) A dividend of 14 cents per share was declared today, August 11, 2025 Completion of the solar plant sale (through the sale of the Zimbabwe subsidiary owning the plant) to CrossBoundary Energy Holdings for $22.35 million which was paid in cash Operational Highlights: Production at Blanket Mine of 21,070 ounces (Q2 2024: 20,773 ounces, +1.4%) Production guidance at Blanket Mine for 2025 increased to 75,500 - 79,500 ounces of gold On-mine cost per ounce of $1,123 (Q2 2024: $1,013, +10.9%) All-in sustaining cost ('AISC') per ounce of $1,805 (Q2 2024: $1,485, +21.5%) Average realised gold price of $3,188 per ounce (Q2 2024: $2,302, +38.5%) Continued progress on Bilboes feasibility study and Motapa exploration programme Continued exploration at Blanket to upgrade inferred resources and explore new areas within the mining lease area. Mark Learmonth, Chief Executive Officer, commented: 'Caledonia has delivered another strong quarter, highlighted by record second-quarter gold production at Blanket and a substantial increase in profitability, reflecting strong operational performance and a higher gold price environment. I would like to thank the team for their hard work and contribution. 'The successful sale of our solar plant in April has strengthened our balance sheet and ensures a reliable, long-term renewable energy supply for Blanket Mine. 'Our ongoing drilling campaign at Blanket Mine continues to demonstrate encouraging results, further improving our confidence in the mineral resource and pointing to additional future mineral resource growth. The grades and widths we are seeing from this drilling campaign are as good as and, in some cases, considerably better than results from previous drilling campaigns. 'We are encouraged by the progress on the Bilboes feasibility study, and we continue to evaluate opportunities that could materially improve project economics. At the same time, our exploration programme at Motapa is advancing well, with a clear focus on identifying both sulphide and oxide resources that could support near-term production and longer-term growth. 'Looking ahead, we remain focused on delivering our increased production guidance at Blanket, and advancing our growth pipeline in a way that maximises long-term value for shareholders. With a strong operational base and a clear strategic roadmap, Caledonia is well positioned to continue building on this positive momentum.' Revenue and Profit Revenue for the Quarter was $65.0 million, a 30% increase from $50.1 million in Q2 2024. This improvement was driven by higher gold prices and slightly higher production. Gross profit increased to $33.8 million (Q2 2024: $22.9 million). Net profit attributable to shareholders of the Company more than doubled to $20.5 million (Q2 2024: $8.3 million), while adjusted EPS rose to 113.9 cents from 44.6 cents in Q2 2024. Costs Consolidated on-mine cost per ounce increased by 10.9% to $1,123 (Q2 2024: $1,013), primarily due to higher labour and consumables costs at Blanket Mine. Labour costs increased due to a higher headcount, inflationary salary increases, bonuses paid for higher production, and overtime worked. Consumable costs per ounce at Blanket increased due to higher repair and maintenance activities at the metallurgical plant and on underground trackless mining machinery in the Quarter. Consolidated AISC rose to $1,805 per ounce (Q2 2024: $1,485); this was as expected due to higher on-mine costs and increased sustaining capital expenditure (as planned). Full year sustaining capital expenditure remains on target. Cash Generation During the half year ended 30 June 2025, Caledonia generated operating cash inflows of $41.3 million (Q2 2025: $28.1 million), driven by higher production at Blanket and a favourable gold price environment. An additional $22.35 million (pre-tax) was received in the Quarter from the sale of the solar plant, further strengthening the group's cash position. This strong cash generation supported continued investment in strategic growth. The group invested $17.7 million during the half year (Q2 2025: $10.5 million) in property, plant, and equipment on key infrastructure at Blanket. A further $3.1 million during the half year (Q2 2025: $1.8 million) was allocated to exploration and evaluation activities, primarily at Bilboes and Motapa. To optimise short-term returns and strengthen the balance sheet, $18.0 million was placed into fixed-term deposits during the Quarter. Financing activities had a net outflow of $6.0 million during the half year (Q2 2025: $6.9 million), with three key drivers being net proceeds from loans and bond issuance for supporting capital projects making a positive contribution of $3.2 million (Q2 2025: $0.8 million) and an outflow of $9.0 million (Q2 2025: $7.6 million) returned to Caledonia and Blanket minority shareholders through dividends. Additionally, $0.1 million (Q2 2025: $0.1 million) paid lease liabilities in the period. As a result of all the key movements above, cash and cash equivalents increased by $16.9 million during the half year (Q2 2025: $12.8 million) to $8.2 million. This reflects Caledonia's prudent treasury management and balanced approach to deploying capital for both growth and shareholder returns. OPERATIONAL REVIEW Blanket Mine Blanket Mine produced 21,070 ounces of gold in Q2 2025, a 1.4% increase from 20,773 ounces in Q2 2024. The increase was due to higher grades and better plant recoveries. As announced on July 16, 2025, Blanket's annual production guidance for 2025 was increased to 75,500 - 79,500 ounces, reflecting a strong operational performance. The plant recovery rate in the Quarter was 94.4%, which represents a new record. The improved recovery was due to the introduction of an additional tank in the carbon-in-leach circuit, closer attention to dosage levels of reagents and improved process controls. The improved recovery rate in the Quarter compared to the average recovery of 93.6% in 2024 resulted in approximately 175 ounces of additional gold production in the Quarter. In the absence of unforeseen changes to the ore feed grade or mineralogy, it is anticipated that the recovery rate achieved in the Quarter can be sustained. The metallurgical team at Blanket continues to evaluate opportunities to achieve further improvements in recovery. Exploration at Blanket is ongoing with encouraging high grade results. The programme is aimed at evaluating the continuity of the mineralised zones on the Blanket, Eroica and Lima orebodies (which comprise three of the main orebodies at Blanket Mine). The objectives of the programme are to increase the confidence levels of the existing mineral resource and to grow the mineral resource estimate below the 34 level (1,110 metres) of the mine. Results from 6,976 metres of underground drilling from January 2024 to the end of April 2025 indicate that the existing Blanket and Eroica orebodies have grades and widths which are generally better than expected, while the Lima orebody is shown to continue below 22 level (750 metres). A new potential orebody has been intersected in the Blanket orebody area of the mine, with impressive grades and widths. Solar Plant Sale Summary On 11 April, 2025, Caledonia sold its Zimbabwe subsidiary, Caledonia Mining Services (Private) Limited ('CMS'), to CrossBoundary Energy Holdings for $22.35 million in cash. CMS owns the 12.2MWac solar plant powering Blanket Mine, which will continue supplying energy under an exclusive agreement. Bilboes Project The feasibility study for the Bilboes sulphide project is progressing well and we continue to evaluate new opportunities which may enhance the economics of the project and the potential for near-term, low capital revenue opportunities elsewhere in Caledonia's asset portfolio to contribute to funding the Bilboes project. In the Quarter, 372 ounces of gold were produced from the Bilboes oxide mine. Motapa Exploration After the encouraging results from the 2024 exploration programme, a $2.8 million exploration programme is underway at Motapa for 2025, targeting sulphide and oxide resources across the Motapa property. With Motapa's location adjacent to Bilboes, significant synergies could be obtained should a viable resource be identified through the planned exploration programme. To the end of June 2025, a total of 1,788 meters of diamond drilling and 9,638 meters of reverse circulation drilling has been completed. A full overview of activities and results are expected to be provided during the second half of 2025. LEADERSHIP CHANGES Mr. Johan Holtzhausen retired from the Board and as chair of the Audit Committee in May 2025. Ms. Tariro Gadzikwa was appointed as chair of the Audit Committee. REPORTING CHANGES Caledonia will no longer publish financial statements and management's discussion and analysis (MD&A) reports on a quarterly basis in accordance with Canadian securities regulations. This decision aligns with applicable exemptions under Canadian securities regulations, including National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and reflects our status as an SEC foreign issuer with equivalent disclosure obligations outside Canada. We remain fully committed to transparent and timely disclosure of material information through the publication of our annual and half-yearly financial statements and via recognised regulatory channels, and, going forwards, we anticipate publishing revenue, costs and production results for the quarters for which we do not release detailed financial results (namely, the first and third quarters). This change does not affect our obligation to disclose any significant developments or risks that may materially impact the group's financial position or performance. We will continue to provide comprehensive MD&A commentary as part of our annual and semiannual reporting cycle. OUTLOOK AND GUIDANCE Blanket is on track to achieve production within its updated guidance range of 75,500 to 79,500 ounces1 for 2025, while continuing to modernise operations and improve mining and operational cost efficiencies. Further exploration is being undertaken at Blanket, aiming to upgrade existing inferred mineral resources to measured and indicated categories, with the goal of extending the mine's life. In addition, exploration is ongoing in target areas outside the current mine footprint within the Blanket mining lease area. Work continues on the feasibility study for the Bilboes sulphide project, including the assessment of new factors that may enhance the project's economics. At Motapa, exploration efforts are progressing through a $2.8 million programme focused on both oxide and sulphide resources. INVESTOR CONFERENCE CALL Details of Investor and Analyst Presentation Conference Call Details A presentation for investors and analysts will be held as follows: When: August 13, 2025 at 2:00pm London time Topic: Q2 2025 Results Call for Investors Register in advance for this webinar: ________________________ 1 Refer to the technical report entitled "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia Mining Corporation Plc and filed by the Company on SEDAR+ ( on May 15, 2024. Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act. Enquiries: Caledonia Mining Corporation Plc Mark Learmonth Tel: +44 1534 679 800 Camilla Horsfall Tel: +44 7817 841 793 Cavendish Capital Markets Limited (Nomad and Joint Broker) Adrian Hadden Tel: +44 207 397 1965 Pearl Kellie Tel: +44 131 220 9775 Panmure Liberum (Joint Broker) Scott Mathieson Tel: +44 20 3100 2000 Camarco, Financial PR/ IR (UK) Gordon Poole Tel: +44 20 3757 4980 Elfie Kent Fergus Young 3PPB (Financial PR, North America) Patrick Chidley Tel: +1 917 991 7701 Paul Durham Tel: +1 203 940 2538 Curate Public Relations (Zimbabwe) Debra Tatenda Tel: +263 77802131 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd Mlotshwa Tel: +263 (242) 745 119/33/39 This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 ('MAR') as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Cautionary Note Concerning Forward-Looking Information Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, expected recovery rates, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, the amount and funding of capital costs and the publication of the Bilboes feasibility study. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction. Consolidated statements of profit or loss and other comprehensive income(in thousands of United States Dollars, unless indicated otherwise) For the Six months ended June 30 Six months endedJune 30 Unaudited 2025 2024 2025 2024 Restated* Restated* Revenue 65,309 50,107 121,487 88,635 Royalty (3,507 ) (2,475 ) (6,278 ) (4,409 ) Production costs (23,954 ) (20,460 ) (46,576 ) (39,420 ) Depreciation (4,042 ) (4,239 ) (7,901 ) (8,058 ) Gross profit 33,806 22,933 60,732 36,748 Net foreign exchange loss (1,026 ) (2,182 ) (2,278 ) (7,064 ) Administrative expenses (4,363 ) (3,664 ) (8,961 ) (6,275 ) Fair value loss on derivative financial instrument - (174 ) (1,592 ) (476 ) Equity-settled share-based expense (226 ) (305 ) (82 ) (506 ) Cash-settled share-based (expense) / credit (285 ) (4 ) (443 ) (57 ) Other expenses (1,103 ) (664 ) (1,946 ) (1,264 ) Other income 75 185 141 349 Profit on the sale of non-current assets held for sale 8,540 - 8,540 - Operating profit 35,418 16,125 54,111 21,455 Finance income 121 3 127 9 Finance cost (602 ) (797 ) (1,502 ) (1,529 ) Profit before tax 34,937 15,331 52,736 19,935 Tax expense (11,341 ) (5,151 ) (17,977 ) (7,681 ) Profit for the period 23,596 10,180 34,759 12,254 Other comprehensive income Exchange differences on translation of foreign operations 239 178 446 34 Total comprehensive income for the period 23,835 10,358 35,205 12,288 Profit attributable to: Owners of the Company 20,487 8,283 29,402 9,769 Non-controlling interests 3,109 1,897 5,357 2,485 Profit for the period 23,596 10,180 34,759 12,254 Total comprehensive income attributable to: Owners of the Company 20,726 8,461 29,848 9,803 Non-controlling interests 3,109 1,897 5,357 2,485 Total comprehensive income for the period 23,835 10,358 35,205 12,288 Earnings per share Basic earnings per share (cents) 105.7 41.6 150.3 48.9 Diluted earnings per share (cents) 105.7 41.6 150.3 48.9 Adjusted earnings per share Basic earnings per share (cents) 113.9 44.6 172.4 54.2 Dividends per share (cents) 14.0 14.0 28.0 28.0 * Refer to note Consolidated Statements of Financial Position (in thousands of United States Dollars, unless indicated otherwise) Unaudited Jun 30 Dec 31 Dec 31 As at 2025 2024 2023 *Restated Total non-current assets 300,646 287,046 274,074 Income tax receivable 106 355 1,120 Inventories 29,528 23,768 20,304 Derivative financial assets - - 88 Trade and other receivables 9,364 12,675 9,952 Prepayments 11,663 6,748 2,538 Fixed term deposit 18,000 - - Cash and cash equivalents 19,860 4,260 6,708 Assets held for sale - 13,512 13,519 Total assets 389,167 348,364 328,303 Total non-current liabilities 73,741 68,505 63,970 Cash-settled share-based payment 751 634 920 Income tax payable 9,122 2,958 10 Lease liabilities 278 95 167 Loans and borrowings 1,741 1,174 - Loan note instruments 1,093 855 665 Trade and other payables 29,137 26,647 20,503 Overdrafts 11,649 12,928 17,740 Liabilities associated with assets held for sale - 104 128 Total liabilities 127,512 113,900 104,103 Total equity 261,655 234,464 224,200 Total equity and liabilities 389,167 348,364 328,303 Consolidated statements of cash flows(in thousands of United States Dollars, unless indicated otherwise) Unaudited Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Cash inflow from operations 34,111 20,988 52,668 27,523 Interest received 11 3 17 9 Finance costs paid (623 ) (710 ) (1,166 ) (1,283 ) Tax paid (5,415 ) (1,195 ) (10,246 ) (2,276 ) Net cash inflow from operating activities 28,084 19,086 41,273 23,973 Cash flows used in investing activities Acquisition of property, plant and equipment (10,511 ) (6,897 ) (17,761 ) (10,638 ) Expenditure on exploration and evaluation assets (1,831 ) (733 ) (3,060 ) (1,163 ) Proceeds from sale of non-current asset held for sale (net of selling costs) 21,966 - 21,966 - Proceeds from the sale of property plant and equipment 17 - 17 - Acquisition of put options - (168 ) (1,592 ) (408 ) Investment in fixed term deposits (18,000 ) - (18,000 ) - Net cash used in investing activities (8,359 ) (7,798 ) (18,430 ) (12,209 ) Cash flows from financing activities Dividends paid (7,606 ) (2,912 ) (8,993 ) (5,632 ) Payment of lease liabilities (104 ) (38 ) (133 ) (75 ) Proceeds from loans and borrowings 1,259 2,032 1,259 2,032 Repayments of loans and borrowings (472 ) - (472 ) - Bonds - solar bond issue receipts (net of transaction cost) - 1,939 2,387 1,939 Net cash (used in) / from financing activities (6,923 ) 1,021 (5,952 ) (1,736 ) Net increase in cash and cash equivalents 12,802 12,309 16,891 10,028 Effect of exchange rate fluctuations on cash and cash equivalents (19 ) 485 (12 ) (362 ) Net cash and cash equivalents at the beginning of the period (4,572 ) (14,160 ) (8,668 ) (11,032 ) Net cash and cash equivalents at the end of the period 8,211 (1,366 ) 8,211 (1,366 ) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
