29 Sep Interim Results for Six Months Ended 30 June 2025
Kendrick Resources Plc
(“Kendrick Resources” or the “Company”)
Interim Results for the Six Months Ended 30 June 2025
Kendrick Resources Plc the mineral exploration and development company announces its unaudited interim results for the six months ended 30 June 2025.
Chairman’s Statement
Dear Shareholder,
Kendrick Resources had in 2024 and through into 2025 a difficult period based on the poor fundamentals for nickel with the supply/demand position put out of equilibrium by activities in Southeast Asia.
The vanadium project continues to be of high interest, and the Directors are convinced that Airijoki has the potential to add 50% more ore to its inventory. The processing fundamentals are good and the final product is above international average. Notwithstanding this, the fundamentals for vanadium have not emerged as strongly as the industry had expected and the use of vanadium in energy storage has not advanced as fast as energy generation.
It is the Board’s intention to maintain the vanadium property in Sweden, Airijoki, whilst not continuing with the nickel projects within Norway and Sweden. The Board has taken the decision to acquire projects in the copper and gold arena in Southern Africa and during the period acquired an option over the Bluefox exploration project in Northwest Zambia, close to the Angolan border. The Company is currently investigating a number of ventures to enhance its southern Africa portfolio in commodities which have a real future; brownfields or production in jurisdictions which are supportive of mining.
We will keep shareholders advised on our progress with this mission.
Colin Bird
Executive Chairman
29 September 2025
OPERATIONAL, FINANCIAL CORPORATE and STRATEGY REVIEWS
Operational and Strategy Review
The Company’s strategy is to enhance the value of its mineral resource projects through exploration and technical studies conducted by the Company or through joint venture or other arrangements with a view to establishing the projects can be economically mined for profit. The Group has been seeking to do this by building an energy metals production business focused on nickel, vanadium and copper mineral resources projects in Scandinavia. During the period, having assessed the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity, the Board decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded and accordingly in its 2024 accounts made a full provision against all its exploration projects other than the Airijoki vanadium project in Sweden.
Given the Board’s extensive resource project experience in Southern Africa and the relative cost of developing projects in Southern Africa compared to Scandinavia the Board has decided that it is in the best interest of shareholders to seek new resource project opportunities in areas where the Board has expertise in, including Southern Africa, which is what it has been focusing on doing during the period and will update shareholders when an appropriate projects(s) are identified and in the meantime the Group will seek to minimise costs.
Summary of Retained Airijoki Project:
The Airijoki vanadium copper project in Sweden comprises seven contiguous exploration permits covering 39.41 km2 and is supported by an Inferred Mineral Resource comprising 44.3 Mt at an in-situ grade of 0.4% V2O5, containing 5.9 Mt of magnetite averaging 1.7% V2O5 (in magnetite concentrate) for 100,800 t of contained V2O5 based on a 13.3% mass recovery of magnetite concentrate and a 0.7% V2O5 cut-off grade, on a 100% equity basis (and net attributable basis).
The main field exploration focus since the acquisition of the Airijoki project was a 1,394 metre exploration drill program at the Airijoki vanadium copper project in Sweden conducted late in 2023 the results of which were announced on 8 February 2024.
The highlights of the drill results were:
· Results have been received for whole rock and vanadium magnetite concentrates produced from eight holes drilled north of the existing Airijoki vanadium JORC Mineral Resource containing 44.3 Mt @ 0.4% V2O5, in-situ, containing 5.9 Mt of magnetite averaging 1.7% V2O5.
· Seven out of eight holes drilled intersected Vanadium mineralisation.
· Notable intercepts included:
o 0.52% V2O5 – whole rock (1.77% V2O5 – magnetite concentrate) over 28.80m from 77.55m in hole AIR23-003, incl.
§ 0.72% V2O5 – whole rock (2.15% V2O5 – magnetite concentrate) over 12.00m from 89.50m
o 0.43% V2O5 – whole rock (1.44% V2O5 – magnetite concentrate) over 19.15m from 75.85m in hole AIR23-008
o 0.32% V2O5 – whole rock (1.42% V2O5 – magnetite concentrate) over 28.65m from 174.50m in AIR23-002
§ incl. 0.40% V2O5 – whole rock (1.75% V2O5 -magnetite concentrate) over 12 m from 186.5m
The combination of a JORC Mineral Resource, positive assay results and access to a further five contiguous exploration licences expected to generate additional vanadium (and copper) targets for follow up and possible future expansion of the current vanadium resource, support the prospectivity of the Airijoki Project.
The emphasis at Airijoki has been to switch from further drilling to expanding the Mineral Resource, to focusing on the development and implementation of an appropriate strategy to build a sustainable vanadium business, this does not preclude future ongoing exploration. But in the meantime we will be looking to build strategic alliances with both iron ore and vanadium miners and processors, together with an alignment with end users of vanadium, principally in the Vanadium Redox battery sphere. Operating to the highest possible standards, the Company aims to become a significant contributor to the supply of vanadium in the Scandinavian battery arena.
Financial Review
Financial highlights:
· £128K loss after tax (2024: £239K)
· Approximately £9k cash at bank at the period end (Dec 2024: £18k).
· The basic and diluted losses per share are summarised in the table below
| Loss per share (pence) | 2025 | 2024 | |
| Basic & Diluted | Note 3 | (0.05)p | (0.10)p |
· The net asset value as at 30 June 2025 were £1.16m (31 December 2024 £1.32m)
Fundraisings and issues of shares during the period
On 25 February 2025 the Company announced it had raised £107,500 before expenses at 0.25 pence per Ordinary Share through the issue of 43,000,000 new Ordinary Shares of £0.0003 each (the “Fundraising Shares”) Colin Bird, the Company’s Executive Chairman subscribed £20,000 for 8,000,000 Fundraising Shares which represented in aggregate 18.6 per cent. of the gross proceeds (“Colin Bird Share Subscription”).
During the period Colin Bird, the Company’s Executive Chairman has provided an interest free loan of £35,000 to the Company (“Colin Bird Loan”) and Michael Allardice who provides consultancy services to the company also provided an interest free loan of £3,800 in addition to the £17,500 which he lent in 2024.
The Company did not issue any share options or warrants during the period.
Corporate Review
Company Board: The Board of the Company comprises Colin Bird: Executive Chairman, Martyn Churchouse: Managing Director, and Non- executive directors Kjeld Thygesen, Evan Kirby and Alex Borrelli.
Admission: The Company was admitted to the Official List and to trading on the London Stock Exchange’s Main Market for listed securities on 6 May 2022. Following the introduction of the UK Listing Rules (“UKLR”) in July 2024, the Company is admitted to Equity Shares (transition) category of the Official List under Chapter 22 of the UKLR.
Corporate Acquisitions
During the period on 10 June 2025 the Company announced it had entered into an option and joint venture agreement in relation to the acquisition of the Blue Fox Licence, 34412-HQ-LEL located in northwest Zambia (“Licence”) (the “Agreement”). The Company post the period end has exercised its option under the Agreement.
Highlights
· The Licence which was previously held by Anglo American Corporation is located within the highly productive and prospective External Fold and Thrust Belt which is itself situated between the Western Foreland and Domes domains of northwest Zambia.
· The Licence is situated along strike of and in the same External Fold and Thrust Belt that hosts Tenke Fungurume (8Mt contained Cu) and the Mutanda mines in Democratic Republic of Congo
· The Licence sits adjacent to known copper mineralisation hosted by Roan Group rocks and associated with salt diapir tectonics and fluidised breccias.
There were no corporate acquisitions during the period
Outlook
There is current volatility as markets seek to understand and anticipate the effects of a second Trump administration, a new era of higher tariffs, and the ongoing conflicts in Ukraine and the Middle East. At a macro level there is a supply shortage for copper and critical metals and gold is around all-time highs. Funding markets for exploration companies were depressed in 2024 and this continued into 2025 but are showing some signs of improving for the right projects. The objective of the Board is to work to enhance the value of the Group’s Airijoki vanadium project in Sweden and to seek resource project opportunities in Southern Africa that can be cost effectively advanced. The Company is currently investigating a number of ventures to enhance its southern Africa portfolio in commodities which have a real future, brownfields or production in jurisdictions which are supportive of mining
Post Period Events
The Company has exercised its option under the option and joint venture agreement with Cooperlemon Consultancy Limited for the exploration and if appropriate development of licence number 34412-HQ-LEL located in the Northwestern region of Zambia.
INTERIM MANAGEMENT REPORT
The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authorities (“FCA”) Disclosure Guidance and Transparency Rules (“DTR”). The Directors consider the preceding Operational, Financial, Corporate and Strategy Review of this Half Yearly Financial Report provides details of the important events which have occurred during the period and their impact on the financial statements as well as the outlook for the Company for the remaining six months of the year ended 29 December 2025.
The following statement of the Principal Risks and Uncertainties, the Related Party Transactions, the Statement of Directors’ Responsibilities and the Operational, Financial, Corporate and Strategy Review constitute the Interim Management Report of the Company for the six months ended 30 June 2025.
Principal Risks and Uncertainties
The principal risks and uncertainties for the remaining six months of the financial year remain the same as those contained within the annual report and accounts as at 29 December 2024.
The principal risks and uncertainties facing the group are as follows:
· There are significant risks associated with any exploration project and the ability of the Company to explore, develop and generate operational cashflows from its projects requiring the Company to rely on fundraisings to fund its operational costs
· There is significant competition for high quality mineral exploration projects, and demand continues to grow across the sector. As a result, there is no certainty that the company will be able to identify, secure or acquire suitable new projects on acceptable terms.
· No assurances can be given that minerals will be discovered in economically viable quantities at the Company’s projects
· Adverse foreign exchange fluctuations
· Volatility in financial markets and commodity markets
The Board has also reviewed emerging risks which may impact the forthcoming six-month period. The ongoing impact of the Ukraine war and related sanctions and escalation of conflicts in the Levant area of the Middle East may affect the macro-economic situation but not have a direct impact on the Company as it does not have assets in or do have business activities or suppliers in either Ukraine, Russia or the Levant areas of the Middle East. As a result of the Ukraine war Finland joined NATO in 2023 and Sweden have announced their intention to join NATO.
Related Party Transactions during the period
1. Directors’ Letter of Appointment and Service Agreement remain as disclosed in the Prospectus and reported within the annual report and accounts as at 29 December 2024
2. As disclosed in the Prospectus and reported within the annual report and accounts as at 29 December 2024 the Company entered into a licence agreement dated 1 February 2022 with Lion Mining Finance Limited (a company controlled by Colin Bird, a director of the Company). Pursuant to this agreement, the Company has been granted a licence to use the premises at 7-8 Kendrick Mews, London, SW7 for a period of 12 months with effect from 1 December 2021 for a licence fee of £1,000 per month. In addition, Lion Mining Finance Limited provides basic administrative and support services as required by the Company from time to time.
3. Details of the Colin Bird Subscription and Colin Bird Loan have been provided earlier in this report.
Related Party transactions described in the annual report to 29 December 2024
Other than disclosed above and the inter group loans made by the company to its subsidiaries to finance their ongoing activities there have been no changes in the related party transactions described in the annual report for the year ended 29 December 2024 that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year
Responsibility Statement
The Directors, whose names and functions are set out in this report under the heading Company Board, are responsible for preparing the Unaudited Interim Condensed Consolidated Financial Statements in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority (‘DTR’) and with International Accounting Standard 34 on Interim Financial reporting (IAS34). The Directors confirm that, to the best of their knowledge, this Unaudited Interim Condensed Consolidated Report, which has been prepared in accordance with IAS34, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the interim management report includes a fair review of the information required by DTR 4.2.7 R and by DTR 4.2.8 R, namely:
· an indication of key events occurred during the period and their impact on the Unaudited Interim Condensed Consolidated Financial Statements and a description of the principal risks and uncertainties for the second half of the financial year; and
· material related party transactions that have taken place during the period and that have materially affected the financial position or the performance of the business during that period.”
For and on behalf of the Board of Directors
Colin Bird
Executive Chairman
29 September 2025
| Kendrick Resources Plc:
Chairman |
Tel: +44 2039 616 086
Colin Bird |
| Novum Securities Limited
Financial Adviser Joint Broker |
Tel: +44 7399 9400
David Coffman / Anastassiya Eley Jon Bellis |
| Shard Capital Partners LLP
Joint Broker |
Tel: +44 207 186 9952
Damon Heath / Isabella Pierre |
or visit https://www.kendrickresources.com/
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”).
29 September 2025
The full Kendrick Resources PLC Interim Results for the Six Months Ended 30 June 2025 are available in our Financial Section here.