Annual
Report
2025
| Standard/Interpretation | Effective Date Years beginning on or after | Expected Impact |
|---|---|---|
| Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7) | January 1, 2026 | The Group is currently assessing the impact of these new accounting standards and amendments |
| Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) | January 1, 2026 | The Group is currently assessing the impact of these new accounting standards and amendments |
| IFRS18 Presentation and Disclosure in Financial Statements | January 1, 2027 | The Group is currently assessing the impact of these new accounting standards and amendments |
| IFRS19 Subsidiaries without Public Accountability: Disclosures | January 1, 2027 | The Group is currently assessing the impact of these new accounting standards and amendments |
| Item | Depreciation method | Average useful title |
|---|---|---|
| Land | Not depreciated | Indefinite |
| Buildings | Straight line | 25 years |
| Drilling rigs | Straight line | 5–20 years |
| Associated drilling equipment | Straight line | 2–7 years |
| Heavy mining equipment | Production hours | 6,000–80,000 hours |
| Motor vehicles | Straight line | 4–7 years |
| Camp and associated equipment | Straight line | 3–5 years |
| Leasehold improvements | Straight line | 10 years |
| Item | Depreciation method | Average useful title |
|---|---|---|
| Computer software | Straight line | 10 years |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Drilling and incidental revenue | 238,744 | 233,678 |
| Mining and associated revenue | 26,357 | 65,242 |
| Laboratory services revenue | 73,495 | 43,647 |
| Revenue from surveying | 7,179 | 5,433 |
| Total revenue | 345,775 | 348,000 |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Employee costs | 92,689 | 90,395 |
| Consumables | 27,099 | 25,145 |
| Repairs and maintenance | 19,554 | 28,819 |
| Fuel | 3,989 | 3,647 |
| Camp operational cost | 5,761 | 6,054 |
| Other cost of sales | 5,620 | 7,877 |
| Landed cost – Inventory | 11,631 | 11,622 |
| Equipment hire | 3,667 | 4,235 |
| Travel and accommodation | 4,600 | 5,707 |
| Safety gear and equipment | 3,917 | 3,883 |
| Amortisation of mobilisation costs | 5,545 | 7,783 |
| Chrysos variable costs | 4,485 | 2,154 |
| Insurance – Equipment | 2,006 | 2,048 |
| Others | 5,888 | 5,185 |
| Total cost of sales | 196,451 | 204,554 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Employee cost | 24,913 | 22,381 |
| Professional fees | 4,733 | 5,594 |
| Insurance | 2,584 | 2,216 |
| Rental cost | 1,764 | 1,921 |
| Share based payment expenses (Note 6) | 3,089 | 539 |
| Bad debts written off | 79 | 258 |
| Decrease in net expected credit loss provision (Note 18) | 99 | (160) |
| Travel and accommodation | 2,928 | 3,788 |
| Bank charges | 1,351 | 1,606 |
| Foreign exchange (gain) / loss | (1,515) | 2,107 |
| Software costs | 2,688 | 2,039 |
| ERP implementation costs | 3,913 | 2,661 |
| Other tax | 384 | 1,439 |
| Provision for VAT recoverable | 1,430 | 2,545 |
| Other expenses | 10,286 | 8,011 |
| Total administration expenses | 58,726 | 56,945 |
| 2025 | As restated 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Other | ||
| Loss on disposal of property, plant and equipment | 917 | 594 |
| Legal and professional fees | 4,733 | 5,594 |
| Stock write-off | 726 | 686 |
| Provision of inventory obsolescence | 1,135 | 385 |
| Decrease in allowance for credit losses | 99 | (160) |
| Bad debts written off | 79 | 258 |
| Other taxes | 384 | 1,439 |
| Provision for VAT recoverable | 1,430 | 2,545 |
| Increase in provision for other taxes | 522 | 44 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Interest on lease liabilities | 3,272 | 3,067 |
| Interest on bank loans | 7,380 | 8,907 |
| Interest on supplier credit facilities | 3,280 | 3,021 |
| Amortised debt arrangement costs | 1,165 | 1,373 |
| Other interest paid | 335 | 373 |
| Total finance charges | 15,432 | 16,741 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Valuation of equity investments at fair value through profit or loss | 64,925 | 13,361 |
| Realised gain / (loss) on disposal of equity investments | 1,068 | (1,413) |
| Valuation of receivables at fair value through profit or loss | - | 149 |
| Fair value gain on financial assets | 65,993 | 12,097 |
| 2025 | 2024 | |
| $’000 | $’000 | |
| Depreciation and amortisation: | ||
| Computer software | 105 | 9 |
| Drilling rigs | 11,837 | 10,573 |
| Associated drilling equipment | 6,599 | 6,082 |
| Vehicles and trucks | 5,805 | 4,716 |
| Camp and associated equipment | 5,487 | 3,925 |
| Land and buildings | 306 | 231 |
| Mining equipment | 1,232 | 7,041 |
| Right-of-use assets | 12,185 | 12,025 |
| Total depreciation | 43,556 | 44,602 |
| As restated | ||
| 2025 | 2024 | |
| $’000 | $’000 | |
| Impairments: | ||
| Right-of-use assets | – | 1,766 |
| Drilling rigs | – | 226 |
| Heavy mining equipment | 475 | 907 |
| Camp and associated equipment | – | 1,061 |
| Total impairments | 475 | 3,960 |
| Total depreciation, amortisation and impairments | 44,031 | 48,562 |
| Operating lease expenses | ||
| Short-term equipment rental | 2,956 | 6,046 |
| Employee costs | ||
| Salaries, wages, bonuses and other benefits | 117,60 2 | 112,776 |
| Share based compensation expense | 3,089 | 539 |
| Total employee costs | 120,691 | 113,315 |
| 2025 | 2024 | |
| $’000 | $’000 | |
| Current | ||
| Income tax – current period | 20,459 | 12,213 |
| Income tax – recognised in current period for prior periods | 2,566 | (702) |
| Withholding tax – current period | 3,440 | 1,277 |
| Total current taxation | 26,465 | 12,788 |
| Deferred | ||
| Current year | (3,909) | 3,157 |
| Prior year | – | 4 |
| Total deferred taxation | (3,909) | 3,161 |
| Total taxation | 22,556 | 15,949 |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Accounting profit before tax | 93,543 | 32,946 |
| Tax at domestic rates applicable to profits and losses in the jurisdictions in which the Group operates | 2,608 | 45 |
| Tax effect of adjustments on taxable income | ||
| Revenue based and other withholding taxes | 11,206 | 4,907 |
| Permanent differences | 3,927 | 4,957 |
| Prior year under provision | 2,566 | (745) |
| Losses not recognised | 2,249 | 6,785 |
| Total taxation | 22,556 | 15,949 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Balance at 1 January | 6,300 | – |
| Additions | 52 | 6,687 |
| Share of net loss | (275) | (387) |
| Impairment | (5,574) | – |
| Balance as at 31 December 2025 | 503 | 6,300 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Non-current assets | 18,924 | 22,853 |
| Current assets | 1,769 | 4,702 |
| Current liabilities | (1,112) | (728) |
| Non-current liabilities | (1,876) | (513) |
| Net assets | 17,705 | 26,314 |
| Revenue | 500 | 794 |
| Expenses | (4,134) | (3,792) |
| Other income | 3, 211 | 611 |
| Net loss | (1,175) | (2,387) |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Earnings for the year, used in the calculation of basic earnings per share ($’000) | 69,354 | 15,994 |
| Weighted average number of ordinary shares for the purposes of basic earnings per share (No.) | 198,925,655 | 195,112,329 |
| Basic earnings per share ($c) | 34.86 | 8.20 |
| As restated | ||
| 2025 | 2024 | |
| $’000 | $’000 | |
| Weighted average number of ordinary shares | ||
| used for basic earnings per share | 198,925,655 | 195,112,329 |
| Adjusted for: | ||
| Effect of STIP and LTIP shares | 5,192,484 | 465,154 |
| Weighted average number of ordinary shares | ||
| used in the calculation of diluted earnings per share | 204,118,139 | 195,577,483 |
| Diluted earnings per share ($c) | 33.98 | 8.18 |
| 2025 | 2024 | |
| $’000 | $’000 | |
| Dividends paid to owners of the parent | 5,120 | 7,654 |
| Camp and | |||||||||
| Heavy mining | Associated | Vehicles | associated | Land and | Computer | Leasehold | |||
| Drilling Rigs | equipment | drilling equipment | and trucks | equipment | buildings | software | improvements | Total | |
| Cost | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
| At January 1, 2024 | 148,242 | 81,860 | 41,377 | 47,018 | 27,04 3 | – | 52 | 1,654 | 347, 246 |
| Addition | 35,785 | 4,350 | 1,672 | 9,895 | 9,906 | 6,348 | 20 | – | 67,976 |
| Disposal | (4,034) | – | (4,328) | (2,029) | (1,865) | – | – | – | (12,256) |
| As at 31 December 2024 | 179,993 | 86,210 | 38,721 | 54,884 | 35,084 | 6,348 | 72 | 1,654 | 402,966 |
| Additions | 12,279 | 3,446 | 5,458 | 7,405 | 5,142 | 847 | – | – | 34,577 |
| Disposal | (18,623) | (4,310) | (5,626) | (1,048) | (1,603) | – | – | – | (31,210) |
| Transfers to intangible assets | – | – | – | – | – | – | (72) | – | (72) |
| Balance at 31 December 2025 | 173,649 | 85,346 | 38,553 | 61,241 | 38,623 | 7,195 | – | 1,654 | 406,261 |
| Camp and | |||||||||
| Heavy mining | Associated | Vehicles | associated | Land and | Leasehold | ||||
| Drilling Rigs | equipment | drilling equipment | and trucks | equipment | buildings | Computer | improvements | Total | |
| Accumulated Depreciation | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | software $’000 | $’000 | $’000 |
| At January 1, 2024 | 72,897 | 26,078 | 9,860 | 19,421 | 10,215 | – | 20 | 97 | 138,588 |
| Depreciation | 10,573 | 7,041 | 6,082 | 4,716 | 3,925 | 231 | 9 | – | 32,577 |
| Impairment | 226 | 907 | – | – | 1,061 | – | – | – | 2,194 |
| Disposal | (3,754) | – | (4,100) | (1,653) | (1,855) | – | – | – | (11,362) |
| As at 31 December 2024 | 79,942 | 34,026 | 11,842 | 22,484 | 13,346 | 231 | 29 | 97 | 161,997 |
| Depreciation | 11,837 | 1,232 | 6,599 | 5,805 | 5,487 | 306 | – | – | 31,266 |
| Disposal | (17,974) | (3,299) | (5,426) | (1,696) | (1,031) | – | – | – | (29,426) |
| Impairment | – | 475 | – | – | – | – | – | – | 475 |
| Transfers to intangible assets | – | – | – | – | – | – | (29) | – | (29) |
| At 31 December 2025 | 73,805 | 32,434 | 13,015 | 26,593 | 17,802 | 537 | – | 97 | 164,283 |
| Carrying amount at 31 December 2024 | 100,051 | 52,184 | 26,879 | 32,400 | 21,738 | 6,117 | 43 | 1,557 | 240,969 |
| Carrying amount at 31 December 2025 | 99,844 | 52,912 | 25,538 | 34,648 | 20,821 | 6,658 | – | 1,557 | 241,978 |
| Machinery | Land & Buildings | Total | |
|---|---|---|---|
| $’000 | $’000 | $’000 | |
| Right-of-use assets | |||
| At 1 January 2024 | 24,579 | 5,105 | 29,684 |
| Additions | 15,391 | 778 | 16,169 |
| Depreciation | (10,407) | (1,618) | (12,025) |
| Impairment | (1,766) | – | (1,766) |
| At 31 December 2024 | 27,797 | 4,265 | 32,062 |
| Additions | 15,244 | 1,150 | 16,394 |
| Depreciation | (10,509) | (1,676) | (12,185) |
| Impairment | – | – | – |
| At 31 December 2025 | 32,532 | 3,739 | 36,271 |
| Lease liabilities | |||
| At 1 January 2024 | 24,266 | 5,184 | 29,450 |
| Additions | 13,567 | 777 | 14,344 |
| Interest expense | 2,645 | 422 | 3,067 |
| Lease payments | (11,253) | (1,822) | (13,075) |
| At 31 December 2024 | 29,225 | 4,561 | 33,786 |
| Additions | 12,767 | 1,322 | 14,089 |
| Interest expense | 3,000 | 272 | 3,272 |
| Lease payments | (13,011) | (2,047) | (15,058) |
| At 31 December 2025 | 31,981 | 4,108 | 36,089 |
| Group | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Cost $’000 | Accumulated impairment $’000 | Carrying value $’000 | Cost $’000 | Accumulated impairment $’000 | Carrying value $’000 | |
| Goodwill | 1,296 | – | 1,296 | 1,296 | – | 1,296 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Cost | ||
| At 1 January | 794 | 572 |
| Additions | 152 | 222 |
| Transfers from property, plant and equipment | 72 | – |
| At 31 December | 1,018 | 794 |
| Amortisation | ||
| At 1 January | – | – |
| Amortisation | 105 | – |
| Transfers from property, plant and equipment | 29 | – |
| At 31 December | 134 | – |
| Net book value | – | |
| At 31 December | 884 | 794 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Within one year | 11,411 | 11,560 |
| Two to five years | 24,678 | 22,226 |
| 36,089 | 33,786 | |
| Current liabilities | 11,411 | 11,560 |
| Non-current liabilities | 24,678 | 22,226 |
| 36,089 | 33,786 |
| 2025 | 2024 | |
| $’000 | $’000 | |
| Trade receivables | 52,387 | 64,762 |
| Less: allowance for credit losses | (99) | (4,536) |
| Total trade receivables | 52,288 | 60,226 |
| Trade receivables have paid credit periods of between 30 to 45 days. The ageing of the trade | ||
| receivables is detailed below: | ||
| Current | 33,138 | 43,627 |
| Past due 1–30 days | 9,775 | 6,293 |
| Past due 31–60 days | 4,792 | 5,746 |
| Past due over 61 days | 4,682 | 9,096 |
| 52,387 | 64,762 | |
| More than | More than | More than | |||
| 30 days | 60 days | 90 days | |||
| Current | past due | past due | past due | Total | |
| 31 December 2025 | $’000 | $’000 | $’000 | $’000 | $’000 |
| Expected loss rate | 0.26% | 0.11% | 0.10% | 0.03% | 0.19% |
| Gross carrying amount | 30,993 | 9,853 | 4,980 | 6,561 | 52,387 |
| Loss provision | 81 | 11 | 5 | 2 | 99 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Opening provision for impairment of trade receivables | 4,536 | 4,697 |
| Increase during the year | 99 | 97 |
| Fully provided receivables written off during the year | (4,536) | (258) |
| At 31 December 2025 | 99 | 4,536 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Consumables | 63,660 | 63,845 |
| Goods in transit | 4,437 | 254 |
| Gross carrying value of inventory | 68,097 | 64,099 |
| Less: provision for inventory obsolescence | (3,320) | (2,187) |
| 64,777 | 61,912 |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Prepayments | 22,254 | 10,474 |
| Capitalised contract costs | 7,944 | 7,0 82 |
| VAT recoverable | 9,863 | 6,410 |
| Amounts due from non-controlling interest | 5,685 | 5,685 |
| Accounts receivable – Sundry | 3,840 | 4,020 |
| Prepayment for fixed assets | 16,036 | 3,970 |
| Others | 1,577 | 265 |
| 67,199 | 37,906 | |
| Current | 53,955 | 27,116 |
| Non-current | 13,244 | 10,790 |
| 67,199 | 37,906 |
| Mandatorily at fair value through profit or loss: | 2025 | 2024 |
|---|---|---|
| $’000 | $’000 | |
| Level 1 shares | 94,591 | 29,121 |
| Level 3 shares | 5,210 | 1,183 |
| 99,801 | 30,304 |
| Level 1 | Level 3 | Total | |
| $’000 | $’000 | $’000 | |
| At 1 January 2025 | 29,121 | 1,18 3 | 30,304 |
| Additions | 3,090 | 5,108 | 8,198 |
| Disposal | (4,319) | (375) | (4,694) |
| Realised and unrealised fair value gain / (loss) | 68,598 | (2,605) | 65,993 |
| Transfers | (1,899) | 1,899 | – |
| At 31 December 2025 | 94,591 | 5,210 | 99,801 |
| Level 1 | Level 3 | Total | |
| $’000 | $’000 | $’000 | |
| At 1 January 2024 | 44,756 | 2,398 | 47,154 |
| Additions | 8,420 | 60 | 8,480 |
| Disposal | (36,942) | (336) | (37,278) |
| Fair value gain | 12,887 | (939) | 11,948 |
| At 31 December 2024 | 29,121 | 1,183 | 30,304 |
| 2025 | 2024 | |
| $’000 | $’000 | |
| Authorised | ||
| 2,000,000,000 (2024: 2,000,000,000) | ||
| Ordinary shares of $0.0001 (2024: $0.0001) each | 200 | 200 |
| Number of ordinary shares | ||
| Balance at beginning of period | 19 6,257,124 | 193,696,920 |
| Number of shares issued | 29,046,657 | 2,560,204 |
| Balance at end of period | 225,303,781 | 196,257,124 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Issued share capital | ||
| Balance at beginning of period | 20 | 19 |
| Shares issued | 3 | 1 |
| Balance at end of period | 23 | 20 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Share premium | ||
| Balance at beginning of period | 64,719 | 62,390 |
| Shares issued | 38,780 | 2,329 |
| Balance at end of period | 103,499 | 64,719 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Cash on hand | 120 | 145 |
| Bank Balances | 63,256 | 40,381 |
| Total cash and cash equivalents | 63,376 | 40,526 |
| 2023 LTIP 1 | 2023 LTIP 2 | 2024 LTIP 1 | 2024 LTIP 2 | 2025 LTIP 1 | 2025 LTIP 2 | |
|---|---|---|---|---|---|---|
| Volatility | 41.72% | 41.72% | 33.91% | 33.91% | 38.17% | 38.17% |
| Fair value at grant date | GBP 0.6734 | GBP 0.5167 | GBP 0.5213 | GBP 0.5213 | GBP 0.5994 | GBP 0.5994 |
| Share price at grant date | GBP 0.9651 | GBP 0.9651 | GBP 0.8175 | GBP 0.8175 | GBP 0.8396 | GBP 0.8396 |
| Risk Free Rate | 3.88% | 3.88% | 3.88% | 3.88% | 4.58% | 4.58% |
| Dividend yield | 4.02% | 4.02% | 3.40% | 3.40% | 2.56% | 2.56% |
| Exercise price | $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 |
| Volatility periods* | 1,263 | 1,263 | 1,263 | 1,263 | 1,263 | 1,263 |
| Vesting date | 31 Dec 2025 | 31 Dec 2025 | 31 Dec 2026 | 31 Dec 2026 | 31 Dec 2027 | 31 Dec 2027 |
| Long-Term Incentive Plans | Vesting date | Remaining Options 2025 No. | Remaining Options 2024 No. | Expected lifetime expense 2025 $’000 | Expected total expense2024 $’000 |
|---|---|---|---|---|---|
| 2023 LTIP 1 | 31/12/2025 | – | 2,561,941 | 992 | (217) |
| 2023 LTIP 2 | 31/12/2025 | – | 1,431,562 | 847 | 325 |
| 2024 LTIP 1 | 31/12/2026 | 2,662,192 | 3,413,445 | 1,246 | 381 |
| 2024 LTIP 2 | 31/12/2026 | 1,206,807 | 1,557,930 | 801 | 348 |
| 2025 LTIP 1 | 31/12/2027 | 3,578,167 | – | 3,222 | – |
| 2025 LTIP 2 | 31/12/2027 | 1,156,232 | – | 868 | – |
| MSALABS Ltd | CMS (Tanzania) Ltd | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| $’000 | $’000 | $’000 | $’000 | |
| Assets | ||||
| Non-current assets | 49,766 | 64,262 | 87,5 52 | 93,366 |
| Current assets | 40,488 | 22,993 | 67,557 | 49,302 |
| Total assets | 90,254 | 87,255 | 155,109 | 142,668 |
| Liabilities | ||||
| Non-current liabilities | 38 | 55 | 12 | 12 |
| Current Liabilities | 47,502 | 45,782 | 17,124 | 16,227 |
| Total liabilities | 47,540 | 45,837 | 17,136 | 16,239 |
| Total net assets | 42,714 | 41,418 | 137,973 | 126,429 |
| Carrying amount of non-controlling interest | 3,294 | 3,172 | 9,639 | 8,607 |
| MSALABS Ltd | CMS (Tanzania) Ltd | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| $’000 | $’000 | $’000 | $’000 | |
| Revenue | 73,495 | 43,647 | 76,349 | 86,351 |
| Other income and expenses | (63,747) | (50,101) | (57,363) | (57,996) |
| Profit / (loss) before tax | 9,748 | (6,454) | 18,986 | 28,355 |
| Tax expense | (2,845) | (1,173) | (8,867) | (2,682) |
| Profit / (loss) for the year | 6,903 | (7,627) | 10,119 | 25,673 |
| Total comprehensive income / (loss) for the year | 6,903 | (7,627) | 10,119 | 25,673 |
| Profit / (loss) allocated to non-controlling interest | 611 | (1,660) | 1,032 | 2,619 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Bank loans | 59,835 | 76,388 |
| Supplier credit facilities | 31,805 | 36,288 |
| Vendor financed mortgage | 3,511 | 3,599 |
| 95,151 | 116,275 | |
| Less: Unamortised debt arrangement costs | (335) | (1,091) |
| Total loans and borrowings | 94,816 | 115,184 |
| Current | 18,541 | 28,259 |
| Non-current | 76,275 | 86,925 |
| Total loans and borrowings | 94,816 | 115,184 |
| International | ||||
| Apprenticeship | ||||
| CMS | & Competency | |||
| MSALABS Ltd | (Tanzania) Ltd | Academy Ltd | Total | |
| $’000 | $’000 | $’000 | $’000 | |
| Balance at 1 January 2025 | 3,172 | 8,607 | 34 | 11,813 |
| Profit or (loss) | 611 | 1,032 | (10) | 1,633 |
| Change in ownership | (489) | – | – | (489) |
| Dividends paid | – | – | – | – |
| Balance at 31 December 2025 | 3,294 | 9,639 | 24 | 12,957 |
| International | ||||
| Apprenticeship | ||||
| CMS | & Competency | |||
| MSALABS Ltd | (Tanzania) Ltd | Academy Ltd | Total | |
| $’000 | $’000 | $’000 | $’000 | |
| Balance at 1 January 2024 | 3,292 | 5,988 | (10) | 9,270 |
| Profit or (loss) | (1,660) | 2,619 | 44 | 1,003 |
| Change in ownership | 1,572 | – | – | 1,572 |
| Dividends paid | (32) | – | – | (32) |
| Balance at 31 December 2024 | 3,172 | 8,607 | 34 | 11,813 |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Financial instruments: | ||
| Trade payables | 20,666 | 26,828 |
| Other payables – accrued expenses | 18,678 | 10,909 |
| Non-financial instruments: | ||
| Deferred income and advance payments | 34,414 | 9,192 |
| Other payables – employee related liabilities | 20,562 | 17,015 |
| VAT | 3,570 | 4,175 |
| Total trade and other payables | 97,8 9 0 | 68,119 |
| Current | 92,886 | 60,608 |
| Non-current | 5,004 | 7,511 |
| Total trade and other payables | 97,8 9 0 | 68,119 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Current | ||
| At 1 January | 203 | 487 |
| Release of provisions | - | (284) |
| At 31 December | 203 | 203 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Deferred tax liability | ||
| Fair value movements and excess of capital allowance over depreciation | (34) | (34) |
| Right-of-use lease assets | (1,917) | (2,709) |
| Timing of taxation on accrued income | – | (3,172) |
| Total deferred tax liability | (1,951) | (5,915) |
| Deferred tax assets | ||
| Tax losses | 650 | – |
| Right-of-use lease liabilities | 2,015 | 2,720 |
| Total deferred tax asset | 2,665 | 2,720 |
| Reconciliation of deferred tax asset / (liability) | ||
| At beginning of year | (3,195) | (34) |
| Initial recognition of right-of-use lease arrangements | 98 | 11 |
| Timing of taxation on accrued income | 3,161 | (3,172) |
| Tax losses | 650 | – |
| At end of year | 714 | (3,195) |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Profit before taxation | 93,543 | 32,946 |
| Adjustments for: | ||
| Depreciation, amortisation, and impairments | 31,846 | 34,771 |
| ERP costs expensed | 183 | 676 |
| Share of loss / impairment of investment in associate | 5,849 | 387 |
| Loss on disposals | 917 | 594 |
| Depreciation and impairment of right-of-use assets | 12,185 | 13,791 |
| Share-based payment | 3,089 | 539 |
| Fair value gain on financial assets | (65,993) | (12,097) |
| Interest income | (47) | (38) |
| Dividend income | (2,217) | – |
| Finance costs | 15,432 | 16,741 |
| Other non-cash items | 1,134 | 339 |
| Unrealised foreign exchange (gain) / loss | (1,831) | 1,623 |
| Decrease in expected credit loss provision | 99 | (160) |
| Bad debt write-offs | 79 | 258 |
| Changes in working capital: | ||
| Increase in inventories | (3,998) | (375) |
| Increase in trade and other receivables | (7,045) | (14,441) |
| Increase in trade and other payables | 24,718 | 14,862 |
| Increase in provisions | - | (283) |
| Cash generated from operations | 107,943 | 90,133 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Current tax receivable | ||
| Normal tax | 789 | 421 |
| Withholding tax | 1,000 | 84 |
| Total current tax receivable | 1,789 | 505 |
| Current tax payable | ||
| Normal tax | 11,425 | 8,553 |
| Withholding tax payable | 1,763 | 2,087 |
| Total current tax payable | 13,188 | 10,640 |
| The taxation paid for the period under review can be reconciled as follows: | ||
| Net amount payable at the beginning of the year | 10,135 | 8,629 |
| Amounts charged to the Statement of | ||
| Comprehensive Income (excluding deferred tax) | 26,465 | 12,788 |
| Net amount payable at the end of the year (including taxes in accruals) | (17,086) | (10,135) |
| Total taxation paid | 19,514 | 11,282 |
| Africa | Derives revenue from the provision of drilling and mining services, surveying |
| and mineral assaying. | |
| Rest of the world | Derives revenue from the provision of drilling services, surveying and mineral |
| assaying in jurisdictions such as Pakistan, USA, Saudi Arabia and Canada. |
| Africa | Rest of the world | Consolidated | |
| 2025 | $'000 | $’000 | $’000 |
| External revenue: | |||
| Drilling Services | 198,084 | 40,659 | 238,743 |
| Mining services | – | 26,357 | 26,357 |
| Laboratory services | 31,851 | 41,644 | 73,495 |
| Surveying services | 5,911 | 1,267 | 7,178 |
| Total external revenue | 235,846 | 109,927 | 345,773 |
| Segment profit (loss) | 60,853 | 5,926 | 66,779 |
| Central administration costs and depreciation | (20,212) | ||
| Profit from operations | 46,567 | ||
| Interest income | 47 | ||
| Dividend income | 2,217 | ||
| Finance charges | (15,432) | ||
| Fair value loss on investments at fair value | 65,993 | ||
| Share of loss in associate | (5,849) | ||
| Profit before tax | 93,543 |
| Lease and | Leases | ||
| borrowings | liabilities | Total | |
| $'000 | $’000 | $’000 | |
| At 1 January 2025 | 115,184 | 33,786 | 148,970 |
| Cash flows: | |||
| – Drawdowns | 30,000 | – | 30,000 |
| – Interest paid | (11,105) | (3,272) | (14,377) |
| – Principal repayments | (64,011) | (11,786) | (75,797) |
| Non-cash flows: | |||
| – Supplier credit facility received | 13,259 | – | 13,259 |
| – Interest expensed during the year | 10,732 | 3,272 | 14,004 |
| – Unamortised debt arrangement costs | 756 | – | 756 |
| – Additions to leases | – | 14,089 | 14,089 |
| At 31 December 2025 | 94,815 | 36,089 | 130,904 |
| Lease and | Leases | ||
| borrowings | liabilities | Total | |
| $'000 | $’000 | $’000 | |
| At 1 January 2024 | 102,573 | 29,450 | 132,023 |
| Cash flows: | |||
| – Drawdowns | 30,000 | - | 30,000 |
| – Interest paid | (11,387) | (3,067) | (14,454) |
| – Principal repayments | (47, 262) | (10,008) | (57,270) |
| Non-cash flows: | |||
| – Supplier credit facility received | 25,008 | – | 25,008 |
| – Interest expensed during the year | 12,038 | 3,067 | 15,105 |
| – Vendor financed mortgage | 3,680 | – | 3,680 |
| – Unamortised debt arrangement costs | 534 | – | 534 |
| – Additions to leases | – | 14,344 | 14,344 |
| At 31 December 2024 | 115,184 | 33,786 | 148,970 |
| Africa | Rest of the world | Consolidated | |
| 2024 as restated | $'000 | $’000 | $’000 |
| External revenue: | |||
| Drilling Services | 207,493 | 26,185 | 233,678 |
| Mining services | 65,242 | – | 65,242 |
| Laboratory services | 22,885 | 20,762 | 43,647 |
| Surveying services | 4,084 | 1,349 | 5,433 |
| Total external revenue | 299,704 | 48,296 | 348,000 |
| Segment profit (loss) | 98,904 | (28,649) | 70,255 |
| Central administration costs and depreciation | (32,317) | ||
| Profit from operations | 37,93 8 | ||
| Interest income | 38 | ||
| Finance charges | (16,741) | ||
| Fair value gain on investments at fair value | 12,097 | ||
| Share of loss in associate | (387) | ||
| Profit before tax | 32,946 |
| 2025 | 2024 | |
|---|---|---|
| % | % | |
| Customer A | 17 | 16 |
| Customer B | 9 | 26 |
| Customer C | 13 | 4 |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Segmental assets: | ||
| Africa | 623,222 | 622,975 |
| Rest of the world | 288,785 | 270,174 |
| Total segmented assets | 912,007 | 893,149 |
| Head office companies | 503,073 | 445,062 |
| 1,415,080 | 1,3 38,211 | |
| Eliminations | (784,204) | (825,411) |
| Total assets | 630,876 | 512,800 |
| Segmental liabilities | ||
| Africa | 230,242 | 269,884 |
| Rest of the world | 148,482 | 124,697 |
| Total segmental liabilities | 378,724 | 394,581 |
| Head Office companies | 429,917 | 440,679 |
| 808,641 | 835,260 | |
| Eliminations | (566,455) | (604,133) |
| Total liabilities | 242 ,186 | 231,127 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Depreciation and impairment on property, plant and equipment | ||
| Africa | 27,90 5 | 40,346 |
| Rest of the world | 15,811 | 7,50 6 |
| Total segmental depreciation and impairment | 43,716 | 47,852 |
| Head Office companies | 315 | 711 |
| Total depreciation and impairment | 44,031 | 48,563 |
| Taxation expense | ||
| Africa | 19,140 | 14,726 |
| Rest of the world | (144) | 566 |
| Total segmental expense | 18,996 | 15,292 |
| Head Office companies | 3,560 | 657 |
| 22,556 | 15,949 | |
| Impairment on Inventory | ||
| Africa | ||
| Stock Provision | 1,125 | 358 |
| Stock Write-offs | 699 | 650 |
| Rest of the world | ||
| Stock Provision | 9 | 27 |
| Stock Write-offs | 27 | 36 |
| Total segmental impairment | 1,860 | 1,071 |
| Head office companies | – | – |
| 1,860 | 1,071 |
| Note(s) | 2025 | As restated2024 | |
|---|---|---|---|
| $’000 | $’000 | ||
| Lease liabilities | 14 | 36,089 | 33,786 |
| Total loans and borrowings | 26 | 95,151 | 116,275 |
| Total debt | 131,240 | 150,061 | |
| Cash and cash equivalents | 21 | (63,376) | (40,526) |
| Net debt | 67,864 | 109,535 | |
| Less: lease liabilities | (36,089) | (33,786) | |
| Adjusted net debt | 31,775 | 75,749 | |
| Equity | 388,690 | 281,673 | |
| Adjusted debt to equity ratio | 8.17% | 26.89% |
| Fair value through | ||||
| profit or loss – | ||||
| Mandatory | Amortised cost | Total | ||
| 2025 | Note(s) | $’000 | $’000 | $’000 |
| Investments at fair value | 20 | 99,801 | – | 99,801 |
| Trade receivables | 18 | – | 52,288 | 52,288 |
| Non-current receivables | 19 | 5,685 | – | 5,685 |
| Cash and cash equivalents | 21 | – | 63,376 | 63,376 |
| 105,486 | 115,664 | 221,150 |
| 2024 | Note(s) | Fair value through profit or loss – Mandatory | Amortised cost | Total |
|---|---|---|---|---|
| $’000 | $’000 | $’000 | ||
| Investments at fair value | 20 | 30,304 | – | 30,304 |
| Trade receivables | 18 | – | 60,226 | 60,226 |
| Non-current receivables | 19 | 5,685 | – | 5,685 |
| Cash and cash equivalents | 21 | – | 40,526 | 40,526 |
| 35,989 | 100,752 | 136,741 |
| Note(s) | Amortised cost | Total | |
|---|---|---|---|
| $’000 | $’000 | ||
| 2025 | |||
| Trade and other payables | 28 | 39,344 | 39,344 |
| Loans and borrowings | 26 | 95,151 | 95,151 |
| 134,495 | 134,495 | ||
| 2024 as restated | |||
| Trade and other payables | 28 | 37,737 | 37,737 |
| Loans and borrowings | 26 | 116,275 | 116, 275 |
| 154,012 | 154,012 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Financial assets | ||
| Australian Dollar (2025: AUD 0.5 million; 2024: AUD 3.6 million) | 322 | 2,225 |
| Euro (2025: EUR 1.8 million; 2024: EUR 0.9 million) | 2,131 | 987 |
| Mauritanian Ouguiya (2025: MRU 65.2 million; 2024: MRU 34.5 million) | 1,637 | 865 |
| West African CFA (2025: XOF 7,511 million; 2024: XOF 8,085 million) | 12,995 | 12,419 |
| West African CFA (2025: XAF 3,533 million; 2024: XAF 5,027 million) | 6,313 | 7,999 |
| West African CFA (2025: 5,807 XOS million; 2024: XOS 4,564 million) | 5,807 | 7,0 89 |
| Guinea Franc (2025: GNF 6,388 million; 2024: GNF 33,758 million) | 733 | 3,925 |
| Pakistan Rupee (2025: PKR 435 million; 2024: PKR 879 million) | 1,551 | 3,153 |
| All other currencies | 7,701 | 2,729 |
| 39,189 | 41,391 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Financial liabilities | ||
| Australian Dollar (2025: AUD 1.6 million; 2024: AUD 1.8 million) | 1,275 | 1,121 |
| Canadian Dollar (2025: CAD 2.2 million; 2024: CAD 1.7 million | 1,657 | 1,156 |
| Egyptian Pound (2025: EGP 11.5 million; 2024: EGP 21.7 million) | 247 | 427 |
| Euro (2025: EUR 1.0 million; 2024: EUR 1.7 million) | 1,278 | 1,731 |
| Guinea Franc (2025: GNF 1,325 million; 2024: GNF 2,950 million) | 152 | 343 |
| Tanzanian Shillings (2025: TZS 1,457 million; 2024: TZS 2,279 million) | 617 | 952 |
| British Pound (2025: GBP 0.5 million; 2024: GBP 0.4 million) | 739 | 497 |
| Pakistan Rupee (2025: PKR 92.5 million; 2024: PKR 32.4 million) | 353 | 116 |
| South African Rands (2025: ZAR 2.9 million; 2024: ZAR 9.1 million) | 269 | 484 |
| West African CFA (2025: XOF 437.0 million; 2024: XOF 320.6 million) | 804 | 492 |
| West African CFA (2025: XAF 135.1 million; 2024: XAF 365.8 million) | 250 | 582 |
| West African CFA (2025: XOS nil 2024: XOS 136.1 million) | - | 211 |
| All other currencies | 287 | 437 |
| 7,928 | 8,549 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Australian Dollar | 87 | (100) |
| Canadian Dollar | (213) | 34 |
| Euro | (78) | 68 |
| Guinea Franc | (53) | (326) |
| Mauritanian Ouguiya | (144) | (74) |
| Pakistan Rupee | (109) | (276) |
| Tanzanian Shillings | (70) | 22 |
| West African CFA – XOF | (1,108) | (1,084) |
| West African CFA – XAF | (551) | (674) |
| West African CFA – XOS | (528) | (625) |
| All other currencies | (75) | 51 |
| (2,842) | (2,984) |
| 3 Months– | ||||
| 1 Month | 1–3 Months | 1 year | 1–5 years | |
| 2025 | $’000 | $’000 | $’000 | $’000 |
| Financial assets | ||||
| Financial assets under Amortised Cost | 42,813 | 6,732 | 2,706 | 37 |
| Financial Liabilities | ||||
| Non-interest bearing – Financial Liabilities | ||||
| at Amortised Cost | 20,196 | 11,345 | 6,565 | 519 |
| Variable interest rate instruments | 7,210 | 2,597 | 8,764 | 76,244 |
| Lease Liabilities | 971 | 2,039 | 8,401 | 24,678 |
| 3 Months– | ||||
| 1 Month | 1–3 Months | 1 year | 1–5 years | |
| 2024 | $’000 | $’000 | $’000 | $’000 |
| Financial assets | ||||
| Financial assets under Amortised Cost | 38,719 | 12,394 | 3,604 | 5,509 |
| Financial Liabilities | ||||
| Non-interest bearing – Financial Liabilities | ||||
| at Amortised Cost | 10,414 | 19,466 | 7,053 | 803 |
| Variable interest rate instruments | 4,500 | 7,141 | 16,623 | 86,920 |
| Lease Liabilities | 950 | 1,920 | 8,690 | 22,226 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Available amount | 184,800 | 193,200 |
| Unutilised amount | (18,000) | (18,000) |
| Utilised amount | 166,800 | 175,200 |
| As previously | |||
| reported | Adjustment | As restated | |
| Statement of financial position | $’000 | $’000 | $’000 |
| 1 January 2024 | |||
| Accounts receivable – sundry | 4,025 | 303 | 4,328 |
| Other receivables (current) | 24,055 | 303 | 24,358 |
| Total current assets | 217,750 | 303 | 218,053 |
| Total assets | 467,748 | 303 | 468,051 |
| Profit for the year | 38,530 | (394) | 38,136 |
| Retained income | 195,515 | (394) | 195,121 |
| Equity attributable to owners of the parent | 263,877 | (394) | 263,483 |
| Total equity | 273,147 | (394) | 272,753 |
| Other payables – employee related liabilities | 9,649 | 697 | 10,346 |
| Trade and other payables (current) | 50,685 | 697 | 51,382 |
| Total current liabilities | 95,880 | 697 | 96,577 |
| Total liabilities | 194,601 | 697 | 195,298 |
| Total equity and liabilities | 467,74 8 | 303 | 468,051 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Fees paid to the Group’s auditor | ||
| The audit of the Group’s Annual Financial Statements | 829 | 688 |
| Non-audit services – Group | 124 | 100 |
| Fees paid to associates of the Group’s auditor | ||
| The audit of the Group’s subsidiaries | 129 | 135 |
| Non-audit services – BDO Egypt and BDO DRC | 39 | 26 |
| 1,121 | 949 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Directors’ emoluments | ||
| Short Term Benefits | 2,993 | 2,249 |
| Share Based Payments | 859 | 1,066 |
| 3,852 | 3,315 |
| 2025 | 2024 | |
|---|---|---|
| $’000 | $’000 | |
| Committed capital expenditure | 19,671 | 12,074 |
| Statement of financial position | As previously reported | Adjustment | As restated |
|---|---|---|---|
| $’000 | $’000 | $’000 | |
| 31 December 2024 | |||
| Accounts receivable – sundry | 2,948 | 1,072 | 4,020 |
| Other receivables (current) | 26,044 | 1,072 | 27,116 |
| Total current assets | 219,517 | 1,072 | 220,589 |
| Total assets | 511,728 | 1,072 | 512,800 |
| Retained income | 202,674 | (1,715) | 200,959 |
| Equity attributable to owners of the parent | 271,575 | (1,715) | 269,860 |
| Total equity | 283,388 | (1,715) | 281,673 |
| Other payables – employee related liabilities | 14,227 | 2,787 | 17,014 |
| Trade and other payables (current) | 57,821 | 2,787 | 60,608 |
| Total current liabilities | 108,483 | 2,787 | 111,270 |
| Total liabilities | 228,340 | 2,787 | 231,127 |
| Total equity and liabilities | 511,728 | 1,072 | 512,800 |
| Income statement | As previously reported | Adjustment | As restated |
|---|---|---|---|
| $’000 | $’000 | $’000 | |
| 31 December 2024 | |||
| Cost of sales | (203, 233) | (1,321) | (204,554) |
| Gross profit | 144,767 | (1,321) | 143,446 |
| Operating profit | 39,260 | (1,321) | 37,939 |
| Profit before taxation | 34,267 | (1,321) | 32,946 |
| Profit for the year and other comprehensive income | 18,318 | (1,321) | 16,997 |
| Profit and other comprehensive income attributable to: | |||
| Owners of the parent | 17,315 | (1,321) | 15,994 |
| Earnings per share | |||
| Basic earnings per share | 8.87 | (0.67) | 8.20 |
| Diluted earnings per share | 8.85 | (0.67) | 8.18 |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Revenue per financial statements ($’000) | 345,775 | 348,000 |
| Non-drilling revenue ($’000) | (118,135) | (123,671) |
| Revenue used in the calculation of ARPOR ($’000) | 227,640 | 224,329 |
| Monthly average active operating rigs (no. of rigs) | 100 | 92 |
| Monthly average operating rigs (no. of rigs) | 137 | 126 |
| ARPOR ($’000 per rig) | 191 | 204 |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Profit for the year | 70,987 | 16,997 |
| Depreciation, amortisation and impairments | 44,031 | 48,562 |
| Taxation | 22,556 | 15,949 |
| Interest income | (47) | (38) |
| Finance charges | 15,432 | 16,741 |
| Dividend income | (2,217) | – |
| Share of loss in associate | 5,849 | 387 |
| Fair value adjustments on financial assets | (65,993) | (12,097) |
| EBITDA | 90,598 | 86,501 |
| ARPOR | Average Revenue Per Operating Rig |
| EBITDA | Earnings before interest, taxes, depreciation, amortisation, impairments, share of associates, net loss and fair value gain / loss on investments |
| EBIT | Earnings before interest, taxes, fair value gain / loss on investments, dividend income and share of loss in associates |
| ADJUSTED EBITDA | EBITDA as defined above less cash cost of the IFRS 16 leases and exceptional items |
| NET CASH / (DEBT) | Cash and cash equivalents less short-term and long-term debt (excluding lease liabilities) |
| ADJUSTED CASH FROM OPERATIONS | Cash from Operations less cash cost of the IFRS 16 leases |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| EBITDA can be reconciled from the financial statements as per the below: | ||
| Operating profit (EBIT) | 46,567 | 37,939 |
| Depreciation, amortisation and impairments | 44,031 | 48,562 |
| EBITDA | 90,598 | 86,501 |
| EBITDA Margin | 26.2% | 24.9% |
| Adjusted EBITDA can be reconciled from the financial statements as per the below: | ||
| Operating profit (EBIT) | 46,567 | 37,939 |
| Depreciation, amortisation and impairments | 44,031 | 48,562 |
| Cash cost of IFRS 16 leases (Note 14) | (15,058) | (13,075) |
| Exceptional items1 | 3,913 | 5,206 |
| Adjusted EBITDA | 79,453 | 78,632 |
| Adjusted EBITDA margin | 23.0% | 22.6% |
| Adjusted cash from operations can be reconciled from the financial statements as per the below: | ||
| Cash generated from operations | 113,629 | 90,133 |
| Cash cost of IFRS 16 leases (Note 14) | (15,058) | (13,075) |
| Adjusted Cash from operations | 98,571 | 77,058 |
| 2025 | As restated2024 | |
|---|---|---|
| $’000 | $’000 | |
| Adjusted net cash (debt) can be reconciled from the financial statements as per the below: | ||
| Cash and cash equivalents | 63,376 | 40,526 |
| Loans and borrowings | (95,151) | (116,275) |
| Adjusted net (debt) / cash | (31,775) | (75,749) |
| Accounting period end | 31 December |
| Annual Report published | March |
| Annual General Meeting | May |
| Interim results published | August |
| Shareholder | Percentage of voting rights held |
|---|---|
| (%) | |
| Aberforth Partners | 11.34 |
| Aegis Financial Corporation | 10.23 |
| Jamie Boyton | 9.76 |
| Fidelity International | 9.70 |
| Premier Miton Investors | 5.83 |
| Brian Rudd | 5.05 |
| Ruffer | 4.72 |
| River Global Investors | 4.33 |
| Harwood Capital | 3.12 |
| James Edward Armitage | 3.09 |
| Allianz Global Investors | 3.00 |
