Aminex PLC (LON: AEX), the Tanzania-focused gas explorer, reported a widened unaudited loss of US$2.71 million for the first half of 2026, up from a loss of US$1.50 million a year earlier. The bulk of the increase came from a US$1.09 million non-cash fair-value loss on share warrants, which was nil in the same period last year, according to the company’s half-yearly financial report published today.
Aminex shares closed at 2.05p yesterday, within a 52-week range of 0.9126p to 2.90p.
The operational story behind the numbers is what matters most to holders. Aminex’s subsidiary Ndovu Resources issued a formal Notice of Dispute against operator ARA Petroleum Tanzania (APT) and The Zubair Corporation LLC on the 21st of August, over proposed changes to the 2026 work programme at the Ntorya gas field.
A meeting convened by Tanzania’s Ministry of Energy in Dar es Salaam on the 26th of August produced a revised programme that keeps the December 2026 first-gas target intact. Under the revision, the NT-2 well is scheduled for testing in November 2026, with first gas deliveries into the pipeline by the end of December. NT-3 will be drilled at the NT-C location, with spudding planned before the end of the year. Construction of the Ntorya-Madimba pipeline is around 95% complete, with connection and metering works due to finish in December.
Charles Santos, Executive Chairman of Aminex, said the coming months would bring a step-up in activity across the project.
Operational activity at Ntorya is set to accelerate significantly over the coming months, with work beginning at NT-1, testing and initial production commencing at NT-2, completion of the pipeline and the planned drilling of NT-3.
Charles Santos, Executive Chairman, Aminex PLC
The table below sets out the key interim figures against the prior-year period.
| Metric | H1 2026 | H1 2025 |
|---|---|---|
| Revenue | US$14,000 | US$17,000 |
| Loss for the period | US$2.71m | US$1.50m |
| Cash and cash equivalents | US$2.23m | US$0.95m |
| Total equity | US$25.42m | US$26.21m |
Cash fell to US$2.23 million at 30 June, down from US$3.41 million at 31 December 2025, and total equity slipped to US$25.42 million from US$28.08 million over the same period.
Directors flagged a material uncertainty over going concern, citing a net current liability position of US$4.12 million. The company said it is partly dependent on the future exercise of warrants and options expected in late 2026 or early 2027 to fund its share of costs, with the revised 2026 programme and a provisional 2027 programme together projecting gross expenditure of up to US$75 million.
Santos struck a longer-term note in the report, framing the project as a turning point for the company’s finances: “We expect to enter 2027 a fundamentally different company from the one we were only a few years ago: debt free, participating in a producing and expanding gas development, generating revenues from Ntorya and positioned to benefit from the longer-term development of one of Tanzania’s most important domestic gas resources.”