Critical Metals (LSE: CRTM), the Main Market miner developing the Molulu copper and cobalt project in the Democratic Republic of Congo, cut its loss to £317,935 for the year to the 30th of June, from £2,424,980. The result includes an £842,991 debt-forgiveness gain.
Shares were quoted at 88p in delayed data at 8:17am UK time today, up 7.3% on the previous close of 82p, with a day range of 84p to 88p. The final results were released at 7am, before the session.
The underlying business loss also shrank. Operating loss before exceptional items fell to £980,902 from £1,841,511, as administrative expenses roughly halved to £806,707. Revenue was nil in both years. The forgiven amounts came from cancelled payables and accrued interest on a related-party loan.
| Item | FY2026 | FY2025 |
|---|---|---|
| Administrative expenses | 806,707 | 1,603,382 |
| Operating loss before exceptional items | 980,902 | 1,841,511 |
| Debt-forgiveness gain | 842,991 | nil |
| Finance costs | 180,024 | 583,469 |
| Loss after tax | 317,935 | 2,424,980 |
| EPS (pence) | (0.74) | (34.06) |
| Cash at bank | 148,734 | 7,167 |
| Net assets / (liabilities) | 2,719,586 | (1,894,410) restated |
| Operating cash outflow | (1,812,113) | (542,727) |
The balance sheet was reshaped by converting £2,968,981 of borrowings into 36,646,347 shares, plus £629,249 of related-party loans into 6,324,111 shares. Operating cash outflow still rose. The prior year’s net liabilities were restated. An independent scoping study says about US$500,000 of further drilling is needed.
This indicates that a material uncertainty exists that may cast significant doubt over the Group’s ability to continue as a going concern
Company going concern note
After the year end the group entered a further £2,500,000 convertible loan. Directors say it funds 12 months from approval, but the timing of the money’s receipt remains uncertain.
Fieldwork at Molulu began on the 2nd of October, building a trial ore stockpile. Chief Executive Danilo Lange said the focus is on “determining whether the initial target can support scout mining”. Initial reconciled results are expected in late December, and Phase 2 depends on them.