29th Dec 2025 10:02
(Alliance News) - Tamar Minerals PLC on Monday reported a widened loss for 2025, after completing a reverse takeover to focus on UK mining.
The London-based tin and copper explorer is targeting southwest England. Its current iteration is the product of Tectonic Gold PLC's reverse takeover of Godolphin Exploration Ltd.
Back in April, Tectonic said it was acquiring Godolphin through a GBP3.7 million all-share deal, giving former Godolphin investors 63% of the enlarged firm's capital. Tectonic also carried out a 20:1 share consolidation.
"This marked a shift in strategy away from existing minority interests in predominantly copper/gold assets in Australia to tin and copper exploration assets in Devon and Cornwall in the UK," the company noted on Monday.
The deal also meant moving the financial year-end to the end of June, from March 31. In the fifteen months ended June 30, the firm's pretax loss widened to GBP399,974 from GBP256,429 in the year ended March 31, 2024.
Tamar posted no revenue in financial 2025, unchanged from the previous year.
It booked GBP59,494 in corporate costs, compared with none in financial 2024, while exploration and tenement costs more than doubled to GBP141,148 from GBP57,569.
Shares in the former Tectonic Gold, held by Australian drilling contractor Titeline, were transferred to settle reverse takeover-related fees. As a result, Tamar recognised a GBP258,495 loss on a Titeline prepayment write-off. The company booked a GBP241,556 profit from the sale of interest in South Africa-focused mineral explorer Kazera Global PLC, versus none the year prior.
Tamar's cash balance amounted to GBP294,994 at the end of June, up from GBP57,156 on March 31, 2024.
It plans to "continue selectively pursuing strategic acquisitions...although no further acquisition opportunities are currently under consideration," Tamar said.
Drilling results from Specimen Hill, a copper-gold prospect in Australia's New England Fold Belt, are expected in the future. Tamar holds 49% interest in the project via its subsidiary Signature Gold Pty Ltd. The drill programmed has been farmed out to Sydney-listed White Energy Co Ltd.
"In the meantime, the company’s principal efforts will be focused on making progress in respect of its assets in Devon and Cornwall," Tamar added.
The company's shares were last quoted at 1.44 pence on Monday morning on the Aquis Exchange.
By Holly Munks, Alliance News reporter
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