Final Results for the year ended 31 December 2024

Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining

30 June 2025

Fulcrum Metals plc

("Fulcrum" or the "Company" or the "Group")

Final Results for the year ended 31 December 2024

Fulcrum Metals plc (AIM: FMET), a technology led company focused on the recovery of precious metals from mine tailings in Canada, announces final results for the year ended 31 December 2024.

Corporate Highlights

· Signed definitive option agreement monetising the Company's uranium assets located in Saskatchewan, Canada, to Canadian Securities Exchange listed Terra Balcanica Resources Corp (CNSX: TERA) for up to CA$3.36million, CA$3.25million in work expenditures and a 1% net smelter return ("NSR") royalty with a 0.5% buy down for CA$1 million

· Successfully raised in excess of £860,000 from supportive investors and the Board of Directors

· Entered into Letter of Intent for the sale of the Tully Gold project to TSX Venture Exchange listed Loyalist Exploration Limited (TSXV:PNGC) for up to c.CAD$1.8m in cash and shares including 2% NSR royalty with a 0.5% buy down for CA$1 million

Operational Summary

· Advanced the Company's transformation into a technology-focused, and sustainable, gold tailings processing business

· Entered into an option agreement to acquire 100% of the Sylvanite gold tailings project containing an estimated 67,000 ounces. Sylvanite is the Company's second tailings project, strategically located approximately 3km from Teck Hughes, the Company's first tailings project in Kirkland Lake, Ontario

· Conducted successful exploration programmes across the Sylvanite and Teck Hughes projects:-

o  Six new auger sites at Sylvanite report an average 0.58g/t gold, 1.1g/t silver and 13.9g/t tellurium

o  Four new auger sites at Teck Hughes report an average 0.65g/t gold, 1.3g/t silver and 13g/t tellurium

o  Silver and tellurium have not been assayed for previously and the Board believe both Teck Hughes and Sylvanite could offer co-product potential enhancing the projects further. Especially given that Canada recognises tellurium as a critical mineral which could potentially enhance the importance of these projects in Canada.

· Initiated phased testing and study programmes at Teck-Hughes and Sylvanite to evaluate the efficiency of Extrakt Processing Solutions LLC ("Extrakt") cyanide free technology in recovering gold. The results from these programs have proven successful: -

o  Initial testing at Teck Hughes delivered gold recovery rates of 59.4% with leach times of between 3 to 6 hours

o  First phase testing at Sylvanite delivered gold recovery rates of 49% with leach times of between 3 to 6 hours

o  The initial results of testing with Extrakt's cyanide free technology has delivered breakthrough results nearly doubling the gold recovery and substantially reducing the leaching times by over 90% when compared to previous testing at Sylvanite in 2008 using cyanide-based test methods which achieved c.30% gold recovery in leaching times of 48 hours

o  Phase 2 conceptual study commenced at Teck-Hughes based on the initial test results, to provide an initial economic viability assessment of the project delivering operating plans, cost estimates, and provide a clear pathway to production

Post-period Highlights

· Appointment of Mitchell Smith as Non-Executive Chairman, bringing extensive board experience in Canada to the Company.

· Signed a Master Licence Agreement with Extrakt for the exclusive licencing of its cyanide free cutting-edge technology to unlock the in-situ value at Kirkland Lake projects and for legacy gold tailings across two of Canadas most prolific gold camps in Timmins and Kirkland Lake.

· Discovery of Gallium, Tellurium and Silver in all holes assayed to date at the Teck Hughes and Sylvanite projects. Gallium and Tellurium are recognised as critical minerals, key to the global energy transition

· The Teck Hughes Phase 2 initial conceptual study provides positive economics and a proven concept for tailings production at Teck Hughes

· Subscription by certain directors of the Company to raise £140,000

Financial Summary

· The Company generated no revenue during the period but focussed on exploring and developing assets that the Board believes will generate revenue and value for the Company and its shareholders in the future.

· For the year ended 31 December 2024 ("FY2024") the Company reported a pre-tax loss of £1,153,461 (year ended 31 December 2023 ("FY2023"): pre-tax loss of £1,714,423).

· The Company's net cash balance as at 31 December 2024 was £340,517 (31 December 2023: £620,924).

· Basic loss per share of 0.022p (FY2023 loss per share: 0.037p).

 Ryan Mee, Chief Executive Officer of Fulcrum Metals, commented:

"Over the past year, Fulcrum has positioned itself as a technology focused and sustainable gold tailings processing company.

"This has seen our mine tailings asset base strategically expanded in Kirkland Lake to now include Teck Hughes and Sylvanite whilst also signing value accretive disposal agreements on some of our exploration assets.

"The development of our mine tailings assets has seen the discovery of Silver, Tellurium and Gallium which could be valuable co-products alongside the Gold. Both Tellurium and Gallium are recognised by Canada as critical minerals, and thus in high demand.

"Our collaboration with Extrakt has been a key focus, and we are very pleased with the early success of the cyanide free leaching technology when applied to our Sylvanite and Teck-Hughes sites. Initial test work has shown significant improvements in gold recovery rates and a dramatic reduction in leaching times. Post-period we were delighted to announce the signing of our Master Licencing Agreement which cements our partnership with Extrakt and opens exciting long-term opportunities across more than 70 legacy mine sites throughout the Timmins and Kirkland Lake regions.

"Finally, I would like to welcome Mitchell Smith as Non-Executive Chairman. His deep regional expertise across Canadian mining jurisdictions and at corporate level will be instrumental as we continue to advance and unlock the potential of our tailings assets.

"We move into the new financial year with strong momentum off the back of signing the exclusivity agreement with Extrakt, a clearer strategic focus, and a growing pipeline of opportunities."

Qualified Person Statement

The technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum Metals Plc. Mr Slowey is a graduate geologist with more than 40 years' relevant experience in mineral exploration and mining and a founder member of the Institute of Geologists of Ireland. Mr Slowey has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a "Qualified Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Slowey consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

Technical Glossary

For further information please visit https://fulcrummetals.com/ or contact:

Notes to Editors

About Fulcrum Metals PLC

Fulcrum Metals PLC (AIM: FMET) is an AIM listed technology led natural resources company focused on recovery of precious metals from mine tailings (previously milled and processed ore) in Canada using environmentally friendly leaching technology developed by Extrakt Process Solutions LLC and its associates (together "Extrakt"). The Company's initial projects are the mine waste sites of former significant producing Teck-Hughes and Sylvanite gold mines in Kirkland Lake, Ontario. The Company also has interests in a portfolio of highly prospective mineral exploration and development projects in Ontario and Saskatchewan in Canada.

Fulcrum has exclusive licenced use of Extrakt's proven leaching technology on gold mine waste sites over the mining districts of Timmins and Kirkland Lake. These are two of Canada's biggest gold camps with a history of over 110Moz Au produced over the past 100 years and more than 70 documented legacy mine waste sites. This presents Fulcrum with opportunity to develop into a significant environmentally friendly gold producing entity in the near term.

Chairman's Statement

This is my first address to shareholders as Non-Executive Chairman, and I am pleased to present the Company's final results for the year ended 31 December 2024.

2024 has been a pivotal year for Fulcrum, marked by significant progress in our transformation into a technology-driven business focused on the sustainable recovery of precious metals from mine tailings. This strategic shift reflects our commitment to creating a faster path to revenue generation and creating value for shareholders-well ahead of the typical 10 to 15 years it can take to bring a conventional mine into production.

To support this shift, in April 2024 the Company reinforced its focus on tailings processing by announcing an option agreement to acquire a 100% interest in the Sylvanite Gold Tailings project, located in Kirkland Lake, Ontario, Canada. Sylvanite is an ex-producing mine, strategically located just 3km from Fulcrum's Teck-Hughes Gold Tailings project-our first tailings investment made in November 2023-significantly expanding our footprint in the Kirkland Lake Gold Camp, one of Canada's most productive gold regions.

During the reporting period, we advanced operational activities across all our projects, with a particular focus on progressing a four-phase development programme at Teck-Hughes and Sylvanite aimed at testing Extrakt's proprietary non-toxic separation technology. This approach has proved prudent and has delivered exceptional results.

Phase 1 test work at Sylvanite showed up to 63% increase in gold recovery and significantly reduced leach times-from 48 hours to as little as 3 hours. Of particular note were the results of the Phase 2 high-level conceptual study at Teck-Hughes, undertaken by Extrakt and Testing Design Implement Solutions LLC ("TDI"), and announced post period.

The study indicated a Net Present Value at a 7.5% discount rate ("NPV7.5") of US$33 million and an Internal Rate of Return ("IRR") of 21.4%, based on a nine-year operational life and an estimated four-year payback period. This scenario assumes processing 2,000 tonnes of tailings per day, with an unoptimised gold recovery rate of 59.4% and a leach time of six hours. However, optimisation of the process could increase recovery rates to at least 70%.

A sensitivity analysis showed that a 25% increase in recovery rates to 74.25% could significantly enhance the economics of the project-raising the net present value to US$75.5 million, boosting the IRR to 37.7%, and reducing the payback period to under three years. Further upside potential exists through reduced leach times, improved reagent and water recycling, vacuum filtration of residue, and recovery of other valuable minerals from the pregnant leach solution.

Building on this strong technical foundation, a major strategic milestone was achieved post year-end. On 22 May 2025, Fulcrum signed a Master Licence Agreement ("MLA") with Extrakt Process Solutions LLC, granting Fulcrum exclusive rights to apply Extrakt's cutting-edge non-cyanide leach technology to legacy gold mine tailings across the Kirkland Lake and Timmins gold camps-two of Canada's most prolific mining regions, which together host over 70 known mine waste sites.

This exclusivity agreement positions Fulcrum as a leader in sustainable tailings reprocessing, providing a clear pathway to production at our flagship Teck-Hughes project, with scalability through Sylvanite and other local sites. With an estimated in situ value of over US$700 million in gold, gallium, tellurium and silver across Teck-Hughes and Sylvanite alone, the opportunity for long-term value creation is significant. The MLA spans an initial four-year term and can be extended for upto a total of 12 years, aligning with our strategic growth vision.

To accelerate these efforts, the Company announced on 13 September 2024 a successful equity financing in excess of £860,000 at 8p per share. This included an investor subscription, conversion of supplier fees, Director subscriptions, and the conversion of accrued Director salaries. The net proceeds of the financing were primarily used to support testing and onsite evaluation at Teck-Hughes and Sylvanite, as well as to fund working capital.  Post year end, in May 2025, there was also a subscription for shares by certain directors of the Company which raised £140,000.

Our sharpened focus on tailings technology has also led to strategic decisions regarding our non-core portfolio. On 8 July 2024, Fulcrum announced the divestment of its Saskatchewan uranium assets for up to CA$3.36 million, enabling the redirection of resources toward tailings processing and gold exploration. Post year-end, on 9 April 2025, the Company signed a binding letter of intent to divest the Tully Gold Project to Loyalist Exploration. The consideration includes CA$500,000 in cash, 89.3 million Loyalist shares (representing a 19.9% equity stake), a 2% net smelter return royalty, and milestone-based payments. The definitive agreement is subject to Loyalist completing a financing which is underway and is expected to be extended beyond 30 June 2025 to allow for the completion of the financing and relevant documentation. We continue to retain the Big Bear Gold Project, which remains drill-ready and is well-positioned for future growth, exploration, and development-or potential joint venture or divestment opportunities, depending on market conditions.

At the start of 2025, Fulcrum announced a restructuring of the Board. I was appointed Non-Executive Chairman, with Alan Mooney returning to his prior role as Non-Executive Director. These changes reflect and support Fulcrum's strategic growth ambitions and our geographical focus on Canada.

We have entered 2025 with strong momentum, a clear path to value creation, and a deep commitment to delivering results for our shareholders. I am confident that the year ahead will bring continued progress as we advance our projects, optimise our technology, and unlock new opportunities.

Mitchell Smith

Chairman

27 June 2025

Strategic Report

Operational Review

2024 marked a transformative year for Fulcrum Metals Plc, as the Company shifted its focus from early-stage hard rock exploration to low-risk, scalable, and sustainable tailings projects powered by innovative processing technology, with near-term cash flow potential. This strategy is further supported by the strategic monetisation of non-core assets.

1. Gold Tailings Projects

Licensing of Extrakt's Leaching Technology

During the year, Fulcrum advanced licensing discussions with Extrakt Process Solutions LLC ("Extrakt") and, by December 2024, had entered into non-binding exclusivity terms for applying Extrakt's proprietary technology across legacy mine waste in the Timmins and Kirkland Lake districts.

Post year end: On 22 May 2025, Fulcrum signed a four-year exclusive Master Licence Agreement with Extrakt for use of its leaching technology across the Timmins and Kirkland Lake gold camps, providing a commercial platform for scale.

Teck-Hughes Tailings Project

In November 2023, Fulcrum entered into a mining option agreement to acquire 100% of the Teck-Hughes Gold Tailings Project in Kirkland Lake, Ontario.

The Teck-Hughes Mine historically milled 9.57 million tonnes of ore, producing 3.7 million ounces of gold. Tailings from the site have been subject to historic sampling, with the most recent campaign conducted between 2018 and 2022. As part of that work, 95 auger samples were collected and assayed by Actlabs in Timmins. The highest recorded grade was 1.23 g/t Au, with 72 of 95 samples returning between 0.5 and 0.8 g/t Au. The average was 0.66 g/t Au.

Based on this data and results from a 1980 drilling campaign, a non-compliant resource estimate was prepared. It covers the north, west, and northeast sections of the tailings and totals 6.53 million tonnes at an average grade of 0.66 g/t Au, representing approximately 138,460 contained ounces of gold.

In January 2024, the Company announced a phased sampling and study programme with Extrakt, comprising:

1. High-level recovery investigation

2. Conceptual study

3. Detailed laboratory testing

4. Economic assessment

In May 2024, Phase 1 testing delivered highly promising results. Composite samples from six sites returned a weighted average grade of 0.717 g/t Au - a 16.9% increase over historical averages. In June 2024, leaching tests on "as-received" samples demonstrated initial gold recovery rates of up to 59.4% using Extrakt's non-toxic technology.

In October 2024, Fulcrum initiated additional auger hole sampling across 16 sites to expand the project database and better understand gold grade distribution. Results from four new sites averaged 0.65 g/t Au, 1.3 g/t Ag, and 13 g/t Te. Silver and tellurium had not previously been assayed and now offer potential by-product credits. Tellurium is also recognised as a Canadian critical mineral.

As a result of successful Phase 1 work, Phase 2 conceptual study activities began in December 2024, targeting operating plans and cost estimates for a tailings processing plant at Teck-Hughes. Sampling also

continued with the goal of supporting a future NI 43-101 compliant technical report.

Post Year-End: On 12 March 2025, Fulcrum announced the results of the Phase 2 Conceptual Study. The study reported a Net Present Value (NPV7.5) of US$33 million and an Internal Rate of Return (IRR) of 21.4% for a 2,000 tonnes-per-day operation. Sensitivity analysis indicated a potential NPV of US$75.5 million if gold recovery increases to 74%.

In April 2025, Fulcrum reported gallium present in all 15 auger holes tested to date, averaging 17 g/t. Gallium, also designated a critical mineral in Canada, further strengthens Teck-Hughes's profile as a multi-mineral project, alongside gold, silver, and tellurium.

Sylvanite Tailings Project

In April 2024, Fulcrum signed an option agreement to acquire 100% of the Sylvanite Gold Tailings Project, located 3 km from Teck-Hughes in Kirkland Lake, Ontario. Sylvanite significantly expands Fulcrum's footprint in one of Canada's most productive gold camps.

Sylvanite is the fourth largest gold producer historically in the district, having milled 4.58 million tonnes of ore and produced 1.67 million ounces of gold between 1927 and 1961. The project has a historical tailings resource estimate of up to 67,051 ounces of gold, with historic grades averaging around 0.47 g/t Au.

Previous test work conducted in 2008 suggested that combining gravity, grinding, and flotation could improve gold recovery from tailings to around 70%. Pilot plant testing by Advanced Reclaim Inc. in 2010 and 2012, using 850 kg of sample material, achieved 65-72% gold recovery. The 2012 campaign demonstrated a viable, scalable, non-chemical process for producing saleable gold concentrate, while also enhancing the tailings' suitability for environmental reclamation.

Under the option terms, Fulcrum will make staged payments of CA$240,000 in cash and CA$100,000 in shares over four years, and grant a 1.5% Net Smelter Return (NSR) royalty.

In June 2024, Fulcrum began Phase 1 testing with Extrakt, using the same programme as at Teck-Hughes. Thirty samples were collected from eight locations and split between Extrakt (for leach testing, ICP, and XRD analysis) and Actlabs in Timmins (for gold assay).

In November 2024, six new auger sites reported average grades of 0.58 g/t Au, 1.1 g/t Ag, and 13.9 g/t Te. Duplicates of seven resampled sites, sent to Extrakt, showed similar results. These grades are broadly in line with historical figures and indicate consistent mineralisation across the deposit.

Silver and tellurium had previously only been sampled in 2012, with in-situ grades of 1 g/t and 7.5 g/t respectively. Concentrate tests from that time yielded 21.5 g/t Au, 14.1 g/t Ag, and 152 g/t Te, suggesting significant by-product potential.

In December 2024, Fulcrum announced initial, un-optimised Phase 1 leach test results using Extrakt's technology. Composite samples returned a weighted average gold grade of 0.60 g/t Au, with recovery rates increasing by up to 63% - from 30% to 49% - in just 3 hours, a 94% reduction in leach time. These efficiency gains suggest that further optimisation could significantly enhance recovery.

Post Year-End: In April 2025, gallium averaging 17 g/t was identified in all Sylvanite assays tested to date, further bolstering the project's profile as a multi-commodity tailings asset. Sylvanite remains a key part of Fulcrum's strategy to deliver critical mineral supply alongside gold and silver recovery.

2. Uranium Portfolio

Throughout 2023 and early 2024, Fulcrum increased its uranium footprint in Saskatchewan by 220%, adding the Snowbird and South Pendleton properties. Exploration at Charlot-Neely and Fontaine Lake confirmed high-grade samples of up to 7,130 ppm U and highlighted both vein-type and unconformity-style mineralisation. Independent reports by Dahrouge Geological Consulting confirmed significant discovery potential.

On 30 January 2024, Fulcrum signed a letter of intent with Global Energy Metals Corporation for a 19.9% equity interest and a 0.5% NSR. However, a more favourable deal followed and on 3 April 2024, Fulcrum signed a non-binding LOI with Terra Balcanica Resources Corp ("Terra") for the option to acquire 100% of Fulcrum's uranium portfolio. Terms included staged payments totalling CA$3.36 million in cash and shares, a CA$3.25 million work commitment, and a retained 1% NSR with a 0.5% buydown for CA$1 million. On 2 July 2024, Fulcrum entered into a definitive option agreement with Terra for the sale of its uranium projects on the same terms.

3. Other Exploration Assets

Fulcrum continued to progress its Ontario gold portfolio during the year. The Tully Project received drill permits in January 2024 following detailed reviews and a photon assay programme, which confirmed historical data and enabled faster assay turnaround. Although drilling was planned for late 2024, it was deferred to prioritise nearer-term opportunities in the tailings portfolio.

Exploration at the Big Bear and Jackfish (Schreiber-Hemlo) projects remained encouraging, with a 3 km mineralised corridor identified and rock samples up to 45 g/t Au. Drill permitting progressed for five new high-priority geophysical targets.

Post Year-End: On 9 April 2025, Fulcrum signed a binding LOI to divest the Tully Gold Project to Loyalist Exploration. Consideration included CA$500,000 in cash, 89.3 million Loyalist shares (19.9% equity stake), a 2% NSR, and milestone-based payments. The definitive agreement is subject to Loyalist completing a financing which is underway and is expected to be extended beyond 30 Jun 2025 to allow for the completion of the financing and relevant documentation.

4. Corporate Developments

At the AGM on 3 June 2024, Clive Garston retired from his role as Non-Executive Chairman, marking the close of a key phase of corporate leadership. Alan Mooney served as Interim Chairman until 3 February 2025, when Mitchell Smith was appointed as Independent Non-Executive Chairman. Alan Mooney returned to his role as Independent Non-Executive Director.

Capital preservation remained a priority during the year. In September 2024, Fulcrum completed a Placing, raising gross proceeds of approximately £863,000, including £114,500 from Board members. In December 2024, the Company issued 240,000 shares in lieu of fees to conserve cash.

Post Year-End: In May 2025, members of the Board subscribed for a further £140,000 of new Ordinary Shares.

Outlook

Fulcrum concluded the year positioned to deliver cash flow from Teck-Hughes and Sylvanite, while retaining upside through uranium royalties and advanced gold exploration assets. The signing of the Master Licence Agreement with Extrakt in May 2025 marked a pivotal step in unlocking scalable value across the Company's tailings portfolio.

With a strong foundation in place and a clear focus on sustainable, efficient resource recovery, Fulcrum enters the second half of 2025 with momentum, confidence, and a business model aligned with future profitability and responsible mining.

Principal Risks and Uncertainties

The principal risks and uncertainties of the Group are outlined below.

A majority of the Group's operating costs will be incurred in Canadian dollars, whilst the Group has raised capital in Pound Sterling

The Group will incur exploration costs in Canadian Dollars but it has raised capital in Pound Sterling. Fluctuations in exchange rates of the Canadian Dollar against Pound Sterling may materially affect the Group's translated results of operations. In addition, given the relatively small size of the Group, it may not be able to effectively hedge against risks associated with currency exchange rates at commercially realistic rates. Accordingly, any significant adverse fluctuations in currency rates could have a material adverse effect on the Group's business, financial condition and prospects to a much greater extent than might be expected for a larger enterprise.

The Group will need additional financial resources if it moves into commercial exploitation of any mineral resource that it discovers

The Group will require further financial resources to conduct its planned exploration and tailings activities, meet its committed licence obligations and cover its general operating costs over the next 12 months. The quantum of the financial resources required is dependent on planned disposals of some projects that are under discussion complete in addition to discovering and exploiting any mineral resource through its activities.

The Group has budgets for all near and short-term activities and plans, however in the longer term the potential for further exploration, development and production plans and additional initiatives may arise, which have not currently been identified and which may require additional financing which may not be available to the Group when needed, on acceptable terms, or at all. If the Group is unable to raise additional capital when needed or on suitable terms, the Group could be forced to delay, reduce, or eliminate its exploration, development, and production efforts.

Even if the Group makes a commercially viable discovery in the future there are significant risks associated with the ability of such a discovery generating any operational cashflows

The economics of developing mineral properties and tailing projects are affected by many factors including the cost of operations, variations of the grade of ore mined, fluctuations in the price of the minerals being mined, fluctuations in exchange rates, costs of development, infrastructure and processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. Given that the Group is at the early exploration stage of its business many of these factors cannot be accurately assessed, costed, planned for or mitigated at the current time. As a result of these uncertainties, there can be no guarantee that mineral exploration and subsequent development of any of the Group's assets will result in profitable commercial operations.

The Group is not currently generating revenue and will not do so for in the near term

The Group is an exploration and development company and therefore it will remain involved in the process of exploring and assessing its asset base for some time. The Group is unlikely to generate revenues until such time as it has made a commercially viable discovery. Given the early stage of the Group's exploration business and tailings projects, and even if a potentially commercially recoverable reserve were to be discovered, there is a risk that the grade of mineralisation ultimately mined may differ from that indicated by drilling results and such differences could be material. Accordingly given the very preliminary stages of the Group's exploration activity it is not possible to give any assurance that the Group will ever be capable of generating revenue at the current time.

Since the Company's shares were admitted to trading on the AIM market of the London Stock Exchange the share price of the Company has come into focus and has formed part of the key indicators monitored by management.

S172 Statement

The Directors of the Company, as those of all UK Companies must act in accordance with a set of general duties.

Set out below is the director's approach in complying with section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duties.

Section 172 of the Companies Act requires the Directors' to promote the success of the Company. The Directors of the Company ensure that they act in good faith in the promotion of the success of the business and for the benefit of it's members as a whole. In undertaking this duty the directors of the Company have considered the following and endeavour to maintain a culture where these principles are upheld.

(a) Likely consequences of any long-term decisions

(b) The interests of the Company's employees

(c) The need to foster the Company's business relationships

(d) The impact of the Company's operations on the community and environment

(e) The maintenance of high standards of business conduct

(f) Act with integrity and fairness

In discharging the section 172 duties the Directors have regard to the factors set out above and give consideration to those factors when discharging those duties. The Directors also have regard to other factors which are considered relevant to the decision being made. The Directors acknowledge that every decision made will not necessarily result in a positive outcome for all of our stakeholders, however, the aim is to make sure that any decisions are consistent and predictable. The Board recognises that building strong relationships with our stakeholders will help to deliver the Group's strategy in line with our long-term values and operate the business in a sustainable way.

As is normal for large companies, the Board delegates authority for day-to-day management of the Group to executives and then engage management in setting, approving and overseeing execution of the business strategy and related policies. The Board reviews the financial and operational performance and legal and regulatory compliance at every Board meeting.

The Directors also review other areas over the course of the financial year including the Group's business strategy; key risks) the Group's risk appetite, operational resilience and workforce matters (including culture, wellbeing, ESG). This is done through the consideration and discussion of reports which are sent in advance of each Board meeting and through presentations to the Board.

The Group's key stakeholders are its investors, regulators and government and the workforce. Our suppliers are also important stakeholders of the Group. The views of and the impact of the Group's activities on those stakeholders are an important consideration for the directors when making relevant decisions. While there are cases where the Board itself judges that it should engage directly with certain stakeholder groups or on certain issues, the size and spread of both our stakeholders and the Group means that sometimes our stakeholder engagement will take place at an operational or Group level.

Monthly and Annual review of the Group's budget and business plan

The Board carries out a review of the Group's budget on both a monthly and annual basis. This includes approving budgets and business plans for the following year/years ahead and reviewing the cashflow forecasts.

In making its decision to approve the budgets, cashflows, business plans and future strategy of the Company, the Board also considered amongst other things, its impact on the long-term position of the Group and Company and its reputation as well as feedback from engagement exercises with the workforce and dialogue with all stakeholders and regulators.

The Directors of the Company endeavour to continue to uphold the principles as required by S172 of the Companies act in their ongoing discharge of duties.

Ryan Mee

Chief Executive Officer

27 June 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

The company has no other recognised items of income and expenses other than the results for the year as set out above.

The notes below form part of these financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

The financial statements on pages 33 to 76 were approved and authorised for issue by the board of directors on 27 June 2025 and were signed on its behalf by:

The notes below form part of these financial statements.

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

The financial statements on pages 33 to 76 were approved and authorised for issue by the board of directors on 27 June 2025 and were signed on its behalf by:

The notes below form part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

Share Premium

Share premium is the amount subscribed for share capital in excess of nominal value.

Share option reserve

Share option reserve represents the valuation of warrants granted by the Group that have not yet been exercised.

Financial Assets at FVOCI Reserve

The Financial Assets at FVOCI Reserve represents the unrealised movement on financial investments.

Other Reserve

Other reserves represents the equity component of the Convertible loan notes issued by the Group.

Translation reserve

The translation reserve represents foreign exchange differences arising from the translation of the net assets of the Group's foreign operations from their functional currency into the Company's Functional currency, being Sterling, including the translation of the profits and losses of such operations from the average rate for the year to the closing rate at the Balance Sheet date.

Retained earnings

Retained earnings are all other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

Share Premium

Share premium is the amount subscribed for share capital in excess of nominal value.

Share option reserve

Share option reserve represents the valuation of warrants granted by the Group that have not yet been exercised.

Other Reserve

Other reserves represents the equity component of the Convertible loan notes issued by the Group.

Retained earnings

Retained earnings are all other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

The notes on pages 43 to 76 form part of these financial statements.

COMPANY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

The notes on pages 43 to 76 form part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

The Company is a public limited company, incorporated, domiciled, and registered in England and Wales. The registered number is 14409193. The Company's registered office and principal place of business is Unit 58, Basepoint Business Centre Isidore Road, Bromsgrove Enterprise Park, Bromsgrove, Worcestershire, B60 3ET, England.

2. Accounting policies

2.1 Basis of preparation

The financial statements have been prepared on the historical cost basis. Where the carrying value of assets and liabilities are calculated on a different basis, this is disclosed in the relevant accounting policy. The accounting policies have been applied consistently to all financial periods presented in the Consolidated Financial Statements.

The Group and Parent Company financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") and their interpretations issued by the International Accounting Standards Board ("IASB") as adopted by the United Kingdom ("UK adopted IFRS") insofar as these apply to the financial statements.

The UK adopted IFRS as applied by the Group in the preparation of these financial statements are those that were effective on or before 1 January 2024.

2.2 Basis of consolidation

The consolidated financial statements include the results of Fulcrum Metals plc and its subsidiary undertakings. The financial statements of all group companies are adjusted, where necessary, to ensure the use of consistent accounting policies.

In February 2023, the Group was formed after the Company - prior to its IPO and listing on AIM - completed a share for share transaction with Fulcrum Metals Limited. The Board has taken the view that the most appropriate way to account for this in line with IFRS is to deem the share for share exchange as a group reconstruction. This has been accounted for under the basis of merger accounting given that the ultimate ownership before and after the transaction remained the same. There is currently no specific guidance on accounting for group reconstructions such as this transaction under IFRS's. In the absence of specific guidance, entities should select an appropriate accounting policy and IFRS permits the consideration of pronouncements of other standard-setting bodies. This group reconstruction as scoped out of IFRS 3 has therefore been accounted for using predecessor accounting principles resulting in the following practical effects;

(i)  The net assets of the Company and the predecessor group, Fulcrum Metals Limited and its subsidiary undertakings (the "Predecessor Group"), are combined using existing book values, with adjustments made as necessary to ensure that the same accounting policies are applied to the calculation of the net assets of both entities;

(ii) No amount is recognised as consideration for goodwill or negative goodwill;

(iii) The consolidated profit and loss account includes the profits or losses of the company and the Predecessor Group for the entire period, regardless of the date of the reconstruction, and the comparative amounts in the consolidated financial statements are restated to the figures presented by the Predecessor Group;

(iv) The retained earnings reserve includes the cumulative results of the Company and the Predecessor Group, regardless of the date of the reconstruction, and the comparative amounts in the statement of financial position are restated to those presented by the Predecessor Group.

2.3 Going concern

The Directors have prepared the financial statements on the going concern basis which assumes that the Group and Company will continue in operational existence for at least twelve months from the date of the approval of these financial statements as described below.

As a junior exploration company, the Directors are aware that the Company must seek funds from the market in the next 12 months to meet its investment and exploration plans.

The ability to continue as a going concern is dependent on the ability to secure additional funding and the Directors consider they have various options to do so, including the issue of equity and asset disposals.

The Company successfully raised £947,998 in the year ended 31 December 2024 through a combination of issuing new shares and Director loan conversions. Furthermore, the group entered into an agreement to sell its Uranium assets to Terra Balcanica Resources Corp. to provide funding and share consideration for the next 4 years, amounting to CAD 3,360,000 (£1,814,400) if exercised. As at the year-end date the Group had total cash reserves of £340,517 (2023: £620,924).

The Directors are aware of the reliance on fundraising within the next 12 months and the material uncertainty this presents. However, the Directors reviewed the Group's working capital forecasts they believe the Group is well placed to manage its business risks successfully providing the fundraising is successful. The financial statements have been prepared on a going concern basis and do not include adjustments that would result if the Group were unable to continue in operation.

2.4 Functional and presentation currency

The consolidated financial statements are presented in Pounds Sterling, which is the Group's presentation currency. Items included in the financial statements of the subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The functional currency of the group is Pound Sterling and the functional currency of the Subsidiaries are Canadian Dollar (CAD) and Euro (€).

Foreign Currency transactions are translated into the functional currency using the exchange rate prevailing at the dates of the transactions or valuation where such items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

2.5 Exploration and evaluation assets

Exploration and evaluation assets represent the cost of acquisitions by the Group of rights and licenses. All costs associated with the exploration and investment are capitalised on a project by project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses, but not general overheads and these assets are not amortised until technical feasibility and commercial viability is established.

Any deferred contingent consideration payable in relation to acquisitions of licenses or options under the exploration projects is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, are recognised either in the profit and loss account or in other comprehensive income, in accordance with IAS 39. Deferred and contingent consideration amounts payable in the next or subsequent financial years are discounted to present value with year-on-year changes reflected in the profit and loss account. Amounts payable based on the ultimate success of an exploration project are only recognised when there is a legal obligation in relation to the acquisition agreement, the amount can be reliably estimated and there is a strong likelihood of the amount being payable.

If an exploration project is successful, the related expenditures will be transferred to mining assets and amortised over the estimated life of the reserve. Where a license is relinquished or a project abandoned, the related costs are written off. The recoverability of all exploration and development costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing to complete the development of reserves and future profitable production or proceeds from the disposition thereof.

Exploration and evaluation assets are assessed for impairment annually or when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed should the conditions which led to the impairment improve. The Group continually monitors the position of the projects capitalised and impaired.

Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the group has decided to discontinue such activities of that unit, the associated expenditures are written off to the income statement.

2.6 Trade and other receivables

Trade and other receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade and other receivables is established when there is objective evidence that the Group or Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the assets' carrying amount and the recoverable amount. Provisions for impairment of receivables are included in the income statement.

2.7 Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the Group or Company prior to the financial year, which are unpaid. Current liabilities represent those amounts falling due within one year.

2.8 Equity instrument

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments issued by the Group are recognised as the proceeds received, net of direct issue costs. The costs of an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that would otherwise have been avoided.

The Company's Ordinary Shares are classified as equity instruments and are shown within the share capital and the share premium reserves.

2.9 Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Expenditure that does not meet the above criteria is expensed as incurred.

2.10 Property, Plant & Equipment

Property, plant & equipment are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

2.11 Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fittings fixtures and equipment - 25% Straight Line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

2.12 Investments

Shares in Group undertakings are held at cost less impairment provisions. Impairments occur where the recoverable value of the investment is less than its carrying value. The recoverable value of the investment is the higher of its fair value less costs to sell and value in use. Value In Use is based on the discounted future net cash flows of the investee.

2.13 Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash- generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Exploration and evaluation assets are reviewed regularly for indicators of impairment and costs are written off where circumstances indicate that the carrying value might not be recoverable. In such circumstances, the exploration and evaluation asset is allocated to development and production assets within the same cash generating unit and tested for impairment. Any such impairment arising is recognised in the income statement for the period. Where there are no development and production assets, the impaired costs of exploration and evaluation are charged immediately to the income statement.

2.14 Non-current assets held for sale

Non-current assets and disposal groups are classified as held for sale when:

· They are available for immediate sale;

· Management is committed to a plan to sell; It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn;

· An active programme to locate a buyer has been initiated;

The asset or disposal group is being marketed at a reasonable price in relation to its fair value, and,

· A sale is expected to complete within 12 months from the date of classification.

Non-current assets and disposal groups classified as held for sale are measured at the lower of:

· Their carrying amount immediately prior to being classified as held for sale in accordance with the group's accounting policy; and

· Fair value less costs of disposal. Following their classification as held for sale, non-current assets (including those in a disposal group) are not depreciated

The results of operations disposed during the year are included in the consolidated statement of comprehensive income up to the date of disposal.

Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the statement of financial position.

2.15 Financial Instruments Financial Assets

(i) Classification

The Group classifies its financial assets in the following categories: at amortised cost including trade receivables and other financial assets at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss, loans and receivables, and available-for-sale, The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(ii) Recognition and measurement

Trade and other receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade and other receivable with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method.

The group classifies its financial assets as at amortised cost only if both of the following criteria are met:

· the asset is held within a business model whose objective is to collect the contractual cash flows; and

· the contractual terms give rise to cash flows that are solely payments of principal and interest.

(iii) Impairment of financial assets

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate (EIR). The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit enhancements for which there

has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit

losses that result from default events that are possible within the next 12-months (a 12-month ECL). For this credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset's lifetime ECL at each reporting date. However, in certain cases, the Group may also consider a financial asset to be in default when contractual payments are 90 days past due.

However, in certain cases, the Group may also consider a financial to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity.

At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

(iv)  Derecognition

The Group derecognises a financial asset only when the contractual rights to be cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of

ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. This is the same treatment for a financial asset measured at FVTPL.

2.16 Financial Liabilities

Financial Liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designed as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributes transaction costs. The Group's financial liabilities include trade and other payables.

Subsequent Measurement

The measurement of financial liabilities depends on their classification, as described below:

Trade and other Payables

After initial recognition, trade and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process.

Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other comprehensive income.

Derecognition

A financial liability is derecognised when the associated obligation is discharged or cancelled or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are subsequently modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss and other comprehensive income.

2.17 Cash and Cash Equivalents

Cash and cash equivalents comprise cash at bank and in hand.

2.18 Share Capital, share premium and share option reserves

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity, as a deduction, net of tax, from proceeds provided there is sufficient premium available. Should sufficient premium not be available placing costs are recognised in the income statement.

Share option reserve consist of the proceeds on issue of the convertible loan note allocated to the equity component and warrant options awarded by the group.

2.19 Warrants

The Group classifies instruments issued as financial liabilities or equity instruments in accordance with the substance of the contractual terms of the instruments.

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2.20 Changes in accounting policy

The following amendments are effective for the period beginning 1 January 2024:

• Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 17).

• Lease Liability in Sales and Leaseback (Amendments to IFRS 16)

• Classification of Liabilities as Current or Non- Current (Amendments to IAS 1); and

• Non-current Liabilities with Covenants (Amendments to IAS 1)

These amendments had no effect on the consolidated financial statements of the Group In the current year the group has applied a number of new and amended IFRS Accounting Standards issued by the International accounting Standards Board ("IASB") and adopted by the UK, that are effective for the first time for the financial year beginning 1 January 2024 Their adoption has not had any material impact on the disclosure or on the amounts reported in these financial statements.

New standards, interpretations and amendments effective from 1 January 2025 onwards

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early.

IFRS 18 Presentation and Disclosures in Financial Statements

IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements.

IFRS 18 introduces new requirements to:

· present specified categories and defined subtotals in the statement of profit or loss

· provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements

· improve aggregation and disaggregation.

The Directors of the company anticipate that the application of these amendments may have an impact on the Company financial statements in future periods. The Company is currently assessing the effect of these new accounting standards and amendments. The Company does not expect to be eligible to apply IFRS 19.

2.21 Judgments and key sources of estimation uncertainty

The preparation of the Group Financial Statements in conformity with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the year. Actual results may vary from the estimates used to produce these Financial Statements.

Estimates and Judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant items subject to such estimates and assumptions include, but are not limited to:

2.21a Impairment of exploration and evaluation costs

Exploration and evaluation costs have a carrying value at 31 December 2024 of £3,401,715 (31 December 2023: £3,883,651): refer to note 11 for more information. The Group has a right to renew exploration permits and the asset is only depreciated once extraction of the resource commences. Management tests annually whether exploration projects have future economic value in accordance with the according policy stated in the exploration and evaluation assets accounting policy.

Each exploration project is subject to an annual review by either a consultant or senior company geologist to determine if the exploration results returned during the year warrant further exploration expenditure and have the potential to result in an economic discovery. This review takes into consideration the expected cost of extraction, long term metal prices, anticipated resource volumes  and supply and demand outlook. In the event that a project does not represent an economic exploration target and results indicate there is no additional upside, a decision will be made to discontinue exploration.

The Directors concluded that an impairment charge of £257,877 (2023: £153,732) was required as at 31 December 2024. See note 11 for the Directors' assessment.

2.22 Taxation

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date.

Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions:

• In respect of taxable temporary differences associated with investments in subsidiaries, where the

timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and

• Deferred tax assets are recognised only to the extent that it is probable that taxable profit will be

available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.

• Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are

expected to apply when the related asset is realised or liability is settled, based on tax rates or laws enacted or substantively enacted at the reporting date.

• The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets and liabilities are offset only if certain criteria are met. Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are credited or charged directly to equity. Otherwise, income tax is recognised in the income statement.

3. Operating loss

Operating loss is stated after charging/(crediting):

4. Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditor:

5. Employee benefit expenses

Group

See Note 27 for Directors' remuneration and key management compensation.

The average number of persons, including the directors, employed by the company during the year was as follows:

6. Exceptional items

These were legal and professional costs incurred relating to the Company's admission to AIM.

7. Finance income

The finance income was related to the fair value movement on Convertible Loan Notes.

8. Finance costs

9. Tax on loss

The tax assessed on the loss for the year is higher than (2023: higher than) the effective rate of corporation tax in the UK of 25% (2023: 23.50%).

The standard rate of UK Corporation tax increased from 19% to 25% on 1 April 2023.

The Group has incurred tax losses for the year. The amount of the unutilised tax losses has not been recognised in the financial statements as the recovery of this benefit is dependent on future profitability, the timing of which cannot be reasonably foreseen. The estimated unrecognised deferred tax asset at year end is £377,314 (2023: £178,000)

10. Earnings per share

There is no difference between diluted loss per share and basic loss per share due to the loss position of the Group. Convertible loan notes and Warrants could potentially dilute basic earnings per share in the future but were not included in the calculations of diluted earnings per share as they are anti-dilutive for the year presented.

11. Property, plant and equipment

Group