1st Oct 2026 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boldy, the Chief Executive Officer of the Company (responsible for arranging release of this announcement).
01 October 2026
Lansdowne Resources plc
(“Lansdowne” or the “Company”)
Interim Results for the six months ended 30 June 2026
Lansdowne Resources Plc (“Lansdowne” or “the Company”) is pleased to announce its unaudited results for the six months ended 30 June 2026.
First half highlights
Operational
Reverse Take Over (“RTO”) of Sao Gabriel Mineracao Ltda and pivot to Critical Minerals Sector.
In April 2026 the Company announced the proposed acquisition of Sao Gabriel Mineracao Ltda. and associated fundraise of £1.9 million.During May a Retail Offer took place to raise an additional £99,000.All aspects of the transaction were approved at an AGM on 26 May 2026.The Company’s name was changed to Lansdowne Resources plc and the shares resumed trading on AIM on 27 May 2026.
Ireland
Energy Charter Treaty Barryroe Oil and Gas Field (SEL 1/11)
The Company continued to progress its claim under the terms of the Energy Charter Treaty to advance a claim for compensation for Ireland’s refusal to award a Lease Undertaking for the Barryroe Oil and Gas field.Following the securing of third-party funding in December 2025, Lansdowne’s lawyers, Diamond McCarthy and Mantle Law progressed the case through the first half of the year and the necessary processes continue.The first formal stage is the constitution of the tribunal that will hear the claim, a process carried out in conjunction with Ireland. Good progress has been made, and this is expected to be finalised in the near future.
Financial highlights
Cash balances at 30 June 2026 of £0.77 million (31 December 2025: £0.006 million).Loss for the period after tax of £0.33 million (2025: loss £0.34 million).Loss per share of 0.02 pence (2025: loss 0.03 pence).
Post Balance Sheet Events
Work has commenced in the next phase of field work on the Macaubas graphite project.Board Changes:As part of the RTO process, Luis Azevedo joined the Board of Directors of the Company. Luis has extensive experience in the minerals sector and of Brazil.As announced earlier this year, Stephen Boldy stepped down from his role as CEO. He continues to serve as a non-executive director of the Company and supports the Company, including work related to the ongoing Energy Charter Treaty claim.Following the pivot to Critical Minerals, in September 2026 Jeffrey Auld stepped down as Chairman of the Company and Luis Azevedo has been appointed as Interim Chairman.The search for a replacement CEO is at an advanced stage, and it is anticipated that an appointment will be made shortly, subject to satisfactory completion of regulatory due diligence.
Chairman’s Statement
The first half of 2026 delivered the RTO that the Company and its advisers had been working on for the past 18 months. This was a truly significant event, accompanied by fundraising and a return to trading on AIM.
I would like to thank our Board and advisers for all their efforts in achieving this result. Jeffrey Auld has stepped down after 13 years of service on the Lansdowne Board and I would like to thank him for all his work and wish him well in his continued activities in the oil and gas sector.
The focus has now returned to operational matters, progressing further exploration and appraisal work on the Macaubas graphite project and advancing the Company’s Energy Charter Treaty claim for the loss of the Barryroe asset.
Luis Azevedo
Interim Chairman
For further information please contact:
Lansdowne Resources plc |
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Luis Azevedo |
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SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
Nominated Adviser and Joint Broker |
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Stuart Gledhill |
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Charlie Bouverat |
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Tavira Securities Limited | +44 (0) 20 3192 1739 |
Joint Broker |
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Oliver Stansfield |
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Notes to editors:
About Lansdowne
Lansdowne Resources (LRES.LN) was founded as an oil and gas exploration and appraisal company focused on the North Celtic Sea and quoted on the AIM market.
In May 2023 the application for a Lease Undertaking for the Barryroe Field, in which Lansdowne held a 20% interest, was refused by the Irish Department of the Environment, Climate and Communications.
In June 2023 Lansdowne announced the commencement of action under the Arbitration Process of the Energy Charter Treaty. In December 2025 the Company announced that it had secured third-party litigation funding to pursue its claim. In May 2026 it was announced that the case had been registered at ICSID (International Centre for the Settlement of Investor Disputes). Work is continuing to progress the claim.
In April 2026 the Company announced the proposed acquisition of Sao Gabriel Mineracao Ltda., a company with a graphite mining concession in Brazil. All aspects of this transaction were approved by shareholders at an AGM on 26 May 2026 and the Company resumed trading on AIM on 27 May 2026.
Field work on the graphite tenements commenced during the third quarter of 2026.
For more information on Lansdowne, please refer to www.lansdowneresources.com.
Lansdowne Resources plc
Condensed Consolidated Income Statement and Statement of Comprehensive Income
Six months ended 30 June 2026
| Unaudited6 months ended30 June ‘26 | Unaudited6 monthsended30 June ‘25 | AuditedYearended31 Dec. ‘25 |
| £000s | £000s | £000s |
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Administration expenses | (299) | (322) | (839) |
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Operating loss | (299) | (322) | (839) |
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Finance costs | (28) | (27) | (64) |
Other gains |
| 9 | 21 |
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Loss before tax | (327) | (340) | (882) |
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Income tax credit | - | - | - |
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Loss for the financial period | (327) | (340) | (882) |
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Other Comprehensive Income/Loss | - | - | 1 |
Total comprehensive loss for the financial period | (327) | (340) | (881) |
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Loss per share (pence) |
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Basic and diluted | (0.02p) | (0.03p) | (0.08p) |
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Lansdowne Resources plc
Condensed Consolidated Statement of Financial Position
As at 30 June 2026
| Unaudited30 June ‘26 | Unaudited30 June ‘25 | Audited31 Dec. ‘25 |
| £000s | £000s | £000s |
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Assets |
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Current Assets |
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Trade and other receivables | 123 | - | 47 |
Cash and cash equivalents | 766 | 13 | 6 |
| _______ | _______ | _______ |
| 889 | 13 | 53 |
| _______ | _______ | _______ |
Total Assets | 889 | 13 | 53 |
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Equity & Liabilities |
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Shareholders’ Equity |
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Share capital | 10,915 | 9,175 | 9,175 |
Share premium | 31,899 | 31,899 | 31,899 |
Convertible loan reserve | - | 103 | 127 |
Warrants reserve | 115 | 115 | 115 |
Accumulated deficit | (43,589) | (42,848) | (43,389) |
| _______ | _______ | _______ |
Total Equity | (660) | (1,556) | (2,073) |
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Non-Current Liabilities |
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Derivative financial liability |
| 55 |
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Current Liabilities |
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Trade and other payables | 371 | 402 | 977 |
Shareholder loan | 1,178 | 1,112 | 1,149 |
| _______ | _______ | _______ |
Total Liabilities | 1,549 | 1,559 | 2,126 |
| _______ | _______ | _______ |
Total Equity and Liabilities | 889 | 13 | 53 |
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Lansdowne Resources plc
Condensed Consolidated Statement of Cash flows
Six months ended 30 June 2026
| Unaudited6 months ended30 June ‘26 | Unaudited6 monthsended30 June ‘25 | AuditedYearended31 Dec. ‘25 |
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Cash flows from operating activities |
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Loss for the period | (327) | (340) | (881) |
Adjustments for: |
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Interest payable and similar charges | 28 | 27 | 64 |
Gain from Derivative liability | - | (9) | (21) |
Decrease in trade and other receivables | (20) | - | (47) |
Increase/Decrease in trade and other payables | (661) | 229 | 738 |
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Net cash used in operating activities | (980) | (93) | (147) |
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Cash flows from investing activities |
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Net cash from investing activities | - | - | - |
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Cash flows from financing activities |
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Proceeds from the issue of share capital | 1,740 |
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Cost of raising shares | - |
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Issue of convertible loans | - | 95 | 144 |
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Net cash from financing activities | 1,740 | 95 | 144 |
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Net increase/(decrease) in cash and cash equivalents | 760 | 2 | (3) |
Cash and cash equivalents at start of period | 6 | 11 | 11 |
Effect of foreign exchange rates | - | - | (2) |
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Cash and cash equivalents at end of period | 766 | 13 | 6 |
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Lansdowne Resources plc
Condensed Consolidated Statement of Changes in Equity
Six months ended 30 June 2026
| Share Capital | Share Premium | Convertible loan reserve | Warrants Reserve | Retained Losses | Total |
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Unaudited |
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At 1 January 2025 | 9,175 | 31,899 | 45 | 115 | (42,508) | (1,274) |
Loss for the period | - | - | - | - | (340) | (340) |
| _____ | _______ | _______ | _______ | _______ | _______ |
Total comprehensive loss for the period | - | - | - |
- | (340) | (340) |
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Issue of new shares – gross consideration | - | - | - |
- | - | - |
Cost of convertible loan | - | - | 58 | - | - | 58 |
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At 30 June 2025 | 9,175 | 31,899 | 103 | 115 | (42,848) | (1,556) |
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Audited |
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At 1 January 2025 | 9,175 | 31,899 | 45 | 115 | (42,508) | (1,274) |
Loss for the period | - | - | - | - | (881) | (881) |
| _____ | _______ | _______ | _______ | _______ | _______ |
Total comprehensive loss for the period | - | - | - |
- | (881) | (881) |
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Issue of new shares – gross consideration | - | - | - |
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Cost of convertible loan | - | - | 82 | - | - | 82 |
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At 31 December 2025 | 9,175 | 31,899 | 127 | 115 | (43,389) | (2,073) |
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Lansdowne Resources plc Condensed Consolidated Statement of Changes in Equity (continued) Six months ended 30 June 2026
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Unaudited |
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At 1 January 2026 | 9,175 | 31,899 | 127 | 115 | (43,389) | (2,073) |
Loss for the period | - | - | - | - | (327) | (327) |
| _____ | _______ | _______ | _______ | _______ | _______ |
Total comprehensive loss for the period | - | - | - |
- | (327) | (327) |
Transfer on conversion of |
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Convertible loan notes |
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Issue of Share capital | 1,740 | - | - | - | - | 1,740 |
| _____ | _______ | _______ | _______ | _______ | _______ |
At 30 June 2026 | 10,915 | 31,899 | - | 115 | (43,589) | (660) |
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Lansdowne Resources plc
Notes to the Interim Condensed Financial Statements
Six months ended 30 June 2026
Basis of Presentation
Accounting Policies
The interim financial information for the six months ended 30 June 2026 has been prepared on the basis of the accounting policies adopted in the 2025 Annual Report and Accounts and in accordance with IAS 34, “Interim Financial Reporting”.
The interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The results for the six months to 30 June 2026 and the interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with International Accounting Standards (UK IASs). Those 2025 financial statements have been delivered to the Registrar of Companies and include an auditor’s report which was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. It did, however, include a material uncertainty related to going concern.
Going Concern
The Directors have prepared the interim financial information on the going concern basis which assumes that the Group and Company and its subsidiaries will continue in operational existence for the foreseeable future.
Loss per shareThe loss for the period was wholly from continuing operations.
| Unaudited6 months ended30 June ‘26 | Unaudited6 monthsended30 June ‘25 | AuditedYearended31 Dec. ‘25 |
| £000s | £000s | £000s |
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Loss per share arising from continuing operations attributable to the equity holders of the Company |
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- basic and diluted (in pence) | (0.01) | (0.02) | (0.06) |
The calculations were based on the following information: |
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Loss attributable to equity holders of the Company | (327) | (340) | (881) |
Weighted average number of ordinary shares |
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In issue – basic and diluted | 2,638,982,6671 | 1,393,618,337 | 1,393,179,981 |
At 30 June 2026, potential ordinary shares relate to share options. Convertible loan notes outstanding at the start of the period converted into ordinary shares on 26 May 2026. As a loss was recorded for all periods presented, the effect of any remaining potential ordinary shares would be anti-dilutive and has therefore not been included in diluted loss per share.
Convertible Loan Notes
In January and March 2026, the Company announced the completion of further Convertible Loan Agreements, for a total of £210,000.
The Loans were granted on the same terms as those issued in 2024 and 2025. They are unsecured, carry no interest, have no maturity date and were to be converted into new ordinary shares of 0.01 pence each in the Company (“New Ordinary Shares”) at time of completing a reverse takeover and subject to shareholder approval for the extension of share issuance authorities. The conversion price was the lower of 0.1 pence (being the share price at the time of suspension on 21 March 2024), or a 20% discount price to the issue price at the time of any issuance of shares alongside a future reverse takeover.
Conversion of the loans took place following shareholder approval at the AGM held on 26 May 2026.
Post Balance Sheet Events
On 9 September 2026 the Company announced the resignation of Jeffrey Auld as Non-Executive Chairman and Director of the Group’s Companies, with Luis Azevedo taking over as Chairman on an interim basis pending the appointment of a new Chief Executive Officer.
Shareholder loanAs part of the RTO process, the LC Capital shareholder loan has been extended for 18 months from the date of re-admission to AIM, 27 May 2026. The amount outstanding has increased to £1.178 million (31 December 2025: £1.149 million). The coupon rate is 5%.
Copies of the Interim ReportCopies of the interim results can be obtained from the Company’s website www.lansdowneresources.com.
Related Shares:
Lansdowne Res