GCM RESOURCES PLC

• ⚠

  Material uncertainty over going concern

  As at 30 June 2025, the Group had £1,310,000 in cash and £6,244,000 of net current liabilities. The directors and management have prepared a cash flow forecast to December 2026, which shows that the Group will require further funds to cover operating costs to advance the Phulbari Coal and Power Project and meet its liabilities as and when they fall due. Based on current forecasts, additional funding will need to be either raised from third parties or the short-term loan facility with Polo Resources Limited ("Polo Loan Facility") increased and extended (if available) by the end of July 2026, in order to meet current operating cost projections. The Directors also note that, under the amended terms of the existing Polo Loan Facility, the lender agreed not to serve a repayment request in cash for 5 years from the date of amended terms, 26 March 2021, or alternatively convert to shares at 5.14 pence per share at the lender's option (as amended on 1 March 2022). The Company does not currently have secured funding arrangements in place to cover this loan or further potential expenditure which may be needed to advance the Project and, accordingly, should Polo request repayment of the Polo Loan Facility (under certain terms of the Loan Facility), GCM will need to raise funds in a short amount of time, which may not be available on terms acceptable to the Board or on a workable timeframe. It also needs to be noted that whilst Polo remains dissolved, the Loan Facility cannot be called in, nor any payments requested. The Company currently has £922,000 cash at the date of this report, and based on projected future cash expenditure, this is not expected to be sufficient to support the Company's operations for the twelve months from the date of this report. At the current run rates, along with the Company's existing cash resources, this is only expected to provide sufficient capital for the next seven/eight months. The Company intends to explore alternative funding options over the next six months, with the aim to complete and secure the necessary third-party funding by the end of May 2026

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  -21%

  £1,658,000 → £1,310,000

• Net assets

  -0.9%

  £38,456,000 → £38,093,000

• Employees

  -6.7%

  15 → 14

• Operating profit

  -81.1%

  -£899,000 → -£1,628,000

• Profit before tax

  -54.8%

  -£1,388,000 → -£2,149,000

• Wages

  +33.7%

  £184,000 → £246,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. GCM RESOURCES PLC 2007-12-12 → present
2. GLOBAL COAL MANAGEMENT PLC 2007-01-10 → 2007-12-12
3. ASIA ENERGY PLC 2003-09-26 → 2007-01-10

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“As at 30 June 2025, the Group had £1,310,000 in cash and £6,244,000 of net current liabilities. The directors and management have prepared a cash flow forecast to December 2026, which shows that the Group will require further funds to cover operating costs to advance the Phulbari Coal and Power Project and meet its liabilities as and when they fall due. Based on current forecasts, additional funding will need to be either raised from third parties or the short-term loan facility with Polo Resources Limited ("Polo Loan Facility") increased and extended (if available) by the end of July 2026, in order to meet current operating cost projections. The Directors also note that, under the amended terms of the existing Polo Loan Facility, the lender agreed not to serve a repayment request in cash for 5 years from the date of amended terms, 26 March 2021, or alternatively convert to shares at 5.14 pence per share at the lender's option (as amended on 1 March 2022). The Company does not currently have secured funding arrangements in place to cover this loan or further potential expenditure which may be needed to advance the Project and, accordingly, should Polo request repayment of the Polo Loan Facility (under certain terms of the Loan Facility), GCM will need to raise funds in a short amount of time, which may not be available on terms acceptable to the Board or on a workable timeframe. It also needs to be noted that whilst Polo remains dissolved, the Loan Facility cannot be called in, nor any payments requested. The Company currently has £922,000 cash at the date of this report, and based on projected future cash expenditure, this is not expected to be sufficient to support the Company's operations for the twelve months from the date of this report. At the current run rates, along with the Company's existing cash resources, this is only expected to provide sufficient capital for the next seven/eight months. The Company intends to explore alternative funding options over the next six months, with the aim to complete and secure the necessary third-party funding by the end of May 2026”

Group structure

1. GCM RESOURCES PLC · parent
   1. South African Coal Limited 100% · England and Wales
   2. Asia Energy Corporation Pty Limited 100% · Australia
   3. Asia Energy Corporation (Bangladesh) Pty Limited 100% · Australia
   4. Asia Energy (Bangladesh) Pvt Ltd 100% · Bangladesh

Significant events

• “On 8 August 2024, the Company announced that its Chief Operating Officer remained with its staff in Dhaka during the country-wide student led protests and that with the appointment of the Interim Government, the situation in Bangladesh was calm and moving towards normality.”
• “On 15 November 2024, the Company announced it had received a notice of resignation from Zeus Capital Limited and that it had appointed Allenby Capital Limited as the Company's Nominated Adviser and Joint Broker with immediate effect.”
• “On 26 November 2024, the Company announced that Gary Lye had stepped down as an Executive Director of the Company with immediate effect and that he would continue to focus on overseeing the Company's operations in Bangladesh in the capacity as GCM's non-board Chief Operating Officer and continue to act as Chief Executive Officer of GCM's subsidiary, Asia Energy Corporation (Bangladesh) Pty Ltd.”
• “On 13 December 2024, the Company announced that Power Construction Corporation of China, Ltd. ("PowerChina") had agreed to an extension of the memorandum of understanding ("MoU") for a period of a further 12 months from 6 December 2024 to 6 December 2025.”
• “On 8 January 2025, the Company announced that it has agreed a new consulting agreement with Dyani Corporation, Ltd. ("Dyani")... which will expire on 31 December 2025.”
• “On 28 January 2025, the Company announced that it had agreed a new consulting agreement with DG Infratech Pte Ltd ("DGI")... which will expire on 31 December 2025.”
• “On 28 March 2025, the Company announced that it had conditionally raised approximately £1.0 million (before expenses) by way of a placing ... of a total of 33,333,333 new ordinary shares... at a price of 3.0 pence per new Ordinary Share.”
• “On 26 June 2025, the Company announced the Management had become aware that Polo Resources Ltd, a British Virgin Islands ("BVI") incorporated company, was dissolved on 5 September 2023.”
• “No Events after the end of the reporting period to disclose.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

6

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.