GEM RESOURCES PLC

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  Material uncertainty over going concern

  Nevertheless, given the unpredictable nature of the geopolitical situation and the inherent volatility of cryptocurrency markets, there remains a risk that future events could have a material adverse impact on the Group and Company’s trading performance and financial position that may require the Group and Company to raise additional working capital to advance its projects within the 12 months following the date of approval of these financial statements. Management has successfully raised money in the past, but there is no guarantee that adequate funds will be subsequently raised when needed in the future. These uncertainties represent a material uncertainty that may cast significant doubt upon the Group and Company’s ability to continue as a going concern.

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  Going-concern uncertainty disclosed

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. GEM RESOURCES PLC 2024-09-30 → present
2. URA HOLDINGS PLC 2017-12-20 → 2024-09-30
3. URANIUM RESOURCES PLC 2005-01-11 → 2017-12-20

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Nevertheless, given the unpredictable nature of the geopolitical situation and the inherent volatility of cryptocurrency markets, there remains a risk that future events could have a material adverse impact on the Group and Company’s trading performance and financial position that may require the Group and Company to raise additional working capital to advance its projects within the 12 months following the date of approval of these financial statements. Management has successfully raised money in the past, but there is no guarantee that adequate funds will be subsequently raised when needed in the future. These uncertainties represent a material uncertainty that may cast significant doubt upon the Group and Company’s ability to continue as a going concern.”

Group structure

1. GEM RESOURCES PLC · parent
   1. Malaika Exploration (Ireland) Limited 100% · Ireland · Exploration
   2. Malaika Developments Limited 100% · South Africa · Exploration
   3. Gem - Venus Holdings (Pty) Ltd 100% · South Africa · Investment
   4. Adit Mining Consultants and Trading (Pty) Ltd 74% · South Africa · Mining
   5. Venus Emeralds (Pty) Ltd 74% · South Africa · Exploration
   6. Prasinus Exploration Pty Ltd 65% · Australia · Mining
   7. GemR Corporation Limited 100% · Hong Kong · Investment

Significant events

• “As at 6 February 2026, the Company's wholly owned subsidiary incorporated in Hong Kong, GemR Corporation Limited ("GEMR HK"), has acquired an aggregate of 9,000,0000 Bitcoin ("BTC") for total execution consideration of approximately US$633,200,000, excluding trading fees of approximately US$1,484.60. Including trading fees, the total cash outlay was approximately US$634,684.60. This is a non-adjusting event and does not affect the 31 December 2025 year end balances as the purchases were executed after yearend.”
• “During Q1 2026, heavy rainfall and significant flooding occurred across the Limpopo Province, causing damaged infrastructure, inaccessible roads, and disruptions to water and electricity supply. The flooding did not cause significant physical damage to the plant, equipment or mine infrastructure at the Gravelotte mine. However, elevated water levels have required sustained dewatering and site access has been intermittently affected. Dewatering and recovery activities are underway. Following dewatering activities the mine would be able to restart production.”

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

Filings

9

last 12 months

Capital events

3

last 24 months

Officers appointed

2

last 12 months

Officers resigned

0

last 12 months

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