Evrima Plc - Annual Financial Report
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY EVRIMA PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
(“Evrima” or the “Company”)
AQSE: EVA
Audited Annual Results for the Year Ended
The financial information below has been extracted from the audited financial statements of the Company for the year ended
The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.
-Ends-
Enquiries:
Company
Burns Singh Tennent-Bhohi (CEO & Director) burns@evrimaplc.com
Bowsprit
Review of business
The financial year ended
Our investment strategy remains firmly centred on the natural resources sector, where we continue to see long-term value creation potential. During the year, we directed our attention to opportunities in jurisdictions that demonstrate both geological prospectivity and regulatory stability. This approach underpins our commitment to identifying assets that can generate meaningful returns through exploration and development success.
Our largest and most significant holding, Eastport, made substantial corporate and operational progress during the period. In
This transaction marks a major milestone in Eastport’s evolution, and we believe it will deliver greater visibility, improved access to capital markets, and enhanced strategic optionality for the business. In preparation for this listing, Eastport commissioned a 43-101 Technical Report from
In addition to supporting Eastport’s progression, we actively reviewed a range of new investment opportunities during the year, remaining guided by our disciplined capital allocation principles. Our aim remains to identify and support ventures that align with our sectoral focus and offer compelling long-term upside potential.
Throughout 2024, we continued to exercise strict cost control. For a further consecutive year, the Board of the Company received no cash remuneration, no equity-based compensation, and participated in no salary sacrifice schemes. This policy reflects our commitment to maximising shareholder value and ensuring that the Company’s financial resources are directed solely towards value-accretive activities.
As we look ahead to 2025, we do so with cautious optimism. The anticipated public market debut of Eastport marks a significant value inflection point for our portfolio, while broader commodity trends and investor sentiment continue to improve. We remain committed to our strategic focus, guided by patience, discipline, and a long-term perspective.
On behalf of the Board, we thank our shareholders for their continued support and belief in the Company’s strategy.
Investment interests & progress to
Shareholding at beginning of the year: 4,026,902
Shareholding at year end: 4,026,902
Warrants held as at year end:
1,281,265 Strike Price:
215,144 Strike Price:
215,144 Strike Price: CAD
Burns Singh Tennent-Bhohi, Chief Executive Officer & Director of the Company is a Founding Director in Eastport and the current Chief Executive Officer.
Evrima’s principal investment is Eastport, an innovative Canadian mineral exploration and development company that is focused on progressing critical metals projects located in
Over the past year Eastport has made substantial progress towards its near-term objective of concluding a go-public transaction on a recognised investment exchange in
Meanwhile, in
As part of the process to conclude the transaction,
Eastport’s three key projects are as follows:
1. Matsitama (Copper)
Matsitama is comprised of three known targets within the Matsitama Schist Belt, an accreted terrane thrusted atop an Archean plutonic complex at the western end of the Zimbabwe Craton. The most advanced target is Nakalakwana, which hosts an historic
Phudulooga, meanwhile, is a shear hosted high-grade hydrothermal deposit with a known 1,600 m x 30 m copper zone within and marginal to the
1. Semarule (Rare Earths)
The Semarule project is located 40km from the capital of
1. Foley (Uranium)
Foley is located directly to the north of the Letlhakane uranium deposit in
At Letlhakane, the uranium is in-part hosted in the Mea Arkose Formation, the basal sandstone of the Karoo’s
1. Other Projects
In addition to its three core projects, Eastport is also progressing the Selebi East, Keng, and Jwaneng projects. The Selebi East project, targeting nickel and copper, is located immediately to the east (~10 km’s) of the significant past producing
Premium Resources Ltd (
Shareholding at beginning of the year: 570,287
Shares disposed of during the year: 370,287
Shareholding at year end: 200,000 shares
Note: The above shareholding figures are presented on a pre-consolidation basis, prior to the share capital consolidation undertaken by
During the financial year ended
Evrima has maintained a meaningful exposure to this high-quality asset, viewing its continued exploration success and progress towards production as aligned with our investment focus on strategic metals. We were particularly encouraged by the company’s operational performance across its Selebi and Selkirk projects, both of which saw major technical advancements during the period.
We also note the retirement of
Operational Highlights
Exploration & Resource Development
Multiple high-grade intercepts announced from drilling at Selebi North, including:
17.55 m @ 3.28% NiEq (6.16% CuEq)
16.80 m @ 2.80% NiEq (5.77% CuEq)
28.70 m @ 1.67% NiEq (3.45% CuEq)
52.45 m @ 2.02% NiEq (3.59% CuEq)
Confirmed mineralisation outside the historic resource base at Selebi North, strengthening confidence in potential scale and continuity
Technical Milestones
Published NI 43-101 Technical Report for
NI 43-101 Technical Report published for
Shareholding at beginning of the year: 3,802
Shareholding at year end: 3,802
The project centres on a large mafic–ultramafic intrusive complex, historically underexplored for feeder-style sulphide mineralisation. The founders of Kalahari Key, comprised of experienced technical professionals, identified the geological potential for significant sulphide-hosted mineralisation within this system.
During the year under review, Kalahari Key continued to progress its understanding of the MFC through the drilling of a key target area, T1
-
14, following the identification of a strong, steeply dipping, multi-kilometre geophysical conductor. In
Initial assay results confirmed elevated sulphur content of up to 3.46% S and anomalous levels of nickel mineralisation (~0.13% Ni), validating the presence of sulphidic material and the geological model underpinning the targeting. These findings represent an encouraging development for the MFC project, reinforcing its potential to host nickel-rich sulphide accumulations typically associated with feeder zones in similar geological settings.
With two key prospecting licences renewed for an additional two years, and the successful drilling of a priority target now complete, Kalahari Key’s in-country technical team continues to analyse the assay data and geological interpretations to determine the next steps in the project’s exploration programme.
The Company retains its strategic interest in Kalahari Key and remains supportive of its exploration efforts. The advancements made during the year have further validated the geological thesis and potential scale of MFC. We look forward to the continued progression of this high-potential asset in 2025.
Post year-end review
Following the close of the financial year, the Company has continued to make meaningful progress across several areas of strategic importance.
In early 2025, the Company undertook a change in its Board composition.
The Company also achieved a notable corporate milestone with its dual listing on the
Progress has also continued at the portfolio level. Eastport, Evrima’s principal investment, has now made the requisite filings with the
Separately, the Company notes with encouragement the recent announcement by Premium Resources Limited (formerly Premium Nickel Resources) of a strategic investment by Canadian businessman and mining financier
Since the financial year end, the Company has also seen improved performance in certain listed investments and maintains a strong cash position, which enables flexibility in pursuing new opportunities aligned with its investment mandate.
The Board remains focused on disciplined capital deployment and is encouraged by the portfolio’s strategic and financial positioning as it enters the second half of 2025.
Opinion
We have audited the financial statements of
In our opinion:
-- the financial statements give a true and fair view of the state of the
Group’s and of the Company’s affairs as at 31 December 2024 and of its
loss for the year then ended;
-- the Group and the Company financial statements have been properly
prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
-- the financial statements have been prepared in accordance with the
requirements of the Companies Act 2006; and, as regards the Group
financial statements, Article 4 of the IAS Regulation.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (
Material uncertainty related to going concern
We draw attention to note 1-L in the consolidated financial statements, which indicates that whilst net cash outflows used in operating activities. As stated in note 1-L, indicate that a material uncertainty exists that may cast significant doubt on the group’s and the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the consolidated financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the consolidated financial statements is appropriate. Our evaluation of the directors’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included:
-- Reviewing management’s consolidated financial statements projections
which covered a period of at least 12 months from the date of approval
of the consolidated financial statements.
-- Challenging management on the assumptions underlying those projections
particularly on the nature and timing of forecast cash inflows.
-- Obtaining the latest management accounts post period end to benchmark
how the group is performing toward achieving the forecast.
-- Assessing the completeness and accuracy of the matter described in the
going concern disclosure within the significant accounting policies as
set out on note 1-L.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the group financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the group financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Investments
Refer to Note 9 and 11 to the group financial statements
The Group tested the amount of investment for impairment and fair value.
This impairment test is significant to our audit because the balance of investments of £126,431 as at
Our audit procedures included, among others:
-- Reviewing the accounting policies adopted for the listed and unlisted
investments and confirming that these are in line with the requirements
of FRS 102.
-- Ensuring that appropriate disclosures surrounding any estimates and
judgements are made regarding their valuations as well as the
classification as current (for listed investments) versus non-current
(for unlisted investments) assets.
-- For unlisted investments, reviewing and challenging management’s
assessment of potential impairment and ensuring sufficient audit
evidence was obtained.
-- For listed investments, reviewing the valuation of these in line with
reported share prices and ensuring that the movement in investments was
accounted for and disclosed correctly.
We consider that the Group’s impairment test for investments is supported by the available evidence.
Our approach to the audit
Our scoping of the Group and the Company audit were tailored to enable us to give an opinion on the financial statements as a whole.
Our application of materiality
In planning and performing our audit we applied the concept of materiality. An item is considered material if it could reasonably be expected to change the economic decisions of a user of the group financial statements. We used the concept of materiality to both focus our testing and to evaluate the impact of misstatements identified.
Based on our professional judgement, we determined overall materiality for the group financial statements as a whole to be approximately £50,000, based on 2% of Group net assets.
We used different level of materiality (‘performance materiality’) to determine the extent of our testing for the audit of the financial statements. Performance materiality is set based on the audit materiality as adjusted for the judgements made as to the entity risk and our evaluation of the specific risk of each audit area having regard to the internal control environment. This is set at approximately £37,600 for the Group and the Company.
Where considered appropriate performance materiality may be reduced to a lower, such as, for related party transactions and Directors’ remuneration.
We agreed to report to it all identified errors in excess of approximately £2,500. Errors below that threshold would also be reported to it if, in our opinion as auditor, disclosure was required on qualitative grounds.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
-- the information given in the strategic report and the directors’ report
for the financial year for which the group financial statements are
prepared is consistent with the group financial statements; and
-- the strategic report and the directors’ report have been prepared in
accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-- adequate accounting records have not been kept by the Company, or
returns adequate for our audit have not been received from branches not
visited by us; or
-- the group financial statements and the part of the directors’
remuneration report to be audited are not in agreement with the
accounting records and returns; or
-- certain disclosures of directors’ remuneration specified by law are not
made; or
-- we have not received all the information and explanations we require for
our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the group financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the group financial statements
Our objectives are to obtain reasonable assurance about whether the group financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the Group and the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company’s and the Group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Company and the Group for fraud. The laws and regulations we considered in this context for the
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors’ and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within judgement and estimates, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Council about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Chartered Accountants
Lee Lederburg FCCA (Senior Statutory
Auditor) Statutory Auditors
For and on behalf of 4 Broadgate Broadway, Business Park
Edwards Veeder (UK) Ltd Chadderton
Oldham
Date: 25 June 2025 OL9 9XA
Group statement of comprehensive income For the year ended31 December 2024 Year ended Year ended 31 December 31 December 2024 2023 Notes £ £ Revenue 3 13,333 - Other income 32,477 29,981 Administrative expenses 4 (230,783) (271,998) Operating loss (184,973) (242,017) Interest receivable - - Interest payable 6 (1,078) (11,304) Realised and unrealised losses on investments (656,350) (555,075) loss before taxation (842,401) (808,396) Tax on loss on ordinary activities 7 - 54,780 Loss for the year (842,401) (753,616) Other comprehensive income - - Total comprehensive loss for the year (842,401) (753,616) Earnings per share (in pence per share) 8 Basic (2.14) (1.91) Diluted (2.14) (1.91)
Group statement of financial position As at31 December 2024 2024 2023 Notes £ £ Fixed assets Investments 9 71,963 546,050 Current assets Debtors 10 106,355 25,360 Investments 11 54,468 474,561 Cash at bank 76 6,886 Total current assets 160,899 506,807 Current liabilities Amounts falling due within one year 12 (53,965) (31,559) Net current assets 106,934 475,248 Total assets less current liabilities 178,897 1,021,298 Net assets 178,897 1,021,298 Equity & liabilities Share capital 14 244,068 244,068 Share premium 15 1,360,029 1,360,029 Other reserves 15 44,100 44,100 Retained earnings 15 (1,469,300) (626,899) Total equity 178,897 1,021,298
The notes on pages 27 to 42 form part of these financial statements The financial statements were approved and ............................. authorised for issue on25 June 2025 by the board of directors and were signed on its behalf by:Simon Grant-Rennick Company Registration No. 06474216 Director
Company statement of financial position As at31 December 2024 2024 2023 Notes £ £ Fixed assets Investments 20 71,963 546,050 Investment in subsidiary 20 & 21 1 - 71,964 Current assets Debtors 22 157,003 25,360 Investments 23 54,468 474,561 Cash at bank 76 6,886 Total current assets 211,547 506,807 Current liabilities Amounts falling due within one year 24 (53,530) (31,559) Net current assets 158,017 475,248 Total assets less current liabilities 229,981 1,021,298 Net assets 229,981 1,021,298 Equity & liabilities Share capital 14 244,068 244,068 Share premium 15 1,360,029 1,360,029 Other reserves 15 44,100 44,100 Retained earnings 15 (1,418,216) (626,899) Total equity 229,981 1,021,298
The notes on pages 27 to 42 form part of these
financial statements
As permitted by s408 of Companies Act 2006, the
company has not presented its own income statement
and related notes. The Company’s loss for the year .............................
was £791,317 (2023: £753,616)
Simon Grant-Rennick
The financial statements were approved and
authorised for issue on 25 June 2025 by the board Director
of directors and were signed on its behalf by:
Company Registration No. 06474216
Group statement of changes in equity For the year ended31 December 2024 Share capital Share premium Other Retained Total equity reserves earnings £ £ £ Balance at 1 244,068 1,360,029 44,100 126,717 1,774,914 January 2023 Loss for the - - - (753,616) (753,616) year Balance at 31 244,068 1,360,029 44,100 (626,899) 1,021,298 December 2023 Loss for the - - - (842,401) (842,401) year Balance at 31 244,068 1,360,029 44,100 (1,469,300) 178,897 December 2024
Company statement of changes in equity For the year ended31 December 2024 Share capital Share premium Other Retained Total equity reserves earnings £ £ £ Balance at 1 244,068 1,360,029 44,100 126,717 1,774,914 January 2023 Loss for the - - - (753,616) (753,616) year Balance at 31 244,068 1,360,029 44,100 (626,899) 1,021,298 December 2023 Loss for the - - - (791,317) (791,317) year Balance at 31 244,068 1,360,029 44,100 (1,418,216) 229,981 December 2024
Group statement of cashflows For the year ended31 December 2024 Year ended Year ended 31 December 31 December 2024 2023 £ £ Cashflows from operating activities Profit before taxation (842,401) (808,396) Adjusted for: Realised and unrealised losses on investments 656,350 655,148 Foreign currency movements on investments 20,535 - (Increase) in receivables (80,995) (25,094) Increase/(decrease) in payables 12,147 (14,249) Net cashflow from operating activities (234,364) (192,591) Investing activities Purchase of investments (64,968) (162,998) Sale of investments 282,263 418,760 Net cashflow from investing activities 217,295 255,762 Financing activities Amount withdrawn by director - (100,671) Amount introduced by director 8,770 - Increase in overdraft 1,489 - Net cashflow from financing activities 10,259 (100,671) Net cashflow for the year (6,810) (37,500) Opening cash and cash equivalents 6,886 44,386 Closing cash and cash equivalents 76 6,886
1. Accounting policies
Company information
The Company’s shares are traded on the Aquis Growth Market, using the ticker, EVA and ISIN number GB00BMDFKP05
The group consists of
a. Going concern
The Group financial statements have been prepared under the going concern assumption, which presumes that the Group will be able to meet its obligations as they fall due for at least the next twelve months from the date of the signing of the Financial Statements.
The Company had a net cash outflow for the year of £6,810 (2023: £37,500) and at
Notwithstanding the net cash outflow during the year under review, the Directors are confident that the Group will be able to meet its obligations as they fall due for at least the next twelve months as they believe the Group will continue to have access to working capital by way of conducting fundraises, liquidating short term listed investments or raising debt finance. In addition to the Directors access to capital, the board and certain shareholders have committed to support the Group with working capital should the Group require it.
The financial statements are required to be prepared on the going concern basis unless it is inappropriate to do so. The Directors report that they have assessed the principal risks, reviewed current performance and projections, combined with expenditure commitments, including capital expenditure. The Group’s projections demonstrate it will have sufficient cash reserves to enable it to meet its obligations as they fall due, for a period of at least 12 months from the date of signing of these financial statements. Accordingly, the Directors consider the Group to be a going concern.
The Group has prepared monthly cash flow projections based on estimates of key variables to expenditure through to
The responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The Group financial statements do not include any adjustments that may be required should the Group be unable to continue as a going concern.
1. Related party disclosures
No directors received fees in the year
At the year-end, two of the directors were owed monies, which are shown under directors’ current accounts in note 12. The breakdown of this balance is:
oSimon Grant-Rennick - £1,700 o Burns Tennent-Bhohi - £10,640
During the year a total of £23,435 (2023: £33,478) was paid to
During the year a total of £16,500 (2023: £nil) was paid to
SCLN
During the 2022 upon Board & Shareholder approval the Company entered a Secured Convertible Loan Note Facility ("SCLN") with the Company's Chief Executive Officer & Director, Burns Tennent-Bhohi. The terms of the facility were announced to market on
The terms of the SCLN Facility:
o The SCLN shall carry a coupon of 10% and will be rolled-up on draw of funds to the borrower and payable upon maturity
o The SCLN will maintain a floating charge over the assets of the Company, Upon redemption and at the election of the lender, the lender shall have the right to redeem the monies owing through cash redemption, conditional settlement by way of an issue of equity or settlement by way of a distribution of assets that reflect the monetary sum lent and outstanding, including all and any accrued interest payable to the lender
o Burns Tennent-Bhohi has the right to serve the Directors notice and intention to convert any monies outstanding at the lower of the mid-price of Evrima as at the date of this agreement being,four pence per share (£0.04) or the 15-day volume weighted average price (VWAP) preceding the lenders intention to serve notice to convert.
As at year end under the terms of the SCLN Facility £10,640 is owed to Burns Tennent-Bhohi (2022: £1,870)
Burns Tennent-Bhohi is a founding shareholder and current Executive Chairman of
As at
Shareholding at Year-End: 4,026,902
Warrants Held as at Year-End:
1,281,265 Strike Price:
215,144 Strike Price:
215,144 Strike Price: CAD
1. Events after the reporting year
There were no events since the balance sheet date that would require adjustment or disclosure in the financial statements.
