Serval Resources Plc - Final Results for the Year ended 30 November 2025
("Serval" or the "Company")
Final Results for the Year ended
Issue of Equity
https://www.servalresources.com/investors/results/ .
Issue of new Ordinary Shares and Total Voting Rights
The Company also announces the issue of 155,554 new ordinary shares (the “New Ordinary Shares”) of £0.005 each to be admitted to trading on AIM, at an issue price of
Subsequently, in accordance with the Disclosure Guidance and Transparency Rules (DTR 5.6.1R), the Company hereby notifies the market that immediately following Admission of the New Ordinary Shares, its issued and outstanding share capital will consist of 33,869,738
Ordinary Shares, each of which carries one vote, and 8,053,725 Deferred Shares, which hold no voting rights. The Company does not hold any shares in treasury. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the
Chairman’s Statement
Dear Shareholders,
I am pleased to report on the
During the Year, the Company signed heads of terms to acquire
The copper space is incredibly compelling given the strong supply and demand fundamentals. The Company’s strategy is to prove up a substantial resource base and develop new sources of sustainable copper in order to alleviate the major shortfall in supply forecast in coming years.
The excitement we feel for copper has been replicated in the pricing for this commodity which had a breakout year in 2025.
The Company’s projects in both
Post year end, the acquisition of Kalahari Copper completed simultaneously with the Company’s step up to the AIM market and official change of name to
In conjunction with the AIM listing, the Company raised gross proceeds of £2.96 million from a mix of new and existing shareholders. Our priority now is to put the funds to good use by advancing our exciting exploration targets in
Review of Financial Position Statement
Please refer to the Statement of Financial Position for the Company. Overall, the net assets for the Company were £910,899 as at
Non-Current Assets
The Company’s non-current assets consist of non-listed investments stated at cost less fair value adjustment.
Current Assets
As at
Current Liabilities
As at
Equity
There was no increase in the called-up share capital during the Year.
The loss after tax for the Company for the year of £847,476 (2024: £3,970,705) increased the Profit and Loss Account deficit to £8,244,450 (2024: £7,396,974).
Outlook
2026 promises to be another exciting year as the Company progresses and reports upon its exploration plans across the project areas, and we will continue to watch the copper market with interest as prices reach new highs.
The Board would like to thank the Company’s shareholders, advisers and stakeholders for their continued support.
Chairman
Enquiries:
Serval + 44 (0) 7711 313 019
Resources Company Robin Birchall
robin.birchall@servalresources.com
+44 (0) 7876 796 629
IR Cathy Malins
cathy.malins@servalresources.com
David Hignell
SP Angel Nominated
Corporate Advisor and Charlie +44 (0) 20 3470 0470
Finance LLP Broker Bouverat
Devik Mehta
AlbR Capital Joint Lucy Williams
Limited Corporate +44 (0) 20 7469 0930
Broker Duncan Vasey
Tavistock Charles Vivian +44 (0) 20 7920 3150
Communications PR
Eliza Logan
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF
About
For further information, visit:
-- https://servalresources.com/
-- https://x.com/ServalResources
-- https://www.linkedin.com/company/serval-resources/
Statement of Comprehensive Income
30 November 30 November
Note 2025 2024
£ £
Administrative expenses (682,992) (205,677)
Exploration and evaluation expenditure 4 (345,420) -
Warrants expense 16 - (450,917)
Fair value loss on listed investments 10 (46,669) (1,268,956)
Fair value loss on non-current asset investments 9 (19,629) (2,100,000)
Aborted acquisition costs 18 (147,880) -
Operating Loss 4 (1,242,590) (4,025,550)
Reversal of prior impairment of investment held 10 75,577 -
for sale
Profit on sale of investments 9 299,032 -
Interest income 6 20,505 31,705
Loss before tax (847,476) (3,993,845)
Taxation 7 - 23,140
Total Comprehensive Income (847,476) (3,970,705)
Earnings per ordinary share (pence) from
continuing operations attributable to owners of 8
the Company
Basic (0.20p) (1.73p)
Diluted (0.20p) (1.73p)
All company operations are classed as continuing.
Statement of Financial Position
2025 2024
Note
£ £
Non-current assets
Investments 9 470,917 19,629
Total non-current assets 470,917 19,629
Current assets
Short-term Investments 10 168,914 158,333
Trade and other receivables 11 339,745 61,421
Cash and cash equivalents 12 218,624 1,563,612
Total current assets 727,283 1,783,366
Total assets 1,198,200 1,802,995
Current liabilities
Trade and other payables 13 (287,301) (44,620)
Total current liabilities (287,301) (44,620)
Total liabilities (287,301) (44,620)
Net assets 910,899 1,758,375
Capital and reserves
Share capital 14 1,249,797 1,249,797
Share premium 7,454,635 7,454,635
Other reserves 15 450,917 450,917
Retained earnings (8,244,450) (7,396,974)
Total equity 910,899 1,758,375
The financial statements were approved by the Board of Directors on
Chief Executive Officer
Statement of Changes in Equity
Share capital Share premium Other Retained Total
reserves earnings
£ £ £ £ £
As at 1 1,228,309 4,705,050 29,753 (3,456,022) 2,507,090
December 2023
Loss for the - - - (3,970,705) ( 3,970,705
year )
Total
Comprehensive - - - (3,970,705) (3,970,705)
Income
Shares issued 7,488 663,585 - - 671,073
Issued share
capital for 14,000 2,086,000 - - 2,100,000
acquisition of
subsidiaries
Warrants - - 450,917 - 450,917
Share options (29,753) 29,753 -
forfeited
As at 30 1,249,797 7,454,635 450,917 (7,396,974) 1,758,375
November 2024
Loss for the - - - (847,476) (847,476)
year
Total
Comprehensive - - - (847,476) (847,476)
Income
As at 30 1,249,797 7,454,635 450,917 (8,244,450) 910,899
November 2025
Statement of Cash Flows
2025 2024
Note £ £
Cash from operating activities
Loss after taxation for the financial year (847,476) (3,970,705)
Adjustments for:
Tax on profit - (23,140)
Interest earned 6 (20,505) (31,705)
Warrants expense 16 - 450,917
Reversal of prior impairment of investment held 10 (75,577) -
for sale
Profit on sale of investments (299,032) -
Fair value loss on non-current asset investments 9 19,629 2,100,000
Fair value loss on listed investments 10 46,669 1,268,956
(1,176,292) (205,677)
Decrease / (increase) in trade and other 11 23,985 (55,761)
receivables
Increase in trade and other payables 13 242,681 21,013
Net cash used in operating activities (909,626) (240,425)
Cash flow from investing activities
Purchase of investments (470,917) -
Proceeds on disposal of investments 15,050 -
Interest income 6 20,505 31,705
Net cash used in investing activities (435,362) 31,705
Cash flows from financing activities
Proceeds from issue of shares - 671,073
Net cash generated from financing activities - 671,073
Net cash flow for the year (1,344,988) 462,353
Cash and cash equivalents at beginning of year 1,563,612 1,101,259
Cash and cash equivalents at end of year 218,624 1,563,612
Notes to the Financial Statements
1. General information
As at
1. Accounting policies
Basis of preparation
The financial statements of
During the financial year, the Company disposed of 100% of its shareholding in its sole subsidiary undertaking,
To ensure consistency and comparability across reporting periods as required by FRS 102, the prior-year comparative figures for the period ended
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of investments at fair value.
The financial statements are presented in Pounds Sterling, which is the Company's presentation and functional currency.
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3 to the financial statements.
Going concern
As at
After reviewing and assessing the prepared forecasts for the going concern period, and considering potential downside scenarios, the Directors are therefore of the opinion that the Company has adequate financial resources to enable it to continue in operation for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.
Foreign currency
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within ‘finance (expense)/income’. All other foreign exchange gains and losses are presented in the profit and loss account within ‘other operating (losses)/gains’.
Translation
The trading results of Company undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’ and allocated to non-controlling interest as appropriate.
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period.
The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period and is the amount of income tax payable in respect of the taxable profit for the year or prior year.
Deferred tax is recognised on all timing difference between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and labilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instrument.
Impairment of non-financial assets
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit).
The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating units) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk– free rate and the risks inherent in the asset.
If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.
Financial assets
Basic financial assets, including trade and other receivables and Cash and cash equivalents balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is decrease in the impairment, loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets for which a fair value can be measured reliably (whether this is an active or non-active market} are measured at fair value with changes in fair value recognised in profit or loss. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Listed investments
Investments in shares that are equity to the issuer are measured:
• at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
• at cost less impairment for all other investments.
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry Company, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included as listed investments. Instruments included in quoted investments, which for the Company comprise AIM and AQSE investments. Changes in fair value are recognised in profit or loss.
Unlisted investments
Unlisted investments are recognised as financial assets and are measured at fair value through profit or loss. Fair value is determined using valuation techniques appropriate to the instrument and the availability of market data, which may include recent arm’s - length transactions, discounted cash flow analysis, earnings multiples, or net asset value benchmarks. Where observable market inputs are not available, valuations rely more heavily on management judgement and estimates. Changes in fair value are recognised in the income statement in the period in which they arise. Purchases and disposals of investments are recognised on the trade date, and transaction costs are expensed as incurred.
Other Debtors – Recoverability
The Directors consider the carrying value of other debtors to be fully recoverable. Balances are reviewed at each reporting date, taking into account the credit quality of counterparties, the ageing of amounts due, and any available evidence of impairment. No provision for expected credit losses has been recognised as the Directors assess the risk of non - recovery to be low.
Financial liabilities
Basic financial liabilities include trade and other payables.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Share Capital
Share Capital consists of ordinary shares and deferred shares.
Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
Ordinary shares bestow full rights on shareholders.
Deferred shares have no voting rights and are not entitled to receive any dividend or distribution and are only entitled to any replacement of capital on winding up once the holders of Ordinary shares have received £1,000,000 in respect of each Ordinary Share held by them.
Cash and cash equivalents
Cash and cash equivalents comprise cash at hand and current balances at banks.
Share-based payments
The Company occasionally issues warrants to Directors and service providers/officers of the Company. The fair value is estimated as at the issue date using a Black-Scholes model, considering the terms and conditions upon which the options and warrants were granted.
When the warrants are exercised, the Company issues new shares. The proceeds received net of any attributable transaction costs are credited to share capital (nominal value) and share premium.
1. Critical accounting estimates and judgements and key sources of estimation
uncertainty
Management makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including the expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Accounting treatment for acquisition of
Management judgement is involved in determining the appropriate accounting treatment, including whether the acquisition met the definition of an asset acquisition rather than a business combination, date of transfer of control and accounting for consideration. Management judgement is also required in the assessment of the fair values of assets and liabilities acquired, and their associated useful lives, and the use of estimates in the determination of these values and the resulting intangible assets recognised. Management concluded that the acquisition met the requirements of an asset acquisition and the details of this are set out in note 19.
Accounting treatment for disposal of
Upon the disposal of
Estimation of fair value of warrants and share options issued in the year
The fair value of warrants and share options issued during the year have been calculated using a Black Scholes model which requires a number of assumptions and inputs, see note 16 below. On exercise of, or expiry of unexercised instruments, the proportion of the share based payment reserve relevant to those instruments is transferred from the other reserves to the accumulated deficit. On exercise, equity is also increased by the amount of the proceeds received.
1. Operating loss
The operating loss is stated after charging / (crediting):
2025 2024
£ £
Staff and Directors costs 140,000 96,878
Auditors’ remuneration:
- Audit fees 54,000 30,000
-
- Exploration costs 345,420 -
1. Directors’ fees
2025 2024
The average number of persons (including Executive Directors) 4 3
employed by the Company during the year:
£ £
Wages and salaries (including Directors) 140,000 96,878
140,000 96,878
The Directors are considered to be the only key management personnel within the Company. Details of the Directors’ remuneration and interests can be found in the 2025 Annual Report in the Directors’ Report on page 11.
1. Interest receivable and similar income
2025 2024
£ £
Interest on bank deposits 20,505 31,705
20,505 31,705
1. Taxation
2025 2024
£ £
Analysis of tax charge/(credit)
Current tax
UK corporation tax at 25% (2024:25%) - -
Deferred tax -
Origination and reversal of timing differences - (23,140)
Tax on profit on ordinary activities - (23,140)
2025 2024
Reconciliation of tax charge
£ £
Loss on ordinary activities before taxation (847,476) (3,993,845)
Current tax on loss of the year at standard rate of UK (211,869) (998,461)
corporation tax of 25% (2024 – 25%)
Expenses not deductible for tax purposes - 954,968
Deferred tax - 23,140
Losses carried forward and not provided for 211,869 43,493
Tax in the income statement - 23,140
At
No deferred tax asset has been recognised as recovery of the tax losses is not considered probable.
1. Earnings per share
Weighted average number Per share amount
Earnings (£) of shares
(pence)
Year ended 30 November
2025
Basic EPS
Earnings attributable
to ordinary (847,476) 425,439,950 (0.20)
shareholders
Effect of dilutive
securities
Options and warrants - - -
Diluted EPS
Adjusted earnings (847,476) 425,439,950 (0.20)
Year ended 30 November
2024
Basic EPS
Earnings attributable
to ordinary (3,970,705) 230,097,142 (1.73)
shareholders
Effect of dilutive
securities
Options - - -
Diluted EPS
Adjusted earnings (3,970,705) 230,097,142 (1.73)
The calculation of basic loss per ordinary share of
Non-current asset investments
Total
Fair value
£
At 1 December 2023 19,785
Fair value adjustment through profit and loss (156)
At 30 November 2024 19,629
Additions 470,917
Fair value adjustment through profit and loss (19,629)
At 30 November 2025 470,917
Carrying amount
At 30 November 2025 360,917
At 30 November 2024 19,629
Losses on investments held at fair value through profit and 2025 2024
loss
£ £
Fair value loss on non-current asset investments (19,629) (156)
Non-current asset investments as at
1. Current asset investments
Total
Fair value
£
At 1 December 2023 1,427,134
Fair value adjustments through profit and loss (1,268,801)
At 30 November 2024 158,333
At1 December 2024 158,333 Fair value adjustment of listed investments through profit and loss (46,669) Reversal of impairment of investment held for sale 75,577 Disposal of listed investments (18,327) At30 November 2025 168,914
Carrying amount At30 November 2025 168,914 At30 November 2024 158,333
2025 2024
£ £
Investments held for sale 75,577 -
Listed investments 93,337 23,375
168,914 158,333
1. Trade and other receivables
2025 2024
£ £
Prepayments 37,436 21,982
Receivables from sale of subsidiary 302,309 -
Intercompany Debtors - 39,439
339,745 61,421
The receivables from sale of subsidiary represent the consideration owed to the Company for the sale of its subsidiary,
1. Cash and cash equivalents
2025 2024
£ £
Cash at bank 218,624 1,563,612
Cash and cash equivalents comprise cash held with major
All counterparties with whom the Company holds cash balances are rated
1. Trade and other payables
2025 2024
£ £
Trade payables 218,801 20,032
Other creditors - 1,213
Accruals 68,500 23,375
287,301 44,620
Accruals relate to costs incurred for services yet to be invoiced.
1. Share Capital
Movements in ordinary share capital are summarised below:
Number of Ordinary Number of Deferred Nominal value
Shares of 0.01p Shares of 14.99p
£
As at 1 December 2023 210,556,549 8,053,724 1,228,309
Issue of equity 214,883,400 - 21,488
As at 30 November 2024 425,439,949 8,053,724 1,249,797
Issue of equity - - -
As at 30 November 2025 425,439,949 8,053,724 1,249,797
Shares issued during the year
2025 2024
Number of Ordinary Number of Ordinary Shares
Shares of 0.01p of 0.01p
Shares issued for placing - 74,883,400
(September 2024)
Shares issued for
acquisition of subsidiary - 140,000,000
(October 2024)
- 214,883,400
Ordinary Shares:
The shares have attached to them full voting, dividend and capital distribution (including winding up) rights; they do not confer any rights of redemption.
Deferred Shares:
The holders of deferred shares shall not be entitled to receive any dividend or distribution and only be entitled to any replacement of capital on winding up once the holders of Ordinary shares have received £1,000,000 in respect of each Ordinary Share held by them.
15. Reserves
The Company’s reserves are as follows:
-- The share premium represents premiums received on the initial issuing of
the share capital. Any transaction costs associated with the issuing of
shares are deducted from share premium, net of any related income tax
benefits.
-- Other reserves arise from the requirement to value share options and
warrants in existence at the grant date (see Note 16).
-- Retained earnings include all current and prior period results as
disclosed in the statement of comprehensive income.
16. Share options and warrants
The Company occasionally issues share options and warrants to Directors and service providers/officers of the Company. They are settled in equity once exercised. Details of the number of shares options and warrants and the weighted average exercise price (WAEP) outstanding during the year are as follows:
During the year, the Company recognised a total share-based payment expense of £nil (2024: £450,917). The fair value of options and warrants granted is calculated using a Black-Scholes pricing model. The model is internationally recognised. The total number of options outstanding at
The fair value is estimated as at the issue date using a Black-Scholes model, considering the terms and conditions upon which the options and warrants were granted. The following table lists the inputs to the model.
Grant date 14 October 202 4 Exercise price (pence) 0.02 Number of warrants 70,000,000 Volatility 86.8% Risk free interest (%) 4.231% Dividend yield 0.0% Time to expiration at date of grant (i.e. life of warrants) 2 in years
Grant date14 October 2024 Exercise price (pence) 0.02 Number of warrants 2,500,000 Volatility 86.8% Risk free interest (%) 3.481% Dividend yield 0.0% Time to expiration at date of grant (i.e. life of warrants) in 5 years
Name of Exercise Outstanding Lapsed Outstanding
grantee Expiry date price as at 1 during the as at 30
December 2024 year November 2025
Placee 2024 13 October £0.015 70,000,000 - 70,000,000
warrants 2026
Steve Xerri 13 October £0.015 2,500,000 - 2,500,000
Incentivisation 2029
72,500,000 - 72,500,000
17. Financial instruments
The Board of Directors attribute great importance to professional risk management, proper understanding and negotiation of appropriate terms and conditions and active monitoring, including a thorough analysis of reports and financial statements and ongoing review of investments made.
The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control the economic impact of these risks. The Board of Directors review and agrees policies for managing the risks as summarised below.
The Company have exposures to the following risks from financial instruments:
-- Credit risk
-- Liquidity risk
-- Market risk
-- Price risk
The Company’s overall risk management process focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company has no interest rate derivative financial instruments (2024: none).
The carrying values of the Company’s financial assets and liabilities are summarised by category below:
2025 2024
£ £
Financial assets
Measured at fair value through profit and loss
Investment held for sale (see note 10) 75,577 -
Current asset listed investments (see note 10) 93,337 158,333
Measured at amortised cost
Cash and cash equivalents 328,642 1,563,612
Trade and other receivables (see note 11) 37,436 21,982
Receivables from sale of subsidiary (see note 11) 302,309 -
2025 2024
£ £
Measured at cost less impairment
Non-current asset investments (see note 9) 360,917 19,629
Financial liabilities
Measured at amortised cost
Trade and other payables (see note 13) 287,301 44,620
The Company’s gains and losses in respect of financial instruments are summarised below:
2025 2024
£ £
Fair value gains and losses
Gain on investment held for sale measured at fair value 75,577 -
through profit and loss
Loss on non-current asset investments measured at fair (19,629) (2,100,000)
value through profit and loss
Loss on listed investments measured at fair value through (46,669) (1,268,956)
profit and loss
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is subject to credit risk on its investments and cash.
In accordance with the Company’s policy, the Board of Directors monitors the Company’s exposure to credit risk on an ongoing basis. The credit quality of the investments in equities, which are held at fair value, is based on the financial performance of the individual investments and they are not rated.
The Company only deposits its cash with major banking institutions. The risk is therefore considered to be limited.
Liquidity risk
Liquidity risk arises from the Company’s management of working capital. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due.
The Company’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances to meet expected requirements for a period of at least 30 days. The majority of the investments held by the Company are quoted and not subject to specific restrictions on transferability or disposal. However, the risk exists that the Company might not be able to readily dispose of its holdings in such markets at the time of its choosing and also that the price attained on a disposal may be below the amount at which such investments were included in the Company’s balance sheet.
Market risk
Market risk is the risk that changes in market prices, such as equity prices, foreign exchange rates and interest rates will affect the Company‘s income or the value of its holdings of financial instruments. The Company’s sensitivity to these items is set out below.
Price risk
The Company’s management of price risk, which arises primarily from quoted and unquoted equity instruments, is through the selection of financial assets within specified limits as approved by the Board of Directors.
For quoted equity securities, the market risk variable is deemed to be the market price itself. A 10% change in the price of those investments would have a direct impact on the statement of comprehensive income and statement of financial position.
At
18. Related party transactions
The Company discloses transactions with related parties which are not wholly owned within the same Company. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the Directors, separate disclosure is necessary to understand the effect of the transactions on the Company financial statements.
The Company incurred technical consultancy fees to
The Company incurred director’s fees of £23,333 (2024: £32,820) to
On
On
19. Acquisition / Disposal of subsidiaries
On
The acquisition was accounted for as an acquisition of an asset and liabilities of the company, as the company had no operation. As such this does not constitute a business and accordingly the acquisition of the company was not treated as a business combination for accounting purposes.
The following table summarises the consideration paid by the Company, the fair value of assets acquired, liabilities assumed at the acquisition date.
Consideration at
Total consideration equity instruments (140,000,000 ordinary GBP £2,100,000 shares) For cash flow disclosure purposes the amounts were disclosed as follows: Cash and cash equivalents acquired GBP £234
Recognised amounts of identifiable assets acquired and liabilities assumed:
Book value and Fair value
GBP £
Intangible assets 163,432
Cash 234
Total identifiable net assets 163,666
Exploration and valuation expense 1,936,334
Total consideration 2,100,000
On
Pulsar has the right to acquire the remaining 20% of Quantum within 18 months for an additional
Quantum was previously included within the consolidated financial statements for the company in the
The Pulsar common shares with an equivalent value of
Given that the investment had been fully impaired, the full consideration has been recognised as a profit on disposal of a subsidiary in the profit and loss account.
The remaining 20% of the shares in Quantum still owned by the Company are included in the balance sheet as investments held for sale totalling £75,577 (see note 10).
The following table summarises the consideration received by the Company for the sale of 80% of Quantum, the profit on disposal of the shares and the fair value of the 20% of Quantum still held.
GBP £
Consideration at 25 October 2025
Pulsar shares with an equivalent value of US$400,000 302,309
Book value of 80% of Quantum shares -
Profit on sale of investment 302,309
Implied value of remaining 20% of Quantum shares still held 75,577
75,577
Reversal of prior impairment of investment held for sale
20. Ultimate controlling entity
There was no single controlling party as at
21. Subsequent events
On
On
The consideration paid by the Company for all of the shares in Kalahari Copper was the aggregate of:
i) £2,000,000 in cash subject to the adjustments described below;
ii) a sum equal to the amount of certain costs incurred by Kalahari Copper or the Seller in relation to the Kalahari Copper business between the date of signing the Acquisition Agreement and Acquisition Agreement Completion;
iii) the issue to the Seller of 9,261,554 New Ordinary Shares in the capital of the Company;
iv) additional deferred consideration of up to £9,000,000, made up of six possible payments of £1.5 million, contingent upon various milestones; and
v) the issue of warrants to acquire up to a further 2,866,542 New Ordinary Shares in the capital of the Company.
The parties have agreed to defer the £2,000,000 cash payment until 10 business days after the 18 month anniversary of the acquisition, with interest accruing at a rate of 15% per annum.
Both
The acquisition completed simultaneously with the Company’s step up to the AIM market. A new website was launched at www.servalresources.com which sets out the progression of the Company’s disclosure, governance and board processes and committees, in line with the requirements of the AIM market.
In accordance with the AIM Rules for Companies, the Company is required to follow a recognised corporate governance code and the Company has elected to adopt the principles set out in the QCA Code. https://www.servalresources.com/about-us/governance/
In conjunction with the AIM listing, the Company raised gross proceeds of £2.96 million via the issue of ordinary shares to a mix of new and existing shareholders.
On
On
The Company intends to convert to
[CB1] Non-exec and was precluded from discussions
