Cloudbreak Discovery (CDL) H2 2026 earnings summary

Executive summary

• Strategic shift from a diversified investment and royalty model to early-stage gold and copper exploration in Western Australia; portfolio established across Crofton, Darlot West and Paterson.

• Initial exploration and project evaluations began, while legacy investments were reviewed and expenditure was prioritized against technical evidence and available capital.

Financial highlights

• FY26 loss after tax was £1,145,932, versus £2,707,587 in FY25; the prior-year loss included significant impairments and asset write-downs.

• Operating loss was £1,328,345, compared with £608,075 in FY25; FY26 included £1,141,151 administrative expenses and £128,967 exploration expenditure.

• Cash and cash equivalents were £1,201,143 at 30 June 2026, versus £53,197 a year earlier; net assets were £1,504,790, versus net liabilities of £352,938.

• Total comprehensive loss was £1,120,748, including £25,184 currency translation gains; no dividend was recommended.

Outlook and guidance

• FY27 priorities: refine Darlot West targets, use Crofton mapping and sampling to prioritize further work, and complete Paterson technical review to shape an appropriately funded programme.

• Darlot West aircore drilling awaits completion of the heritage survey; Crofton fieldwork is intended to validate and refine seven interpreted targets for possible future drill testing.

• Cash forecasts anticipate a need for further funding; the base case assumes an uncommitted future equity raise or other financing to maintain liquidity through the assessment period.