URA (GEMR) H1 2025 earnings summary

Executive summary

• H1 2025 marked a period of transformation, with operational milestones and strategic initiatives post-period, including a proposed crypto treasury policy and a major offtake agreement for emerald production.

• Hard-rock mining commenced at the Gravelotte Emerald Mine, confirming geological potential and enabling first trial sales.

• Board changes and a £2.117m recapitalisation post-period have strengthened the balance sheet and working capital.

Financial highlights

• Other operating income was £45,000 (H1 2024: nil) from initial trial sales.

• Operating expenses decreased to £410,000 (H1 2024: £535,000).

• Loss after tax narrowed to £386,000 (H1 2024: £561,000).

• Net assets at 30 June 2025 were £1.25m (31 Dec 2024: £1.69m); cash was £74,000 (31 Dec 2024: £414,000).

• Basic and diluted EPS was (0.11)p (H1 2024: (0.21)p).

Outlook and guidance

• Proceeds from recapitalisation will fund exploration and optimisation at Gravelotte, development at Curlew, and support for Zambian licences.

• Focus on innovative financing and marketing, including crypto treasury and offtake structures.

• The company is positioned for long-term growth despite subdued gemstone markets.