Interim report
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RNS Number : 2989SArkadian Strategic Metals PLC27 August 2026 Arkadian Strategic Metals plc ("Arkadian" or the "Company") HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 MAY 2026 The Board of Directors of Arkadian Strategic Metals plc (the "Company" or "Arkadian") is pleased to report theGroup's interim results for the six months ended 31 May 2026. CHAIRMAN'S STATEMENT OverviewThe period under review was one of considerable strategic and operational change for the Group. We continued theunderground exploration and development programme at the Clogau-St David's Gold Mine, advanced the Motzfeldt CriticalMetals Project and, shortly before the period end, completed the acquisition of a controlling 51% interest in Motzfeldt. These developments materially broadened the Group's exposure to critical and strategic metals while retaining the Welshgold assets as an important and distinctive part of our portfolio. Reflecting this evolution, the Company announced duringthe period that it would change its name from Alba Mineral Resources plc to Arkadian Strategic Metals Plc, with the changebecoming effective shortly after the period end. Motzfeldt Critical Metals ProjectMotzfeldt, in South Greenland, is a large-scale polymetallic system containing rare earth elements, niobium, tantalum andzirconium. It represents an asset of increasing strategic relevance at a time when governments and industry are seekingsecure, Western-aligned supplies of critical raw materials. During the period, the first phase of mineralogical and scoping test work on material from the Aries deposit was successfullycompleted. This work confirmed the minerals hosting the principal critical metals, including pyrochlore, columbite,bastnaesite, parisite, monazite, xenotime and zircon. Importantly, these minerals have established extractive pathways,providing a sound foundation for the next stages of beneficiation and metallurgical testing. We also reported encouraging assay results from surface samples collected at the Merino prospect during the 2025 fieldseason. Results included total rare earth oxides of up to 1.36%, niobium of up to 0.73% Nb2O5 and zirconium of up to 2.3%ZrO2. The average grades of these commodities were at least 2.6 times the equivalent grades within the existing Aries JORCMineral Resource area. An average of 19% of the total rare earth oxide content comprised the key magnet metalspraseodymium, neodymium, dysprosium and terbium. The Merino results confirmed the presence of hydrothermal critical metal structures in addition to the magmaticmineralisation already defined at Aries. Drone imagery indicates that similar structures may continue for more than 150metres across the exposed cliff faces, providing a compelling target for further investigation. A particularly important milestone was reached in May 2026 when the Government of Greenland approved the Group'sacquisition of a further 25.5% interest in Motzfeldt. This increased our ownership to a controlling 51%. The GreenlandGovernment also confirmed that the project's exploration licence had entered its second five-year term, covering 2026 to2030. Clogau-St David's Gold MineAt Clogau, the principal focus remained the underground development and bulk-sampling programme at the LlechfraithTarget. Ten blasts had been completed by the end of April 2026, advancing the new Level 5 development by approximately 13.8metres and producing around 165 tonnes of material. Approximately 16 tonnes from the first six blasts were processedthrough the onsite pilot plant. While assays from the concentrates returned uneconomic gold grades, this work providedimportant geological, mining and processing information and reduced several of the uncertainties associated withunderground development. Significant sulphide mineralisation was observed at the development face and in the adjacent footwall. This may indicate adifferent mineralogical setting from the free gold traditionally associated with the mine's quartz veins. Further sampling andmineralogical work is therefore required to determine whether gold is present within the sulphide minerals and, if so, themost appropriate recovery method, and this work has been ongoing since the end of the reporting period. During the period, a new iCON centrifugal gravity concentrator was purchased and installed within the pilot plant. Theequipment is intended to improve both throughput and fine gold recovery. Work also continued on modifications to thewider processing circuit.
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Our premium Welsh gold strategy also continues to demonstrate how the scarcity and provenance of Clogau gold cansupport substantial premiums over the underlying metal price. Further limited-edition products, including 18-carat Welshgold pendants, have been developed as part of this strategy. Although the Level 5 programme has not yet encountered economic gold grades, Clogau contains a number of other targets,both within the Lower Llechfraith workings and elsewhere in the mine. Indeed, the section below headed "Post-perioddevelopments" describes work that has been initiated in recent days at the Jack Williams stope area. GreenRoc Strategic MaterialsOur strategic investment in GreenRoc Strategic Materials Plc continued to provide exposure to the development of theAmitsoq Graphite Project in South Greenland. During the period, GreenRoc achieved several significant milestones, including the award of a 30-year exploitation licence forAmitsoq and its recognition as a Strategic Project under the EU Critical Raw Materials Act. GreenRoc also completed theconstruction of its active anode material pilot plant in Denmark and secured a €5 million loan facility from the Danish Exportand Investment Fund. These developments further strengthen Amitsoq's position within the emerging European battery-materials supply chain.Following GreenRoc's fundraising activities, Arkadian's interest stood at approximately 23.97% at the period end. FinnsboAt the Finnsbo gold-copper-rare earth project in Sweden, three drill holes were completed in late 2025, with much of thedrilled interval returning visibly mineralised core. Towards the end of the drill programme, the project licence holder unlawfully purported to terminate the Company's earn-inrights. The Company has satisfied the expenditure requirements for the first earn-in period, thereby earning a 25% interestand retaining the right to continue to earn a larger interest in the project. We will take such steps as are appropriate toprotect the Company's contractual position and investment in the project, seeking full legal address for the egregious actionsof the licence holder. Corporate and financial review In February 2026 a General Meeting was convened to approve the second stage of acquiring a 51% majority stake in the Motzfeldt project. Following approval at that meeting, and subsequent approval from authorities in Greenland, the Company issued shares as consideration. In March 2026, the Company raised gross proceeds of £800,000 through the placing of new ordinary shares. The proceedswere allocated to the continued advancement of Clogau, technical and development work at Motzfeldt, the Finnsbo assayprogramme and general working-capital requirements. For the six month period, the Group recorded a loss of £627,000 after tax (May 2025: loss of £761,000). Operating losses were £347,000 compared with £254,000 in the comparative period. The increase in operating costs arisesfrom a combination of factors including reduced billing to GreenRoc as they have taken on new staff, lower capitalisablepersonnel costs plus increased legal and professional costs. Net assets at 31 May 2026 were £8.3 million, £0.8 million higher than at November 2025, principally due to the investmentin the Motzfeldt project. The completion of the acquisition of 51% of Motzfeldt during the period has given rise to a non-controlling interest in the balance sheet. Cash and cash equivalents at the period end were £305,000 compared with £362,000 at 30 November 2025. The Board continues to exercise discipline in its allocation of capital. As an exploration and development group, Arkadian willrequire further funding to advance its projects through their next stages. We will continue to assess conventional equityfunding alongside project-level, strategic and governmental funding opportunities, particularly those supporting criticalmineral development and processing. Change of nameIn May 2026, the Board announced that the Company would change its name to Arkadian Strategic Metals Plc. The newname better reflects the Group's broadened portfolio and the growing importance of Motzfeldt and our other strategicmaterial interests. This does not represent a move away from Welsh gold. Rather, it reflects a more diversified portfolio combining directexposure to gold with rare earth elements, niobium, tantalum, zirconium and natural flake graphite. Post-period developmentsName change The change of name became effective at Companies House on 8 June 2026, when the Company's shares began trading onAIM under the new ticker AKN. Motzfeldt Following the period end, we commenced a coordinated programme of technical, environmental and infrastructure work atMotzfeldt. SRK Consulting was appointed to review the existing JORC Mineral Resource and define the work required toexpand and upgrade it. NIRAS began a high-level review of mine development, transport and infrastructure options, whileBioApp was appointed to undertake environmental baseline studies. Theia X was engaged to undertake licence-scale satellite remote sensing and field-based hyperspectral imaging at Merino.These workstreams are designed to improve our understanding of the mineralisation, identify targets for further explorationand contribute to the technical pathway towards a future exploitation licence application.
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The 2026 Motzfeldt field programme mobilised in late July. Its scope included hyperspectral imaging at Merino, collection ofa new bulk sample from within the Aries Mineral Resource area and environmental baseline work across the principalpotential development sites. All these workstreams were successfully completed, and results from the hyperspectralimaging and environmental baseline work are now awaited. The bulk sample is in the process of being shipped to the UK.Following the completion of the current first-pass beneficiation programme in South Africa, a decision will be made on thenext phase of test work using this new bulk sample. Clogau-St David's Gold Mine At Clogau, Level 5 development was paused while detailed geological sampling and mineralogical review work wasundertaken. Repairs and servicing were carried out on the underground winches and impact crusher, processingsubsequently recommenced at the Company's onsite pilot plant, and a dedicated site operations manager was appointed.Ecological surveys were also completed to support the future assessment of other underground targets, while a permitteddevelopment notification was submitted for further trenching of the historic waste tip. In August 2026 the Company's in-house mining team completed the installation of ladders and intermediate access platformsto establish a staged access route from the Tyn y Cornel Level into the Jack Williams stope area. The installation traverses anapproximately 12-metre vertical section and makes use of existing mine workings. The new route will enable the Company'sgeological team to access the area for detailed inspection, mapping and systematic sampling. The Jack Williams stope is located at the junction of the Tyn y Cornel adit and the Main Lode. It represents the westernmosthistorically mined portion of the Main Lode, the principal quartz-vein structure along which the majority of historic mining atClogau-St David's took place. Historic records indicate that the Main Lode was worked eastwards from the Jack Williamsstope for approximately 300 metres to the Bryntirion Fault and for at least a further 150 metres within the St David's Mineworkings. The investigation is intended to assess the geological continuity and mineralisation of the Main Vein in this area and toevaluate two potential exploration directions: the westward continuation of the Main Vein and the potential for furtherexploration within and around the existing Jack Williams stope. The work will help determine whether the area warrantsmore extensive exploration development and its potential inclusion in future mine development planning. OutlookOur immediate priority at Motzfeldt is to advance the project through a coordinated programme of resource, metallurgical,environmental and engineering work. The objective is to define the most effective route for expanding and upgrading theMineral Resource and to establish a clear pathway towards a future exploitation licence application. At Clogau, our decisions will continue to be guided by geological evidence and the results of the ongoing mineralogicalreview. We will assess the Level 5 development alongside the mine's other underground targets and opportunities presentedby the historic waste material. Indeed, we have wasted no time in investigating other previously-gold bearing areas of themine, and in recent days have installed platforms and ladders at the Jack Williams lode in order to begin sampling andmapping of the previously inaccessible quartz vein high up in the stope. Arkadian now has a differentiated portfolio combining precious metals with commodities that are central to energy security,electrification and the development of resilient Western supply chains. While significant technical, funding and permittingwork remains, the Board believes that the Group's assets provide multiple opportunities to create long-term shareholdervalue. I would like to thank our employees, consultants and contractors for their continued commitment, and our shareholders fortheir ongoing support during this important period of transition. George FrangeskidesExecutive Chairman27 August 2026 This announcement contains inside information for the purposes of the UK Market Abuse Regulation, and theDirectors of the Company are responsible for the release of this announcement. Forward Looking Statements This announcement contains forward-looking statements relating to expected or anticipated future events and anticipatedresults that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technicalissues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from workingin a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and theoccurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result ofnumerous known and unknown risks and uncertainties and other factors. Engage with Arkadian by asking questions, watching video summaries and reading what other shareholders have to say.Navigate to our interactive Investor Hub here: https://arkadianmetals.com/link/yandKe For further information, please visit the Arkadian Strategic Metals Plc investor website (www.arkadianmetals.com) and sign up to receive news and engage with the Arkadian management team. Subscribe to our news alert service (https://arkadianmetals.com/auth/signup) and visit @ArkadianMetals on X (formerly Twitter). Arkadian Strategic Metals Plc George Frangeskides, Executive Chairman +44 20 3950 0725
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SPARK Advisory Partners Limited (Nomad) Andrew Emmott +44 20 3368 3555 CMC Markets plc (Broker) Thomas Smith / Douglas Crippen +44 20 3003 8632 Arkadian's Projects & Investments Projects Operated by Arkadian Location Ownership Clogau (gold) Wales 100% Dolgellau Gold Exploration (gold) Wales 100% Gwynfynydd (gold) Wales 100% Investments Held by Arkadian Location Ownership Motzfeldt Critical Metals Project Greenland 51% GreenRoc Strategic Materials Plc (graphite - anode) Greenland 23.97% Horse Hill (oil) England 11.765% Earn-in Projects Location Earn-in Rights Finnsbo (rare earths, copper, gold) Sweden Up to 100% UNAUDITED CONSOLIDATED INCOME STATEMENTFOR THE SIX MONTHS ENDED 31 MAY 2026 Unaudited 6 months ended31 May 2026 Unaudited 6 months ended31 May 2025 Audited Year ended 30Nov 2025£'000 £'000 £'000 Other income 10 26 30Administrative expenses (357) (280) (664) Impairment expense - - (150) Operating loss (347) (254) (784) Loss on dilution of investment inassociate (50) (372) (496) Share of losses of associates (174) (135) (228) Loss on deemed disposal of associate (56) - - Loss before tax (627) (761) (1,508) Taxation - - - Loss for the period (627) (761) (1,508) (all attributable to equity holders of theparent) Profit/(loss) per ordinary shareBasic and diluted (pence) (0.003) (0.007) (0.012) UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 31 MAY 2026 Unaudited6 months ended 31May 2026 Unaudited6 months ended 31May 2025 Audited Yearended 30 Nov2025 £'000 £'000 £'000 Non-current assets Property, plant and equipment 151 160 155Intangible fixed assets 5,943 4,258 4,472
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Investment in associate - GreenRoc 2,160 2,599 2,382Investment in associate - Elemental - - 460 Investments - Horse Hill Developments - 150 -Total non-current assets 8,254 7,167 7,469 Current assetsTrade and other receivables 61 60 88 Cash and cash equivalents 305 21 362 Total current assets 366 81 450 Current liabilitiesTrade and other payables (314) (403) (409) Total current liabilities (314) (403) (409) Net current assets / (liabilities) 52 (322) 41 Net assets 8,306 6,845 7,510 Capital and reservesCalled up share capital 5,662 5,518 5,583 Share premium account 14,356 11,990 12,738 Shares to be issued - - 427 Warrant reserve 419 247 419 Retained losses (12,452) (11,078) (11,825) Foreign currency reserve 168 168 168 Total equity attributable to shareholders 8,153 6,845 7,510Non-controlling interests 153 - - Total equity 8,306 6,845 7,510 UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 MAY 2026 Sharecapital SharepremiumShares tobe issuedWarrantreserve Retainedlosses Foreigncurrencyreserve Equityattributableto s'holders Non-controllinginterests Totalequity Current year interim £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 December 2025 5,583 12,738 427 419 (11,825) 168 7,510 - 7,510 Loss for the period - - - - (627) - (627) - (627) Total comprehensive incomefor the period - - - - (627) - (627) - (627) Shares and warrants issued (netof issue costs) 79 1,618 (427) - - - 1,270 - 1,270 Non-controlling interest arisingon acquisition - - - - - - - 153 153 Total transactions with owners 79 1,618 (427) - - - 1,270 153 1,423 At 31 May 2026 5,662 14,356 - 419 (12,452) 168 8,153 153 8,306 Sharecapital SharepremiumShares tobe issuedWarrantreserve Retainedlosses Foreigncurrencyreserve Equityattributableto s'holders Non-controllinginterests Totalequity Prior year full year £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 December 2024 5,455 11,973 - 247 (10,317) 168 7,526 - 7,526 Loss for the year - - - - (1,508) - (1,508) - (1,508) Other comprehensive income - - - - - - - - - Total comprehensive incomefor the year - - - - (1,508) - (1,508) - (1,508) Shares and warrants issued (netof costs) 128 765 - 172 - - 1,065 - 1,065 Shares to be issued asconsideration - - 427 - - - 427 - 427 Total transactions with owners 128 765 427 172 - - 1,492 - 1,492
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At 30 November 2025 5,583 12,738 427 419 (11,825) 168 7,510 - 7,510 Sharecapital SharepremiumShares tobe issuedWarrantreserve Retainedlosses Foreigncurrencyreserve Equityattributableto s'holders Non-controllinginterests Totalequity Prior year interim £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 December 2024 5,455 11,973 - 247 (10,317) 168 7,526 - 7,526 Loss for the period - - - - (761) - (761) - (761) Total comprehensive incomefor the period - - - - (761) - (761) - (761) Shares and warrants issued 63 17 - - - - 80 - 80 Total transactions with owners 63 17 - - - - 80 - 80 At 31 May 2025 5,518 11,990 - 247 (11,078) 168 6,845 - 6,845 UNAUDITED CONSOLIDATED CASH FLOW STATEMENTFOR THE SIX MONTHS ENDED 31 MAY 2026 Unaudited 6 months ended 31May 2026 Unaudited 6 months ended31 May 2025 Audited Year ended 30Nov 2025 Cash flows from operating activitiesOperating loss (347) (254) (784)Non-cash adjustments Impairment expense - - 150 Depreciation 15 4 9 Fees settled in shares - 8 7 Increase / (decrease) in creditors (164) 172 179 (Increase)/ decrease in debtors 28 29 1 Net cash used in operating activities (468) (41) (438) Cash flows from investing activities Payments for deferred explorationexpenditure (274) (87) (363) Receipts from test production - - 62 Payments for tangible fixed assets (12) - -Investment in associate - GreenRoc - (50) (50)Investment in associate - Elemental Rare Metals (55) - (33) Net cash used in investing activities (341) (137) (384) Cash flows from financing activitiesProceeds from issue of shares and warrants 800 75 1,125 Cost of issue (48) (2) (67) Net cash generated from financing activities 752 73 1,058 Net increase in cash and cash equivalents (57) (105) 236Cash and cash equivalents at beginning ofperiod 362 126 126 Cash and cash equivalents at end of period 305 21 362 Working capital changes in the cashflow statement reflect operations excluding working capital balances acquiredduring the period. Significant non-cash items in the period not shown in the table above are shown on the income statement belowoperating profit. NOTES TO THE HALF-YEARLY FINANCIAL INFORMATION 1. Basis of preparation The Group consolidates the financial statements of the Company and its subsidiary undertakings.
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The financial information has been prepared under the historical cost convention in accordance with UK-adopted International Accountant Standards ("UK-adopted IAS") as they apply to the Group for the six months ended 31 May 2026. The financial information set out in this half-yearly report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The same accounting policies, presentation and methods of computation are followed in this interim condensed consolidated report as were applied in the Group's annual financial statements for the year ended 30 November 2025. The auditor's report on those financial statements was unqualified and did not contain any statements under section 498(2) or section 498(3) of the Companies Act 2006. Going concern Based on financial projections prepared by the Directors, the Group's current cash resources are insufficient to enable the Group to meet its recurring outgoings and projected exploration expenditure for the next twelve months. The Directors have prepared cash flow forecasts to 12 months from the date of signing of these accounts which take into account planned exploration spend, costs and external funding. The need for external funding is a material uncertainty that may cast doubt on the Group's and Company's ability to continue as a going concern. At this stage as an explorer, the Group does not have a steady income stream and is reliant on external funding sources such as capital raisings or asset transactions to fund activities. The nature of these is ad-hoc and as such the Group and Company do not carry a cash balance sufficient for 12 months of expenditure. However, the Board has a reasonable expectation that the Group and Company will continue to be able to meet their commitments for the foreseeable future by raising funds when required from the equity capital markets and based on the following: · The Group has a strong track record in sourcing external funding. · Forecasts contain a level of discretionary spend such that in the event that cash flow becomes constrained action can be taken to enable the Group to operate within available funding. · The Group and Company may also consider future joint venture funding arrangements in order to share the costs of the development of its exploration assets, or to consider divesting of certain of its assets and realising cash proceeds in that way in order to support the balance of its exploration and investment portfolio. · The Group holds liquid assets that can be converted into cash if required. For these reasons the Directors continue to adopt the going concern basis of accounting in preparing these interim results. 2. Taxation No charge for corporation tax for the period has been made due to the expected tax losses available. 3. Earnings per share Earnings per share is calculated by dividing the loss attributable to ordinary shareholders of £627,000 (May 2025: loss of £761,000; November 2025: loss of £1,508,000) by the weighted average number of shares of 21,731,260,403 in issue during the period (May 2025: 11,224,958,118; November 2025: 12,886,657,879). The diluted loss per share calculation is identical to that used for basic loss per share as the exercise of warrants would have had the effect of reducing the loss per ordinary share and therefore is not dilutive. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END