GEM RESOURCES PLC

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2 of the financial statements, which indicates that the Group and the Company generated a loss for the year and will require additional funding in the short to medium term in order to continue to fund the Group's and the Company's operations and to meet its liabilities as they fall due. The Group's and Company's pro- jected working capital requirements, expenditure for further exploration, level of projected production and financial returns thereon are dependent on the Group's and Company's ability to secure additional funding. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, 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.

1. GEM RESOURCES PLC 2024-09-30 → present
2. URA HOLDINGS PLC 2017-12-20 → 2024-09-30
3. URANIUM RESOURCES PLC 2005-01-11 → 2017-12-20

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Gerald Edelman LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2 of the financial statements, which indicates that the Group and the Company generated a loss for the year and will require additional funding in the short to medium term in order to continue to fund the Group's and the Company's operations and to meet its liabilities as they fall due. The Group's and Company's pro- jected working capital requirements, expenditure for further exploration, level of projected production and financial returns thereon are dependent on the Group's and Company's ability to secure additional funding. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, 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.”

Group structure

1. GEM RESOURCES PLC · parent
   1. Malaika Exploration (Ireland) Limited 100% · Ireland · Exploration
   2. Malaika Developments Limited 100% · Zambia · Exploration
   3. Gem - Venus Holdings (Pty) Ltd 100% · South Africa · Investment
   4. Adit Mining Consultants and Trading (Pty) Ltd 74% · South Africa · Mining
   5. Venus Emeralds (Pty) Ltd 74% · South Africa · Exploration
   6. Prasinus Exploration Pty Ltd 65% · Australia · Mining

Significant events

• “In October 2024, we acquired a controlling 65% stake in the Curlew Emerald Project in Western Australia for £232,000, with the right to acquire the remaining 35% at a later date.”
• “The Company changed its name from URA Holdings Plc to Gem Resources Plc, reflecting a sharpened focus on high-value gemstone assets, particularly emeralds.”
• “In early 2025, we initiated hard rock mining operations at Gravelotte, marking an important step in accessing deeper, higher-grade emerald deposits.”
• “As announced on 25 April 2025, we completed our first test sales of emeralds from Gravelotte, generating total gross revenue of USD 57,000.”
• “On 28 February 2025, Directors Dr Bernard Oliver, Edward Nealon and Peter Redmond, agreed to issue 5,999,998 new ordinary shares of £0.0001 each ("Ordinary Shares") at an issue price of 0.65 pence per Ordinary Share in lieu of cash settlement of part of their accrued and unpaid fees.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

10

last 12 months

Capital events

3

last 24 months

Officers appointed

2

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -38.6%

  £674,000 → £414,000

• Net assets

  -63.8%

  £1,865,000 → £675,000

• Employees

  +57.1%

  21 → 33

• Operating profit

  -69%

  -£1,128,000 → -£1,906,000

• Profit before tax

  -72.8%

  -£1,132,000 → -£1,956,000

• Wages

  -7%

  £43,000 → £40,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers