BRAZILIAN NICKEL LIMITED

• ⚠

  Material uncertainty over going concern

  Nonetheless, the Directors believe there is a reasonable expectation that the Group will secure the necessary funding to meet its current financial obligations, either by the shareholders issuing new convertible loans or through obtaining funding to advance the full scale PNP project and continue with development and operational activities aligned with groups full-scale project strategy. Accordingly, the Directors consider it appropriate to prepare the financial statements on a going concern basis. However, the circumstances outlined above indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Group's and the Company's ability to continue as a going concern. If the Group and Company is unable to obtain sufficient funding, it may be unable to realise their assets and settle their liabilities in the normal course of business. These financial statements do not include any adjustments that may be necessary should the going concern assumption prove inappropriate.

1. BRAZILIAN NICKEL LIMITED 2023-03-21 → present
2. BRAZILIAN NICKEL PLC 2018-06-29 → 2023-03-21
3. BRAZILIAN NICKEL LIMITED 2013-05-01 → 2018-06-29

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

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Nonetheless, the Directors believe there is a reasonable expectation that the Group will secure the necessary funding to meet its current financial obligations, either by the shareholders issuing new convertible loans or through obtaining funding to advance the full scale PNP project and continue with development and operational activities aligned with groups full-scale project strategy. Accordingly, the Directors consider it appropriate to prepare the financial statements on a going concern basis. However, the circumstances outlined above indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Group's and the Company's ability to continue as a going concern. If the Group and Company is unable to obtain sufficient funding, it may be unable to realise their assets and settle their liabilities in the normal course of business. These financial statements do not include any adjustments that may be necessary should the going concern assumption prove inappropriate.”

Group structure

1. BRAZILIAN NICKEL LIMITED · parent
   1. Piauí Níquel Metais S.A. 100% · Brazil · exploration and development of mining assets, mining and processing of mineral assets.
   2. BRN Canada Limited 100% · Canada · development of new business for the Group, to support exploration, development, mining and production at subsidiaries.
   3. BRN MidCo Limited 100% · United Kingdom · development of new business for the Group, to support exploration, development, mining and production at subsidiaries.
   4. BRN FinCo Limited 100% · United Kingdom · development of new business for the Group, to support exploration, development, mining and production at subsidiaries.

Significant events

• “In April 2025 the Group executed a Fifth Convertible Loan Facility Agreement with TechMet Limited for USD 2.6 million, which was fully drawn by 31 May 2025.”
• “In May 2025 the Group entered into a Sixth Convertible Loan Facility Agreement with TechMet Limited for USD 10.0 million; the outstanding balance under this facility was USD 6.8 million on 30 June 2025.”
• “The Company's Board of Directors and Senior Management have previously postponed FID dates from October 2024 to December 2025. Management now anticipated a further, and previously unexpected delay, most recently forecast for December 2025, in the project financing and deferral of the construction decision for the full-scale mine and plant until May of 2026.”

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

Filings

7

last 12 months

Capital events

5

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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

• Turnover

  -83.2%

  £3,704,924 → £621,807

• Cash

  -54.8%

  £2,853,526 → £1,289,772

• Net assets

  -1,179.1%

  £2,321,051 → -£25,045,936

• Employees

  -11.1%

  307 → 273

• Operating profit

  +23.6%

  -£20,794,862 → -£15,878,954

• Profit before tax

  +28.4%

  -£29,757,142 → -£21,294,117

• Wages

  +63%

  £4,677,426 → £7,622,342

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