Halo Minerals plc AIM:HALO
- Incorporated
- United Kingdom
- Chief executive
- Andrew Dennan
- Employees
- 7
- Reports in
- GBP
- Companies House
- 06370792
Read straight from the annual reports
8.3p at close on 8 Oct 2026 · 2 reported years, 2024–2025
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| Profit for the year | |||
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
2 years, at a glance
C000591-AR-2025-ch
Halo Minerals PLC is developing a single copper and gold project in Chile that will reprocess old mining waste, so it has no sales yet. In 2025 its loss widened to £1.7m, from £489k the year before. Part of the bigger loss came from one-off items. Share options given to directors added a non-cash charge, and there were accounting costs tied to the deferred payment for buying the Chilean project, which is due only once production starts. The previous year's loss was also made smaller by a one-off gain from writing back unpaid directors' fees. Cash at the year end was £356k, up from £14k, and the company had no borrowings left. It raised £898k from shareholders and paid no dividend. After the year end it raised a further £4 million when its shares joined London's AIM market. Management says the project won environmental approval in October 2025 and could produce copper as soon as 2028, subject to financing. The auditor raised no going-concern doubt, but the report warns that further money will be needed to build the mine.
Production and sale of copper (LME Grade-A cathode ~85% and concentrate ~15%, 20% Cu grading, 5.5g/t gold credit) from the Playa Verde project once operational
Project designed as a 5Mtpa ore processing operation targeting 8,640 tonnes of payable copper per annum
page 4Acquisition of additional metal-rich legacy tailings assets in Chile and other South American/EU jurisdictions
Strategy pillar 2: 'Build a portfolio of legacy waste assets' citing a significant pipeline of opportunities given Chile's 100+ year mining history
page 8Capital-light, outsourced operating model
Company maintains a capital-light structure with outsourced functions to control costs; normalised administrative cost base target <£1.2m p.a. pre-FID
page 9Copper, gold and sulphuric acid price volatility and treatment/penalty charges
Financial performance of Playa Verde is sensitive to copper and gold prices, treatment charges and sulphuric acid costs; concentrate contains 1.1% arsenic attracting a US$55/dmt penalty; sulphuric acid forecast by COCHILCO at c.US$95/t by 2033 but currently above this due to Strait of Hormuz closure
page 10£400k charge: Share-based payment charge on options granted to Directors in the year
page 35Halo enters the new financial year with a flagship asset, a strong balance sheet, and a clear path to production. Our focus is to optimise the DFS, secure ancillary permits, and reach FID.
page 76 January 2026: Company changed name from Guardian Metals Plc to Halo Minerals PLC
page 41No dividend recommended for the year (2024: £nil); the Company is pre-revenue and has not proposed a dividend
page 19Financial statements prepared on a going concern basis. Directors prepared cash flow forecasts through to December 2027 incorporating the proceeds of the March 2026 AIM admission and have a reasonable expectation that the Group has adequate resources. Audit opinion from Crowe U.K. LLP (Leo Malkin, Senior Statutory Auditor) was unmodified/unqualified ('give a true and fair view'), with no material uncertainty on going concern identified. Two Key Audit Matters were identified: (1) recoverability of capitalised exploration and evaluation expenditure (£3,691k) and (2) valuation of deferred consideration (£3,751k, dependent on discount rate and timing judgements).
page 22- Project development and execution risk — delays or cost overruns in completing the DFS optimisation/BFS, securing ancillary permits, financing or construction could impact timetable to first copper and project economicsp.10
- Financing and liquidity risk — Group is not yet revenue generating and needs to secure further capital (equity, debt, prepayment or royalty/streaming finance) to reach FID and fund construction; no guarantee of availability on acceptable termsp.10
- Commodity price and market risk — financial performance sensitive to copper and gold prices, treatment charges and sulphuric acid costs; 1.1% arsenic penalty of US$55/dmt on concentratep.10
- Country and permitting risk — changes to Chilean mining law, taxation, environmental regulation or community relations could adversely affect the Project; ancillary permits for water, power and construction, and offshore access rights, still requiredp.11
Read from C000591-AR-2025-ch.
1 annual report read
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (1)
FY2026Next report expected 8 Jun 2027