Kazera Global plc
Kazera Global plc (registered as Kennedy Ventures Plc in earlier years, company no. 05697574) is an AIM-listed investing company focused on the resources and energy sectors, primarily in Africa. Its principal operating interests are Whale Head Minerals (Pty) Ltd ("WHM", 70% owned), developing the Walviskop heavy mineral sands (HMS) project in South Africa, and Deep Blue Minerals (Pty) Ltd ("DBM", 100% legal / 74% ultimate beneficial interest), an alluvial diamond mining project also in South Africa. The Group is transitioning both projects from development/trial into commercial production and is separately pursuing recovery of an arbitration award relating to the historical disposal of African Tantalum (Pty) Ltd ("Aftan") in Namibia.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 21 Dec 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Kazera Global plc, an AIM-listed investing company developing a heavy mineral sands project and a diamond project in South Africa, recorded no revenue in the year to 30 June 2025 (previous year £6k). Its loss after tax widened to £4.0m from £2.8m. The biggest single reason was a £2,467k provision, meaning money set aside in case a debt from the earlier sale of a Namibian business is not paid in full. A tribunal ruled in Kazera's favour in May 2025, awarding US$11.9 million plus interest and costs, but the other side has started legal proceedings to challenge the ruling. Cash at the year end was £155k, against borrowings of £1.4m. It raised £186k from new shares and is paying no dividend. The report says more money was raised from shareholders after the year end. Management expects both projects to contribute more significantly to revenue in the coming year. The directors and the auditor both flag a material uncertainty over whether the group can keep trading, as this depends on mining income, recovery of the debt and possibly further funding.
From the reportevery line sits on the page it namesWhat drove revenueHeavy mineral sands (HMS) sales from WHM once commercial production is achieved
First major offtake agreement signed December 2024 with an advance of US$600,000 against future sales; April 2025 initial supply arrangement for 10,000 tonnes with Fujax South Africa (Pty) Ltd, though funds received were treated as a loan, not revenue, pending reassessment
page 5AndDiamond sales from DBM
Extended mining contract awarded April 2025; new in-house processing (pulsating jig, FlowSort) installed during the year to control beneficiation and improve recoveries
page 5What moved the marginheadwindExpected credit loss (ECL) provisions against the Aftan receivable and intragroup loans
ECL provision on financial assets of £2,467k in FY2025 (2024: £1,345k), the single largest driver of the operating loss
page 58AndheadwindGroup remains pre-revenue
No commercial sales recognised in FY2025 (2024: £6k); gross loss of £nil in FY2025 vs £(151)k in FY2024
page 40What management saidChairman: demand for heavy mineral sands is underpinned by long-term industrial growth and a tightening global supply picture; the Group has entered the new financial year with growing operational momentum, firmer commercial positioning and a clearer route to scale
page 4After the year endAugust 2025: notice to exercise 9,575,000 warrants at 1p each (including 4,000,000 held by Tracarta Limited)
page 71The dividendNo dividend recommended for FY2025 (2024: nil) as the Company concentrates resources on bringing its diamond and HMS projects into production and enforcing its rights regarding the Aftan sale
page 8Going concern and the auditDirectors identify a material uncertainty over going concern (reliance on timing/quantum of mining revenues and costs, recoverability of the Aftan receivable, no long operating history, possible need for further funding over the next 12 months). Auditor PKF Littlejohn LLP gave an unmodified (true and fair) opinion but included a 'Material uncertainty related to going concern' paragraph and a separate 'Emphasis of matter' paragraph on recoverability of the Aftan receivable; opinion not modified in either respect. Key audit matters: carrying value/recoverability of mines under construction (Note 12) and carrying value/recoverability of investments in subsidiaries and long-term loans (parent company, Notes 14/15)
page 33The risks it names first- Political and country risk in South Africa (and residually Namibia), including the Expropriation Act 2024 enabling land expropriation without compensationp.9
- Exploration and development risk — no certainty that expenditures result in commercially feasible mining operationsp.9
- Production risk — cash flows depend on investee companies achieving production with expected cash flows and timeframes; Group at a very early stage of productionp.10
- Compliance with local laws and regulations, particularly radiation management under NNR rules for HMS processing; failure could lead to penalties, suspension, or loss of mining rightsp.10
Read from C000734-AR-2025-ch.
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