Lansdowne Resources plc
Lansdowne Resources Plc (formerly Lansdowne Oil & Gas Plc) was, during FY2025, a pre-revenue upstream oil and gas exploration company with a 20% interest in the Barryroe oil and gas field offshore Ireland, pursuing compensation from the Irish Government under the Energy Charter Treaty after its Lease Undertaking application was refused in 2023. The Group's exploration intangible assets were fully impaired in 2023 and it had no ongoing exploration or development activity in the year. Subsequent to year-end (April-May 2026), the Company completed a reverse takeover of São Gabriel Mineração Ltda, a Brazilian graphite mining company, and was renamed Lansdowne Resources plc, re-admitted to AIM under ticker LRES, moving the business into the critical minerals sector.
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 7 Jul 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Lansdowne Resources Plc, then called Lansdowne Oil & Gas, held a stake in the Barryroe oil and gas field off Ireland but had no production and earned no revenue in 2025. Its loss for the year widened to £881k, from £336k the year before. The main reason was a sharp rise in legal and professional fees, to £596k. These were spent on a compensation claim against the Irish Government, which refused Barryroe a key approval in 2023, and on a deal to buy a Brazilian graphite miner. It ended the year with just £6k in cash and £1.1m of borrowings from a major shareholder, and its debts exceeded its assets by £2.1m. It raised £145,000 through loans that convert into shares, and paid no dividend. After the year end the company completed the graphite purchase, raised £1.9m from investors and took its new name. Management described great progress in the second quarter of 2026. The auditor warned of a material uncertainty, meaning real doubt about whether the company can keep going. Its survival depends on winning the claim, progressing the Brazilian graphite project and continued support from its lender.
From the reportevery line sits on the page it namesWhat moved the marginheadwindListed-company overheads and legal/professional fees for ECT arbitration
Legal and professional fees rose to £596k (2024: £132k) within operating expenses of £0.9m (2024: £0.3m), driven by ECT claim and RTO work.
page 43One-offs in the year£596k charge: Legal and professional fees relating to ECT arbitration and RTO
page 43What management saidThroughout 2025 the Company continued work on two key projects: the Reverse Take Over to bring in graphite mining properties in Brazil, and pursuing ECT arbitration against Ireland for the Barryroe loss.
page 5After the year endJan/March 2026: additional Convertible Loan Notes issued for £210,000 (total CLNs issued 2024-2026: £440,000), all converting into Ordinary Shares following the RTO and AIM readmission.
page 56The dividendNo dividends were declared or paid for the year ended 31 December 2025 (2024: £Nil); directors do not recommend payment of a further dividend.
page 10Going concern and the auditAuditor PKF Littlejohn LLP issued an unmodified opinion but drew attention to a material uncertainty related to going concern (note 1.3): Group net loss of £881k and net liability position of £2.07m at year end; dependence on securing ECT compensation, progressing the Brazilian graphite concessions, and continued support from LC Capital (loan note holder, extended 18 months post-RTO). A working capital forecast indicates sufficient resources through Q3 2027 following the post-year-end RTO placing. Audit materiality set at £17,000 (2024: £6,000) based on 2% of total expenses. Key audit matter: valuation of convertible loan notes (Monte Carlo simulation model for the derivative financial liability).
page 21The risks it names first- Principal risk: potential failure to secure ECT compensation for the loss of the Barryroe oil and gas project.p.5
- Financial risks: ability to raise finance to pursue litigation, cost inflation, oil and gas price movements, adverse taxation changes, third-party counterparty credit risk, adverse FX movements, changes in government policy.p.6
- Operational risks: loss of key employees, delay/cost overrun including weather, HSE incidents, poor reservoir performance, exploration/appraisal well failures.p.6
- Strategic/external risks: failure of third-party services, deterioration of capital markets inhibiting equity/debt raising, commercial misalignment with co-venturers, material fall in oil/gas prices.p.6
Read from C000760-AR-2025-ch.
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