Nativo Resources plc
Nativo Resources PLC (formerly Echo Energy PLC / Independent Resources, registered company no. 05483127) is an AIM-listed, growth-focused mining company with interests in gold mining and exploration projects in Peru. Its strategy centres on three revenue streams: early-stage gold production via formalised artisanal mining at the Tesoro Gold Concession (through its now wholly-owned subsidiary Boku Resources SAC), development of its own gold ore processing capacity (La Patona GOPP) to retain higher margins, and recovery of historic polymetallic tailings deposits (e.g. Toma La Mano). In FY2025 the Group also acquired 100% of the Morrocota Gold Mine via Dydima EIRL.
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 5 Jul 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Nativo Resources PLC explores for and mines gold in Peru. In 2025 it had no revenue, against $44k the year before, and its loss widened to $4.5m from $2.1m. The report puts this mainly down to higher head office running costs and higher finance costs, mostly interest on its debts, which rose to $2.1 million from $0.7 million. Meanwhile, the company prepared to restart mining at its Tesoro site and bought the Morrocota gold mine. It ended the year with $1.8m of cash but $12.2m of borrowings, and owed more than it owned. It raised $1.5m from shareholders during the year and paid no dividend. Management called 2025 "a year of execution and repositioning". It aims to restart mining and to open its own gold ore processing plant, targeted for the second quarter of 2026 and subject to financing. The directors and the auditor both warn of a material uncertainty that may cast significant doubt on whether the company can keep going. The audit opinion itself is not qualified.
From the reportevery line sits on the page it namesWhat drove revenueGold ore sales from artisanal mining at Tesoro Gold Concession via Boku
Revenue recognised when gold ore sold to local gold ore processing plant; production and sales began late December 2024
page 4AndPlanned recommencement of mining at Bonanza/Tesoro
Readiness activities for field operations and mine restart planning progressed through 2025; early assay results reported January 2026
page 7What moved the margintailwindOwn gold ore processing plant (La Patona GOPP) replacing third-party tolling
Plant designed to process Nativo and third-party material and retain higher margin from production
page 9AndtailwindLow-cost, low-capex tailings recovery model
Described as low cost, low risk with limited capex and opex requirements
page 9One-offs in the year$36k charge: Impairment of intangible assets (Ana Lucia Project mining rights)
page 76What management said2025 was a year of execution and repositioning for Nativo... to progress from early-stage activity to repeatable, cash-generative gold production and processing in Peru.
page 5After the year end4,545,454 shares issued to creditors (6 January 2026) at $0.59, plus further share issuances through April 2026 (16,137,361; 35,859,790; 6,858,710; 36,647,864; 11,111,111; 120,000,000; 200,000,000 shares at various prices between $0.20 and $0.83)
page 90The dividendNo dividend declared or paid in respect of the year ended 31 December 2025 (2024: $nil).
page 39Going concern and the auditFinancial statements prepared on a going concern basis despite a $4,483,720 loss, net current liabilities of $1,029,324 and net liabilities of $10,377,461, which the Directors and auditor state indicate a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. The auditor, MAH Chartered Accountants (senior statutory auditor Mohammed Haque), issued an unmodified/unqualified opinion that is not modified in respect of this matter, drawing attention to Note 2 via an emphasis-of-matter-style paragraph. Key audit matters: (1) acquisition of subsidiaries (Boku, Dydima) and their accounting as business combinations/subsidiaries with no goodwill recognised, and (2) going concern. Group materiality $78,000 (3% of Gross Assets); Company materiality $68,000 (2% of Gross Assets).
page 42The risks it names first- Funding risk - inability to meet financial obligations due to insufficient funds; high priority/significant risk to going concernp.14
- Business development risk - growth strategy depends on successfully identifying, negotiating and executing acquisitionsp.14
- 2026 Middle East Conflict - indirect inflationary and logistics risk from Strait of Hormuz disruption, though no direct impact on Peru operationsp.14
- Material uncertainty over going concern given net current liabilities of $1,029,324 and net liabilities of $10,377,461p.40
Read from C000891-AR-2025-ch.
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