Richmond Hill Resources plc
Richmond Hill Resources Plc (formerly Rogue Baron Plc) was a diversified beverage group in premium spirits/wine/beer distribution during FY2025, but the Board decided to divest all beverage subsidiaries and pivot into natural resources exploration. It acquired the Saint Sophie copper exploration project (145 mineral exploration tiles, ~87km2) in Quebec, Canada via acquisition of Bulawayo CC Ventures Ltd (completed post year-end, 15 October 2025), and subsequently (post year-end) agreed to acquire the Martello Gold Project in Ontario, Canada. At year end the company had no continuing trading operations and reported as a holding company.
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 27 Mar 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Richmond Hill Resources Plc spent the year to 30 September 2025 leaving the drinks business and moving into exploring for metals in Canada. It had no revenue in either year. Its loss after tax narrowed to $1.3m from $4.3m the year before. The larger loss the year before included writing off the value of its drinks brands after it decided to quit that market. The report also lists $542,000 of one-off costs linked to its new stock market listing. It ended the year with no trading business. Cash at the year end fell to $59k from $418k, against borrowings of $206k. Shareholders put in $633k for new shares; no dividend is mentioned. After the year end it raised about $1,972,000 and bought a copper project in Quebec and a gold project in Ontario. Management plans first drilling at the gold project. It says it can raise more money when needed while avoiding issuing too many new shares. The auditor raised no doubt about the company's ability to keep going. The report flags risks from metal prices, Canadian permits and funding.
From the reportevery line sits on the page it namesWhat management saidRichmond Hill plans to progress its two Canadian projects with the Martello project in particular expected to be undertaking a maiden drill campaign in the coming months; the Company remains focused on unlocking long-term shareholder value by advancing core assets, securing non-dilutive funding, and actively managing its portfolio in line with market cycles.
page 4After the year end13 Oct 2025: Share Reorganisation effective (sub-division into Ordinary and Deferred Shares); admission to AIM effective 15 October 2025 with withdrawal from AQSE; Bulawayo CC Ventures acquisition completed.
page 5Going concern and the auditDirectors prepared cash flow forecasts to 31 March 2027 (per accounting policies) / 31 March 2027 referenced in Directors' Report as to 31 March 2027 (strategic report states cash forecasts to 31 March 2027 in going concern note on p.27, and Report of Directors references forecasts to 31 March 2027 at p.7 — actually printed as 'period ending 31 March 2027' in Directors' Report and accounting policy). The Group raised approximately $1,972,000 (£1,476,000) in October 2025 and $882,000 (£639,000) in January & February 2026. Directors concluded the going concern basis is appropriate given the discretionary nature of much of the cost base and demonstrated ability to raise equity. Auditor PKF Littlejohn LLP issued an unqualified (true and fair) opinion with no material uncertainty on going concern; key audit matter was discontinued operations and assets classified as held for sale (IFRS 5 judgement) relating to the beverage disposals.
page 7The risks it names first- Commodity price risk affecting investment performance and prospects of projects.p.2
- Country risk, regulatory/permitting risk, political risk and environmental risk from operating in Canada.p.2
- Liquidity, market and credit risk — inability to continue as a going concern, reduction in asset values, incorrect reporting of assets.p.11
- Regulatory breach of rules leading to censure.p.11
Read from C001095-AR-2025-ch.