Serval Resources plc
Serval Resources Plc (formerly Oscillate Plc) is an AIM-market (AQSE Growth Market at the balance sheet date) early-stage mining exploration and development company. During the year it transitioned from its prior business into copper and associated-metals exploration, securing exploration positions in the Kaoko Basin (Namibia) and Kalahari Copper Belt (Botswana) via heads of terms to acquire Kalahari Copper Limited, and a joint venture/earn-in with La Minière de L'Éléphant SARL over the Duékoué molybdenum-copper project in Côte d'Ivoire. It has no producing assets and no revenue.
FY2025 in sixty seconds
year to 30 Nov 2025 · approved 21 May 2026 · 41 pages · Companies House
Serval Resources Plc, called Oscillate Plc during the year, is an early-stage explorer for copper and related metals in Namibia, Botswana and Côte d'Ivoire. It has no revenue. Its loss for the year to 30 November 2025 narrowed to £847k, from £4.0m the year before.
One-off items distort the comparison: a £299,032 gain on selling 80% of Quantum Hydrogen this year, and a £450,917 warrants expense last year that did not recur. Cash fell to £219k from £1.6m. There were no borrowings at the year end, no money raised from shareholders during the year and no dividend. After the year end it raised £2.96m from shareholders on joining the AIM stock market, and held approximately £2m when the report was approved.
Management expects 2026 to be "another exciting year" of exploration. The auditor found no material doubt about the company's ability to keep operating, but gave special attention to the value of its investments and the money due from the Quantum sale. The report warns it may fail to obtain further financing, and that exploration may find nothing worth extracting.
2026 promises to be another exciting year as the Company progresses and reports upon its exploration plans across the project areas, and we will continue to watch the copper market with interest as prices reach new highs.
page 5The Directors do not recommend payment of a dividend for the year ended 30 November 2025 (2024: £Nil).
page 10£148k charge: Aborted acquisition costs (non-binding heads of terms with Evolution Energy Minerals Plc re Chikundo Prospect, Tanzania, which did not proceed beyond heads of terms)
page 2018 December 2025: Company entered into a Convertible Loan Note Instrument creating up to US$400,000 unsecured bridge loan notes, 15% interest, six-month term, held by Charterhouse Trustees Limited ATO (US$200,000) and Cambrian Limited (US$200,000); pursuant to a 31 March 2026 agreement the notes were converted into 1,656,572 New Ordinary Shares at £0.19125 on Admission to AIM.
page 402 years on one page · FY2024–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. 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.
Nothing restated
Nothing to compare yet: that takes a second report, which prints the first year's figures again.