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.
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 28 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesOne-offs in the year£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 20What management said2026 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 5After the year end18 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 40The dividendThe Directors do not recommend payment of a dividend for the year ended 30 November 2025 (2024: £Nil).
page 10Going concern and the auditUnqualified ('true and fair') audit opinion by PKF Littlejohn LLP (Timothy Herbert, Senior Statutory Auditor), first year of audit; materiality £18,200 (2% of net assets), performance materiality £11,800 (65%). Key audit matters: (1) valuation of listed and non-listed investments (carrying value £470,917 non-listed and £168,914 listed); (2) valuation and recoverability of the £302,309 receivable from sale of subsidiary relating to copper licences in Côte d'Ivoire, Botswana and Namibia. No material uncertainty relating to going concern identified. Going concern: cash of £218,624 and net assets of £910,899 at 30 Nov 2025; post year-end the Company raised £2.96m in conjunction with AIM listing and held approximately £2m cash at bank as at report date (21 May 2026); Directors consider the Company has adequate resources for the foreseeable future.
page 14The risks it names first- Failure to obtain additional financing to fund operationsp.7
- Extraction, exploration and development risk — early exploration stage only, no producing properties, no guarantee of economically recoverable resourcesp.7
- Licences, approvals, permits and mining claims risk across Namibia, Botswana and Côte d'Ivoirep.7
- Copper prices and demand volatility riskp.7
Read from C001178-AR-2025-ch.