Talon Resources PLC
29 September 2026
This announcement contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation (Regulation (EU) No. 596/2014 as it forms part of UK law). The Directors of the Company are responsible for this announcement.
Talon Resources plc
("Talon" or the "Company")
Interim Results
Talon Resources plc (AIM: TAR), the North American gold exploration company, is pleased to announce its Interim Results for the six months ended 30 June 2026.
OVERVIEW
- Completed the acquisition of a 90% interest in the Eagle Lake gold project in Ontario, Canada (“Eagle Lake” or the “Project”) and commenced trading on AIM as Talon Resources plc on 23 June 2026 (“Admission”) following the cancellation of the Company’s Main Market listing.
- Commenced Phase 1 exploration at Eagle Lake immediately following Admission, confirming gold mineralisation across several targets and identifying a new prospect.
- Brought forward and expanded the maiden drilling programme with results expected to inform the next phase of exploration at Eagle Lake.
- Continued partnership with MINML to support exploration targeting using its PRISM machine-learning platform.
- Assessing opportunities to expand Talon’s presence in the Wabigoon Subprovince and across North America.
CHAIR’S STATEMENT
The six months to 30 June 2026 was a period of significant activity for the Company, culminating in the cancellation of our Main Market listing and Admission on 23 June 2026, alongside the acquisition of a 90% interest in Eagle Lake.
Much of the period was therefore focused on completing these transactions, which marked a change in strategy for the Company and a new focus on gold exploration in North America. Eagle Lake, in Ontario’s Wabigoon Subprovince, is our first project and provides the foundation from which we intend to build a broader exploration business.
Eagle Lake
Although Admission came only a week before the period end, work at Eagle Lake began almost immediately, with our Phase 1 exploration programme commencing on 29 June 2026. This included detailed channel sampling of mineralised outcrops, trenches and bedrock exposures, alongside systematic prospecting across eight target areas.
Results from this programme after the period end provided an encouraging start. Gold mineralisation was confirmed across several known targets, and a new prospect was identified at Moss Knoll. At East Fornieri Bay, channel sampling returned 1.85m at 7.17 g/t Au, including 0.50m at 24.40 g/t Au, and 4.80m at 4.47 g/t Au, including 1.00m at 19.10 g/t Au. At Cedar Trench, sampling returned 5.70m at 1.26 g/t Au, including 1.70m at 3.15 g/t Au, with visible coarse free gold also identified, while Moss Knoll returned 8.00m at 0.67 g/t Au, including 3.20m at 1.10 g/t Au.
The results gave us the confidence to bring forward our maiden drilling programme and increase its scope beyond the initial 1,000 metres. The expanded 1,375 metre diamond drilling programme commenced at East Fornieri Bay in early September 2026, where five holes were completed targeting the vein array identified during Phase 1 channel sampling.
Drilling has since been completed at Cedar Trench, with a further four holes drilled, and the rig has now moved to West Fornieri Bay. Two holes are planned here to test the area of historic drilling, including the twinning of historic drill hole R-85-12, before the rig progresses to Moss Knoll, a new target identified during Phase 1 exploration and interpreted to lie on the mineralised trend between Fornieri Bay and Parker Shear.
Core is being processed and submitted for assay as drilling progresses through ActLabs' certified facility in Dryden, approximately 25 kilometres from Eagle Lake. The results will be integrated with our geological data and MINML's analysis to further refine targeting at Eagle Lake ahead of the planned Phase 2 drilling programme.
MINML Partnership and Wider Strategy
Alongside the work on the ground, our partnership with MINML is an important part of our approach to exploration. Its PRISM machine-learning platform can analyse large volumes of geological data and has been applied to both our Phase 1 results and historical data from Eagle Lake, helping our geological team refine targets and drill-hole positioning.
The relationship also extends beyond Eagle Lake; we see further opportunity in the Wabigoon Subprovince and are actively assessing other projects in the region alongside MINML. Notably, this area is attracting increasing exploration activity, with Dryden Gold, supported by established producers including Alamos Gold and Centerra Gold, advancing a district-scale land position.
However, our ambitions are not limited to Ontario, and we are also assessing opportunities elsewhere in North America that could complement Eagle Lake and support the development of a broader exploration business.
Financial Review
In connection with Admission, the Company raised approximately £2.0 million before expenses through a placing and subscription of 160,000,000 new ordinary shares at 1.25 pence per share. The proceeds are being used to support exploration at Eagle Lake and provide general working capital.
The acquisition of a 90% interest in Wedgetail Mining Corp, which owns 100% of the Eagle Lake Project, was completed for aggregate consideration of £4.18 million, comprising 320,000,000 new ordinary shares and £170,000 in cash. The remaining 10% of Wedgetail is held by AIM-quoted Gunsynd plc.
The convertible loan notes issued prior to Admission were converted into 59,957,575 new ordinary shares on completion of the transaction.
The Group incurred administrative expenses of £686,408 during the period, compared with £92,427 in the corresponding period of 2025, and reported a loss before tax of £729,808. At 30 June 2026, the Group held cash and cash equivalents of £280,620, with a further £1.495 million of share subscriptions receivable at the period end subsequently received in full.
Outlook
Looking ahead, and with the outlook for gold expected to remain supportive, we expect a busy remainder of the year as the maiden drilling programme progresses and assay results are incorporated into our geological model and planning for the next phase of exploration at Eagle Lake. In parallel, we will continue to assess opportunities in the Wabigoon Subprovince alongside MINML, while evaluating opportunities elsewhere in North America that fit our wider strategy.
I would like to thank our shareholders for their support through the transaction and since admission to AIM, as well as our teams, partners and advisers in the UK and Canada for their work over the past few months. We have covered a considerable amount of ground since June and look forward to updating shareholders on our progress.
Marcus Yeoman
Non-Executive Chair
Enquiries
|
Alex King, CEO |
Tel: +44 (0)203 475 6834 | |
|
Cairn Financial Advisers LLPNominated Adviser |
Louise O'Driscoll / Ludovico Lazzaretti |
Tel: +44 (0)207 213 0880 |
|
Bowsprit Partners Limited Broker |
James Sheehan |
Tel: +44 (0)20 3 883 4430 |
|
St Brides Partners Ltd Financial PR |
Isabel de Salis / Susie Geliher |
talon@stbridespartners.co.uk |
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CONDENSED STATEMENTOFCOMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2026
|
|
|
|
Unaudited |
Unaudited |
|
|
|
|
6 months ended 30 June 2026 |
6 months ended 30 June 2025 |
|
|
Note |
|
£ |
£ |
|
Revenue |
|
|
- |
- |
|
Administrative expenses |
|
|
(686,408) |
(92,427) |
|
Impairment |
|
|
- |
(15,627) |
|
Operating result |
|
|
(686,408) |
(108,054) |
|
Finance income |
|
|
- |
15,709 |
|
Finance expense |
|
|
(43,400) |
- |
|
Loss before taxation |
|
|
(729,808) |
(92,345) |
|
Income tax |
|
|
- |
- |
|
Loss for the period and total comprehensive loss for the period |
|
|
(729,808) |
(92,345) |
|
|
|
|
|
|
|
Basic and diluted loss per ordinary share (pence) |
3 |
|
(1.69) |
(0.42) |
CONDENSED STATEMENTOFFINANCIAL POSITION
AS AT 30 JUNE 2026
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
As at 30 June 2026 |
As at 30 June 2025 |
As at 31 December 2025 |
|
|
Note |
£ |
£ |
£ |
|
ASSETS |
|
|
|
|
|
Intangible assets |
4 |
4,207,760 |
- |
- |
|
Total non-current assets |
|
4,207,760 |
- |
- |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Other receivables |
5 |
1,874,132 |
21,071 |
44,326 |
|
Cash and cash equivalents |
|
280,620 |
8,668 |
320,829 |
|
Total current assets |
|
2,154,752 |
29,739 |
365,155 |
|
|
|
|
|
|
|
Total assets |
|
6,362,512 |
29,739 |
365,155 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
|
786,709 |
285,388 |
96,944 |
|
Other current liabilities |
6 |
- |
- |
524,284 |
|
Total liabilities |
|
786,709 |
285,388 |
621,228 |
|
|
|
|
|
|
|
Net assets/(liabilities) |
|
5,575,803 |
(255,649) |
(256,073) |
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
Equity attributable to owners |
|
|
|
|
|
Ordinary share capital |
7 |
5,692,896 |
221,320 |
221,320 |
|
Share premium |
7 |
1,346,927 |
1,005,110 |
1,005,110 |
|
Share-based payments reserve |
|
14,903 |
14,903 |
14,903 |
|
Other reserves |
6, 7 |
800,000 |
- |
51,709 |
|
Accumulated losses |
|
(2,278,923) |
(1,496,982) |
(1,549,115) |
|
Total equity |
|
5,575,803 |
(255,649) |
(256,073) |
CONDENSED STATEMENTOFCHANGES IN EQUITY
FOR THE 6 MONTHS ENDED 30 JUNE 2026
|
|
Ordinary share capital |
Share Premium |
Share-based Payments Reserve |
Other reserves |
Retained earnings (accumulated losses) |
Total equity |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Balance at 31 December 2024 (Audited) |
221,320 |
1,005,110 |
14,903 |
- |
(1,404,637) |
(163,304) |
|
|
|
|
|
|
|
|
|
Loss for period |
- |
- |
- |
- |
(92,345) |
(92,345) |
|
Total comprehensive loss for period |
- |
- |
- |
- |
(92,345) |
(92,345) |
|
Transactions with owners in own capacity |
|
|
|
|
|
|
|
Transactions with owners in own capacity |
- |
- |
- |
- |
- |
- |
|
Balance at 30 June 2025 (Unaudited) |
221,320 |
1,005,110 |
14,903 |
- |
(1,496,982) |
(255,649) |
|
|
|
|
|
|
|
|
|
Loss for period |
- |
- |
- |
- |
(52,133) |
(52,133) |
|
Total comprehensive loss for period |
- |
- |
- |
- |
(52,133) |
(52,133) |
|
Transactions with owners in own capacity |
|
|
|
|
|
|
|
Convertible loan notes issued |
- |
- |
- |
51,709 |
- |
51,709 |
|
Balance at 31 December 2025 (Audited) |
221,320 |
1,005,110 |
14,903 |
51,709 |
(1,549,115) |
(256,073) |
|
|
|
|
|
|
|
|
|
Loss for period |
- |
- |
- |
- |
(729,808) |
(729,808) |
|
Total comprehensive loss for period |
- |
- |
- |
- |
(729,808) |
(729,808) |
|
Transactions with owners in own capacity |
|
|
|
|
|
|
|
Issue of Ordinary Shares |
4,872,000 |
418,000 |
- |
800,000 |
- |
6,090,000 |
|
Convertible loan notes issued |
- |
- |
|
2,256 |
- |
2,256 |
|
Transfer on conversion of Convertible Loan Note |
599,576 |
43,817 |
- |
(53,965) |
- |
589,428 |
|
Share issue costs |
- |
(120,000) |
- |
- |
- |
(120,000) |
|
Balance at 30 June 2026 (Unaudited) |
5,692,896 |
1,346,927 |
14,903 |
800,000 |
(2,278,923) |
5,575,803 |
CONDENSED STATEMENT OF CASH FLOWS
FOR THE 6 MONTHS ENDED 30 JUNE 2026
|
|
Unaudited |
Unaudited |
|
|
6 months ended 30 June 2026 |
6 months ended 30 June 2025 |
|
|
£ |
£ |
|
Cash flows from operating activities |
|
|
|
Loss before income tax |
(729,808) |
(92,345) |
|
Adjustments for: |
|
|
|
Impairment |
- |
15,627 |
|
Settlement of fees through issue of equity |
159,000 |
- |
|
Interest income |
- |
(15,709) |
|
Interest expense |
43,400 |
- |
|
Increase in other receivables |
(249,806) |
5,201 |
|
Increase in other payables |
462,005 |
23,607 |
|
Net cash from operating activities |
(315,209) |
(63,619) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
Purchase of intangibles |
- |
- |
|
Net cash used in investing activities |
- |
- |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
Proceeds from issue of shares |
275,000 |
- |
|
Net cash from financing activities |
275,000 |
- |
|
|
|
|
|
Net (decrease) in cash and cash equivalents |
(40,209) |
(63,619) |
|
Cash and cash equivalents at beginning of period |
320,829 |
72,287 |
|
Cash and cash equivalents at end of period |
280,620 |
8,668 |
Significant non-cash transactions during the period were:
On 23 June 2026, the Company commenced trading on the AIM market of the London Stock Exchange and issued the following new ordinary shares (“shares”). Refer to note 7:
- 59,957,575 shares at 1.0p each through the conversion of £574,000 of convertible loan notes together with £25,576 of accrued interest;
- 320,000,000 shares at 1.25p each for the acquisition of 90% of Wedgetail Mining Corp;
- 7,200,000 shares at 1.25p to advisers in connection with the successful admission to trading of the Company’s shares to the AIM market of the London Stock Exchange.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 JUNE 2026
1 General information
TheCompanywasincorporatedon11December2020asapubliccompanyinEnglandandWaleswith companynumber13078596undertheCompaniesAct 2006. The address of its registered office is Eccleston Yards, 25 Eccleston Place, London SW1W 9NF, United Kingdom. The principal activity of the Group is the exploration and development of mineral properties, following the acquisition on 23 June 2026 of a 90 per cent interest in Wedgetail Mining Corp, which holds the Eagle Lake gold project in Ontario, Canada.
2.1 Statement of Compliance
As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report. While the financial figures included in this half-year report have been computed in accordance with international accounting standards applicable to Interim periods, this half-yearly report does not contain sufficient information to constitute an Interim Financial report as that term is defined in IAS 34.
The financial information presented in this interim report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 31 December 2026.
These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards, and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the United Kingdom, and these principles are disclosed in the Financial Statements for the year ended 31 December 2025.
The interim results have been prepared on a going concern basis. The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The 2026 interim financial report has not been audited.
The Annual Report and Financial Statements for 2025 have been filed with the Registrar of Companies. The Independent Auditor’s Report on the Annual Report and Financial Statements for 2025 was unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The Board of Directors approved these condensed consolidated interim financial statements on 28 September 2026.
- Accounting policies
IAS 8 requires that management shall use its judgement in developing and applying accounting policies that result in information which is relevant to the economic decision-making needs of users, that are reliable, free from bias, prudent, complete and represent faithfully the financial position, financial performance and cash flows of the entity.
- Going concern
The interim financial report has been prepared on a going concern basis. Although the Group’s assets are not generating revenues, the directors believe, having considered all available information, including the Company’s proven ability to raise further equity funds from its supportive shareholder base, that the Group will have sufficient funds to meet its expected committed and contractual expenditure for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the interim financial report for the period ended 30 June 2026.
3 Loss per Ordinary Share
|
|
Unaudited Period ended 30 June 2026 |
Unaudited Period ended 30 June 2025 |
|
Loss attributable to Shareholders – (£) |
(729,808) |
(92,345) |
|
Weighted average number of Ordinary Shares |
43,292,885 |
22,132,095 |
|
Basic and diluted loss per share (pence) |
(1.69) |
(0.42) |
4 Intangible assets
|
|
|
Prospecting and exploration rights |
Total |
|
|
|
£ |
£ |
|
As at 30 June 2025 (Unaudited) |
|
- |
- |
|
As at 31 December 2025 (Audited) |
|
- |
- |
|
Acquisitions |
|
4,179,688 |
4,179,688 |
|
Additions |
|
28,072 |
28,072 |
|
As at 30 June 2026 (Unaudited) |
|
4,207,760 |
4,207,760 |
5 Other receivables
|
|
Unaudited As at 30 June 2026 £ |
Unaudited As at 30 June 2025 £ |
Audited As at 31 December 2025 £ |
|
Share subscriptions receivable |
1,495,000 |
- |
- |
|
Other debtors |
25,000 |
- |
- |
|
VAT receivable |
176,142 |
9,631 |
43,642 |
|
Prepayments |
177,990 |
11,440 |
684 |
|
Total other receivables |
1,874,132 |
21,071 |
44,326 |
6 Convertible Loan Notes
|
Current liability |
Unaudited As at 30 June 2026 £ |
Unaudited As at 30 June 2025 £ |
Audited As at 31 December 2025 £ |
|
Liability component (fair value) |
- |
- |
498,291 |
|
Accrued interest |
- |
- |
25,993 |
|
Total current liability |
- |
- |
524,284 |
|
|
|
|
|
|
Equity component |
|
|
|
|
Conversion option |
- |
- |
51,709 |
On 10 September 2025, the Company issued unsecured convertible loan notes with a total principal value of £550,000, carrying interest at 6 per cent per annum. The instrument was separated into a liability component, measured at fair value on initial recognition using a discount rate of 17 per cent and subsequently at amortised cost, and an equity component representing the embedded conversion option.
On 23 March 2026 a further £24,000 of unsecured convertible loan notes were issued.
On 23 June 2026, the entire balance of the convertible loan notes along with accrued interest settled via conversion into 59,957,575 New Ordinary Shares of the Company at a price of 1 pence per share.
7Sharecapitalandsharepremium
|
|
Ordinary Shares |
ShareCapital |
Share Premium |
Other Reserves |
Total |
|
|
# |
£ |
£ |
£ |
£ |
|
As at 30 June 2025 (Unaudited) |
22,132,095 |
221,320 |
1,005,110 |
- |
1,226,430 |
|
Convertible loan note issued |
- |
- |
- |
51,709 |
51,709 |
|
As at 31 December 2025 (Audited) |
22,132,095 |
221,320 |
1,005,110 |
51,709 |
1,278,139 |
|
Convertible loan note issued |
- |
- |
- |
2,256 |
2,256 |
|
Conversion of loan notes |
59,957,575 |
599,576 |
43,817 |
(53,965) |
589,428 |
|
Acquisition shares |
320,000,000 |
3,200,000 |
- |
800,000 |
4,000,000 |
|
Adviser shares |
7,200,000 |
72,000 |
18,000 |
- |
90,000 |
|
Share placement |
160,000,000 |
1,600,000 |
400,000 |
- |
2,000,000 |
|
Share issue costs |
- |
- |
(120,000) |
- |
(120,000) |
|
As at 30 June 2026 (Unaudited) |
569,289,670 |
5,692,896 |
1,346,927 |
800,000 |
7,839,823 |
On 23 June 2026, the Company commenced trading on the AIM market of the London Stock Exchange and issued the following new ordinary shares (“shares”):
- 59,957,575 shares at 1.0p each through the conversion of £574,000 of convertible loan notes together with £25,576 of accrued interest;
- 320,000,000 shares at 1.25p each for the acquisition of 90% of Wedgetail Mining Corp;
- 7,200,000 shares at 1.25p to advisers in connection with the successful admission to trading of the Company’s shares to the AIM market of the London Stock Exchange;
- 160,000,000 shares at 1.25p pursuant to a fundraising comprising a placing and subscription in connection with the Company’s admission to trading on AIM.
Following Admission on 23 June 2026 the Company had 569,289,670 ordinary shares of £0.01 each in issue.
8 Events subsequent to the reporting date
Subsequent to the reporting date the entire £1,495,000 representing share subscriptions receivable (refer to note 5) was received by the Company.
Forward-looking statements
This announcement contains forward-looking statements regarding the Company's exploration programmes, the expected timing of results and its wider strategy. Those statements reflect the Directors' current expectations and are subject to risks and uncertainties, including exploration risk and the availability of future funding. Actual outcomes may differ materially and no statement in this announcement should be read as a forecast or a guarantee of future performance. Save as required by the AIM Rules for Companies or UK MAR, the Company undertakes no obligation to update any forward-looking statement.
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