Tamar Minerals Plc – Interim Results for the six months ended 31 December 2025

TAMAR MINERALS PLC

Company Registration No. 05173250

Interim Financial Report

for the six months ended 31 December 2025

CHIEF EXECUTIVE OFFICER’S STATEMENT

Tamar Minerals Plc

For the 6 months ended 31 December 2025

Dear Shareholder,

I am pleased to present the interim financial report for Tamar Minerals Plc for
the six months ended 31 December 2025.

Following the reverse takeover of Godolphin Exploration Limited in May 2025,
which transformed the Company into a dedicated tin and copper explorer focused
on the historic mining districts of Devon and Cornwall, the Group has continued
to integrate operations and advance planning for our key UK assets.

During the period we maintained our exploration portfolio, with ongoing costs
reflected in the reported loss before tax of £141,758. This figure primarily
comprises administrative, corporate and exploration expenses incurred as we
position the Company for active fieldwork. Our Australian exploration and
evaluation assets were £3,043,973 at period end (after foreign exchange
translation effects). We continue to evaluate monetisation opportunities on the
Specimen Hill and Mount Cassidy projects, including the expected completion of
the White Energy earn-in post period end.

In March 2026, we successfully closed a £2.04 million fundraising and
acquisition of mineral rights that we previously only had under option. This
comprised a £1.7 million gross equity raise together with the acquisition of
Godolphin Mining (UK) Limited. The proceeds, net of costs and after settling
certain director loans through share subscriptions, provide the Company with a
strong working-capital position and the resources required to execute our near
-term exploration plans.

With this capital now in place, we intend to commence drilling at Great Wheal
Vor later this year, targeting the depth extensions of the high-grade Main Lode.
Great Wheal Vor was one of Cornwall’s premier tin producers in the 19th century.
Mining ceased in 1878 due to the lode dipping into adjacent mineral rights that
are now under our control. Grades at the base of the main lode were estimated
historically to have been 3m to 5m wide at circa 3.5% Sn. We will be aiming to
test the historical thesis with the upcoming drill programme.

This is a programme I have wanted to drill for many years, and with recent
strength in tin prices coupled with strong fundamentals and growing Government
and global interest in critical metals in the South West of England, the timing
could not be better. We continue to evaluate further mineral rights acquisitions
across the region, supported by our proprietary 3D model of over 338 historic
mines, which assists in prioritising targets and building a pipeline for future
growth. We remain confident in the long-term potential of a hub-and-spoke mining
model in the South West, leveraging nearby processing capacity at projects such
as Hemerdon and South Crofty.

The Board and I would like to extend our thanks to long term and new
shareholders for their support through the recent capital raise and look forward
to providing regular updates as we mobilise the drill rig and progress our
exploration activities in 2026.

Mark Thompson

Chief Executive Officer

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

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The accompanying notes form part of these financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

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The accompanying notes form part of these financial statements.

These financial statements were approved by the Board of Directors on 27 March
2026.

Signed on behalf of the Board by:

Mark Thompson

Director
                                                   Company number: 05173250

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

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The accompanying notes form part of these financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2023

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The accompanying notes form part of these financial statements.

GENERAL INFORMATION

Tamar Minerals Plc is a company incorporated in the United Kingdom under the
Companies Act 2006. The consolidated entity (the «Group») consists of Tamar
Minerals Plc (Tamar and or the «Company») and the entities it controlled at the
end of, or during, the six months ended 31 December 2025. The principal activity
of the Group during the financial period was mineral exploration.

2. BASIS OF PREPARATION

These condensed interim consolidated financial statements («the interim
financial statements») of the Group are for the six months ended 31 December
2025 and are presented in Sterling which is the Company’s presentational
currency. These interim financial statements have not been reviewed or audited.

The interim financial statements have been prepared in accordance with the
recognition and measurement principles of IFRS as adopted by the European Union
(EU) and on the same basis and using the same accounting policies as applied in
the Company’s 2025 Annual Report and statutory accounts for the year ended 30
June 2025.

The statutory accounts for the year ended 30 June 2025 have been filed with the
Registrar of Companies. The auditor’s report on those financial statements was
unqualified and did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.

The current Group was formed through a Reverse Takeover («RTO») acquisition by
the Company of Godolphin Exploration Limited on 12th May 2025.

Comparatives consist of the unaudited six months ended 31 December 2024 compiled
from the accounting records of the accounting acquirer (Godolphin Exploration
Limited) which were not previously published, and the audited 15 months ended 30
June 2025, as presented in the audited annual financial statements.

Comparatives are presented as a continuation of the accounting acquirer using
the legal parent’s (Tamar Minerals Plc) equity structure. The reverse
acquisition reserve at 31 December 2024 differs from that reported at the RTO
date in the 2025 annual financial statements due to movements in the accounting
acquirer’s share capital and premium between 1 July 2024 and the RTO date, and
other presentation reclassifications.

The interim financial statements have been prepared on a going concern basis
under the historical cost convention. The Directors believe that the going
concern basis is appropriate for the preparation of these interim financial
statements as the Company is in a position to meet all its liabilities as they
fall due following the completion of a £1.7m gross fundraise in March 2026.

The interim financial statements for the six months ended 31 December 2025 were
approved by the Board on 27 March 2026.

3. DIVIDEND

The Board is not recommending the payment of an interim dividend for the period
ended 31 December 2025.

4. EXPLORATION AND EVALUATION EXPENDITURE

31 December 2025 31 December 2024 30 June 2025
        £ £         £
Non-producing
properties
Balance at the 2,947,624 – –
beginning of the
period
Recognition on – – 2,947,624
reverse acquisition
Foreign exchange 96,349 – –
movement
Balance at the end 3,043,973 – 2,947,624
of the period

Exploration and Evaluation Expenditure represents capitalised expenditure less
any impairment on the Group’s exploration licences in Australia held by its
wholly owned subsidiary, Signature Gold Pty Ltd, being the Specimen Hill and
Mount Cassidy projects.

The ultimate recoupment of balances carried forward in relation to areas of
interest still in the exploration or valuation phase is dependent on successful
development, and commercial exploitation, or alternatively sale of the
respective areas. The Directors have taken into consideration a number of
factors when assessing the potential for impairment of these assets, including
the likelihood of monetising these projects through existing and potential
agreements with third-parties, and have concluded that no impairment is
necessary at the balance sheet date.

5. TRADE AND OTHER RECEIVABLES

31 December 2025 31 December 2024 30 June 2025
£ £ £
Current
Other receivables – – 130,857
Prepayments 40,093 7,972 15,295
GST and VAT receivable 25,339 11,070 23,927
65,432 19,042 170,079

No receivables were past due or provided for at the period end or at the
previous year end. The Directors consider the carrying amount of trade and other
receivables approximates to be their fair value.

6. TRADE AND OTHER PAYABLES

31 December 2025 31 December 2024 30 June 2025
        £         £         £
Current
Trade payables 124,166 – 53,643
Other payables 194,005 17,774 231,121
Accrued expenses 70,000 531 112,198
388,171 18,305 396,962
Non-Current
Other payables 152,418 – 163,949
152,418 – 163,949
Total Trade and other payables 540,589 18,305 560,911

7. EVENTS AFTER THE REPORTING PERIOD

On 3 March 2026 the Company issued 56,475,825 new ordinary shares of 0.2p each
at a subscription price of 3p per share to raise gross proceeds of £1,694,275.
At the same time the Company issued 11,666,667 new ordinary shares of 0.2p each
at a subscription price of 3p per share for the acquisition of Godolphin Mining
(UK) Limited for a consideration of £350,000.

Of the £1,694,275 proceeds noted above, £140,000 was settled in lieu of
repayment of loans due to Godolphin Minerals Limited, a company in which Mark
Thompson is a Director, and £151,525 was settled in lieu of outstanding loans
and fees owed to Brett Boynton, a Director of the Company.  The remainder was
settled, net of placing costs, in cash.

In part consideration for professional services rendered in connection with the
Fundraising, VSA Capital Limited were granted 1,000,000 warrants to subscribe
for new ordinary shares in the Company at the Issue Price of 3p per share for a
period of three years, expiring on 3 March 2029.

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