Company No. 05285814 Alba Mineral Resources plc REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 Alba Mineral Resources plc CONTENTS Page Officers and professional advisers 1 Chairman’s Statement 2 Strategic Report 7 Directors’ Report 11 Directors’ Responsibilities Statement 13 Corporate Governance Statement 14 Independent Auditor’s Report 20 Consolidated Income Statement and Statement of Comprehensive Income 26 Consolidated Statement of Financial Position 27 Company Statement of Financial Position 28 Consolidated Statement of Changes in Equity 29 Company Statement of Changes in Equity 30 Consolidated Cash Flow Statement 31 Company Cash Flow Statement 32 Notes to the Financial Statements 33 Alba Mineral Resources Plc OFFICERS AND PROFESSIONAL ADVISERS 1 DIRECTORS George Frangeskides (Chairman) Michael Nott Elizabeth Henson Mark Austin SECRETARY Ben Harber REGISTERED IN ENGLAND & WALES Company Number 05285814 REGISTERED OFFICE c/o Arch Law Limited Huckletree Bishopsgate 8 Bishopsgate London EC2N 4BQ NOMINATED ADVISERS SPARK Advisory Partners Limited 5 St. John’s Lane London EC1M 4BH BROKERS CMC Markets 133 Houndsditch London EC3A 7BX AUDITOR PKF Littlejohn LLP 30 Churchill Place London E14 5RE SOLICITORS Keystone Law 48 Chancery Lane London WC2A 1JF PRINCIPAL BANKERS Metro Bank One Southampton Row London WC1B 5HA REGISTRARS Share Registrars Limited 3 Millennium Centre Crosby Way Farnham Surrey GU9 7XX Alba Mineral Resources plc CHAIRMAN’S STATEMENT 2 Dear Shareholders, The Board of Alba Mineral Resources plc is pleased to report on the Company’s progress for the financial year ended 30 November 2025. (References to the “Company” or “Alba” are to Alba Mineral Resources plc and references to the “Group” are to Alba collectively with its Subsidiary Companies as listed in Note 13). The year under review has been one of significant operational and strategic progress for the Company, marked by the transition to active underground development at the Clogau Gold Mine and the expansion of the Company’s portfolio into critical minerals. 1. REVIEW OF ACTIVITIES 1.1. WELSH GOLD PROJECTS (Clogau-St David’s, Gwynfynydd and Dolgellau Gold Exploration Project) The principal focus during the year has been the continued advancement of underground development and bulk sampling at the Clogau-St David’s Gold Mine, in particular at the Llechfraith Target. Significant progress has been made in advancing underground operations: • Drilling and blasting activities have continued on Level 5 of the Mine, with a substantial volume of material brought to surface, comprising both newly blasted ore and historic material. • Blasting has confirmed that the host rock is amenable to controlled, low-impact methods, supporting the viability of continued underground development. • Development planning has been refined, with the current plan being to drill and blast up to 20 m of new development horizontally on Level 5, rather than putting in incline raises, to maximise the speed and therefore the extent of development. Blasting has taken place in two phases, firstly in the period November-December 2024, then again, following a test blast in July 2025, a second phase of blasting commenced in December 2025. • From the first phase operation, the Company removed 123 tonnes of ore from underground, comprising newly blasted and historic material. Processing of approximately 11.6 tonnes of that ore yielded 108.6 kg of concentrate, yielding 11.58 grams of gold after refining. • From the second phase operation, as reported on 30 April 2026, to date: o Ten blasts have been completed to date, for a total advance of 13.8 metres. o Significant sulphide material observed on current development face and adjacent footwall. o Historical data indicates that the next blasts may intersect a possible payshoot. o Around 165 tonnes have been extracted in total from the ten blasts to date, with 16 tonnes in total processed through the Company’s onsite pilot plant and resulting concentrate assays returning uneconomic grades. Alba Mineral Resources plc CHAIRMAN’S STATEMENT 3 o Blasts 7-10 material have yet to be processed at all and will be processed in due course. A new iCON centrifugal gravity gold concentrator has been purchased and installed at the onsite pilot processing plant at Clogau, which is expected to improve the throughput of material and enhance recoveries. The presence of sulphide mineralisation within blasted material presents an alternative mineralogical model for gold at Clogau, which has previously been focused on the recovery of free gold in the quartz veins. Test work is being undertaken to better understand the mineralogy of the sulphide material in order to determine the presence of gold in the different sulphide minerals and the best way to process those. While economic gold grades have yet to be intersected, work to date has reduced key uncertainties and provided confidence to continue exploration. Processing optimisation has been a key focus: • Upgrades to the pilot plant, including installation of a trommel, repositioning of the wave table and improvements to the gravity recovery circuit with the purchase of a new concentrator in April 2026 are expected to improve recovery efficiency. • Reprocessing of waste tip fines yielded an average concentrate grade of 450.6 g/t, equating to an average head grade of 9.2 g/t, representing a significant improvement on earlier results. Further waste material remains to be processed, which will be progressed once the new concentrator has been fully tested in the updated process circuit. Commercial initiatives have also progressed: • Three limited edition one-ounce gold coins produced from Clogau gold were sold at substantial premiums, with the first achieving £20,000 at auction and the second and third selling for £21,000 each. • The Company has announced plans to produce and sell some limited edition 18 carat gold pendants, with all the gold being sourced from the Company’s production at Clogau. These results demonstrate the potential for premium product strategies to enhance project economics. The Company has also secured a new six-year option agreement with The Crown Estate, effective February 2025, covering approximately 100.55 km². While economic grades have not yet been encountered at Level 5 of the Llechfraith Target, the mine contains multiple targets identified in Alba’s drilling programmes, both on other levels of the Lower Llechfraith development and in other sections of the mine. As such, we continue to have confidence in the potential of Clogau and intend to continue advancing exploration of the project towards a viable production scenario. 1.2 MOTZFELDT CRITICAL METALS PROJECT During the period, the Company acquired an initial 25.5% interest in the Motzfeldt rare earth project in Southern Greenland. Motzfeldt represents a large-scale opportunity with strategic relevance in the context of growing global demand for critical minerals. Motzfeldt is a large-scale niobium-rare earth-tantalum-zirconium system with potential strategic importance in the context of increasing global demand for critical minerals, particularly those required for the energy transition. Alba Mineral Resources plc CHAIRMAN’S STATEMENT 4 Subsequent work on Motzfeldt has focused on advancing understanding of the project’s metallurgical characteristics and development potential: • A mini bulk sample was subjected to mineral processing and metallurgical test work. • The test work has focused on assessing recovery characteristics and identifying potential processing routes for rare earth mineralisation. • Initial results have provided important insights into the mineralogy and beneficiation potential of the ore with third party verification of the minerals that host the critical metals at the Aries target – pyrochlore, columbite (Nb, Ta, REE), bastnäsite, parisite, monazite, xenotime (REE) and zircon (Zr) all have established extractive industries globally, highlighting a key advantage of the Motzfeldt project. • Planned work streams for the near term include reviewing the existing JORC resource, first year environmental baseline studies, commissioning a first-pass review of infrastructure and other related options for the construction of mining operations at Motzfeldt and carrying out a field programme in the summer of 2026 at both the Aries deposit area and the highly prospective Merino target. On 30 April 2026, the Company released results in relation to the assaying of samples taken at the Merino prospect at Motzfeldt in 2025. The highlights are as follows: • High-grade Total Rare Earth Oxide (TREO), Niobium and Zirconium assay results were reported: o Total Rare Earth Oxides (TREO): up to 1.36%, with an average of 0.71%. o Niobium: 0.73% Nb2O5 (average 0.5%). o Zirconium: 2.3% ZrO2 (average 1.2%). • The average grades are 2.6x higher than the equivalent grades in the Aries JORC deposit area, with an average of 19% of the TREO composed of key magnet metals Praseodymium, Neodymium, Dysprosium and Terbium. • The host minerals are bastnäsite (LREE), xenotime (HREE), columbite (Nb) and zircon (Zr), readily processable minerals with established extractive industries. • 2025 drone photography revealed the continuity of multiple similar structures on all sides of the Merino cliff faces continuing in excess of 150m. • These results confirm that hydrothermal critical metal structures exist at Motzfeldt in addition to the known magmatic pyrochlore microsyenite mineralization observed at the Aries deposit. The addition of Motzfeldt represents a material broadening of the Company’s asset base. 1.3 GREENROC STRATEGIC MATERIALS PLC As at the year end, the Company held a 25.34% shareholding in GreenRoc Strategic Materials plc (“GreenRoc”). GreenRoc has made substantial progress with the Amitsoq Graphite Project during the reporting period. Key developments include: • The grant of a 30-year Exploitation Licence subsequent to the year end. • Being awarded “Strategic Project” designation under the EU Critical Raw Materials Act. Alba Mineral Resources plc CHAIRMAN’S STATEMENT 5 • Progress on downstream processing, including commencing construction of an Active Anode Materials pilot plant. • Continued funding support and engagement with strategic partners, including a €5 million loan facility from EIFO, the Danish Export and Investment Fund. • These developments strengthen the Amitsoq Project’s positioning within the European battery supply chain and enhance the inherent value of Alba’s investment. During the period, GreenRoc completed a fundraise, raising £735,000 before costs. As an indication of the Company’s belief in the prospects of Amitsoq, the Company participated in the fundraise and, where feasible, intends to continue supporting GreenRoc in future fundraising rounds. 1.4 OTHER PROJECTS AND INVESTMENTS Sweden – Finnsbo Project The Company is earning into the early-stage Finnsbo project in Sweden. During the period, the Company completed significant field work programmes, including airborne geophysics and a maiden three-hole drilling campaign. Most of the metres drilled in the drilling programme returned mineralised core. An assessment of the drilling will only be possible once geochemical assays have been completed and reported, which has been delayed due to the next point. The licence holder has purported to terminate the Company’s earn-in rights under the agreement previously entered into between them. The Company contends that it has fulfilled the terms of the agreement and that the agreement, and Alba's earn-in rights, remain in full force and effect. The Company is satisfied that it has fulfilled the expenditure requirement for the first 12-month earn-in period, has thereby earned a 25% interest in the Finnsbo project and is entitled to continue earning into the project during a second 12-month period in order to increase its interest to 51%. This matter is currently with the Company’s external legal advisers. While recent events introduce an element of uncertainty, the Company remains focused on protecting its position legally and assessing the appropriate next steps. Horse Hill Oil Project, England As at the date of this report, the planning permission allowing for commercial production at Horse Hill has yet to be reinstated. The Company awaits the further advice of the Operator of the field. 2. CORPORATE 2.1 Funding During the year, Alba continued to access capital markets to fund operations and development activities. Fundraisings were supported by institutional and retail investors, Alba raising gross proceeds of approximately £1,125,000 through placings completed in March, July and October 2025. Since the year end, the Company has raised a further £800,000 (before costs) through private placements. Alba Mineral Resources plc CHAIRMAN’S STATEMENT 6 In what remains a challenging funding environment for junior resource companies, the Company has maintained a disciplined approach to cost management and capital allocation. 2.2 Investments Alba has continued to support GreenRoc through participation in fundraisings where this has been feasible in line with the Company’s other project commitments. Although dilution has occurred, this has been accompanied by meaningful progress and value creation at the project level. 3. OUTLOOK The past year has marked a clear transition for the Company, with active underground development at Clogau and the addition of a significant critical mineral asset in Motzfeldt. At Clogau, the focus remains on advancing underground exploration with a view to finding economic gold zones, while continuing to optimise processing and recovery techniques and further developing commercialisation strategies. At the same time, the Company is increasingly positioned within the critical minerals sector, in particular with exposure to rare earths, niobium and tantalum at Motzfeldt and graphite at Amitsoq. Looking ahead, the Company’s priorities are to: • advance exploration at Clogau towards a potential production decision; • continue technical and feasibility work at Motzfeldt with a view to being in a position to apply for an Exploitation Licence in the next 12 months or so; and • continue to support its strategic investment in GreenRoc and the Amitsoq Project. With exposure to both precious metals and critical minerals, and with multiple identifiable catalysts across its portfolio, the Company is well positioned to deliver value as its projects advance. I would like to thank our shareholders for their continued support and our team for their commitment and professionalism throughout the year. George Frangeskides Executive Chairman Alba Mineral Resources plc STRATEGIC REPORT 7 The Directors present the strategic report for Alba Mineral Resources plc for the year ended 30 November 2025. References to the “Company” or “Alba” are to Alba Mineral Resources plc and references to the “Group” are to Alba collectively with its Subsidiary Companies (as listed in Note 13). PRINCIPAL ACTIVITIES The Group’s principal activity is exploration for and development of natural resources. BUSINESS REVIEW The Company operates principally as a holding company and specifically provides support to its subsidiary companies and investees, which own and operate advanced gold and critical mineral projects in proven European jurisdictions. Its principal assets are the Clogau Gold project (100% owned), the Motzfeldt Critical Metals Project (25.5% owned) and a 25% stake in GreenRoc Strategic Materials plc. Early-stage and pipeline projects include the Gwynfynydd and Dolgellau Gold Projects (100% owned) and the Finnsbo Au-Cu-REE Project (earn-in). The Company also has an investment in the UK onshore oil and gas sector. The Directors believe that the Group’s asset and investment portfolio provides access to a range of assets with potential to add significant value for the Company’s shareholders in the long-term. Our strategy, where possible, is to target assets that have a history of production or advanced exploration and are in stable jurisdictions, and which thereby offer real potential to be brought into commercial production. At the same time, we will also continue to pursue earlier stage opportunities which fit within our overall portfolio or strategic outlook, whether from a geographic or a commodity perspective. A review of activities across the portfolio is given in the Chairman’s Statement on pages 2-6. A key challenge for the Company is identifying the most effective, including the most cost-effective, methods for progressing mineral exploration activities at our projects, with the aim being to materially advance the level of knowledge and confidence in the potential of our projects and thereby justify the committing of further resources to progress those projects rapidly through exploration and into the development phase. PRINCIPAL RISKS AND UNCERTAINTIES Principal risks and uncertainties facing the Group are: (i) Funding risk – the risk that the Group will not be able to raise sufficient funds to continue as a going concern or to progress exploration and development activities. The Group largely funds its activities and corporate overheads by raising capital on the AIM market. There is no certainty that capital will be available when needed. The Company prepares ongoing cash flow forecasts and closely monitors spend. As reported in Note 1b) to these Accounts, there is a material uncertainty that the Group can obtain sufficient funding to continue as a going concern as it does not have cash to cover 12 months of planned spend. Given its strong track record in raising funds as needed, the Directors have prepared these accounts on the going concern basis but must highlight this to users of the Report and Accounts. (ii) Exploration risk – the risk that exploration programmes are not successful in advancement to the development stage or realise their full value. Every project has exploration risk attached, being the risk that the project is not successful in finding, developing and/or extracting sufficient quantities of minerals to be commercially viable. Alba Mineral Resources plc STRATEGIC REPORT 8 Specific risks are identified, evaluated and addressed on a project-by-project basis and can include finding insufficient reserves of minerals, complexity of extraction and meeting commitments or obligations under a licence. The Company addresses these risks in all phases of project planning, for example with legal and geological due diligence prior to acquisition and by employing permanent geological staff as well as engaging external consultants in relevant areas at different phases in a project’s development. (iii) Legal & regulatory risk – the risk that the group will not be able to obtain the permits and consents required to progress exploration and development activities. The Company addresses this risk by employing experts to advise on and assist with any necessary permitting and consents. It engages fully with regulatory bodies and aims to work with them to achieve a positive outcome as demonstrated in recent years at Clogau gold project. (iv) Climate-related risks – the risk that changes to the climate impact directly on specific projects or that climate- risk related legislation affects a project directly or indirectly. Changes to weather patterns can directly impact projects and the Company will factor such climate-related risks into future planning for projects. The Company strives to reduce its environmental and carbon footprint and its activities in Wales are powered by locally generated hydroelectric energy wherever possible to minimise emissions. (v) Global events – such as geopolitical uncertainty and public health incidents. Both funding risk and exploration risk can be materially increased by the impact of international geopolitical, financial and public health developments, whether due to the resulting logistical challenges, because of the unavailability of exploration personnel, equipment or materials or because of any negative effect on capital markets and the availability of funding. The Company mitigates such risks by focusing its activities in stable jurisdictions and working with local suppliers and operators. In a public health emergency, the Company closely follows all recommendations and guidelines from the relevant authorities. KEY PERFORMANCE INDICATORS (KPIs) At this stage in the Company’s development, the Directors regularly monitor key performance indicators associated with funding risk, being primarily projected cash flows associated with general administrative expenses and projected cash flows on a project-by-project basis. This year the Company has been able to raise the funds needed to finance its activities. Performance of projects is assessed using measures specific to that project. As an exploration group with no production or proven reserves, evaluation is based on exploration results and technical reports and assessments. In the review of activities, we have identified for each project the exploration results or assessments that demonstrate the progress that is being made on that project. These assessments also inform our plans for future work and assist in determining how much of our funding we allocate to each project. For the year under review, the Board had identified the following milestones to be material indicators of value having been added to the Company: • Complete further underground bulk sampling at the Clogau project to produce more gold and to prove up an economic model for the reopening of that section of the mine for commercial production – underground development is currently underway, after extensive works to comply with the UK Mines Regulations. Processing of blast materials is at a relatively early stage, with most of the material by weight still to be processed. These activities will continue and this milestone carried forward. Alba Mineral Resources plc STRATEGIC REPORT 9 • Design, market and sell gold products from gold extracted and refined from that further bulk sampling programme. A pendant design was developed and published during the year and 18k Clogau Welsh gold produced. The gold used is from an earlier sampling programme at this stage due to the bulk sampling commencement being delayed until December 2025. Five pendants are in the process of being produced. • Complete a first phase exploration programme on primary targets at the Finnsbo rare earth and gold project in Sweden. A drilling campaign was successfully undertaken in Sweden during the year. For the coming year, the Board aims to achieve the following: • To continue underground bulk sampling at the Clogau project to seek to prove up an economic model for the reopening of that section of the mine for commercial production. • At Motzfeldt, to review the existing JORC resource, commission a gap analysis on future mining, infrastructure and logistical requirements, carry out a 2026 field programme and commission 1st year environmental baseline studies. • Funding – to secure grant/loan funding from a governmental or other public body or institution for the Motzfeldt project. FINANCIAL REVIEW The Group made a loss of £1,508,000 after tax (2024: loss of £3,523,000), including a non-cash loss of £426,000 attributable to dilution of its holding in GreenRoc Strategic Materials plc, a share of loss of that company of £228,000 and further impairment expense of £150,000 relating to its oil & gas investment. Operating losses were £634,000 before impairments, compared with £715,000 in the comparative period, the prior period being higher due to a charge to the income statement of £177,000 for warrants and options. The underlying operating losses of Alba and its subsidiaries are at a similar level year-on-year. An impairment expense of £150,000 was booked against the valuation of the Company’s investment in Horse Hill Developments Limited, reducing its balance sheet value to £nil. Despite the quantity of oil in the ground under licence, there is uncertainty as to future production, given the suspension of production on site following an adverse Court decision which has resulted in the previous long-term planning permission for the field no longer being effective. A significant impairment was booked in the prior year and subsequently the majority owner and operator fully impaired its own valuation, causing the Company to follow suit. The Board will reconsider the asset’s value should production re-start at a future date. During the year, Alba raised funding of £1,125,000 via placings (2024: £1,167,000) and realised cash of £62,000 from the sale of three limited edition Welsh gold coins. £363,000 was spent on exploration activities across the Group (2024: £651,000) and net cash used in operating activities was £438,000 (2024: £442,000). Cash at the period end was £362,000. Section 172(1) Statement The Directors believe they have acted in the way most likely to promote the success of the Company for the benefit of its members as a whole, as required by s172 of the Companies Act 2006. Addressing individually the requirements of s172, Directors are to: - Consider the likely consequences of any decision in the long term, Alba Mineral Resources plc STRATEGIC REPORT 10 Alba’s stated activities are exploration and development. The nature of such activities requires a long-term perspective as it may take several years’ work on a project to bring it to the point of crystallising value. In the evaluation of projects, both those in the portfolio and those identified as prospects for the Company, the Company always considers the long- term potential of the project. - Act fairly between the members of the Company, The Company does not differentiate between members in terms of access to information – all information is shared via the regulatory news service as required by AIM and via its Investorhub (the investor relations section of its website) which has Q&A functionality for registered users. In respect of acting fairly between members, the Directors note that equity financings are typically managed by the Company’s appointed corporate brokers who are responsible for book-building on each private placement undertaken for the Company. On occasion, the Company has been able to offer shareholders the opportunity to participate in financing rounds via retail offers supported on a few of the largest trading and investing platforms. - Maintain a reputation for high standards of business conduct, The Directors are committed to high standards of business conduct and promotes these via policies and procedures such as the Company’s anti-bribery and whistle-blowing policy, and a share dealing policy for dealings in shares by Directors and senior employees and requiring adherence to the same by key suppliers. - Consider the interests of the Company’s employees, As a small company, Alba does not have a large workforce. All employees have direct access to senior management. The Company demonstrates consideration of the interests of the team by enforcing safe working practices on sites, giving employees a range of opportunities for career development and offering competitive remuneration and flexibility in working arrangements. - Foster the Company’s relationships with suppliers, customers and others, and - Consider the impact of the Company’s operations on the community and the environment. The Company endeavours to use suppliers and services local to the projects where possible. It maintains an office in Wales near the licence areas and engages with the local community via open days, school visits, dual language communications and visits to local landowners. The Company has also sponsored signage at a local football club in North Wales and donated to a local charity offering riding for the disabled and supports community events. The local MP and local Member of the Senedd have visited the Clogau project. The Company also works with other stakeholders such as regulatory and environmental bodies and The Crown Estate. Mining in the United Kingdom is highly regulated. The Company liaises closely with local and national regulatory and environmental bodies and professional advisers to ensure that the Group’s activities are properly permitted and approved. The operations in Wales are undertaken in accordance with all applicable planning, environmental and ecological regulations, and the Company works closely with the North Wales Minerals and Waste Planning Service, Snowdonia National Park Authority and Natural Resources Wales on those environmental matters and with the Health and Safety Executive’s Mines Inspectorate in relation to mine safety. The Company intends to take a similar approach in relation to its activities at the Motzfeldt Project in Greenland. Approved by the Board of Directors and signed on behalf of the Board George Frangeskides Executive Chairman, 1 May 2026 Alba Mineral Resources plc DIRECTORS’ REPORT 11 The Directors present their report and the audited financial statements of Alba Mineral Resources plc for the year ended 30 November 2025. Alba Mineral Resources plc is a public limited company incorporated and domiciled in England & Wales, whose shares are publicly traded on the AIM market of the London Stock Exchange plc. The registered office address is c/o Arch Law Limited, Huckletree Bishopsgate, 8 Bishopsgate, London EC2N 4BQ. References to the “Company” or “Alba” are to Alba Mineral Resources plc and references to the “Group” are to Alba collectively with its Subsidiary Companies (as listed in Note 13). RESULTS AND DIVIDENDS The loss of the Group for the year, after taxation, attributable to equity holders of the parent amounted to £1,508,000 (2024: £3,523,000 loss). The Directors do not recommend the payment of a dividend (2024: £nil). DIRECTORS George Frangeskides, Michael Nott and Elizabeth Henson served as Directors throughout the year. Mark Austin was appointed to the Board on 1 September 2025. DIRECTORS’ INTERESTS The beneficial interests of the Directors who held office at 30 November 2025 in the share capital of the Company, and those of their connected parties, were as follows: No. of Ordinary shares 2025 No. of Ordinary shares 2024 G Frangeskides 163,353,294 163,353,294 M Nott 60,958,658 60,958,658 E Henson 10,000,000 10,000,000 M Austin 7,857,143 n/a SUBSTANTIAL SHAREHOLDERS The Company has identified the following interests of 3% or more in its issued share capital at 24 April 2026: Designation No. of Ordinary shares Percentage holding Hargreaves Lansdown (Nominees) Limited 15942 2,505,241,406 10.4% HSDL Nominees Limited 1,875,601,327 7.6% Interactive Investor Services Nominees Limited SMKTISAS 1,525,654,832 6.2% HSDL Nominees Limited MAXI 1,424,140,342 5.7% Barclays Direct Investing Nominees Limited CLIENT1 1,357,562,988 5.7% Interactive Investor Services Nominees Limited SMKTNOMS 1,334,483,306 5.6% Hargreaves Lansdown (Nominees) Limited VRA 1,287,413,016 5.5% H41G Limited 1,244,034,673 5.2% The Bank Of New York (Nominees) Limited 1,173,136,909 4.8% Vidacos Nominees Limited IGUKCLT 1,148,262,240 4.6% Hargreaves Lansdown (Nominees) Limited HLNOM 1,045,530,731 4.4% On 9 March 2026 the Company received and published a TR1 form from a shareholder, D Smith-Kind, reporting a holding of 4.2%. Those shares are held via a nominee and included within the holdings reported above. DISCLOSURE OF INFORMATION TO THE AUDITOR In the case of each person who was a Director at the time this report was approved: • so far as that Director was aware, there was no relevant audit information of which the Company’s auditor was unaware; and Alba Mineral Resources plc DIRECTORS’ REPORT 12 • that Director had taken all steps that the Director ought to have taken as a director to make himself or herself aware of any relevant audit information and to establish that the Company’s auditor was aware of that information. This information is given and should be interpreted in accordance with the provisions of section 418 of Companies Act 2006. AUDITORS The auditors, PKF Littlejohn LLP, have indicated their willingness to continue in office, and a resolution that they be re-appointed will be proposed at the annual general meeting. FINANCIAL INSTRUMENTS AND RISKS The disclosure relating to financial instruments and risks have been included in the Notes to the financial statements (Note 21). CORPORATE GOVERNANCE The Board follows the Quoted Companies Alliance Corporate Governance Code. For further details see page 14. EVENTS AFTER THE REPORTING PERIOD See Note 24 and the Chairman’s Statement from page 2. FUTURE DEVELOPMENTS See Chairman’s Statement “Outlook” on page 6. Approved by the Board of Directors and signed on behalf of the Board George Frangeskides Director, 1 May 2026 Alba Mineral Resources plc STATEMENT OF DIRECTORS’ RESPONSIBILITIES 13 The Directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial period. Under that law the Directors have elected to prepare the Group and parent company financial statements in accordance with UK- adopted international accounting standards. Under Company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period. In preparing those financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and accounting estimates that are reasonable and prudent; • state whether applicable UK-adopted international accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company/Group will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Company is compliant with AIM Rule 26 regarding the Company’s website. Alba Mineral Resources plc CHAIRMAN’S STATEMENT OF COMPLIANCE WITH THE QCA CORPORATE GOVERNANCE CODE 14 The Board of Alba Mineral Resources plc (“Alba” or the “Company” and, together with its subsidiaries, the “Group”) is responsible for the direction and oversight of all of the Company’s activities. The Board seeks, through effective and efficient decision-making, to ensure that the Company is managed for the long-term benefit of all shareholders. Ensuring good standards of corporate governance is an important part of the Board’s role, with the twin objectives being to reduce risk and at the same time to add value to our business. The Chairman of the Board is responsible for ensuring the Board functions effectively, particularly with regards to Corporate Governance matters. The Board has adopted the Quoted Companies Alliance corporate Governance Code (the “Code”) in line with the AIM Rules for Companies (“AIM Rules”) requiring all AIM-quoted companies to adopt and comply with a recognised corporate governance code. The QCA Code 2023 sets out 10 principles that should be applied. How Alba complies with those principles currently is set out below. As required by the Code, we will provide annual updates on our compliance with the Code. At this stage in the Company’s development, the Board does not fully comply with the principle of the Code which concerns the composition of the Board (see Principle 6). As projects and investments are advanced and as resources allow, the Board will actively seek to move towards full compliance with the Code. DELIVER GROWTH Principle One: Establish a purpose, strategy and business model which promotes long-term value for shareholders Alba owns, operates and invests in exploration and mining projects in Northern Europe. Our strategy is to target assets that have a history of production or advanced exploration in stable jurisdictions, and which thereby offer real potential to be brought into commercial production. At the same time, the Group will also continue to pursue earlier stage opportunities which fit within its overall portfolio or strategic outlook, whether from a geographic or a commodity perspective. Key challenges and principal risks are described in more detail in the Strategic Report on page 7. The Board believes that the Group’s strong asset and investment portfolio provides access to a range of assets with potential to add significant value for the Company’s shareholders in the long-term by bringing them into production through development or partnership. Principle Two: Promote a corporate culture that is based on ethical values and behaviours The Board recognises that it has a responsibility to set the corporate culture of the Company as a whole, and that sound and ethical behaviour will contribute to the success of Alba’s projects and reputation. The Company operates internationally and as such is mindful of local cultures and practices when planning and carrying out activities. The Board also has in place an approved anti-bribery and whistle- blowing policy. Given the size of the Company, Alba’s management remains close to the day-to-day operations and therefore better able to oversee the activities of the Company’s representatives. As the Company grows, the Board will oversee the development of guidance on the Company’s policies to be issued to new employees and contractors. The Company has in place a share dealing policy for dealings in shares by Directors and senior employees in line with the framework set by the AIM Rules and the UK Market Abuse regime (“MAR”) and also requires adherence to the same by key suppliers. In addition to abiding by the AIM Rules, as Alba operates in the natural resources sector, the AIM Note for Mining and Oil and Gas companies is applicable. Principle Three: Seek to understand and meet shareholder needs and expectations The Board appreciates that it is accountable to shareholders for the performance and activities of the Company and, to this end, is committed to providing effective communication with Alba shareholders. We publish all regulatory news promptly through the London Stock Exchange’s Regulatory News Service (“RNS”) and have an Alba Mineral Resources plc CHAIRMAN’S STATEMENT OF COMPLIANCE WITH THE QCA CORPORATE GOVERNANCE CODE 15 interactive platform, InvestorHub, integrated into our website, which facilitates dialogue with shareholders via a built-in Q&A function. In addition to the interactive website, shareholders can also contact the Company via info@albamineralresources.com. The Board welcomes feedback from shareholders as this helps Alba to better communicate our activities and, where possible, to deal with any misconceptions in the investment market. We are constrained, however, when responding to shareholder enquiries, by the requirements of the AIM Rules, and in particular the need to avoid making selective disclosure of material information. The Board maintains regular contact with the Company’s advisers, notably our Nominated Adviser (or “Nomad”), SPARK Advisory Partners, and our retained broker, CMC Markets, which also assists the Company in understanding the views of shareholders and the wider investment market. Principle Four: Take into account wider stakeholder interests, including social and environmental responsibilities, and their implications for long-term success The Board acknowledges that the long-term success of the Company is reliant on the efforts of employees and contractors, suppliers and other stakeholders. As a natural resources company, we feel that we have a responsibility to engage openly, transparently and effectively with community stakeholders and local and national government agencies in the countries in which we conduct operations. The Board is keen to maintain an open dialogue and co-operation with key stakeholders as the Company seeks to advance its projects and investments. For further information on our efforts in these areas, see the Directors section 172(1) statement on pages 9-10. Principle Five: Embed effective risk management, internal controls and assurance activities, considering both opportunities and threats, throughout the organisation The Board identifies, assesses and manages various risks in its decision-making and constantly evaluates the Company’s risk tolerance as part of its strategy as an exploration company. These range from financial and legal risks, to environmental, exploration, regulatory and management risks and more recently risks related to climate change. The Board will also seek consultation with experts in any area where a particular risk is identified. The financial risks to the Company are addressed the latest Report and Accounts in Notes 1 and 21. This covers funding risk, credit risk, liquidity risk and market risk, all areas which are monitored closely by the Board with a particular focus on funding risk. Environmental and exploration risks are considered at a project level and are constantly under review as project work is planned and undertaken. Some elements of regulatory risk are also project-specific and would be included within that review. Regulatory risk at a corporate level is addressed annually during production of the Company’s Report and Accounts and also at other times such as when notices are received from relevant regulatory bodies. This point is addressed further in Principle 10. Management risks are mitigated by attracting talent and providing stability and continuity through appropriate remuneration and the awarding of long-term share options, plus a culture of openness within the team, so that all members of the management team feel comfortable in raising any issues with the Board and Chairman. Alba Mineral Resources plc CHAIRMAN’S STATEMENT OF COMPLIANCE WITH THE QCA CORPORATE GOVERNANCE CODE 16 The Directors acknowledge their responsibility for the Group’s systems of internal controls and for reviewing their adequacy and effectiveness. These internal controls are designed to safeguard the assets of the Group and ensure the reliability of financial information for both internal and external use and publication. MAINTAIN A DYNAMIC MANAGEMENT FRAMEWORK Principle Six: Establish and maintain the board as a well- functioning, balanced team led by the chair The Board comprises the Executive Chairman, George Frangeskides, and three Non- Executive Directors: Elizabeth Henson (independent), Mike Nott (independent) and Mark Austin, who is not considered to be independent. The Board is aware that it is not currently compliant with the Code in respect of having an Executive Chairman fulfilling the role of Chief Executive. The Directors believe that this is appropriate at this stage of the Company’s development. When the Company sees significant, sustained increase in its market capitalisation and revenue position, the Company intends to move to full compliance. The Board has a wide range of experience directly related to the Group and its activities and its structure ensures that no one individual dominates the decision- making process. The Board also regularly seeks third-party expert advice to support its decisions. The Board meets on an ad-hoc basis as decisions are required, with update Board meetings also held periodically. During the year, eight scheduled Board meetings were held and all three (later four) Directors attended. Various additional matters were approved by written resolutions. Each of the Directors has entered into a Service Contract or Letter of Appointment with the Company. Under the terms of these agreements, each Director has agreed to devote such time and attention as is necessary to carry out his or her responsibilities and duties as a director. Principle Seven: Maintain appropriate governance structures and ensure that, individually and collectively, directors have the necessary up-to-date experience, skills and capabilities The Board currently consists of four Directors and, in addition, the Company employs a professional company secretary. The Directors have a range of technical, commercial and professional skills and the majority have experience in the public markets. The Board also employs a Chief Financial Officer and engages technical advisers whose specialism is in mineral exploration and development and who are thereby able to assist the Board in making effective decisions in relation to the Company’s projects and investments. The Board considers that its current structure is appropriate to the Company’s scale. Further information about the Directors’ experience, skills, capabilities and personal qualities is published on our website. The Directors attend industry forums and conferences in addition to maintaining strong links within the minerals and investment communities through regular networking. The Company subscribes to mineral and mining publications for internal use and Directors are encouraged to maintain individual continuing professional education programmes in their respective disciplines. In addition to its CFO and technical advisers (about whom further details can be found on the “Board and Management” page of the Company’s website and in the latest corporate presentation, also found on the Company’s website), the Company retains the services of UK auditors, a Nomad, corporate broker and solicitors. During the year, the independent directors received legal advice and consulted the Company’s Nomad on the acquisition of a share in the Motzfeldt Project as it included a significant transaction with another director and a related party. Alba Mineral Resources plc CHAIRMAN’S STATEMENT OF COMPLIANCE WITH THE QCA CORPORATE GOVERNANCE CODE 17 Ultimate authority for all aspects of the Company’s activities rests with the Board. While the roles of Chairman and Chief Executive are not separated, the Board receives regular updates on activities both formally and informally and has unrestricted access to management and to the technical advisers of the Company. Each Board member also has access to the Company’s solicitors and any independent professional advice they might need to discharge their duties effectively. The Executive Chairman is the leading representative of the Company, presenting the Company’s strategy to external interested parties. His responsibilities also include taking the Chair at Board Meetings and at General Meetings, where he is responsible for ensuring the appropriate supply of information. The Executive Chairman is also responsible for the development and execution of the Company’s long-term strategy, overseeing matters pertaining to the running of the Company and ensuring that the Company meets all legal requirements and corporate responsibilities. The Non-Executive Directors do not have specific individual responsibilities or remits. All Directors sit on the Remuneration Committee, although a director whose performance, remuneration and employment terms are due to be discussed at such a meeting shall absent himself or herself from the discussion and not vote on any proposed terms which relate to him or her. The Remuneration Committee reviews the performance of the Executive Director(s) and makes recommendations to the Board on matters relating to their remuneration and terms of employment. The Remuneration Committee also considers and approves the granting of share options pursuant to the Company’s share option plan and the award of shares in lieu of bonuses pursuant to the Company’s remuneration policy. The Audit Committee comprises Mike Nott, Elizabeth Henson and the Group’s CFO, Sarah Potter, a chartered accountant. The Executive Chairman attends the Audit Committee by invitation. The Committee meets a minimum of twice per year and has met twice in the reporting period in order to consider matters within its remit. The Committee reviews financial reporting, accounting policies, internal controls, and the independence and appointment of the external auditor. Given the size of the Board, there is no separate Nominations Committee and therefore recommendations for appointments to the Board are considered by the Board as a whole. Principle Eight: Evaluate board performance based on clear and relevant objectives, seeking continuous improvement Internal evaluation of the Board and individual Directors is undertaken on an ad- hoc basis in the form of peer appraisal and discussions. A further evaluation, in the form of a questionnaire-type assessment tool is undertaken annually. Given the current size of the Company, Board and senior management appointments are infrequent and subject to the individual being the right “fit” for the Company. The Board seeks prospective candidates via its network of contacts in the industry in the first instance and then via professional search agencies if required. Principle Nine: Establish a remuneration policy which is supportive of long-term value creation and the company’s purpose, strategy and culture The Company’s aim is to attract, retain and incentivise employees while at the same time recognising that as a pre-revenue organisation, financial constraints can limit the capacity for traditional financial rewards. Participation in long term value creation via share option/warrant arrangements is encouraged. This aligns with the Company’s business model to generate value via development of its exploration projects. Alba Mineral Resources plc CHAIRMAN’S STATEMENT OF COMPLIANCE WITH THE QCA CORPORATE GOVERNANCE CODE 18 BUILD TRUST Principle Ten: Communicate how the company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders For details of the various channels Alba uses for communicating with shareholders, see Principle 2 above. The results of voting on resolutions proposed at the Company’s AGM are reported via RNS and recorded in the “News” section on the Company’s website. In the past five years, there has been no significant level of votes cast against any resolutions put to shareholders at the Company’s AGM (where “significant” would mean at least 20 per cent of the votes cast being against a particular resolution). Historical annual reports and half-yearly results can be accessed via the Company’s website under “Investors” then “Corporate Documents”. Final results and interim results are also released via RNS and therefore also reported in the “News & Media” section of the website under the subheading “Announcements”. Alba Mineral Resources plc CHAIRMAN’S STATEMENT OF COMPLIANCE WITH THE QCA CORPORATE GOVERNANCE CODE BOARD OF DIRECTORS 19 George Frangeskides, Executive Chairman Mr Frangeskides has a broad range of experience gained from over 30 years in the mining, legal and corporate advisory sectors in the United Kingdom and Australia. Mr Frangeskides has worked in the mining sector since 2008, and before that practised as a lawyer in London and Sydney focusing on corporate finance, commercial and capital market transactions. With his experience in mergers and acquisitions, Mr Frangeskides leads all corporate negotiations for the Company. He has an extensive network of contacts across the mineral exploration and investment sectors in the UK, Asia-Pacific, North America, Middle East and Far East regions, giving the Company wide exposure to both investors and potential investments. A confident communicator, Mr Frangeskides regularly makes presentations about the Company and projects to the media and to shareholders. Michael Nott, Independent Non-Executive Director Mr Nott is a geologist and mining engineer by profession and has over 40 years’ experience in the oil and gas, mining, minerals and quarrying industries. His early career was based in Zambia, including eight years with Roan Consolidated Mines Limited. He was a regional manager for Pioneer Aggregates (UK) Limited, then an Australian company, and later a director of Jay Minerals Services Limited and Hills Aggregates Limited, becoming trading director of ARC (Southern) Limited and production director of C. White Limited. Mr Nott draws on his extensive experience of both the mining industry and the corporate world to offer pragmatic advice to the Company. Elizabeth Henson, Independent Non-Executive Director Ms Henson was previously a senior international tax partner for PricewaterhouseCoopers LLP (PwC), based in London. She was the Founder and Leader of PwC UK’s International Wealth business and is considered a leader in her field and has an established and substantial contact base consisting of some of the wealthiest entrepreneurs and high net worth individuals from the UK and across the globe. Ms Henson was the 2018 Spears Private Client Accountant of the Year and won the Citywealth Powerwomen Awards Silver award for Woman of the Year – Leadership (Large, Institutional) in 2016, 2018 and 2019, among other awards. She has a huge amount of professional experience across a wide range of sectors and countries and her advice and input will benefit the Group as it looks to grow. Her financial background adds to the strength and depth of the Board. Mark Austin, Non-Executive Director Alba’s Chief Operating Officer from 2020-2025, Mr Austin has over 40 years’ management and operational experience across a range of commodities, with a particular focus on gold. His previous roles include Non- Executive Director at Central Rand Gold, Group Geologist and CEO of Kilimapesa Gold (Kenya) for Goldplat ,plc) Vice President-Exploration at Mano River Resources plc and Senior Exploration Geologist with Placer Dome Exploration (Africa-Eurasia) Ltd. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALBA MINERAL RESOURCES PLC 20 Opinion We have audited the financial statements of Alba Mineral Resources plc (the ‘Parent company’) and its subsidiaries (the ‘Group’) for the year ended 30 November 2025 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Parent Company Statements of Financial Position, the Consolidated and Parent Company Statements of Changes in Equity, the Consolidated and Parent Company Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The Group financial statements have been prepared in accordance with applicable law and UK-adopted international accounting standards. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice). In our opinion: • the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 30 November 2025 and of the group’s loss for the year then ended; • the group financial statements have been properly prepared in accordance with UK-adopted international accounting standards; • the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty related to going concern We draw attention to note 1b in the financial statements, which indicates conditions that may cast significant doubt on the ability of the group and parent company to continue as a going concern. The group has incurred a net loss of £1.5m during the year ended 30 November 2025 and has a cash balance of £362k as at 30 November 2025. As stated in note 1b these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group and parent company’s ability to continue as a going concern. The group is reliant on a successful fundraise by the parent company to fund its recurring outgoings and projected exploration expenditure for the twelve months from the date that the financial statements are approved. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group’s and parent company’s ability to continue to adopt the going concern basis of accounting included: • Challenging the directors’ forecasts prepared to assess the group’s and parent company’s ability to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements. We have reviewed the consistency of committed cash flows against contractual arrangements and historic information and compared general overheads to current run rates. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALBA MINERAL RESOURCES PLC 21 • Reviewed the cash flow forecast for mathematical accuracy and assessed the formulas used. • Assessed the potential income amounts in the forecast, through Regulated News Service (RNS) announcements and Board minute reviews, post year activity and cumulative audit knowledge and experience. Stress testing on forecasted cash flows through different possible • scenarios, in order to evaluate the likelihood of potential downside scenarios. • Identifying and evaluating subsequent events which affect going concern and evaluating the likelihood of occurrence of forecasted inflows. • Reviewing post year end information such as minutes of board meetings and RNS announcements. • Assessing the adequacy of the disclosures in respect of going concern including the uncertainty over the ability to raise additional funds. • Challenging management’s assumptions of raising the required funds to support the operations of the group. We have discussed with the directors the strategies that they are pursuing to secure further funding if and when required. We note that the group has successfully raised funds from issuing equity in the past but at the date of this report there are no legally binding agreements in place to cover a funding deficit in these scenarios. • The forecasts demonstrated that the group and parent company will require additional funding during the going concern period to meet their liabilities as and when they fall due, and a material uncertainty has been disclosed above in respect to this. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Our application of materiality We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatement. At the planning stage, materiality is used to determine the financial statement areas that are included within the scope of our audit. Final materiality applied to the group financial statements was £222,000 (2024: £225,000) with performance materiality set at £166,000 (2024: £157,000). The benchmark for determining materiality of the group was 3% of net assets (2024: 3% of net assets), given that the most significant balances for the group relate to the exploration and evaluation assets, investments, cash and cash equivalents. A benchmark of 75% (2024:70%) for performance materiality during our audit of the group and parent company was applied as we believe that this would provide sufficient coverage of significant and residual risks. We agreed with the audit committee that we would report to them all audit differences identified during the course of our audit in excess of £11,000 (2024: £11,000) for the group. We also agreed to report any other audit misstatements below that threshold that we believe warranted reporting on qualitative grounds. Final materiality applied to the parent company’s financial statements was £200,000 (2024: £214,000) with performance materiality of £150,000 (2024: £149,000). The benchmark for determining materiality of the parent company was 3% of net assets (2024: 3% of net assets), given that the most significant balances relate to investment in subsidiaries, intragroup receivables and cash and cash equivalents. The parent company is the funding vehicle for the exploration work carried out by the subsidiaries. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALBA MINERAL RESOURCES PLC 22 For the parent company, we agreed with the audit committee that we would report all individual audit differences identified during the course of our audit in excess of £10,000 (2024: £10,000) together with any other audit misstatements below that threshold that we believe warranted reporting on qualitative grounds. Component materiality ranged from £83,000 to £222,000 (2024: 78,500 to £225,000), based on their individual net assets. Our approach to the audit In designing our audit approach, we determined materiality and assessed the risk of material misstatement in the financial statements. In particular, we assessed the areas requiring the directors to make subjective judgements, for example in respect of significant accounting estimates and judgements including the carrying value of evaluation and exploration assets, intra-group balances and investments in subsidiaries, and the consideration of future events that are inherently uncertain. We also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. The group comprises the parent company and its subsidiaries. For the year ended 30 November 2025, an audit was performed on the financial information of the group’s material operating components located in the United Kingdom, Wales and Greenland. Materiality and the risks of material misstatement were assessed at subsidiary level when determining the nature and extent of audit procedures, with components presenting higher risk due to the nature of their activities or transactions receiving greater audit focus. Dragonfire Mining Limited and Alba Mineral Resources plc were determined to be material to the Group audit, and full-scope audit procedures were performed on those components. This specifically focused on exploration cost capitalisation and valuation of the exploration assets in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources. This work was significant in addressing our key audit matter in respect of the carrying value of capitalised exploration costs and the carrying value of investments in subsidiaries. Work on all in scope components of the group has been performed by us as group auditor. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty related to going concern section we have determined the matters described below to be the key audit matters to be communicated in our report. Key Audit Matter How our scope addressed this matter Carrying value of Capitalised exploration costs – Group As at 30 November 2025, the group held £4,470k (2024: £4,170k) of intangible assets, comprising capitalised exploration costs. This is a material amount in its Consolidated Statement of Financial Position. Our work in this area included: • Confirmation that the Group has good title to the applicable licences held; • Considering whether there are indicators of impairment as disclosed under IFRS 6 (e.g. the entity not having the right to explore the specific INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALBA MINERAL RESOURCES PLC 23 There is a risk that these assets have been incorrectly capitalised in accordance with IFRS 6 - Exploration for and Evaluation of Mineral Resources (“IFRS 6”), and that there are indications of impairment as at 30 November 2025 which have not been identified by Management. Management's assessment of impairment under IFRS 6 requires significant estimation and judgement particularly in relation to early-stage exploration projects. There is a risk that the carrying value of these intangible assets could be overstated (refer to notes 2 and 10). area, substantive expenditures on further exploration activities have not been made, and exploration activities have not led to the discovery of commercially viable quantities of mineral resources); • Evaluating future plans for the license areas as detailed by management and assessing these against Group budgets, board minutes and RNS releases; • Evaluating management’s impairment assessment and considering key factors in light of other available information, including management’s impairment indicators assessment; • Substantive testing to assess whether costs capitalised in the year have met the capitalisation requirements of IFRS 6; and • Reviewing the disclosures in the financial statements, including those relating to estimates and judgements used, and evaluate their completeness in the accounting period. Carrying value of investments in subsidiaries and intra-group receivables - parent company The parent company holds material investments of £1,455k (2024: £1,455k) in its Statement of Financial Position related to its subsidiary undertakings. There are also material intragroup balances of £2,740k (2024: £2,525k) as the parent company funds operations in the subsidiaries. Given the losses in the subsidiaries, there is a risk that the investments in subsidiaries (where capitalised exploration costs are the main asset) may not be fully recoverable and therefore overstated (refer to notes 2 and 13). To a significant degree the carrying value of the investments in subsidiaries is intrinsically linked to the value of the capitalised exploration assets held within them. Our work in this area included: • Reconfirming ownership documents for investments in subsidiaries held by the parent company. • Reviewing and assessing management’s impairment assessment of the valuation of investment per IAS 36 Impairment of assets, with reference to the carrying values of the underlying intangible assets in accordance with IFRS 6. • Reviewing and considering management’s assessment of the intragroup balance receivables in respect of the requirements set out in IFRS 9 Financial Instruments. • Evaluating the presentation and disclosures in the financial statements. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALBA MINERAL RESOURCES PLC 24 of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • the information given in the strategic report and the directors’ report for the financial year for which the group financial statements are prepared is consistent with the group financial statements; and • the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • certain disclosures of directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit. Responsibilities of directors As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the group and parent company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the group financial statements, the directors are responsible for assessing the group’s and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • We obtained an understanding of the group and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALBA MINERAL RESOURCES PLC 25 obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector. • We determined the principal laws and regulations relevant to the group in this regard to be those arising from o Companies Act 2006 o UK adopted International Accounting Standards o AIM rules o Mining regulation in the relevant jurisdictions o Bribery Act 2010 o Employment Law • We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group with those laws and regulations. These procedures included, but were not limited to: o Enquiries of management regarding potential non-compliance; o Review of legal and professional fees to understand the nature of the costs and the existence of any non-compliance with laws and regulations; and o Review of minutes of meetings of those charged with governance and RNS announcements. • We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias was identified in relation to the carrying value of the capitalised exploration costs and investments as described in the Key Audit Matters section above. • As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Alistair Roberts (Senior Statutory Auditor) 30 Churchill Place For and on behalf of PKF Littlejohn LLP Canary Wharf Statutory Auditor 1 May 2026 London E14 5RE Alba Mineral Resources plc CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2025 26 Note 2025 2024 £’000 £’000 Other income 30 77 Administrative expenses 5 (664) (792) Impairment expense 12 (150) (2,347) Operating loss (784) (3,062) Loss on dilution of investment in associate 3, 11 (496) (223) Share of loss of associate 11 (228) (238) Loss for the year before tax (1,508) (3,523) Taxation 7 - - Loss for the year (1,508) (3,523) Items that may subsequently be reclassified to profit or loss: Foreign exchange movements - - Total comprehensive income (1,508) (3,523) Loss attributable to: Equity holders of the parent (1,508) (3,523) Non-controlling interests - - (1,508) (3,523) Total comprehensive income attributable to: Equity holders of the parent (1,508) (3,523) Non-controlling interests - - (1,508) (3,523) Earnings per ordinary share Basic and diluted (pence) 8 (0.012) (0.041) The Accounting Policies and Notes on pages 33 to 56 form part of these financial statements. Alba Mineral Resources plc CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 NOVEMBER 2025 27 Note 2025 2024 £’000 £’000 Non-current assets Property, plant and equipment 9 155 164 Intangible fixed assets 10 4,472 4,171 Investment in associate – GreenRoc Strategic Materials plc 11 2,382 3,056 Investment in associate – Elemental Rare Metals Ltd 11 460 - Investments – Horse Hill Developments Limited 12 - 150 Total non-current assets 7,469 7,541 Current assets Trade and other receivables 14 88 89 Cash and cash equivalents 15 362 126 Total current assets 450 215 Current liabilities Trade and other payables 16 (409) (230) Total current liabilities (409) (230) Net current assets/(liabilities) 41 (15) Net assets 7,510 7,526 Capital and reserves Share capital 17 5,583 5,455 Share premium 12,738 11,973 Shares to be issued 427 - Warrant reserve 419 247 Retained losses (11,825) (10,317) Foreign currency reserve 168 168 Total equity 7,510 7,526 The Accounting Policies and Notes on pages 33 to 56 form part of these financial statements. These financial statements were approved and authorised for issue by the Board of Directors on 1 May 2026. Signed on behalf of the Board of Directors George Frangeskides, Director, Company No. 05285814 Alba Mineral Resources plc COMPANY STATEMENT OF FINANCIAL POSITION 30 NOVEMBER 2025 28 Note 2025 2024 £’000 £’000 Non-current assets Investments in subsidiaries 13 1,455 1,455 Loans to subsidiaries 13 2,740 2,525 Investment in associate – GreenRoc Strategic Materials plc 11 2,382 3,056 Investment in associate – Elemental Rare Metals Ltd 11 460 - Investments – Horse Hill Developments Limited 12 - 150 Total non-current assets 7,037 7,186 Current assets Trade and other receivables 14 71 52 Cash and cash equivalents 15 350 125 Total current assets 421 177 Current liabilities Trade and other payables 16 (342) (199) Total current liabilities (342) (199) Net current assets/(liabilities) 79 (22) Net assets 7,116 7,164 Capital and reserves Share capital 17 5,583 5,455 Share premium 12,738 11,973 Share capital to be issued 427 - Warrant reserve 419 247 Retained losses (12,051) (10,511) Equity shareholders’ funds 7,116 7,164 The Accounting Policies and Notes on pages 33 to 56 form part of these financial statements. The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not included its own income statement and statement of comprehensive income in these Financial Statements. The Company’s loss for the year was £1,540,000 (2024: a loss of £3,649,000). These financial statements were approved and authorised for issue by the Board of Directors on 1 May 2026. Signed on behalf of the Board of Directors George Frangeskides, Director, Company No. 05285814 29 Alba Mineral Resources plc CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025 Share Share Share capital Warrant Retained Foreign currency Total capital premium to be issued reserve losses reserve £’000 £’000 £’000 £’000 £’000 £’000 £’000 At 30 November 2023 5,137 11,119 - 782 (7,506) 168 9,700 Loss for the year - - - - (3,523) - (3,523) Other comprehensive income - - - - - - - Total comprehensive income for the year - - - - (3,523) - (3,523) Shares and warrants issued (net of costs) 318 854 - - - - 1,172 Equity settled share-based payments - - - 177 - - 177 Transfer on exercise or expiry of warrants - - - (712) 712 - - Total transactions with owners 318 854 - (535) 712 - 1,349 At 30 November 2024 5,455 11,973 - 247 (10,317) 168 7,526 Loss for the year - - - - (1,508) - (1,508) Other comprehensive income - - - - - - - Total comprehensive income for the year - - - - (1,508) - (1,508) Shares and warrants issued (net of costs) 128 765 - 172 - - 1,065 Equity settled share-based payments - - - - - - - Shares to be issued as consideration 427 - - - 427 Total transactions with owners 128 765 427 172 - - 1,492 At 30 November 2025 5,583 12,738 427 419 (11,825) 168 7,510 The Accounting Policies and Notes on pages 33 to 56 form part of these financial statements. 30 Alba Mineral Resources plc COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025 Share Share Share capital Warrant Retained Attributable to equity capital premium to be issued reserve losses holders of parent £’000 £’000 £’000 £’000 £’000 £’000 At 30 November 2023 5,137 11,119 - 782 (7,574) 9,464 Loss for the year - - - - (3,649) (3,649) Total comprehensive income for the year - - - - (3,649) (3,649) Shares and warrants issued (net of costs) 318 854 - - - 1,172 Equity settled share-based payments - - - 177 - 177 Transfer on exercise or expiry of warrants - - - (712) 712 - Total transactions with owners 318 854 - (535) 712 1,349 At 30 November 2024 5,455 11,973 - 247 (10,511) 7,164 Loss for the year - - - - (1,540) (1,540) Total comprehensive income for the year - - - - (1,540) (1,540) Shares and warrants issued (net of costs) 128 765 - 172 - 1,065 Equity settled share-based payments - - - - - - Transfer on exercise or expiry of warrants - - 427 - - 427 Total transactions with owners 128 765 427 172 - 1,492 At 30 November 2025 5,583 12,738 427 419 (12,051) 7,116 The Accounting Policies and Notes on pages 33 to 56 form part of these financial statements. Alba Mineral Resources plc CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2025 31 Note 2025 2024 £’000 £’000 Cash flows from operating activities Operating loss (784) (3,062) Impairment expense 12 150 2,347 Depreciation 9 9 14 Share based payment charges 5 - 177 Fees settled in shares 17 7 73 (Decrease)/increase in creditors 16 179 10 Decrease/(increase) in debtors 14 1 (1) Net cash used in operating activities (438) (442) Cash flows from investing activities Payments for exploration expenditure 10 (363) (651) Receipts from test production 62 - Payments for tangible fixed assets 9 - (10) Investment in associate – GreenRoc Strategic Materials 11 (50) (70) Investment in associate – Elemental Rare Metals 11 (33) - Receipt from investee company 12 - 103 Net cash used in investing activities (384) (628) Cash flows from financing activities Proceeds from the issue of shares and exercise of warrants 1,125 1,167 Costs of issue (67) (68) Finance expense - - Net cash generated from financing activities 17 1,058 1,099 Net increase/(decrease) in cash and cash equivalents 236 29 Cash and cash equivalents at beginning of period 126 97 Cash and cash equivalents at end of year 15 362 126 Significant non-cash transactions in the period not reflected above are shown on the face of the income statement, being the share of loss of associate of £228,000 and a loss on partial disposal of associate due to dilution £496,000. The Accounting Policies and Notes on pages 33 to 56 form part of these financial statements. Alba Mineral Resources plc COMPANY CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2025 32 Note 2025 2024 £’000 £’000 Cash flows from operating activities Operating loss (817) (3,188) Impairment expense 12 150 2,347 Share based payment charge 5 - 177 Fees settled in shares 17 7 73 Movement in the expected credit loss provision for loans to subsidiaries 13 72 180 (Decrease)/increase in creditors 16 143 22 Decrease/(increase) in debtors 14 (19) 13 Net cash used in operating activities (464) (376) Cash flows from investing activities Loans granted to subsidiaries 13 (287) (715) Investment in associate – GreenRoc Strategic Materials 11 (50) (70) Investment in associate – Elemental Rare Metals 11 (33) - Receipt from investee company - 103 Net cash used in investing activities (370) (682) Cash flows from financing activities Proceeds from the issue of shares and exercise of warrants 1,125 1,167 Costs of issue (66) (68) Net cash generated from financing activities 1,059 1,099 Net increase/(decrease) in cash and cash equivalents 225 41 Cash and cash equivalents at beginning of period 125 84 Cash and cash equivalents at end of year 15 350 125 Significant non-cash transactions in the period not reflected above relate to the investment in associate (see Note 11 for more details) and are as follows: - Share of loss of associate £228,000 - loss on partial deemed disposal due to dilution £496,000 The Accounting Policies and Notes on pages 33 to 56 form part of these financial statements. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 33 1. ACCOUNTING POLICIES AND BASIS OF PREPARATION Alba Mineral Resources plc is a public limited company incorporated and domiciled in England & Wales, whose shares are publicly traded on the AIM market of the London Stock Exchange plc. The registered office address is c/o Arch Law Limited, Huckletree Bishopsgate, 8 Bishopsgate, London EC2N 4BQ. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all the years presented. a. Basis of preparation The consolidated financial statements of Alba Mineral Resources plc (the Company) and its subsidiaries (collectively, the Group) have been prepared in accordance with UK-adopted international accounting standards (“IFRSs”) as they apply to the Group for the year ended 30 November 2025 and with the Companies Act 2006. Numbers have been rounded to £’000. The consolidated financial statements have been prepared on the historical cost basis, save for the revaluation of certain financial assets and liabilities at fair value. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2. New or amended Standards and interpretations that became effective during the year ended 30 November 2025 had no impact on the Group accounts. The Directors have considered the impact on the Group of new and revised accounting standards, interpretations or amendments that are effective on or after 1 December 2025 and which the Group has chosen not to adopt early. Of these, the following standards are relevant to the Group: − IFRS 18 Presentation and Disclosure in Financial Statements This new accounting standard is effective for the year ending 30 November 2028. This requires entities to classify income and expenses into five categories - operating, investing, financing, income tax and discontinued operations. The Group does not anticipate significant changes to the presentation of the income statement. Other amendments, standards and interpretations are in issue, both endorsed and not yet endorsed, but they are not relevant to the Group and Company and as such they are not commented on. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 34 1. ACCOUNTING POLICIES AND BASIS OF PREPARATION (continued) b. Going concern Based on financial projections prepared by the Directors, the Group’s current cash resources are insufficient to enable the Group to meet its recurring outgoings and projected exploration expenditure for the next twelve months. The Directors have prepared cash flow forecasts to 12 months from the date of signing of these accounts which take into account planned exploration spend, costs and external funding. The need for external funding is a material uncertainty that may cast doubt on the Group’s and Company’s ability to continue as a going concern. At this stage as an explorer the Group does not have a steady income stream and is reliant on external funding sources such as capital raisings or asset transactions to fund activities. The nature of these is ad-hoc and as such the Group and Company do not carry a cash balance sufficient for 12 months of expenditure. However, the Board has a reasonable expectation that the Group and Company will continue to be able to meet their commitments for the foreseeable future by raising funds when required from the equity capital markets and based on the following: • The Group has a strong track record in sourcing external funding. • Forecasts contain a level of discretionary spend such that in the event that cash flow becomes constrained action can be taken to enable the Group to operate within available funding. The Group demonstrated this during the Covid-19 pandemic when sourcing capital was uncertain. • The Group and Company may also consider future joint venture funding arrangements in order to share the costs of the development of its exploration assets, or to consider divesting of certain of its assets and realising cash proceeds in that way in order to support the balance of its exploration and investment portfolio. • The Group holds liquid assets that can be converted into cash if required. For these reasons the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. c. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and companies controlled by the Company, the Subsidiary Companies, drawn up to 30 November each year. Control is recognised where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, where appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. d. Foreign currency For the purposes of the consolidated financial statements, the results and financial position of each Group entity are expressed in pounds sterling, which is the presentation currency for the consolidated financial statements. In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the reporting date. Exchange differences arising are included in profit or loss for the period. For the purposes of preparing consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Gains and losses from exchange differences so arising are shown through the Consolidated Statement of Changes in Equity. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 35 1. ACCOUNTING POLICIES AND BASIS OF PREPARATION (continued) e. Other income Income that arises from activities other than the Group’s core business operations is classified as “other income” and presented together with operating expenses, rather than as revenue, on the Income Statement. Other income arises from personnel costs and office expenses charged to an associate for time spent assisting with technical and corporate matters. f. Share based payments Share-based compensation benefits are made on an ad-hoc basis on the recommendations of the Remuneration Committee or via the Enterprise Management Incentive Scheme where the employee meets the qualifying conditions. The fair value of warrants or options granted is recognised as an employee benefits expense, with a corresponding increase in the warrant reserve. The total amount to be expensed is determined by reference to the fair value of the options granted: o including any market performance conditions (e.g. the entity’s share price) o excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and o including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold shares for a specific period of time). The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to the warrant reserve. g. Non-current assets Intangible assets: Deferred exploration and evaluation costs Pre-licence costs are expensed in the period in which they are incurred. Expenditure on licence renewals and new licence applications covering an area previously under licence are capitalised in accordance with the policy set out below. Once the legal right to explore has been acquired, exploration costs and evaluation costs arising are capitalised on a project- by-project basis, pending determination of the technical feasibility and commercial viability of the project. Costs include appropriate technical and administrative expenses. If a project is successful, the related expenditures will be reclassified as development and production assets and amortised over the estimated life of the commercial reserves. Prior to this, no amortisation is recognised in respect of such costs. When all licences comprising a project are relinquished, a project abandoned, or is considered to be of no further commercial value to the Company, the related costs will be written off to administrative expense within profit or loss. Deferred exploration costs are carried at historical cost less any impairment losses recognised. Where the Group has entered into a farm out agreement, the Group does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs previously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation to the whole interest with any excess accounted for as a gain on disposal. Where the Group enters into a farm in agreement, the Group recognises all expenditure which it incurs under that agreement, with the expenditure being either capitalised or expensed in accordance with the policy detailed above. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 36 1. ACCOUNTING POLICIES AND BASIS OF PREPARATION (continued) Property, plant and equipment Land is shown at cost and is not depreciated as it is not a wasting asset. The land owned by the Group is an integral part of access to one of the Group’s projects and as such its value is reviewed annually as part of the impairment review of that project value as a whole. Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows: o Plant and vehicles – 10 years o Computer equipment – 3 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits. Investments in associates: Associates are entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Significant influence is the power to participate in the financial and operating policy decisions of the investee but not the ability to control or jointly control those policies. Investments in associates are accounted for using the equity method of accounting, being initially recognised at cost. The Group’s share of associates post-acquisition profit/loss after tax and other comprehensive income/loss are presented as the ‘Share of loss of associate” in the Group income statement The cumulative post-acquisition movements are adjusted against the carrying amount of the investment less any impairment in value. When the Group’s share of losses in an associate is equal to or exceeds its interest in the associate, the Group does not recognise further losses unless it has incurred obligations or made payments on behalf of the entity. When the Group ceases to have control or significant influence, any retained interest in the entity is re-measured to its fair value at the date when or significant influence is lost with the change in carrying amount recognised in the income statement. Investment in subsidiaries (Company only): Investment in subsidiaries, comprising equity instruments and capital contributions, are recognised initially at cost less any provision for impairment. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. h. Financial instruments Financial assets and financial liabilities are recognised in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. The classification is dependent on the business model adopted for managing the financial assets and the contractual terms of the cash flows expected to be derived from the assets. The Group classifies its financial instruments as follows: Financial assets Trade and other receivables Amortised cost Loans to subsidiaries (Company only) Amortised cost Investments At fair value through profit or loss (FVPL) Financial liabilities Trade and other payables Amortised cost Borrowings Amortised cost Other borrowings Amortised cost Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 37 1. ACCOUNTING POLICIES AND BASIS OF PREPARATION (continued) Investments: Investments in unlisted equity instruments whose fair value cannot be reliably measured are recognised initially at investment cost. Any shareholder loans made are included in the investment cost. Where a value can be reliably measured the investment is subsequently recognised at fair value through profit and loss. Information about the methods and assumptions used in determining fair value is provided in Note 12. Trade and other receivables: Trade and other receivables are held for the collection of contractual cash flows and are classified as being measured at amortised cost. They are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. Loans to subsidiaries (Company only): Long-term loans to subsidiaries, other than capital contributions, are held for the collection of contractual cash flows and are classified as being measured at amortised cost, net of provision for impairment. Impairment is initially based on the expected lifetime credit loss as applied to the portfolio of loans. The loans are interest free and have no fixed repayment terms. As such the loans are assessed as being credit impaired on inception and lifetime expected credit losses are recognised with the amount of provision being recognised in the profit or loss. A loan will be subject to impairment review if there is an indicator of impairment, such as the impairment of the value of the deferred exploration intangible asset within the relevant subsidiary. A loan is fully impaired when the relevant subsidiary recognises an impairment of its deferred exploration expenditure, such that the subsidiary is not expected to be able to repay the loan from its existing assets. Trade and other payables: Trade and other payables are not interest bearing and are recognised initially at fair value and subsequently measured at amortised cost. Leases: The Group does not have any leases within the scope of IFRS16. i. Equity Share capital represents the nominal value of equity shares, both ordinary and preference. Share premium represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue. Share capital to be issued represents a temporary reserve recognising the contractual obligation of the parent company at 30 November 2025 to, following the RNS announcement dated 28 October 2025, issue shares in consideration for the acquisition of 25.5% of Elemental Rare Metals Limited, the owner of the Motzfeldt project in Greenland. Those shares were issued in December 2025 and January 2026. Warrant reserve represents proceeds from the issue of extant warrants. Foreign currency reserve holds gains/losses arising on retranslating the net assets of the Group into pounds sterling. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 38 1. ACCOUNTING POLICIES AND BASIS OF PREPARATION (continued) j. Taxation The charge for taxation is based on the profit or loss for the year and takes into account deferred tax. The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised directly in equity. In this case the tax is also recognised directly in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit or loss and is accounted for using the liability method. Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available in the foreseeable future against which the temporary differences can be utilised. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. k. Segmental information An operating segment is a distinguishable component of the Group which is subject to risks and rewards that are different from those of other segments. In the Group’s current portfolio, the geographical location of exploration projects provides the basis for grouping into segments. Operating segments are reported in a manner consistent with internal reporting provided to the chief operating decision- maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors of the Company. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the financial statements in conformity with generally accepted accounting practice requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the reporting date and the reported amounts of revenues and expenses during the reporting period. Actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas of judgement that have the most significant effect on the amounts recognised in the financial statements are as follows: Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 39 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (cont’d) i) JUDGEMENTS Capitalisation of exploration and evaluation costs - £4,472,000 The capitalisation of exploration costs relating to the exploration and evaluation phase requires management to make judgements as to the future events and circumstances of a project, especially in relation to whether an economically viable extraction operation can be established. In making such judgements, the Directors take comfort from the findings from exploration activities undertaken, the fact the Group intends to continue these activities and that the Company expects to be able to raise additional funding to enable it to continue the exploration activities. Impairment assessment of exploration and evaluation costs – £4,472,000 At each reporting date, management make a judgment as to whether circumstances have changed following the initial capitalisation and whether there are indicators of impairment. If there are such indicators, an impairment review will be performed which could result in the relevant capitalised amount being written off to the income statement. For further details see Note 10 “Intangible Assets”. This balance includes £4.3m relating to the Clogau Gold Project. Management do not judge the Exploration and Evaluation costs associated with that project to be impaired at 30 November 2025. Exploration is underway, and planned and budgeted throughout the year. A new option agreement was signed in the period. The Group has no data at this point that suggests that the asset value is unlikely to be recovered from successful development. Accounting for the investment in GreenRoc Strategic Materials plc as an investment in associate The Group determines the classification of the investment as an investment in associate on its percentage shareholding plus an evaluation of whether significant influence is held in the entity. The existence of significant influence is evidenced in the following ways: - A shareholding of 25.34% at the balance sheet date - Board of Directors’ representation (2 seats on the Board of GreenRoc) - Management personnel sharing (billable hours), - Policy-making participation and technical information exchanges. Impairment assessment of the investment in GreenRoc Strategic Materials plc - £2,382,000 At the year-end management made a judgement that the value of the investment in GreenRoc Strategic Materials plc was not impaired. The Group believes that the underlying value of the assets of that company, the Amitsoq graphite project and the Thule ilmenite project, supports the value of the investment. The investment is intended to be long-term until the projects are developed and the current pressure on GreenRoc’s share price is a reflection of poor conditions in the sector /market. At the balance sheet date, the market value of the Company’s shareholding in GreenRoc was £1,946,000 and the market value was approximately £3.6 million at 24 April 2026. Accounting for the investment in Elemental Rare Metals Limited as an investment in associate The Group determines the classification of the investment as an investment in associate on its percentage shareholding plus an evaluation of whether significant influence is held in the entity. The existence of significant influence is evidenced in the following ways: - A shareholding of 25.5% at the balance sheet date - A shared director - Policy-making participation and technical information exchanges. As a new acquisition, at the balance sheet date the investment valuation at cost is considered appropriate. Accounting for the investment in Horse Hill Developments Limited The Group and Company’s investment in Horse Hill Developments Limited (“HHDL”) is in the form of equity and a shareholder loan. However, the Directors judge that the loan is in substance part of the equity investment as governed by the HHDL investment agreement. As such the loan element of the investment is accounted for at fair value with movements in fair value being taken to profit or loss (FVTPL). The Group and Company’s shareholding in HHDL is less than 20%. A director of the Company is also a director of HHDL but does not act in an executive capacity. At the balance sheet date HHDL had a majority shareholder with a 77.9% shareholding. The Directors judge that the Company does not have significant influence over HHDL and that it should not be equity accounted for as an associate. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 40 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (cont’d) Company only – Impairment assessment of investment in and loans to subsidiaries – £1,455,000 and £2,740,000 In preparing the parent company financial statements, the Directors apply judgement to decide if any, or all of the company’s investments in (and where applicable loans to) Aurum Mineral Resources Limited, Dragonfire Mining Limited group and GMOW Gwynfynydd Limited are impaired or not. These companies have no source of funds other than their shareholders and the ability of the companies to repay their inter- company debt and for the Company to gain value from its investments in the companies is dependent on the future success of the companies’ exploration activities. In undertaking their review, the Directors consider the outcome of their impairment assessment of the relevant licences as detailed above. The Directors have used the Expected Credit Loss model to make a general provision against intercompany loans receivable based on historic credit losses and current data. In applying the expected credit loss model, the directors have judged that the loans to the subsidiaries were credit impaired on inception. See Note 13 for further details. ii) ESTIMATES Carrying value of investment in Horse Hill Developments Limited – Nil The Company’s investment in Horse Hill Developments Limited is carried at fair value, as, in the judgement of the Directors, it has been possible to estimate a reliable fair value for the investment. For further details of the valuation see Note 12. The Directors believe that the intrinsic value of the oil field has not been diminished during the year. However, due to the current suspension of production at the site caused by an adverse Court decision requiring planning applications to be recast and resubmitted and the subsequent impairment of the asset by the majority owner, the Directors believe it is prudent to impair the value of the investment in full. The significant quantities of oil in place may still lead to further positive cashflows in the future and the value of the investment will continue to be reviewed annually. 3. ACQUISITIONS AND DISPOSALS Partial disposals of investment in associate by dilution During the year placings by an investee company led to dilutions of the Group’s holding in that company. These were accounted for as partial deemed disposals for nil consideration, as they reduced the share of net assets held by the Group and therefore losses arose. For more information see Note 11 Investments in Associates. Acquisition of investment in associate On 14 July 2025 the Company announced initial terms for the acquisition of 51% of the Motzfeldt project in Greenland in two stages via the acquisition of shares in Elemental Rare Metals Limited, the project owner. Part of the transaction was a related party transaction with a director of Alba. On 28 October 2025 the final agreed terms were announced along with First Completion, being the acquisition by Alba of an initial 25.5% interest in the Project, for £30,000 in cash and £426,930 in Alba shares. The purchase of a further 25.5% was agreed subject to (1) Greenland Government approval to Alba acquiring a majority stake in the Project and (2) approval at a general meeting of Alba's acquisition of the second stake of 25.5% at Second Completion from an entity associated with Alba Chairman George Frangeskides. At the balance sheet date, Alba owned 25.5% of Elemental Rare Metals Limited. At the date of issue of these accounts, Condition (2) above had been fulfilled. Condition (1) was still awaiting formal confirmation. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 41 4. ANALYSIS OF SEGMENTAL INFORMATION The Group currently only has one primary reporting business segment, exploration and development. The Board of the Company evaluates the business on a sector basis; the two sectors being mining and oil and gas. The group exploration assets and investments along with capital expenditures are presented on this basis below: 2025 2024 £’000 £’000 Total assets Exploration and development 7,469 7,391 Oil and gas - 150 Current assets 450 215 7,919 7,756 Capital expenditure Exploration and plant 363 661 The Group’s primary business activities operate in the UK. The Group has investments in UK and Greenlandic assets. For accounting purposes, all are designated as UK assets. 2025 2024 £’000 £’000 Total assets England & Wales 7,919 7,756 Capital expenditure England & Wales 363 661 The administrative expenditure in the income statement primarily relates to central costs or exploration costs that cannot be capitalised. 5. EXPENSES BY NATURE AND AUDITOR REMUNERATION Auditor’s remuneration: 2025 2024 £’000 £’000 PKF Littlejohn LLP - Group audit services 45 45 Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 42 5. EXPENSES BY NATURE AND AUDITOR REMUNERATION (cont’d) Expenses by nature: Total 2025 Total 2024 £’000 £’000 Staff costs (note 6) 268 436 Professional fees and insurances 159 156 Exploration and consultancy 158 85 Office, travel, PR, other 70 101 Depreciation 9 14 Administrative expenses 664 792 2025 2024 £’000 £’000 Other income Services provided 30 77 Other income is personnel services and office costs billed to GreenRoc Strategic Materials plc. 6. DIRECTORS’ EMOLUMENTS AND STAFF COSTS During the period the Group had on average 5.4 (2024: 6.7) employees each month, being the Directors (who are the key management personnel) plus finance, geological and local site staff. Where eligible, Directors and other staff accrue benefits under a money purchase auto-enrolment scheme held in NEST. 2025 2024 Total Group Total Group £’000 £’000 Directors’ fees, salaries and pension (see table below) 195 179 Directors’ share based payments - 141 Directors’ social security costs 16 15 Staff costs Salaries and wages 150 223 Share based payment charges - 36 Social security costs 15 23 Defined contribution pension scheme 3 4 Fees classified as consultancy (32) (27) Costs recharged to projects (79) (158) Staff costs reported in administrative expenses (Note 5) 268 436 Average number of employees 5.4 6.7 Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 43 6. DIRECTORS’ EMOLUMENTS AND STAFF COSTS (cont’d) Directors’ remuneration: 2025 2024 Fees Salaries Pension FV of options vesting Total Fees Salaries Pension FV of options vesting Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 G.F. 36 120 1 - 157 36 115 1 117 269 Fees capitalised (16) - - - (16) (21) - - - (21) M.C.N 6 18 - - 24 6 18 - 12 36 E.H. 6 18 - - 24 6 18 - 12 36 M.A.* - 6 - - 6 Total 32 162 1 - 195 27 151 1 141 320 GF: George Frangeskides, MCN: Michael Nott, EH: Elizabeth Henson, MA: Mark Austin * Remuneration disclosed for Mark Austin is from his date of appointment to the board, 1 September 2025. Earnings prior to this are included within staff costs. Note 23 gives further details of transactions with the Directors. During the prior year a number of extant warrants/options were cancelled and new ones were granted to the Directors in their place. The prior year figures stated in the “FV of options vesting” column arise as a result of the technical application of applicable accounting standards to the fair valuing of share options and do not represent actual remuneration accruing to the directors. For further information on the valuation see Note 17. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 44 7. INCOME TAXES The UK corporation tax rate has been applied throughout the workings below as substantially all of the losses during the year (and historic losses in retained earnings) have been incurred by the parent or other companies resident in the UK for tax purposes. Using a weighted average rate would not change the effective tax rate. a) Analysis of charge in the period 2025 2024 £’000 £’000 United Kingdom small profits rate of corporation tax at 19% (2024: 19%) - - Deferred taxation - - b) Factors affecting tax charge for the period The tax assessed on the loss for the year before tax differs from the small profits rate of corporation tax in the UK which is 19% (2024: 19%). The differences are explained below: 2025 2024 £’000 £’000 Loss before tax (1,508) (3,523) Loss multiplied by standard rate of tax (287) (669) Effects of: Expenses not deductible / losses not allowable 170 572 Deferred tax assets not recognised/capital allowances not claimed 117 97 - - A deferred tax asset has not been recognised in respect of timing differences relating to tax losses and accelerated capital allowances, due to uncertainty that the potential asset will be recovered. The aggregated losses in each of the Group companies being Alba Mineral Resources plc and its subsidiaries as listed in Note 13 amounted to £13,677,000 before adjustments required by local tax rules and excluding losses on intra-group transactions (2024: £12,096,000). 8. EARNINGS PER SHARE The calculation of the basic loss per share is calculated by dividing the consolidated loss attributable to the equity holders of the Company by the weighted average number of ordinary shares in issue during the year. The diluted earnings per share is the same as the basic earnings per share, as warrants/options are not dilutive due to the loss for the year. 2025 2024 £’000 £’000 Loss attributable to group shareholders (1,508) (3,523) Weighted average number of ordinary shares for calculating basic loss per share 12,886,657,879 8,670,529,167 Loss per share (pence) (0.012) (0.041) Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 45 9. PROPERTY, PLANT AND EQUIPMENT Group Land Plant, equipment and vehicles Total £’000 £’000 £’000 Cost At 1 December 2023 85 107 192 Additions - 10 10 At 30 November 2024 85 117 202 Additions - - - At 30 November 2025 85 117 202 Accumulated Depreciation At 30 November 2023 and at 1 December 2023 - (24) (24) Charge for the year - (14) (14) At 30 November 2024 - (38) (38) Charge for the year - (9) (9) At 30 November 2025 - (47) (47) Net Book Value at 30 November 2025 85 70 155 Net Book Value at 30 November 2024 85 79 164 The land is part of the Clogau gold project. At the year end the land is held at cost. No depreciation is charged as it is not a wasting asset. Plant is part of the Clogau gold project. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 46 10. INTANGIBLE FIXED ASSETS Group Exploration and evaluation £’000 Cost At 1 December 2023 4,255 Additions 651 At 30 November 2024 4,906 Additions 363 Revenue from pre-production (62) At 30 November 2025 5,207 Amortisation and impairment At 1 December 2023 and 2024 (735) Net book value At 30 November 2025 4,472 At 30 November 2024 4,171 The Group’s intangible fixed assets relate to the Welsh gold projects (Clogau, Dolgellau Gold and Gwynfynydd). Management do not judge the Exploration and Evaluation costs related to those projects to be impaired at 30 November 2025. Exploration is planned and budgeted for in 2026 and the Group has no data at this point that suggests that the asset value is unlikely to be recovered from successful development. At the year end the amount of liabilities (being creditors and accruals) relating to the exploration and evaluation assets was £64,000. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 47 11. INVESTMENTS IN ASSOCIATES Group and Company Investment in associate Investment in associate GreenRoc Strategic Materials plc Elemental Rare Metals Ltd £’000 £’000 Cost At 30 November 2023 3,447 - Additions 70 - Dilution of investment – deemed partial disposal (223) - Share of loss of associate (238) - At 30 November 2024 3,056 - Additions 50 460 Dilution of investment – deemed partial disposal (496) - Share of loss of associate (228) - At 30 November 2025 2,382 460 During current and prior reporting years, placings by GreenRoc led to dilution of Alba’s holding in that company. These were accounted for as partial deemed disposals for nil consideration, as they reduced the share of net assets held by Alba and therefore losses arose. At the end of the year the Company’s shareholding in GreenRoc was 25.34%. At that date the market value of the Company’s shareholding was below the book value shown above. At the date of these accounts the market value is in excess of the book value. At 30 November 2025 the audited consolidated results of GreenRoc Strategic Materials plc showed a loss for the year of £828,000 with net assets of £9,395,000, comprising non-current assets of £10,271,000 and net current assets of £7,000 offset by a deferred tax liability of £883,000. The cost of acquisition of 25.5% of Elemental Rare Metals Ltd comprises consideration as disclosed in Note 3 to the accounts plus associated costs incurred. At 30 November 2025 the unaudited accounts of Elemental Rare Metals showed net assets of £37,000, comprising non- current assets of £349,000 and creditors and loans of £312,000. 12. INVESTMENTS Investment in HHDL Group and Company £’000 At 30 November 2023 2,600 Repayment of loan (103) Impairment expense (2,347) At 30 November 2024 150 Impairment expense (150) At 30 November 2025 - The above investment represents an investment in 18.1% (2024: 18.1%*) of the issued share capital of Horse Hill Developments Limited (“HHDL”) and associated loans to that company accruing interest at variable rates linked to the Bank of England base rate. Those loans and interest are treated as part of the overall investment and as such are classified as fair value through the profit and loss. Any interest due is subsumed within the overall investment valuation (see Note 21). HHDL is a private company with no stock quote. There have been no share transactions in HHDL stock nor transactions in licence interests in the past several years to provide any basis for valuation. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 48 12. INVESTMENTS (cont’d) In 2024 production was suspended at the site due to an adverse Court decision requiring planning applications to be recast and resubmitted and delays to reporting by the majority owner, UKOG plc. UKOG plc has subsequently impaired the value of the project in full leading Alba to follow suit. The Directors believe that the intrinsic value of the oil field has not been diminished during the year and that the significant quantities of oil-in-place may still lead to further positive cashflows in the future. The value of the investment will continue to be reviewed annually. This revised valuation is a Level 3 valuation under the IFRS 9 hierarchy, as was the valuation in the prior year, as defined in Note 21. The registered office of HHDL is: The Broadgate Tower, 8th Floor, 20 Primrose Street, London, EC2A 2EW. *In a prior period, the Company elected not to contribute its share of a cash call. As a result, the Company’s shareholding could be diluted but the impact would be minimal, the reduction being less than 0.1% of the total issued share capital of HHDL. 13. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS Investments Capital Contributions Loans Total £’000 £’000 £’000 £’000 Company At 30 November 2023 - 1,455 1,990 3,445 Additions – expenditure - - 715 715 Increase in ECL provision - - (180) (180) At 30 November 2024 - 1,455 2,525 3,980 Additions – expenditure - - 287 287 Increase in ECL provision - - (72) (72) At 30 November 2025 - 1,455 2,740 4,195 The Company recognises a provision for expected credit loss against the loans due from subsidiaries in addition to a specific impairment of the loan to Aurum Mineral Resources Limited. At 30 November 2025 the specific impairment was £1,290,000 and the Expected Credit Loss provision was £913,000. Loans are interest-free and have no agreed terms. For the purposes of IFRS 9 the loans were assumed to be repayable on demand. However, management has agreed that these loans will not be recalled within 12 months from the balance sheet date so they are classified as long term. The loans are assessed as being credit impaired on inception as the subsidiaries have no income other than the receipt of inter-company funding and as the loans are primarily used to fund the subsidiaries deferred exploration expenditure. The subsidiaries would only be able to repay the loans if they can either sell their exploration assets or develop them to the point at which the assets generate cash flows, both of which would take time to achieve. Therefore, at inception, it is known that the loans will not be able to be repaid in accordance with the loan terms (that is, on demand) and therefore they are assessed as being credit impaired. Historic and current data has been used to derive a probability of default and this has been applied across the portfolio of loans. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 49 13. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS (continued) At 30 November 2025 the Company held the following interests in subsidiary undertakings, which are included in the consolidated financial statements: Name of company Country of incorporation Holding at 30 November 2025 Nature of holding Holding at 30 November 2024 Business Aurum Mineral Resources Ltd Ireland 100% Direct 100% Exploration Dragonfire Mining Limited England & Wales 100% Direct 100% Exploration GMOW (Holdings) Limited England & Wales 100% Indirect 100% Holding Co. GMOW (Operations) Limited England & Wales 100% Indirect 100% Exploration GMOW Gwynfynydd Limited England & Wales 100% Direct 100% Exploration The address of the registered office of Aurum Mineral Resources Ltd is c/o Hugh Lennon Associates, Unit 8&10 Church View, Cavan, Ireland. The registered office of Dragonfire Mining Limited is Gold Mines of Wales, Smithfield Square, Dolgellau, Gwynedd LL40 1ES. All the other companies have their registered office at c/o Arch Law Limited, Huckletree Bishopsgate, 8 Bishopsgate, London EC2N 4BQ. The registered office address during the year was 6th Floor, 60 Gracechurch Street, London EC3V 0HR and the address change was effective on 31 January 2025. 14. TRADE AND OTHER RECEIVABLES Group 2025 Group 2024 Company 2025 Company 2024 Current £’000 £’000 £’000 £’000 Other debtors 68 76 52 40 Prepayments and accrued income 20 13 19 12 88 89 71 52 The fair value of trade and other receivables approximates to their book value. 15. CASH AND CASH EQUIVALENTS Group 2025 Group 2024 Company 2025 Company 2024 £’000 £’000 £’000 £’000 Cash at bank and in hand 362 126 350 125 The fair value of cash at bank is the same as its carrying value. 16. TRADE AND OTHER PAYABLES Group 2025 Group 2024 Company 2025 Company 2024 Current £’000 £’000 £’000 £’000 Trade creditors 245 105 223 104 Other creditors 43 23 43 22 Accruals and deferred income 121 102 76 73 409 230 342 199 The fair value of trade and other payables approximates to their book value. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 50 17. CALLED UP SHARE CAPITAL 2025 2025 2024 2024 Number Number of shares £’000 of shares £’000 Issued, allotted and fully paid Ordinary shares of 0.001 pence 18,066,489,751 180 - - Ordinary shares of 0.01 pence - - 10,911,209,337 1,091 Deferred shares of 0.9 pence 93,070,100 838 93,070,100 838 B deferred shares of 0.09 pence 3,918,351,946 3,526 3,918,351,946 3,526 C deferred shares of 0.009 pence 11,541,721,949 1,039 - - Total 33,619,633,746 5,583 14,922,631,383 5,455 Following the passing of resolutions at the Company's Annual General Meeting on 27 May 2025, Alba completed a subdivision of its ordinary share capital creating new Ordinary shares of 0.001 pence each and a new class of “C” deferred shares of 0.009 pence each, carrying the same rights as other classes of deferred shares. The Company’s Articles do not specify authorised share capital. All issued ordinary shares carry equal rights. The deferred shares do not carry any rights to vote or dividend rights. In addition, holders of deferred shares will only be entitled to a payment on a return of capital or on a winding up of the Company after each of the holders of the ordinary shares have received a payment of £1,000,000 on each such share. During the year the Company issued ordinary shares as follows: Ordinary shares Ordinary share capital Deferred share capital Total share capital Share premium Total £’000 £’000 £’000 £’000 £’000 At 30 November 2024 10,911,209,337 1,091 4,364 5,455 11,973 17,428 Placings and Retail Offers net of fees 600,000,000 60 - 60 13 73 Payment of suppliers 30,512,612 3 - 3 4 7 Subdivision of ordinary shares - (1,039) 1,039 - - - Placings and Retail Offers net of fees 6,524,767,802 65 - 65 921 986 Valuation of warrants issued with a placing - - - - (172) (172) Combined roundings from above - - - - (1) (1) At 30 November 2025 18,066,489,751 180 5,403 5,583 12,738 18,321 Warrants Warrants reserve £’000 At 30 November 2024 420,000,000 247 Warrants cancelled or expired - - Warrants granted 1,617,647,059 172 At 30 November 2025 2,037,647,059 419 Of the warrants outstanding at 30 November 2025, all are vested and able to be exercised. The weighted average exercise price of these vested warrants is 0.068 pence. No warrants were exercised in the year. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 51 17. CALLED UP SHARE CAPITAL (continued) As at 30 November 2025 Alba had 2,037,647,059 warrants and options outstanding: No. of warrants Exercise price (pence) Final exercise date Vested 60,000,000 0.16 pence 28 August 2030 Awarded under the EMI scheme. Vested. 200,000,000 0.16 pence 28 August 2030 Awarded under the EMI scheme. Vested. 60,000,000 0.4 pence 13 January 2027 Vested. 60,000,000 0.42 pence 29 April 2028 Vested. 40,000,000 0.16 pence 28 August 2030 Vested. 1,617,647,059 0.0255 pence 16 July 2027 Vested, accelerator provision. 2,037,647,059 At 30 November 2025 As at 30 November 2024 Alba had 420,000,000 warrants and options outstanding: No. of warrants Exercise price (pence) Final exercise date Vested 60,000,000 0.16 pence 28 August 2030 Awarded under the EMI scheme. Vested. 200,000,000 0.16 pence 28 August 2030 Awarded under the EMI scheme. Vested. 60,000,000 0.4 pence 13 January 2027 Vested. 60,000,000 0.42 pence 29 April 2028 Vested. 40,000,000 0.16 pence 28 August 2030 Vested. 420,000,000* At 30 November 2024 * All extant warrants at 30 November 2024 fall within the scope of IFRS 2 “Share-based Payments”. Warrants issued in the year were part of a placing. The fair value of the warrants issued, calculated using a Black Scholes model, was £173,000. Within the meaning of the IFRS 13 fair value hierarchies, this is a Level 2 valuation. It is based on a risk- free rate of 10 year gilts on the date of grant, a dividend yield of nil, the life of the options, the share price at the date of issue of the warrants and the strike prices of the warrants. The volatility was derived from the quoted prices for the Company’s shares in the 12-month period prior to the issue of the respective warrants. There is an accelerator provision attached to the warrants whereby the Company may give warrant holders notice to exercise their Warrants if at any time during the Exercise Period the 10-trading day volume-weighted average price of Alba ordinary shares exceeds 0.035 pence per share. In the prior year the Company announced that a number of options/warrants were to be cancelled and new options/warrants issued in their place. The fair value of the warrants issued, calculated using a Black Scholes model was £177,000. The cancellation of corresponding warrants released £477,000 to reserves from the warrant reserve. 18. LEASES The Company has no lease or rental commitments within scope of IFRS 16. Expenditure on short-term leases during the year was £22,000 (2024: £22,000). Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 52 19. CAPITAL COMMITMENTS At the year end the Group had contractual sole-funding commitments of up to £426,000 under the terms of its agreement to acquire 51% of Elemental Rare Metals Limited, the owner of the Motzfeldt project in Greenland. This is made up of a sole-funding commitment up to an amount of £350,000, split as £100,000 from First Completion and another £250,000 from Second Completion, once Alba has moved to majority ownership of the Project. The additional amount of £76,000 relates to a commitment to reimburse the Motzfeldt 2025 field programme costs, split again between First and Second Completions. This level of spend will allow the project to meet its expenditure obligations set under local regulations in Greenland, being £174,000 for 2026 plus any remaining obligation from 2025 (estimated to be ~£10,000). Expenditure submissions include 50% uplift on actual spend, meaning actual expenditure of ~£123,000 in 2026 to fulfil the obligations noted above. 20. CONTINGENT LIABILITIES A 1% net smelter royalty agreement remains in place with the previous owner of the Clogau gold project. The Group has no obligations under this agreement until such time as gold is produced and sold. Under the terms of agreements with the Crown Estate, a 4% net smelter royalty is also due to the Crown on any gold produced and sold. 21. FINANCIAL INSTRUMENTS The Group’s financial instruments comprise investments, cash at bank and various items such as debtors, loans and creditors. The Group has not entered into derivative transactions, nor does it trade financial instruments as a matter of policy. Credit risk The Group’s credit risk arises primarily from cash at bank, debtors and the risk the counterparty fails to discharge its obligations. As at 30 November 2025, debtors included £22,000 that was past due but not impaired (2024: £22,000). Given the low number and value of debtors, management considers recoverability of any overdue amount individually on an annual basis. The Company’s credit risk primarily arises from intercompany debtors and this is reviewed annually in the course of reviewing the Expected Credit Loss provision required under IFRS 9. See Note 13 for more details. Funding risk Funding risk is the possibility that the Group might not have access to the financing it needs. The Group’s continued future operations depend on the ability to raise sufficient working capital through the issue of equity share capital. The Directors are confident that adequate funding will be forthcoming with which to finance operations. The Board has a strong track record of raising funds as required. Controls over expenditure are carefully managed and activities planned to ensure that the Group has sufficient funding. Liquidity risk Liquidity risk arises from the management of cash funds and working capital. The risk is that the Group will fail to meet its financial obligations as they fall due. The Group operates within the constraints of available funds and cash flow projections are produced and regularly reviewed by management. The Group has a successful track record of fund raising. Future liquidity risk is addressed in Note 1 under the heading “Going Concern”. Interest rate risk profile of financial assets Excluding the investment in HHDL, the only financial assets (other than short term debtors) are cash at bank and in hand, which comprises money at call. The interest earned in the year was nil. The Directors believe the fair value of the financial instruments is not materially different to the book value. The investment in HHDL includes a loan element. Under an investment agreement those loans attract interest. Loans plus interest become payable once HHDL has surplus cash. As the Group / Company treats the loan as held at fair value through profit and loss, any interest credit is subsumed within the fair value movement. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 53 21 FINANCIAL INSTRUMENTS (continued) Foreign currency risk The Group has an Irish subsidiary, which can affect the Group’s sterling denominated reported results as a consequence of movements in the sterling/euro exchange rates. The Group also incurs costs denominated in foreign currencies which gives rise to short term exchange risk. The Group does not currently hedge against these exposures as they are deemed immaterial and there is no material exposure as at the year-end. No sensitivity analysis has been performed. Market risk Following the acquisition of the investment in Horse Hill Developments Limited (“HHDL”), the Group is exposed to market risk in that the value of the investment would be expected to vary depending on the price of oil and the future cash calls will, to an extent, depend on the revenue generated from oil produced from well testing activities. However, for various reasons stated earlier in this document, the value of the investment has been impaired and as such the value remaining in the balance sheet is nil. Categories of financial instrument Group Group Company Company 2025 2024 2025 2024 £’000 £’000 £’000 £’000 Financial assets Investments at fair value through profit or loss: Investment in HHDL (Note 12) - 150 - 300 Held at amortised cost: Trade and other receivables 68 76 52 40 Cash and cash equivalents 362 126 350 125 Intercompany receivables net of expected credit losses - - 2,740 2,525 430 352 3,142 2,990 Financial liabilities Held at amortised cost: Trade and other payables 409 230 342 199 Valuation of financial instruments Under IFRS 9 the valuation of financial instruments is categorised based on the inputs used to generate the valuation as follows: Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 54 21 FINANCIAL INSTRUMENTS (continued) The Group’s financial instruments by valuation method: Level 3 Total Note £’000 £’000 Financial assets held at FVTPL Investment - FV at 30 November 2024 150 150 Impairment expense (150) (150) Investment - FV at 30 November 2025 12 - - Financial liabilities held at FVTPL - - For more information on the valuation bases see the relevant Notes referred to above. The investment in HHDL includes loans of £2,126,000 plus accrued interest. These were designated as fair value through the profit and loss on recognition as they form part of the Company’s investment in Horse Hill Developments Limited. The loans are not valued separately from the investment and have thus been impaired too. 22. CAPITAL MANAGEMENT The Group’s objective when managing capital is to safeguard the entity’s ability to continue as a going concern and develop its mining and exploration activities to provide returns for shareholders. The Group’s funding comprises equity and debt. The Directors consider the Company’s capital and reserves to be capital. When considering the future capital requirements of the Group and the potential to fund specific project development via debt, the Directors consider the risk characteristics of all the underlying assets in assessing the optimal capital structure. 23. RELATED PARTY TRANSACTIONS All related party transactions have been conducted at arm’s length. Fees charged by Directors are detailed below and also shown in Note 6. “Directors’ emoluments and staff costs”. Company Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. The loan balances and transactions in the year with the subsidiaries are disclosed in Note 13. Details of transactions between the Company and other related parties are disclosed below. Group Alba charged GreenRoc Strategic Materials plc £51,000 during the year for services from its personnel on an arm’s length basis as per the Relationship agreement signed on IPO in September 2021 plus certain costs incurred on their behalf. For his role of Chairman, GreenRoc Strategic Materials plc paid George Frangeskides (Executive Chairman of Alba) a salary equivalent to £54,000 for the year. As announced by GreenRoc on 3 February 2025, the Company subscribed for £50,000 (3,846,154 shares) in GreenRoc Strategic Materials plc in a placing. Aetos Consulting Limited, a company which George Frangeskides, a director of the Company, jointly controls, provided the Group with consultancy services for which £36,000 has been accrued (2024 £36,000) and billed the Group for 2024 accrued fees. £16,000 represents work carried out specifically on the advancement of the Group’s project portfolio and has therefore been capitalised. As at the year-end £99,000 (2024: £57,000) was owed to Aetos Consulting Limited and £36,000 (as noted above) was accrued for invoices expected. There are no terms and conditions associated with the outstanding balance. Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 55 23. RELATED PARTY TRANSACTIONS (cont’d) Woodridge Associates, a trading name of Michael Nott, a director of the Company, charged the Group fees of £6,000 for consultancy services during the year. Ixia Advisers, a company controlled by Elizabeth Henson, a director of the Company, charged the Group fees of £6,000 for consultancy services during the year. Elemental Rare Metals (“ERM”) In July 2025 the acquisition of 51% of the Motzfeldt project via acquisition of 51% of Elemental Rare Metals Ltd, the project- owning company, was announced. The announcement included related party transaction disclosures regarding George Frangeskides (Executive Chairman) and Sarah Potter (CFO) as shown in the table below. On 28 October 2025 revised terms were announced splitting the transaction into two phases. The first, without related party transactions, was completed on 28 October 2025. The second phase, the acquisition of an additional 25.5% with related party transactions, was subject the satisfaction of two conditions: shareholder approval of the transaction and approval of a change of control of the exploration licence by the regulatory authorities in Greenland. These conditions had not been met at 30 November 2025. As both conditions were subject to external approvals, the Group was not in a position of control over ERM and accounted for the investment as an associate (see also Note 2). As the date of these accounts the second stage of the acquisition had not taken place as one condition was still outstanding. The related party transactions reported to the market in announcements but not yet transacted were as follows: - George Frangeskides is a founder, significant shareholder and funder of ERM and therefore stands to receive part of the consideration from the transaction at Second Completion. - Sarah Potter has, independently of her role with Alba, provided accounting services to ERM which will be paid from the transaction consideration as part of the settlement of accrued invoices referred to above at Second Completion. Provision of loans/services Total consideration shares George Frangeskides £153,000 1,814,703,811 Sarah Potter £15,000 62,137,531 Alba Mineral Resources plc Notes to the Financial Statements for the year ended 30 November 2025 56 24. EVENTS AFTER THE REPORTING PERIOD Corporate On 2 March 2026 the Company announced a share placing for £800,000. On 6 February 2026 the Company held a General Meeting for shareholder approval of the second stage of the Motzfeldt acquisition. All resolutions passed. On 23 January 2026 the Company announced that it had joined the Critical Minerals Association. Clogau Gold Project Various announcements have been made since year end updating the market on underground development progress at Clogau. On 30 April 2026 the Company gave an operational update on activity at Clogau detailing the extent of development so far and results from early processing. Motzfeldt Project On 30 April 2026 the Company announced assay results from samples taken at the Merino target in 2025, confirming that hydrothermal critical metal structures exist at Motzfeldt in addition to the known magmatic pyrochlore microsyenite mineralization observed at the Aries deposit. On 16 February 2026 the results of Phase 1 test work on samples from the Motzfeldt project were announced, confirming mineral species, all of which have established global extractive pathways. Finnsbo On 6 March 2026, the Company made an announcement refuting public statements by the licence holder regarding Alba’s rights under the project agreement. GreenRoc Strategic Materials plc During the period from December 2025 to date, GreenRoc has made several announcements via RNS published on their website, including announcing the grant of an exploitation licence for the Amitsoq Project. 25. ULTIMATE CONTROLLING PARTY The Directors consider there is no ultimate controlling party.