v3.26.1
Financial liabilities at fair value through profit and loss - Convertible Senior Secured Notes (Details) - Financial liabilities at fair value through profit and loss category - GBP (£)
£ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 23, 2024
Financial liabilities at fair value through profit and loss        
As at January 1   £ 524,676    
As at December 31 £ 524,676 188,813 £ 524,676  
Convertible senior secured notes        
Financial liabilities at fair value through profit and loss        
As at January 1   524,242    
As at December 31 524,242 188,526 524,242  
Mudrick capital | Convertible senior secured notes        
Financial liabilities at fair value through profit and loss        
As at January 1   524,242 109,291 £ 109,291
Fair value movements (other than from change in own credit risk) 230,495 (318,035)   12,363
In-kind interest paid   12,205   17,171
Foreign exchange movements (124) (29,886)   2,085
Change in fair value from own credit risk       (22,293)
As at December 23, 2024 immediately prior to substantial modification       118,617
Impact of recognition of modified loan on fair value       455,859
Conversion of Convertible Senior Secured Notes       (280,605)
As at December 23, 2024 immediately after substantial modification       £ 293,871
As at December 31 £ 524,242 £ 188,526 £ 524,242