​

  ​ ​ ​

Mudrick Capital

​

​

£ 000

As at January 1, 2024

​

109,291

Period prior to substantial modification

​

​

Fair value movements (other than from change in own credit risk)

​

12,363

In-kind interest paid

​

17,171

Foreign exchange movements

​

2,085

Change in fair value from own credit risk

​

(22,293)

As at December 23, 2024 immediately prior to substantial modification

​

118,617

Substantial modification and partial conversion

​

​

Impact of recognition of modified loan at fair value

​

455,859

Conversion of Convertible Senior Secured Notes

​

(280,605)

As at December 23, 2024 immediately after substantial modification

​

293,871

Period after substantial modification

​

​

Fair value movements (other than from change in own credit risk)

​

230,495

Foreign exchange movements

​

(124)

As at December 31, 2024

​

524,242

Fair value movements (other than from change in own credit risk)

​

(318,035)

In-kind interest paid

​

12,205

Foreign exchange movements

​

(29,886)

As at December 31, 2025

​

188,526