v3.26.1
Administrative Expenses
 12 Months Ended
Dec. 31, 2025
Administrative Expenses [Abstract]  
Administrative expenses

7. Administrative expenses

 

2025

  

2024

  

2023

Staff costs (see Note 9)

  

$

5,029

  

$

9,428

  

$

4,763

General and administrative costs

  

 

1,213

  

 

1,219

  

 

1,475

Fines and penalties

  

 

254

  

 

83

  

 

746

Bank charges

  

 

662

  

 

831

  

 

433

Fuel issues

  

 

58

  

 

118

  

 

420

Bad debts written off

  

 

—

  

 

83

  

 

—

Directors’ fees

  

 

571

  

 

288

  

 

288

Welfare costs

  

 

102

  

 

132

  

 

246

Stores

  

 

64

  

 

127

  

 

236

Travel and accommodation(1)

  

 

3,031

  

 

1,705

  

 

153

Audit fees(2)

  

 

555

  

 

941

  

 

78

Non-audit fees

  

 

6

  

 

—

  

 

—

Share based payments (see Note 9)

  

 

236

  

 

—

  

 

—

Investor relations

  

 

251

  

 

—

  

 

—

Loss on disposal of assets (see note 14)

  

 

428

  

 

269

  

 

47

Prepayment write down

  

 

74

  

 

—

  

 

—

Legal fees(1)

  

 

3,161

  

 

723

  

 

14

Insurance

  

 

493

  

 

—

  

 

—

Recruitment

  

 

617

  

 

—

  

 

—

Filing fees

  

 

308

  

 

—

  

 

—

Consultancy fees(1)

  

 

6,290

  

 

4,154

  

 

9

Inspection fees

  

 

—

  

 

—

  

 

75

Environmental costs

  

 

—

  

 

—

  

 

9

Administrative expenses

  

$

23,403

  

$

20,101

  

$

8,992

(1)      Included in consultancy, legal, audit and travel expenses of $10,220 thousand for the year ended December 31, 2025 (2024: $7,225 thousand) is not of a recurring nature and primarily relates to the Reorganization Transaction and the Business Combination, as described in Note 1 and 4. Consultancy costs relate to a success fee payable to Cohen & Company and accounting services provided by Ernst & Young.

(2)      Audit fees for 2025 comprise $300k for the December 2025 year-end audit 2024 overruns of $75k, $60k for the June 2025 interim review, and $120k for consent letters and review of technical accounting papers, all incurred with BDO South Africa. The audit fee in accordance with the engagement letter is $300k.