v3.26.3
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment reporting

28. Segment reporting

 

Refer to Note 31 to the Group’s audited consolidated financial statements for the year ended December 31, 2025, as it describes the reportable segments and other salient information.

 

The table below shows the unaudited segment information for the six months ended June 30, 2026, and 2025 and as of June 30, 2026 and December 31, 2025:

 

    How Mine     Redwing Mine     Mazowe Mine     Corporate Overhead     Total  
    June 30,
2026		     June 30,
2025		     June 30,
2026		     June 30,
2025		     June 30,
2026		     June 30,
2025		     June 30,
2026		     June 30,
2025		     June 30,
2026		     June 30,
2025		  
Revenue     50,836       36,383       —       —       —       —       —       —       50,836       36,383  
Production costs     (17,897 )     (18,460 )     —       —       —       —       —       —       (17,897 )     (18,460 )
Depreciation     (2,840 )     (2,635 )     (15 )     (4 )     (15 )     (17 )     (3 )     —       (2,873 )     (2,656 )
Royalties     (3,081 )     (1,817 )     —       —       —       —       —       —       (3,081 )     (1,817 )
Gross profit (loss)     27,018       13,471       (15 )     (4 )     (15 )     (17 )     (3 )     —       26,985       13,450  
Other income     254       116       75       92       264       4       —       —       593       212  
Impairment     —       —       (15 )     (110 )     (10 )     (75 )     —       —       (25 )     (185 )
Administrative expenses     (4,300 )     (812 )     (2,373 )     (1,202 )     (959 )     (745 )     (6,115 )     (12,947 )     (13,747 )     (15,706 )
Allowance for credit losses     —       —       —       (12 )     —       —       —       —       —       (12 )
Listing expenses(1)      —       —       —       —       —       —       —       (5,112 )     —       (5,112 )
Change in fair value of warrants and earn-out liability                                                     (11,275 )             (11,275 )        
Foreign exchange gains/(losses)     (426 )     (146 )     43       67       58       29       (21 )     —       (346 )     (50 )
Operating profit/(loss)     22,546       12,629       (2,285 )     (1,169 )      (662 )     (804 )     (17,414 )     (18,059 )     2,185       (7,403 )
Finance cost     (606 )     (605 )     (49 )     (39 )     (210 )     (126 )     (73 )     (58 )     (938 )     (828 )
Related party credit loss     —       (3 )     —       —       —       —       —       —       —       (3 )
Interest income     7       8       —       —       —       —       —       —       7       8  
Financial guarantee remeasurement     —       —       —       —       —       —       —       —       —       —  
Profit/(loss) before taxation     21,947       12,029       (2,334 )     (1,208 )     (872 )     (930 )     (17,487 )     (18,117 )     1,254       (8,226 )
Income tax expense     (5,683 )     (2,623 )     —       —       —       —       (402 )     (1,050 )     (6,085 )     (3,673 )
Profit/(loss) for the period   $ 16,264       9,406       (2,334 )     (1,208 )     (872 )     (930 )     (17,889 )     (19,167 )     (4,831 )     (11,899 )

 

    How Mine     Redwing Mine     Mazowe Mine     Other     Total  
    June 30,
2026		     December 31,
2025		     June 30,
2026		     December 31,
2025		     June 30,
2026		     December 31,
2025		     June 30,
2026		     December 31,
2025		     June 30,
2026		     December 31,
2025		  
Segment assets     67,730       58,383       3,909       90       214       236       4,497       4,085       76,350       62,794  
Current assets   $ 13,525       12,044       2,402       9       45       59       4,431       4,058       20,403       16,170  
Non-current assets   $ 54,205       46,339       1,507       81       169       177       66       27       55,947       46,624  
Segment liabilities     42,436       33,937       20,543       20,702       15,157       15,002       38,986       32,428       117,122       102,069  
Current liabilities   $ 23,419       16,456       9,050       9,224       6,843       6,698       23,961       21,191       63,273       53,569  
Non-current liabilities   $ 19,017       17,481       11,493       11,478       8,314       8,304       15,025       11,237       53,849       48,500