Azzuro Resources posts A$1.06 million half-year loss as Red Hill acquisition lifts exploration spend

Azzuro Resources PLC (ASX: AZ9) lodged its interim financial report for the six months ended 30 June 2026 with the Australian Securities Exchange on 10 September 2026, reporting a consolidated net loss of A$1,055,237, compared with A$1,022,635 a year earlier. The loss per share was 0.13 Australian cents, down from 0.16 cents. The accounts were reviewed, rather than audited, by London-based Johnsons Chartered Accountants.

General and administrative costs fell to A$764,659 from A$895,649, while exploration and evaluation costs expensed through the income statement rose to A$200,145 from A$35,763. Share-based payments were A$138,378 and interest income was A$101,708. Including a A$255,755 foreign exchange translation loss, the total comprehensive loss for the half was A$1.31 million.

Cash fell to A$2.85 million at 30 June 2026 from A$3.98 million at 31 December 2025. During the half, a A$2.0 million deposit held with financial institutions matured, and no new shares were issued, compared with A$3.74 million raised in the first half of 2025. Capitalised exploration and evaluation assets rose to A$11.13 million from A$9.26 million after A$2.10 million of expenditure, and net assets stood at A$14.0 million with working capital of A$2.73 million. The directors prepared cash flow forecasts to 30 September 2027 and consider existing funds sufficient for at least 12 months; the reviewer reported nothing to suggest the going-concern basis had been inappropriately adopted.

Operationally, the directors described the April 2026 completion of the acquisition of the Red Hill (formerly Maikhan Uul) copper-gold VMS project and Mining Licence MV-019681 as a transformational addition to the portfolio. Azzuro drilled 15 holes for 1,883.9 metres at Red Hill and completed a ground gravity survey of 1,041 stations over about 3.79 km². Maiden JORC Exploration Targets across Red Hill and the Oval Cu-Ni-PGE project total 21–55 million tonnes on an arithmetic-sum basis; these are conceptual in nature. Final results from 38 drillholes for 6,729 metres at Oval were reported in January 2026, extending the known strike to 880 metres.

The company said its key focus for the rest of 2026 is to evaluate the commercial potential of Red Hill and Oval with the objective of establishing JORC 2012 resources. It has also begun a review of its 100%-owned Khukh Tag graphite and Tsagaan Ders lithium projects and appointed consultants to generate options to enhance their value. After the period ended, about 33.6 million options expired unexercised on 1 and 2 September 2026.

Source: Azzuro Resources PLC half-year accounts lodged with the ASX (10 September 2026), via Market Index.