IRIS Accounts Production v24.2.0.383 07386462 director 31.3.24 1.4.23 31.3.24 31.3.24 acquiring, exploring and developing a Direct Shipping Ore (DSO) project from mineral licences located in Northern Quebec and Western Labrador, Newfoundland and Labrador, Canada. ++ The parent company Tata Steel Minerals UK Limited is a dormant holding company. true true true false true true false false false false false true false Preference 0 Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh073864622023-03-31073864622024-03-31073864622023-04-012024-03-31073864622022-03-31073864622022-04-012023-03-31073864622023-03-3107386462ns15:EnglandWales2023-04-012024-03-3107386462ns14:USDollar2023-04-012024-03-3107386462ns10:Director12023-04-012024-03-3107386462ns10:Consolidated2024-03-3107386462ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3107386462ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107386462ns10:Consolidatedns10:FRS1022023-04-012024-03-3107386462ns10:Consolidatedns10:Audited2023-04-012024-03-3107386462ns10:LargeCompaniesRegimeForDirectorsReport2023-04-012024-03-3107386462ns10:LargeCompaniesRegimeForAccounts2023-04-012024-03-3107386462ns10:Consolidatedns10:LargeCompaniesRegimeForDirectorsReport2023-04-012024-03-3107386462ns10:Consolidatedns10:LargeCompaniesRegimeForAccounts2023-04-012024-03-3107386462ns10:FullAccounts2023-04-012024-03-3107386462ns5:Subsidiary12023-04-012024-03-3107386462ns5:Subsidiary22023-04-012024-03-310738646212023-04-012024-03-3107386462ns10:PreferenceShareClass22023-04-012024-03-3107386462ns10:OrdinaryShareClass12023-04-012024-03-3107386462ns10:Consolidated2023-04-012024-03-3107386462ns10:CompanySecretary12023-04-012024-03-3107386462ns10:RegisteredOffice2023-04-012024-03-3107386462ns10:Consolidated2022-04-012023-03-3107386462ns5:CurrentFinancialInstruments2024-03-3107386462ns5:CurrentFinancialInstruments2023-03-3107386462ns5:Non-currentFinancialInstruments2024-03-3107386462ns5:Non-currentFinancialInstruments2023-03-3107386462ns5:ShareCapital2024-03-3107386462ns5:ShareCapital2023-03-3107386462ns5:FurtherSpecificReserve1ComponentTotalEquity2024-03-3107386462ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-3107386462ns5:FurtherSpecificReserve2ComponentTotalEquity2024-03-3107386462ns5:FurtherSpecificReserve2ComponentTotalEquity2023-03-3107386462ns5:RetainedEarningsAccumulatedLosses2024-03-3107386462ns5:RetainedEarningsAccumulatedLosses2023-03-3107386462ns5:ShareCapital2022-03-3107386462ns5:RetainedEarningsAccumulatedLosses2022-03-3107386462ns5:FurtherSpecificReserve1ComponentTotalEquity2022-03-3107386462ns5:FurtherSpecificReserve2ComponentTotalEquity2022-03-3107386462ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3107386462ns5:FurtherSpecificReserve1ComponentTotalEquity2022-04-012023-03-3107386462ns5:FurtherSpecificReserve2ComponentTotalEquity2022-04-012023-03-3107386462ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3107386462ns5:FurtherSpecificReserve1ComponentTotalEquity2023-04-012024-03-3107386462ns5:FurtherSpecificReserve2ComponentTotalEquity2023-04-012024-03-3107386462ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3107386462ns5:CostValuation2023-03-31073864621ns5:Subsidiary12023-04-012024-03-3107386462ns5:Subsidiary12024-03-3107386462ns5:Subsidiary12023-03-3107386462ns5:Subsidiary12022-04-012023-03-3107386462ns5:Subsidiary232023-04-012024-03-3107386462ns5:Subsidiary22024-03-3107386462ns5:Subsidiary22023-03-3107386462ns5:Subsidiary22022-04-012023-03-3107386462ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3107386462ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3107386462ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-3107386462ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3107386462ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3107386462ns10:PreferenceShareClass22024-03-3107386462ns10:OrdinaryShareClass12024-03-3107386462ns5:RetainedEarningsAccumulatedLosses2023-03-3107386462ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-3107386462ns5:FurtherSpecificReserve2ComponentTotalEquity2023-03-31
REGISTERED NUMBER: 07386462 (England and Wales)




















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

TSMUK LTD

TSMUK LTD (REGISTERED NUMBER: 07386462)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


TSMUK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: K De





SECRETARY: F Parekh





REGISTERED OFFICE: 18 Grosvenor Place
London
SW1X 7HS





REGISTERED NUMBER: 07386462 (England and Wales)





AUDITORS: Mehta & Tengra
Chartered Accountants
Statutory Auditors
9 Berners Place
London
W1T 3AD

TSMUK LTD (REGISTERED NUMBER: 07386462)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The director presents his strategic report of the company and the group for the year ended 31 March 2024.

The financial statements are reported in United States Dollars

The Group began its operation on 1st December 2010.

The Group comprises of TSMUK Ltd ("TSMUK"), an investment company and its two Canadian subsidiaries. Tata Steel Minerals Canada Ltd and TS Canada Capital Ltd.

Tata Steel Minerals Canada Ltd
Tata Steel Minerals Canada Ltd (TSMC or the Company) is a subsidiary of Tata Steel Limited (TSL) (82%) (through its step-down subsidiary, TSMUK Limited (TSMUK) and the Government of Quebec (GoQ) (through Investissement Québec (IQ) (18%). The Company's objective is to develop the iron ore mining project in the Menihek Region in Newfoundland and Labrador near Schefferville, Quebec, Canada and to set up a large beneficiation plant (also referred to as Concentrator Project) to beneficiate an average Fe grade of 58% to an Fe grade of 65% and meet the customer requirements of despatches of iron ore with high Fe content (at least >60% Fe content) (collectively, the Project).

The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of operations.

As a result of the processing and production rates achieved since ramp-up and fine tuning of the plant, management determined that the Company's processing plant achieved commercial production effective 1 July 2020. Consequently, the Company ceased to capitalise all cost and offset all revenue against property plant and equipment.

TS Canada Capital Ltd

TS Canada Capital Ltd. (the "Company") was incorporated pursuant to the provisions of the British Columbia Business Corporations Act on 30th October 2012, for the purpose of financing the project of Tata Steel Mineral Canada Ltd. a sister company.

The financial statements have been prepared on going concern basis, which assumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of operations.


TSMUK LTD (REGISTERED NUMBER: 07386462)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
In the normal course of operations, the Group is exposed to and manages various financial risks.The Group does not enter into financial instrument agreements including derivative financial instruments for speculative purposes.

The Group's main financial risks and policies are as follows:

Foreign exchange risk
Exchange risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group's functional currency is the US dollar and most expenditures are transacted in Canadian dollar. The Group funds certain foreign currency transactions by buying the foreign currency at the spot rate when required. Consequently, some assets and liabilities are exposed to foreign exchange fluctuation.

Liquidity risk
Liquidity risk is the risk that an entity will encounter financial difficulty in meeting obligations associated with financial liabilities.

The Group has a robust planning and budgeting process which supports the determination of the funds required for Group's operating requirements as well as exploration and development plans. The annual budget is approved by the Board of Directors. Future exploration, development, mining, and processing may require additional financing by way of private or equity offering or debt or sale of part of the Project. If needed, TSMC has access to financial support, as confirmed by a financial support letter, from TSGH to provide the necessary support to the Company to enable it to fund the ongoing funding for the Project over the next 12 months.

Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

The Group manages credit risk through an emphasis on quality in its investment portfolio, which at year-end consists of cash, short-term investments, and term deposits. The cash, short- term investments and term deposits are held through three Canadian chartered banks, and management believes the risk of loss to be remote.

Price risk
The Group is exposed to price risk with respect to iron ore prices and significant price declines could cause continued exploration and development to become uneconomical.

Interest rate risk
Interest rate risk is the risk that future cash flows of financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk on its LIBOR rate based long-term debt.

Market risk
Market risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.


TSMUK LTD (REGISTERED NUMBER: 07386462)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

SECTION 172(1) STATEMENT
The board of directors of TSMUK Ltd consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172 (1)(a-f) of the Act) in the decision taken during the year ended 31 March 2024.

- Our plan was designed to have a long-term beneficial impact on the group and to contribute to its success in delivering a better quality, more reliable product to its customer.

- Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations.

- Our plan took into account the impact of the company’s operations on the community and environment and our wider societal responsibilities, and in particular how we impact the region. Several of the proposed performance measures will deliver environment improvements.

- As the Board of Directors, our intention is to behave responsibly and ensure that management operates the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business. The intention is to nurture our reputation that reflects our responsible behaviour.

- As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the success of the business.

ON BEHALF OF THE BOARD:





K De - Director


30 April 2025

TSMUK LTD (REGISTERED NUMBER: 07386462)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

POST BALANCE SHEET EVENT
On 31 March 2025, the funds held as" Share Application Money " were converted to 380,928,730 shares of US$1.5725 each , the nominal value being US$599,010,428.

On 31st March 2025 , a loan of US$84,822,877 by the holding company was converted to 84,822,877 preference shares of US$1 each.

The total share capital on 31 March 2025 was US$1,133,681,341.

DIRECTOR
K De held office during the whole of the period from 1 April 2023 to the date of this report.

RELATED PARTY DISCLOSURE
None of the director's had a material interest at any time during the year in any contracts of significance in relation to the business of the company, other than the transactions reflected in note 26 to the financial statements.

STREAMLINED ENERGY AND CARBON REPORTING
The group operates in the UK from one office. As a result, their energy consumption is less that the requirement to disclose in the United Kingdom.The major part of the business is generated from Canada and therefore no further information is required to be disclosed in the financial statements.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TSMUK LTD (REGISTERED NUMBER: 07386462)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Mehta & Tengra, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K De - Director


30 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TSMUK LTD


Opinion
We have audited the financial statements of TSMUK LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TSMUK LTD


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TSMUK LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TSMUK LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




P. Tengra (Senior Statutory Auditor)
for and on behalf of Mehta & Tengra
Chartered Accountants
Statutory Auditors
9 Berners Place
London
W1T 3AD

30 April 2025

TSMUK LTD (REGISTERED NUMBER: 07386462)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes $    $   

TURNOVER 160,671,372 80,900,466

Cost of sales (125,756,476 ) (60,418,650 )
GROSS PROFIT 34,914,896 20,481,816

Administrative expenses (87,386,103 ) (121,294,624 )
(52,471,207 ) (100,812,808 )

Other operating income 1,912,586 -
OPERATING LOSS 5 (50,558,621 ) (100,812,808 )

Derivative financial
instrument gain/(loss) 6 922,275 (1,651,232 )
(49,636,346 ) (102,464,040 )

Interest receivable and similar income 107,675 31,910
(49,528,671 ) (102,432,130 )

Interest payable and similar expenses 7 (37,867,220 ) (28,762,537 )
LOSS BEFORE TAXATION (87,395,891 ) (131,194,667 )

Tax on loss 8 - -
LOSS FOR THE FINANCIAL YEAR (87,395,891 ) (131,194,667 )
Loss attributable to:
Owners of the parent (71,667,903 ) (107,588,406 )
Non-controlling interests (15,727,988 ) (23,606,261 )
(87,395,891 ) (131,194,667 )

TSMUK LTD (REGISTERED NUMBER: 07386462)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes $    $   

LOSS FOR THE YEAR (87,395,891 ) (131,194,667 )


OTHER COMPREHENSIVE INCOME

Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(87,395,891

)

(131,194,667

)

Total comprehensive income attributable to:
Owners of the parent (87,395,891 ) (131,194,667 )

TSMUK LTD (REGISTERED NUMBER: 07386462)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes $    $   
FIXED ASSETS
Intangible assets 10 163,478,532 184,249,949
Tangible assets 11 433,961,891 437,887,656
Investments 12 6,341,461 6,341,461
603,781,884 628,479,066

CURRENT ASSETS
Stocks 13 83,370,680 87,194,429
Debtors 14 19,086,509 24,758,108
Cash at bank 15 1,527,223 4,995,231
103,984,412 116,947,768
CREDITORS
Amounts falling due within one year 16 (116,458,299 ) (123,092,840 )
NET CURRENT LIABILITIES (12,473,887 ) (6,145,072 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

591,307,997

622,333,994

CREDITORS
Amounts falling due after more than one
year

17

(1,095,248,475

)

(1,038,878,581

)
NET LIABILITIES (503,940,478 ) (416,544,587 )

CAPITAL AND RESERVES
Called up share capital 20 157 157
Share application money 21 599,010,428 599,010,428
Other reserves 21 (44,860,690 ) (44,860,690 )
Consolidation reserve 21 20,583,288 20,583,288
Retained earnings 21 (1,017,145,386 ) (945,477,483 )
SHAREHOLDERS' FUNDS (442,412,203 ) (370,744,300 )

NON-CONTROLLING INTERESTS 22 (61,528,275 ) (45,800,287 )
TOTAL EQUITY (503,940,478 ) (416,544,587 )

The financial statements were approved by the director and authorised for issue on 30 April 2025 and were signed by:




K De - Director


TSMUK LTD (REGISTERED NUMBER: 07386462)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes $    $   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 437,052,813 437,052,813
437,052,813 437,052,813

CURRENT ASSETS
Debtors 14 2,380 -
Cash at bank 15 20,893 39,677
23,273 39,677
CREDITORS
Amounts falling due within one year 16 (567,578 ) (582,793 )
NET CURRENT LIABILITIES (544,305 ) (543,116 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

436,508,508

436,509,697

CREDITORS
Amounts falling due after more than one
year

17

(534,670,755

)

(534,670,755

)
NET LIABILITIES (98,162,247 ) (98,161,058 )

CAPITAL AND RESERVES
Called up share capital 20 157 157
Share application money 21 599,010,428 599,010,428
Other reserves 21 (56,226,628 ) (56,226,628 )
Retained earnings 21 (640,946,204 ) (640,945,015 )
SHAREHOLDERS' FUNDS (98,162,247 ) (98,161,058 )

Company's (loss)/profit for the financial
year

(1,189

)

30,317

The financial statements were approved by the director and authorised for issue on 23 January 2025 and were signed by:





K De - Director


TSMUK LTD (REGISTERED NUMBER: 07386462)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Share
share Retained application Other
capital earnings money reserves
$    $    $    $   
Balance at 1 April 2022 157 (837,889,077 ) 599,010,428 (44,860,690 )
As restated 157 (837,889,077 ) 599,010,428 (44,860,690 )

Changes in equity
Total comprehensive income - (107,588,406 ) - -
Balance at 31 March 2023 157 (945,477,483 ) 599,010,428 (44,860,690 )
As restated 157 (945,477,483 ) 599,010,428 (44,860,690 )

Changes in equity
Total comprehensive income - (71,667,903 ) - -
Balance at 31 March 2024 157 (1,017,145,386 ) 599,010,428 (44,860,690 )
Consolidation Non-controlling Total
reserve Total interests equity
$    $    $    $   
Balance at 1 April 2022 20,583,288 (263,155,894 ) (22,194,026 ) (285,349,920 )
Prior year adjustment - - (23,606,261 ) (23,606,261 )
As restated 20,583,288 (263,155,894 ) (45,800,287 ) (308,956,181 )

Changes in equity
Total comprehensive income - (107,588,406 ) - (107,588,406 )
Balance at 31 March 2023 20,583,288 (370,744,300 ) (45,800,287 ) (416,544,587 )
Prior year adjustment - - (15,727,988 ) (15,727,988 )
As restated 20,583,288 (370,744,300 ) (61,528,275 ) (432,272,575 )

Changes in equity
Total comprehensive income - (71,667,903 ) - (71,667,903 )
Balance at 31 March 2024 20,583,288 (442,412,203 ) (61,528,275 ) (503,940,478 )

TSMUK LTD (REGISTERED NUMBER: 07386462)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Share
share Retained application Other Total
capital earnings money reserves equity
$    $    $    $    $   
Balance at 1 April 2022 157 (640,975,332 ) 599,010,428 (56,226,628 ) (98,191,375 )

Changes in equity
Total comprehensive income - 30,317 - - 30,317
Balance at 31 March 2023 157 (640,945,015 ) 599,010,428 (56,226,628 ) (98,161,058 )

Changes in equity
Total comprehensive income - (1,189 ) - - (1,189 )
Balance at 31 March 2024 157 (640,946,204 ) 599,010,428 (56,226,628 ) (98,162,247 )

TSMUK LTD (REGISTERED NUMBER: 07386462)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes $    $   
Cash flows from operating activities
Cash generated from operations 1 (9,314,285 ) (84,521,555 )
Interest paid (37,867,220 ) (28,762,537 )
Net cash from operating activities (47,181,505 ) (113,284,092 )

Cash flows from investing activities
Purchase of tangible fixed assets (22,773,985 ) (3,006,378 )
Sale of intangible fixed assets 12,490,520 -
Interest received 107,675 31,910
Net cash from investing activities (10,175,790 ) (2,974,468 )

Cash flows from financing activities
New loans in year 53,946,643 122,950,797
Capital repayments in year (57,356 ) (6,287,232 )
Net cash from financing activities 53,889,287 116,663,565

(Decrease)/increase in cash and cash equivalents (3,468,008 ) 405,005
Cash and cash equivalents at beginning
of year

2

4,995,231

4,590,226

Cash and cash equivalents at end of
year

2

1,527,223

4,995,231

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
$    $   
Loss before taxation (87,395,891 ) (131,194,667 )
Depreciation charges 37,457,415 42,150,998
Finance costs 37,867,220 28,762,537
Finance income (107,675 ) (31,910 )
(12,178,931 ) (60,313,042 )
Decrease/(increase) in stocks 3,823,749 (12,552,738 )
Decrease in trade and other debtors 5,671,599 13,894,857
Decrease in trade and other creditors (6,630,702 ) (25,550,632 )
Cash generated from operations (9,314,285 ) (84,521,555 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
$    $   
Cash and cash equivalents 1,527,223 4,995,231
Year ended 31 March 2023
31.3.23 1.4.22
$    $   
Cash and cash equivalents 4,995,231 4,590,226


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
$    $    $   
Net cash
Cash at bank 4,995,231 (3,468,008 ) 1,527,223
4,995,231 (3,468,008 ) 1,527,223
Debt
Finance leases (136,535 ) 57,356 (79,179 )
Debts falling due after 1 year (1,038,799,302 ) (56,423,411 ) (1,095,222,713 )
(1,038,935,837 ) (56,366,055 ) (1,095,301,892 )
Total (1,033,940,606 ) (59,834,063 ) (1,093,774,669 )

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

TSMUK LTD is limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidated those of the company and its subsidiary undertakings drawn up to 31 March 2024. The subsidiary is an entity over which the company has the power to control the financial and operating policies to obtain benefits from its activities. The Group obtains and exercise control through voting rights.

Currency
The currency used when reporting was United States Dollar.

Significant judgements and estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts recorded in the financial statements and notes to the financial statements. The estimates include the recoverability of mineral properties, the useful life of property and equipment and Canadian income taxes related accounts and credits. These estimates are based on management’s best knowledge of current events and actions that the group may undertake in the future. Actual results may differ from these estimates.

Cash and cash equivalents
Cash and cash equivalents include cash and highly liquid short-term investments having a term of three months or less from the acquisition date.

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, and other sales taxes.

Revenue recognition
Revenue from sale of products (iron-ore) is recognized when control of the products has been transferred, this being when the products are delivered to the customer. Delivery occurs when the product has been shipped or delivered to a specific location as the case may be, the risk of loss has been transferred and either the customer has accepted the products in aoncordance with the sales contract, or the group has objective evidence that all criteria for acceptance has been satisfied. Sales of product include related ancillary services if any.

Mineral properties
The Group capitalized costs, net of tax credits and mining duties credit relating to the acquisition, exploration and development of mineral properties on an area of interest basis until June 30,2020. These expenses are amortized to operations through useful life of 25 years. The Company reviews the carrying values of mineral property interests on a yearly basis by reference to the Project economics, including the timing and effort of the exploration and/or development work, the work programs and exploration results experienced by the Company and others, and the extent to which options have committed, or are expected to commit to, exploration on a property. When it becomes apparent that the carrying value of a property exceeds its estimated net recoverable amount based on the foregoing criteria, an impairment test is performed as further described under Impairment of long-lived assets

During the construction and commissioning period of the mine, revenue from saleable material produced as part of test production was recorded against the cost of the asset until 30th June 2020.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

1) Plant and Equipment - The Ore Processing plant , transportation infrastructure and equipment and the building and mine are amortised using the units-of-production basis.

2) Fixture and Fitting - Office equipment and furniture are depreciated on straight-line basic over 18, 36 or 60 months .

3) Rolling stock - Rolling stock is depreciated on a declining balance of 30% per annum .

4) Building and mine camp - Straight line over 10 years

Impairment of long-lived assets
Long-lived assets are tested for impairment whenever events or circumstances indicate that their carrying value may not be recoverable. An impairment loss is recognised when the carrying amount of the asset exceeds the sum of the undiscounted cash flows resulting from its use and eventual disposition. The impairment loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value.

Commercial production
Prior to reaching pre-determined levels of operating capacity intended by management, costs incurred were capitalised as part of mineral properties under development within property, plant and equipment, and proceeds from sales are offset against capitalised costs up the date the asset reaches commercial production after which all capitalisations will be ceased.

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is ascertained on a weighted average basis. Cost comprises direct materials and where applicable direct labour costs and overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value is the price at which the inventories can be realised in the normal course of business after allowing for the cost of conversion from their existing state to a finished condition and for the cost of marketing.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies translation
The Group's currency of measurement and presentation is the U.S. dollar. Monetary assets and liabilities in foreign currency are translated at the exchange rate in effect at the balance sheet date, whereas non-monetary items are translated at the historical rate. Revenue and expenses are translated at the exchange rate in effect at the transaction date. Gains and losses are included in the statement of earnings and loss.

Tax credits and mining duties
The Canadian tax credits and mining duties are recorded as a reduction of the mineral properties during the year in which the costs are incurred, provided that the group is reasonably certain that the Canadian tax credits and mining duties will be received. The tax credits and mining duties claimed and recorded must be examined and approved by the Canadian tax authorities and it is possible that the amount granted will differ from the amount recorded.

Income taxes
The Group applies the taxes payable method of accounting for income taxes.

Provisions
The Group recognizes the present provision when there is a legal obligation in the period in which it occurred, if a reasonable estimate of the obligation can be made. It is a measured as the best estimate of the expenditure required to settle the obligation.

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Asset retirement obligations
During the course of acquiring and exploring potential mining properties. The group must comply with Canadian government environmental regulations concerning reclamation requirements. The estimated costs of complying with these requirements will be capitalised as mineral properties and the corresponding liability will be increased accordingly. The carrying value will then be amortised over the life of the related assets on a unit-of-production basis and the related liabilities will accrete to the original value estimate.

Financial instruments
-Measurement of financial instruments
The group initially measures its financial assets and financial liabilities at fair value except for certain non-arm's-length transactions. Advances and receivable from shareholders are measured at cost.

-Transaction costs
The Group recognises its transaction costs in net income in the period incurred. However, financial instruments that will not be subsequently measured at fair value are adjusted by the transaction costs that are directly attributable to their origination, issuance, or assumption.

- Derivative financial instruments
The Group holds forward contracts on Iron Ore to protect against changes in market of iron ore based on anticipated transactions.

As at 31st March, 2024, and 31st March 2023, the Group had not designated any derivative financial instruments as off-setting hedges for accounting purposes and the loss on these contracts at fair value are recorded as expenses in the statement of earnings and loss.

3. EMPLOYEES AND DIRECTORS
2024 2023
$    $   
Wages and salaries 19,808,265 30,310,458

The average number of employees during the year was as follows:
2024 2023

Average number of employees 209 202

4. DIRECTORS' EMOLUMENTS
2024 2023
$    $   
Directors' remuneration - -

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024 2023
$    $   
Depreciation - owned assets 26,699,750 37,560,358
Mineral Properties amortisation 8,280,897 8,280,896
Auditors' remuneration 8,289 10,206
Foreign exchange differences 697,454 (8,541,951 )

6. EXCEPTIONAL ITEMS
2024 2023
$    $   
Derivative financial
instrument gain/(loss) 922,275 (1,651,232 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
$    $   
Bank loan interest 37,867,220 28,762,537

8. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
$    $    $   
Share application

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. TAXATION - continued

Taxation

Tata Steel Mineral UK Ltd. did not pay UK corporation tax during the year.

TS Canada Capital Ltd. paid no tax during the year. Losses amounting to $699,188 at the federal and provincial levels are available to reduce future gains ($677,881 for 2023). The tax benefits of these losses have not been recognized in the financial statements.

Tata Steel Minerals Canada Ltd. pays no tax as this company has had a net loss every year since incorporation, except in 2016.

The total amount of unused tax losses and income tax reductions, and the amount of deductible temporary differences, for which no future income tax asset has been recognized amounts to $449,884,379
($356,203,329 in 2023)

The group has unused Canadian Exploration Expenses of $ 273,869,104 ($273,869,104 in 2023) and unused Canadian Development Expenses of $ 942,409 ($942,409 in 2023)

The Company has earned cumulative Federal investment tax credits ("ITCs") of $50,823,212 ($50,823,212 in 2023) which have not been recorded in these financial statements due to the uncertainty as to whether the Company will be able to utilize them. These ITCs can be carried forward for 20 years and expire as follows:
$   
2031 71,462
2032 1,486,977
2033 5,618,775
2034 6,988,194
2035 20,196,938
2036 16,460,866
50,823,212

The group has $ 720,402,385 ($675,624,605 in 2023) of non-capital tax losses, which are available to reduce income taxes in future years and expire as follows:
$   
2034 17,308,373
2035 12,428,843
2036 141,424,204
2037 10,882,561
2038 84,817,404
2039 77,811,757
2040 91,060,766
2041 54,217,819
2042 102,876,191
2043 80,335,276
2044 47,239,191
720,402,385

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. TAXATION - continued
The Corporation also has capital losses of $102,025,940 ($102,025,940 in 2023) that can be carried forward indefinitely and applied only against future capital gains which have not been recorded in these financial statements.

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. INTANGIBLE FIXED ASSETS

Group
Mineral
Properties
$   
COST
At 1 April 2023 207,022,415
Disposals (12,490,520 )
At 31 March 2024 194,531,895
AMORTISATION
At 1 April 2023 22,772,466
Amortisation for year 8,280,897
At 31 March 2024 31,053,363
NET BOOK VALUE
At 31 March 2024 163,478,532
At 31 March 2023 184,249,949

The goodwill that arose during the consolidation process had been fully impaired.

Mineral properties

The Group capitalized costs, net of tax credits and mining duties credit relating to the acquisition, exploration and development of mineral properties on an area of interest basis until June 30,2020. These expenses are amortized to operations through useful life of 25 years. The Group reviews the carrying values of mineral property interests on a yearly basis by reference to the Project economics, including the timing and effort of the exploration and/or development work, the work programs and exploration results experienced by the Group and others, and the extent to which options have committed, or are expected to commit to, exploration on a property. When it becomes apparent that the carrying value of a property exceeds its estimated net recoverable amount based on the foregoing criteria, an impairment test is performed as further described under Impairment of long-lived assets.

During the construction and commissioning period of the mine, revenue from saleable material produced as part of test production was recorded against the cost of the asset until June 30, 2020.

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Rolling
machinery fittings stock Totals
$    $    $    $   
COST
At 1 April 2023 606,382,153 4,473,962 958,218 611,814,333
Additions 22,389,197 305,675 79,113 22,773,985
At 31 March 2024 628,771,350 4,779,637 1,037,331 634,588,318
DEPRECIATION
At 1 April 2023 168,721,256 4,436,380 769,041 173,926,677
Charge for year 26,618,920 22,484 58,346 26,699,750
At 31 March 2024 195,340,176 4,458,864 827,387 200,626,427
NET BOOK VALUE
At 31 March 2024 433,431,174 320,773 209,944 433,961,891
At 31 March 2023 437,660,897 37,582 189,177 437,887,656

The amount for property, plant and equipment under construction is $11,174,912 ($23,784,846 in 2023) and has not been amortized in 2024.

During the year, we tested long-lived assets for impairment as a result of this test, we determined that no write down of long-lived assets was required.

12. FIXED ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
$    $    $    $   
Shares in group undertakings - - 352,229,937 352,229,937
Loans to group undertakings - - 84,822,876 84,822,876
Other investments not loans 6,341,461 6,341,461 - -
6,341,461 6,341,461 437,052,813 437,052,813

Additional information is as follows:

Group

Investments (neither listed nor unlisted) were as follows:
2024 2023
$    $   
Other asset 6,341,461 6,341,461

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakin
$   
COST
At 1 April 2023
and 31 March 2024 352,229,937
NET BOOK VALUE
At 31 March 2024 352,229,937
At 31 March 2023 352,229,937

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Tata Steel Minerals Canada Limited
Registered office:
Nature of business: Mining for steel
%
Class of shares: holding
Ordinary shares 82.00
2024 2023
$    $   
Aggregate capital and reserves 146,342,096 256,975,034
Loss for the year (110,632,937 ) (154,401,117 )

T S Canada Capital Ltd
Registered office:
Nature of business: Financing for steel mining
%
Class of shares: holding
Ordinary 100.00
2024 2023
$    $   
Aggregate capital and reserves 4,289,550 4,306,828
Loss for the year (17,278 ) (79,092 )

Company
Loans to
group
undertakin
$   
At 1 April 2023
and 31 March 2024 84,822,876

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. FIXED ASSET INVESTMENTS - continued


Impairment of investment:
The standalone accounts of TSMC under Canadian GAAP does not show an impairment of the assets (Mineral Properties) of the company. However under FRS102 the Mineral Properties should have been impaired. Therefore, the impairment was only reflected in the consolidated accounts in the year to 31st March 2021.

Other Assets:
In July 2012, the Company entered into an agreement with the Sept-Îles Port Authority providing the Company with access to a new multi-user deep-water dock facility. As part of the agreement, TSMC will have a minimum annual shipping capacity of 5 million tons a year for 20 years, with options to renew for four or five-year terms.

13. STOCKS

2024 2023
$ $
Finished Goods 41,819,120 47,870,855
ROM 31,241,674 22,747,618
Others 10,309,886 16,575,956
83,370,680 87,194,956

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
$    $    $    $   
Other debtors 3,920,653 - 2,380 -
Sales tax recoverable 624,799 1,934,660 - -
Amount receivable from NML 612,756 1,205,602 - -
Interest receivable - 3,960 - -
Deposit on contract 8,630,353 10,674,913 - -
Prepayments 5,297,948 10,938,973 - -
19,086,509 24,758,108 2,380 -

The amounts due from shareholder corporation (NML) which were transferred to TSMUK following the transfer of NML shares to TSL, are non-interest bearing and due on demand.

Advances for operational and logistic vendors are non-interest bearing and cleared against subsequent invoice.

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


15. CASH AT BANK
Group Company
2024 2023 2024 2023
$    $    $    $   
Bank account- USD ($) 1,526,158 4,994,165 19,828 38,611
Bank account- CAD ($) 1,065 1,066 1,065 1,066
1,527,223 4,995,231 20,893 39,677

Cash and cash equivalents include cash and short-term investments having a term of three months or less from the acquisition date.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
$    $    $    $   
Finance leases (see note 19) 53,417 57,256 - -
Trade creditors 56,006,889 87,392,602 528,802 529,466
Other creditor - - 20,123 19,168
Accrued expenses 54,478,148 29,498,454 18,653 34,159
Asset retirement obligation 5,919,845 6,144,528 - -
116,458,299 123,092,840 567,578 582,793

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
$    $    $    $   
Other loans (see note 18) 1,095,222,713 1,038,799,302 505,899,765 505,899,765
Finance leases (see note 19) 25,762 79,279 - -
Loan by related company - - 28,770,990 28,770,990
1,095,248,475 1,038,878,581 534,670,755 534,670,755

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
$    $    $    $   
Amounts falling due between one and two years:
Other loans - 1-2 years - 588,951,423 - -
Amounts falling due between two and five years:
Other loans - 2-5 years 645,374,834 - 56,051,886 56,051,886
Preference shares 449,847,879 449,847,879 449,847,879 449,847,879
1,095,222,713 449,847,879 505,899,765 505,899,765

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


18. LOANS - continued

Long-term debt and loans payable to related companies:
2024 2023
$    $   

TS Global Holdings Pte Ltd. (Advance against preferred shares) 84,822,877 84,822,877
Loan from Investissement Quebec bearing interest at 6.00% due on
30th September 2024.

42,904,771

42,958,668
Loan TSGH $ 205 Mn from shareholder company TSGH bearing interest
at 6.13% per annum. Interest accrued on this loan as of March 31, 2024
is $ 12,605,135 and it is included in accrued liabilities as at March
31,2024.



205,068,429



205,068,429
Loan TSGH $ 6.7 Mn from shareholder company TSGH bearing interest
at 6.13% per annum. Interest accrued on this loan as of March 31, 2024
is $ 414,140 and it is included in accrued liabilities as at March
31,2024.



6,737,506



6,737,506
Loan from TSMUK assigned to TSGH $ 90,090,479.14 bearing interest
at6.13% per annum. Interest accrued on this loan as of March 31, 2024
is $ 5,537,676 and it is included in accrued liabilities as at March
31,2024.



90,090,479



90,090,479
Loans received from TSGH $ 98.84 Mn (shareholder company) bearing
interest at 6.13% per annum received during FY'23.1,2023.

98,840,200

98,840,200
Loans received from TSGH $ 68.34 Mn (shareholder company) bearing
interest at 6.97% per annum received during FY'24.

68,345,964

Loan from AXIS bank, maturity date Oct 31,2026, SOFR + 2.95% p.a.
bearing interest at 8.39%.

24,454,691

36,494,547
Long-Term Debt 621,264,916 565,012,709

ICICI working capital line 11,882,572 11,773,868
Axis Bank Loan (second instalment) 12,227,345 12,164,849
Short-Term Debt 24,109,918 23,938,717
Total Debt 645,374,834 588,51,423

The estimated repayments for the following years ending March 31 are as follows:

$   
2025 20,808,299
2026 20,808,299
2027 20,808,299
2028 8,580,954
2029 8,580,954
Subsequently 565,788,027
645,374,834
TSMUK holds 82% in TSMC. TSGP is a subsidiary of TSL.

The loan facility includes certain financial and non-financial covenants. As at 31st March, 2024, the Company was in compliance with all covenants.

Details of shares shown as liabilities are as follows:


TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


18. LOANS - continued
Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: $    $   
450,000,000 Preference $1 . 449,847,879 449,847,879

US$

Convertible preference shares 449,847,879

The preference share that have not been redeemed retracted or repurchased prior to the tenth anniversary of their date of issue shall be immediately and automatically be converted into fully paid Class A ordinary shares.

Dividends are payable at the discretion of the directors and shall not exceed 10% of the redemption amount.

19. LEASING AGREEMENTS

2024 2023
$    $   

Other capital lease
Current portion 53,417 57,256
Non-current 25,762 79,279
Total leasing 79,179 136,535
Minimum lease payments required in the next five years and subsequently under "the finance lease" are as follows:


$   
2025 58,319
2026 26,704
Subsequently -
85,023
Interest included in minimum
payments

(5,844

)
79,179

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: $    $   
100 Ordinary $1.5725 157 157

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


21. RESERVES

Group
Share
Retained application Other Consolidation
earnings money reserves reserve Totals
$    $    $    $    $   

At 1 April 2023 (945,477,483 ) 599,010,428 (44,860,690 ) 20,583,288 (370,744,457 )
Deficit for the year (71,667,903 ) (71,667,903 )
At 31 March 2024 (1,017,145,386 ) 599,010,428 (44,860,690 ) 20,583,288 (442,412,360 )

Company
Share
Retained application Other
earnings money reserves Totals
$    $    $    $   

At 1 April 2023 (640,945,015 ) 599,010,428 (56,226,628 ) (98,161,215 )
Deficit for the year (1,189 ) (1,189 )
At 31 March 2024 (640,946,204 ) 599,010,428 (56,226,628 ) (98,162,404 )

GROUP

Increase/ (Decrease) in:

Share application money
This represents additional contribute by the shareholders.

Other reserve
The other reserves represent the currency translation of financial statement as at 01 April 2015 from Canadian $ to US$.

Consolidation reserve:
The consolidation reserve arose due to the change in minority shareholding from 22.32% to 18% during the year 2020/21 and 6% to 22.32% during the year 2016/17, which resulted in the readjustment of the opening share capital, retained losses and other reserve.

22. NON-CONTROLLING INTERESTS

The minority shareholders own all of the class B and class C shares issued in Tata Steel Minerals Canada Ltd, which represent approximately 18.00% (2023:18.00%) of the total issued share capital.

23. ULTIMATE PARENT COMPANY

The group is a wholly owned group headed by 'Tata Steel Limited', a company incorporated and registered in India.

The immediate parent company of the group is T S Global Holdings PTE. Ltd. (Incorporated in Singapore Registration Number: 200813139E)

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


24. CONTINGENT LIABILITIES

The Group has entered into Impact Benefit Agreements (IBA) with four First Nations. These "life of mine" agreements promotes and govern a mutually beneficial Project. The IBAs establish the processes and sharing benefits, whereby the First Nations will benefit through training, employment, business opportunities and financial participation in the Project.

The payments required under these IBAs are as follows:
$   
2025 2,514,923
2026 2,356,212
2027 3,419,657
2028 3,250,341
2029 3,228,011
Subsequent 1,492,729
Total 6,261,873

25. COMMITMENTS

The Group has entered into various agreements for the operating activity to be paid as project milestones are met and has agreed to some take-or-pay obligations that the Company anticipates will be used by its future operations. Based on the Company's assessment, the minimum amounts due in each of the next five years and subsequently under these agreements are as follows:

$   
2025 33,150,000
2026 -
2027 -
2028 -
2029 -
Total 33,150,000

The Group is party to claims and lawsuits in the normal course of business. Management believes that the resolution of these claims and lawsuits will not have a material adverse effect on the Company's financial position, loss or cash-flows.

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


26. RELATED PARTY DISCLOSURES

During the year, the Group incurred transactions with companies under common control and a shareholder company:

2024 2023
$    $   
Balance sheet accounts
T S Global Holdings PTE. Ltd. 84,822,876 84,822,876
Tata Steel Limited 404,085 515,355
Loan payable to TSGH (TSMUK Ltd in FY22 90,090,479 90,090,479
TSGH 228,524,455 28,524,455
TSGH 68,345,964 -
TSGP Liability related to hedge - 967,151
TSGP Receivable related to hedge 2,280,335 -
Tata Sons Private Limited (BEBP) 301,259 -
Tata Steel Business Delivery Centre Limited 52,327 -
Tata Steel Global Procurement-TSGP 82,121,680 82,121,680
These transactions, concluded in the normal course of operations, are for loans and services provided by subsidiaries and TSL respectively.

27. POST BALANCE SHEET EVENTS

On 31 March 2025, the funds held as" Share Application Money " were converted to 380,928,730 shares of US$1.5725 each , the nominal value being US$599,010,428.

On 31st March 2025 , a loan of US$84,822,877 by the holding company was converted to 84,822,877 preference shares of US$1 each.

The total share capital on 31 March 2025 was US$1,133,681,341.

28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

In the normal course of operations, the Group is exposed to and manages various financial risks.
The Group does not enter into financial instrument agreements including derivative financial instruments for speculative purposes.

The Group's main financial risks and policies are as follows:

Foreign exchange risk
Foreign exchange risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The functional currency is the US dollar, but most of the Company's expenditures are transacted in Canadian dollars. Consequently, some assets and liabilities are exposed to foreign exchange fluctuations.

On March 31, 2024, the Company had cash in the amount of C$2,038,055 (C$ 1,239,692 in 2023) which has been translated into US dollars at the exchange rate on March 31, 2024.

On March 31, 2024, the Company had C$3,021 (C$34,735 in 2023) in cash and cash equivalents,
which has been translated into U.S. dollars at the exchange rate prevailing on March 31, 2024.

TSMUK LTD (REGISTERED NUMBER: 07386462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


29. ASSET RETIREMENT OBLIGATIONS

The Group accrued an estimated liability related to the mine rehabilitation and closure plan of the Project based on the total future remediation cost using a 3.58% (2.81% in 2023) discount rate (10 Year Zero Coupon Bond Yield) and a 2% inflation rate. The carrying value will be amortized over the expected mine life of 15 years.