Company registration number 05509414 (England and Wales)
MOLYMET SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
MOLYMET SERVICES LIMITED
COMPANY INFORMATION
Directors
J Guevara Blanco
S Baeza
S Friedl
R Ceballos Argo
A Verderau
Company number
05509414
Registered office
First Floor
5 Fleet Place
London
EC4M 7RD
Auditors
BKL Audit LLP
Chartered Accountants
5 Fleet Place
London
EC4M 7RD
MOLYMET SERVICES LIMITED
CONTENTS
Page
Directors' report
1 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
MOLYMET SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and the audited financial statements for the year ended 31 December 2025.

Principal activities

The company's principal activity is dealing internationally in metals and commodities.

Results and dividends

The results for the year are set out on page 7.

Dividends of $Nil (2024: $Nil) were declared and paid during the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Guevara Blanco
S Baeza
S Friedl
R Ceballos Argo
A Verderau
Financial instruments
Financial risk management

The company's principal financial instruments comprise cash and cash equivalents, and various items such as trade receivables, trade payables, accruals and prepayments that arise directly from its operations.

The main purpose of these financial instruments is to finance the company's trading operations. Management regularly review and agree policies for managing risks and uncertainties arising from the company's financial instruments which are summarised as follows:

Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company's policy throughout the year has been to ensure that it has adequate liquidity to meet its liabilities when due by careful management of its working capital, and where necessary, financial support is sought from Molibdenos y Metales SA, the company's ultimate parent company.

At 31 December 202 5 the company had net current liabilities of $270,987 (202 4 net current assets - $107,896).

Foreign currency risk

Virtually all revenue and cost of sales transactions are conducted in the company's functional currency of US dollars. However the company, being based in the UK, incurs its operational costs in pounds sterling. It is therefore exposed to foreign exchange risk arising from exchange rate movements, primarily between the US dollar and the UK pound. Management monitors exchange rate movements on a regular basis and where appropriate, a conversion is made to the required currency when the rate is favourable. At 31 December 202 5 17% of cash and cash equivalents were in foreign currencies (202 4 - 63%).

Credit risk

The company is unlikely to be exposed to major credit risk from its revenue. The company acts as a sales agent for its group companies where credit risk is assessed as low. Credit risk arising from trading is also assessed as low as payments are normally secured before i nventories are released. No provision for expected credit loss is made as bad debt expenses have never been incurred by the company.

MOLYMET SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Market price risk

Being a trader in metals, the principal market risk facing the company is an adverse movement in the commodity price. The risk is managed on a daily basis with frequent meetings to monitor market price and to review buying and selling strategies.

Post reporting date events

Subsequent to the year end, a loan of $5,000,000 has been provided by the immediate parent company on 5 January 2026.

Future developments

The company is supported by their parent company, Molibdenos Y Metales S.A, and will continue to sell products to group entities and third party customers.

Auditor

The auditor, BKL Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

In accordance with the provisions of s414 B and s415A of the Companies Act 2006, the c ompany is entitled to the small companies’ exemption in relation to the strategic report and directors’ report for the financial year.

MOLYMET SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
On behalf of the board
S Baeza
Director
21 January 2026
MOLYMET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOLYMET SERVICES LIMITED
- 4 -
Opinion

We have audited the financial statements of Molymet Services Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

MOLYMET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOLYMET SERVICES LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are 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 directors determine is 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Capability of the audit in detecting irregularities, including fraud:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with tax regulations, health and safety regulations and anti-bribery and anti-corruption laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included:

- Communications with the director s, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

- Identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MOLYMET SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOLYMET SERVICES LIMITED (CONTINUED)
- 6 -

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 an auditor's report 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.

Nikki Crane FCA (Senior Statutory Auditor)
For and on behalf of BKL Audit LLP
21 January 2026
Chartered Accountants and Statutory Auditor
5 Fleet Place
London
EC4M 7RD
MOLYMET SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
$
$
Revenue
2
7,129,275
2,898,923
Cost of sales
(6,274,216)
(2,169,499)
Gross profit
855,059
729,424
Administrative expenses
(1,204,212)
(1,178,170)
Other operating income
-
0
4,047
Operating loss
3
(349,153)
(444,699)
Investment income
1,886
9,113
Finance costs
(69,214)
(654)
Loss before taxation
(416,481)
(436,240)
Tax on loss
6
(12,133)
93,605
Loss and total comprehensive income for the financial year
(428,614)
(342,635)

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 20 form part of these financial statements.

MOLYMET SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
as restated
Notes
$
$
$
$
Non-current assets
Property, plant and equipment
7
420
1,370
Current assets
Inventories
8
1,267,123
-
Trade and other receivables
9
68,213
158,053
Cash and cash equivalents
664,126
134,755
1,999,462
292,808
Current liabilities
Borrowings
10
2,000,000
-
0
Trade and other payables
11
214,161
132,463
Taxation and social security
56,288
52,449
2,270,449
184,912
Net current (liabilities)/assets
(270,987)
107,896
Total assets less current liabilities
(270,567)
109,266
Provisions for liabilities
Other provisions
12
(150,178)
(101,397)
Net (liabilities)/assets
(420,745)
7,869
Equity
Called up share capital
15
85,690
85,690
Retained earnings
(506,435)
(77,821)
Total equity
(420,745)
7,869

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 January 2026 and are signed on its behalf by:
S Baeza
Director
Company registration number 05509414 (England and Wales)
MOLYMET SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Retained earnings
Total
$
$
$
Balance at 1 January 2024
85,690
264,814
350,504
Year ended 31 December 2024:
Loss and total comprehensive income
-
(342,635)
(342,635)
Balance at 31 December 2024
85,690
(77,821)
7,869
Year ended 31 December 2025:
Loss and total comprehensive income
-
(428,614)
(428,614)
Balance at 31 December 2025
85,690
(506,435)
(420,745)
MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

Molymet Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD. The company's principal activities and nature of its operations are disclosed in the directors' report.

These financial statements cover the single entity accounts for Molymet Services Limited.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the following disclosure exemptions under FRS 101:

- the requirements of IFRS 7 Financial Instruments: Disclosures;

- the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;

- the requirement in paragraph 38 of IAS 1 ‘Presentation of Financial Statements’ to present comparative information in respect of: (i) paragraph 79(a) (iv) of IAS 1, (ii) paragraph 73(e) of IAS 16 Property Plant and Equipment (iii) paragraph 118 (e) of IAS 38 Intangibles Assets

- the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 39 to 40 ,111 and 134-136 of IAS 1 Presentation of Financial Statements;

- the requirements of IAS 7 Statement of Cash Flows;

- the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

- the requirements of paragraph 17 of IAS 24 Related Party Disclosures;

- the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member ; and

- the requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

Where required, equivalent disclosures are given in the group accounts of Molibdenos Y Metales S.A. The group accounts of Molibdenos Y Metales S.A are available to the public and can be obtained from Camino Nos a Los Morros No. 66, Nos, Municipality of San Bernardo, Metropolitan Region, Chile.

1.2
Going concern

At 31 December 2025 the company had net current liabilities of $270,987 (2024: net current assets of $107,896) and net liabilities of $420,745 (2024: net assets of $7,869).true

The company is dependent on its ultimate parent, Molibdenos y Metales SA, for funding. The directors have received an undertaking from the parent company that it will continue to make available such funds as are necessary to enable it to meet its liabilities as they fall due for a period of at least 12 months from approval of these financial statements.

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.3
Revenue

Overseas sale of goods

Revenue is earned from the sale of metals and is recognised at a point in time when the relev a nt performance obligation has been satisfied, which is when the metals have been delivered and legal title has passed. There are no contracts whose performance obligations are satisfied over time.

Revenue is measured at the transaction price, being the fair value of the consideration received or receivable. Contracts with customers do not contain a financing component or any element of variable consideration. The company does not offer an option to purchase a warranty.

Commissions receivable

Commission is earned from acting as agent in respect of metal sales made by group companies and is recognised at a point in time when the relevent performance obligation has been satisifed, which is when the group company has delivered the metals to its customers and legal title has passed. There are no contracts whose performance obligations are satisifed over time.

Revenue is measured at the transaction price, being the fair value of the consideration received or receivable. Contracts with customers do not contain a financing component or any element of variable consideration. The company does not offer an option to purchase a warranty.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture and equipment
25% - 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first in first out (FIFO) basis. Net realisable value is the amount that can be realised from the sale of the inventory in the normal course of business after allowing for the costs of realisation.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than American dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.15

Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.16

Prior period reclassification

The entity has reclassified to provisions for liabilities an amount of $101,397 in respect of termination pay previously recognised as a non-current liability. This reclassification better reflects the substance of the transaction, being a provision due to the uncertain timing of the future outflow of funds.

2
Revenue
2025
2024
$
$
Revenue analysed by class of business
Sales
6,316,412
2,249,161
Commission
812,863
649,762
7,129,275
2,898,923
2025
2024
$
$
Revenue analysed by geographical market
United Kingdom
2,445,256
673,683
Rest of Europe
3,576,538
999,244
Rest of world
1,107,481
1,225,996
7,129,275
2,898,923
3
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
$
$
Exchange losses
22,963
22,342
Fees payable to the company's auditor for the audit of the company's financial statements
21,300
19,890
Depreciation of property, plant and equipment
950
949
Cost of inventories recognised as an expense
6,270,365
2,168,651
Short term lease costs
76,458
73,105
MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
2
2

Their aggregate remuneration comprised:

2025
2024
$
$
Wages and salaries
774,489
791,835
Social security costs
110,665
114,720
Benefits
64,809
73,305
Pension costs
7,166
7,054
957,129
987,314
5
Directors' remuneration
2025
2024
$
$
Remuneration for qualifying services
719,235
745,128
Company pension contributions to defined contribution schemes
1,741
1,688
720,976
746,816

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
$
$
Remuneration for qualifying services
654,426
676,869
Benefits
64,809
73,305
Company pension contributions to defined contribution schemes
1,741
1,688
MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
6
Taxation
2025
2024
$
$
Current tax
UK corporation tax on profits for the current period
-
(93,200)
Adjustments in respect of prior periods
12,133
(405)
Total UK current tax
12,133
(93,605)

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
$
$
Loss before taxation
(416,481)
(436,240)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 25.00%)
(104,120)
(109,060)
Effect of expenses not deductible in determining taxable profit
384
677
Gains not taxable
-
(1,012)
Unutilised tax losses carried forward
104,433
-
0
Adjustment in respect of prior years
12,133
(401)
Effect of change in UK corporation tax rate
-
0
5,863
Deferred tax not recognised
(697)
10,317
Other differences
-
11
Taxation charge/(credit) for the year
12,133
(93,605)

At the balance sheet date, the company had tax losses of $417,734. A deferred tax asset has not been recognised in respect of these losses.

7
Property, plant and equipment
Furniture and equipment
$
Cost
At 1 January 2025
11,997
At 31 December 2025
11,997
Accumulated depreciation and impairment
At 1 January 2025
10,627
Charge for the year
950
At 31 December 2025
11,577
Carrying amount
At 31 December 2025
420
At 31 December 2024
1,370
MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
8
Inventories
2025
2024
$
$
Goods for resale
1,267,123
-
9
Trade and other receivables
2025
2024
$
$
Trade receivables
48,020
49,529
Corporation tax recoverable
-
93,200
VAT recoverable
2,835
2,678
Other receivables
8,885
8,052
Prepayments and accrued income
8,473
4,594
68,213
158,053
10
Borrowings
2025
2024
$
$
Borrowings held at amortised cost:
Loans from parent undertaking
2,000,000
-

Borrowings relate to a loan from the immediate parent company of $2,000,000 which is repayable on 13 May 2026 and carries an interest rate of 5.455%.

Interest arising on the loan during the financial year was $69,214.

The loan is unsecured.

11
Trade and other payables
as restated
2025
2024
$
$
Trade payables
3,947
684
Accruals and deferred income
210,214
131,779
214,161
132,463
MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
12
Provisions for liabilities
as restated
2025
2024
$
$
Termination Pay
130,590
89,101
Termination Pay - National Insurance
19,588
12,296
150,178
101,397
Movements on provisions:
Termination Pay
Termination Pay -
Total
National Insurance
$
$
$
At 1 January 2025
89,101
12,296
101,397
Provisions in the year
41,489
7,292
48,781
At 31 December 2025
130,590
19,588
150,178
Provisions relate to pay due to a director upon termination of their employment.
13
Other leasing information

2025
2024
$
$
Commitment relating to short-term leases
76,772
-

The company has no lease obligations other than short-term leases and leases of low value assets.

Total cash outflow for all leases was $76,458 (202 4: $73,105), including $nil (202 4: $nil) of principal payments of lease obligations.

The company has no future cash outflows to which the lessee is exposed that are not reflected in the measurement of lease obligations above.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
7,166
7,054

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
$
$
Issued and fully paid
50,000 ordinary shares of £1 (equivalent to $1.7138) each
50,000
50,000
85,690
85,690

Fully paid ordinary shares, which have a par value of £1 (equivalent to US$1.71 38), carry one vote per share and carry a right to dividends.

16
Events after the reporting date

Subsequent to the year end, a loan of $5,000,000 has been provided by the immediate parent company on 5 January 2026.

17
Related party transactions

During the year the following arms length transactions were undertaken in the normal course of business with group undertakings:

Purchase of
Commissions receivable
goods and services
2025
2024
2025
2024
$
$
$
$
Molibdenos y Metales
398,302
379,486
2,948,314
-
0
Molymex SA de CV
98,699
81,437
-
0
762,529
Complejo Industrial Molynor SA
6,463
3,635
-
0
-
0
Molymet Belgium NV
309,400
185,204
-
0
1,406,121
Management fees payable to Molibdenos y Metales SA
-
0
-
0
23,268
20,574
Subscription fees payable to Molibdenos y Metales SA
-
0
-
0
7,099
-
0
812,864
649,762
2,978,681
2,189,224

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
$
$
Strategic Metals BV
2,069,214
-
0
MOLYMET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Related party transactions
(Continued)
- 20 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
$
$
Molibdenos y Metales SA
23,491
22,263
Molymes SA de CV
5,762
-
Molymet Belgium BV
18,767
27,266
48,020
49,529

Amounts due from group undertakings are unsecured, interest free, and repayable on demand.

18
Controlling party

Strategic Metals BV, incorporated in Belgium, was the company's parent company at 31 December 202 5.

Molibdenos y Metales SA, incorporated in Chile, was regarded as the company's ultimate parent company at 31 December 202 5.

Consolidated financial statements are prepared by Molibdenos y Metales SA and are available to the public from Camino Nos a los Morros 66, San Bernardo, Santiago, Chile.

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