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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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UNITED MINING SERVICES LIMITED
COMPANY INFORMATION
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UNITED MINING SERVICES LIMITED
CONTENTS
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UNITED MINING SERVICES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The principal activities of the Group continue to be that of underground mine construction through the sinking and equipping of vertical and decline shafts, professional design and engineering services as well as procurement services.
The Group has again performed satisfactorily for the year under review. Group revenue increased to $68.6m (2024: $60.0m). Despite higher revenue, gross profit margins reduced to 20.0% (2024: 23.9%) primarily because of the mix of group activities. Tight cost control culminated in administrative expenses, including depreciation, as a percentage of revenue of 14.0% (2024: 15.2%). The Group profit for the year after participating interests, taxation and excluding comprehensive income and non-controlling interests amounted to $6.1m (2024: $4.9m). The Group continues its strategy of expanding in Africa as well as internationally. Flagship projects in South America, the UK and the rest of Africa are progressing well. A major project undertaken in the USA reached substantial completion in December 2025 and the focus is on continued business development and joint venture opportunities in identified key locations which includes Canada and the USA. The cost base of the Group is still primarily South African based and the rise in the Platinum Group Metals ("PGM") commodity prices have brought buoyancy to the mining sector not only in South Africa but also greater Africa. The Group was recently awarded two large South African sinking projects in the Coal and PGM sectors which is a welcome addition to the order book. People are no doubt the group’s biggest asset, and the Group prides itself on its 2025 safety performance which was excellent on all accounts. Attracting the best talent to provide the best service to our increasing client base locally and internationally remains a key focus. The continued capital investment into equipment and machinery is reaping rewards and the Group prides itself in an extensive array of shaft sinking and associated equipment available for internal use, sale or rental. Statutory compliance and corporate governance are key focuses for the Group through various standards, policies and procedures and the use of qualified consultants ensures that compliance in all jurisdictions remains at the highest level.
The risk of inadequate funding or inappropriately managing the funding of the business is one of the primary risks that could affect the Group’s ability to trade. Other significant financial risks include the safeguarding of assets, inappropriate tendering prices that could cause the Group to lose potential contracts or undertake contracts which are unprofitable.
For each of these risks the Group has implemented appropriate policies and procedures and executive management regularly reviews performance against set targets. Daily reviews of cash management with rolling forecasts and strong controls ensure that liquidity continues. Insurance is being taken to protect the Group against the risk of fraud or theft of funds.
Safety
The number of hours worked for the Group during 2025 was slightly more than those worked during 2024 with an increase of 140,293 hours. Due to the mix of group activities, shifts and hours are not always linear with the movement in revenue. The safety performance indicators for 2025 were as follows: Shifts worked: 193,953 (2024: 176,363) Hours worked: 1,554,807 (2024: 1,414,514)
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UNITED MINING SERVICES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Near Hits: 14 (2024: 9)
Damage: 24 (2024: 22) First Aid Cases: 7 (2024: 7) Non Lost Time Injuries (MTC): 5 (2024: 3) Lost Time Injuries: 1 (2024: 0) Reportable Injuries: Nil (2024: Nil) The following achievements for 2025 are noted:
∙External certification of the integrated Business Management System was maintained (ISO 9001, ISO 14001, & ISO 45001).
∙All 9 Critical Risk Management Protocols were completed and implemented across all projects and facilities.
∙The Year-to-Date LTIFR was 0.13 (calculated per 200 000 hours). Excellent achievement considering the type of work involved.
∙Business risks and opportunities were all identified, documented and clear actions in this regard were implemented and reviewed quarterly.
∙All agreed Safety, Health, Environment, Risk, and Quality ("SHERQ") objectives for 2025 were achieved.
∙Planning for 2026 regarding a clear SHERQ strategy with associated objectives were completed.
Business risk
Our ability to identify and manage the risks to our business is critical to our success. The Directors have identified the following key operational risks: • Project Performance Ineffective and inefficient project management could lead to additional costs being incurred which will affect the overall project performance and therefore the financial performance of the Group. Managing contract risk is essential as the Group may commit to contractual terms and conditions that expose it to excessive financial risks and potential cost overruns. Since the formation of the Group, policies and procedures have been instituted for contract approval including bid approval models, peer review and Board approval. Experienced management teams have been recruited for all service offerings with the relevant technical and industry knowledge. All contracts are reviewed by internal legal staff and regular project performance reviews are undertaken involving finance, commercial and operational personnel. • Safety Risk Due to the nature of the Group’s operations, safety is a significant issue for the Company. Failure to maintain high levels of safety can result in harm and serious injury to our employees and significantly impact our ability to carry out our business. A comprehensive set of safety procedures are in place and these are regularly reviewed and updated for any new risks which have been identified. In addition, the Group regularly introduces new safety campaigns to improve performance. A dedicated Safety, Health, Environment, Quality and Training department (SHEQT) monitors safety performance and events on a daily basis. Each site has a dedicated safety officer responsible for managing safety matters, including monitoring the progress of action plans, reporting on safety incidents and ensuring the Group’s policies are being adhered to. • Political Risk There are political, social and labour relations risks in some of the geographies where the Group operates. The political, social or economic environment in any jurisdiction may change leading to the inability to realise the expected results from our projects. The Group seeks to mitigate these risks where possible by diversifying both geographically and in terms of end users. Political risks are mitigated through contractual terms agreed. • Legal and Regulatory Changes in standards, laws and regulations in the countries where we operate affect our business. Some of the jurisdictions in which the Group operates pose particular and often heightened reputational issues that need to be managed appropriately. We are conscious of the risk of failure to comply with anti-bribery, anti-corruption, anti-money laundering and/or sanctions laws and regulations which could lead to financial penalties and criminal
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UNITED MINING SERVICES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
prosecutions. We adhere to the principle of self-regulation backed by appropriate policies and management review. The Group actively monitors regulatory and political developments on a continuous basis to ensure we are in compliance with all relevant regulations. We have developed a Group-wide anti-bribery and corruption policy which has been implemented throughout the Group.
• Commodity Cycle The Group’s customers operate in markets which are closely linked to the global economic environment and the commodities cycle. As a result, demand for the Group’s services are impacted by changes in global economic performance. The Group seeks to mitigate this risk by pursuing a strategy to increase geographic, commodity and end market diversity. • South African Operations, Black Economic Empowerment The ability to generate work in South Africa, the traditional home base of the Group, requires compliance with the South African Government’s black economic empowerment policies and depends on the South African Companies BBBEE ratings. The various elements of the BBBEE scorecard are tracked monthly and management continuously explores how to improve the rating.
The Group utilises the following key performance indicators:
∙Order Book and Pipeline: value of contracts on hand, high probability awards, tenders submitted, prospects and leads.
∙Contribution and Contribution Margin: Project-level Revenues less Cost of Sales.
∙Overheads and Under-recovered Overheads.
∙Cash Flow.
In the opinion of the directors, disclosure of information on the key performance indicators would be prejudicial to the interests of the Group.
This Section 172(1) Statement sets out how United Mining Services Ltd ("the Company") has considered the interests of its stakeholders and fulfilled its duties under Section 172 of the Companies Act 2006. The Group recognises the importance of sustainable and responsible business practices, and the need to balance the interests of various stakeholders, including shareholders, employees, customers, suppliers, the environment, and the communities in which we operate.
Promoting the Success of the Group The Group believes that long-term success is achieved by considering the interests of all stakeholders and adopting a sustainable and responsible approach to mining services. This approach includes:
∙providing exceptional services to our mining industry clients, ensuring their operational efficiency, safety, and sustainability;
∙maintaining strong corporate governance practices to safeguard the interests of our shareholders and employees and ensure transparency and accountability;
∙fostering a culture of innovation, continuous improvement, and adaptability to meet the evolving needs of the mining sector; and
∙making informed investment decisions that balance short-term profitability with long-term value creation and sustainable growth.
Stakeholder considerations
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UNITED MINING SERVICES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group recognises the importance of understanding and considering the interests of its stakeholders in decision-making processes. We strive to:
∙foster a safe and inclusive working environment that respects the rights and dignity of our employees and promote their professional development, well-being, and engagement;
∙build and maintain strong relationships with our customers by providing high-quality services, addressing their needs, and ensuring transparency in our operations;
∙collaborate with suppliers to promote responsible sourcing practices, ethical standards, and fair business conduct;
∙minimise the environmental impact of our operations by implementing sustainable practices, promoting energy efficiency, and reducing our carbon footprint; and
∙engage with local communities to understand their concerns, contribute positively to their development, and ensure responsible land and resource management.
Decision-making and consultation
The Group is committed to robust decision-making processes that consider the diverse perspectives of stakeholders. We:
∙encourage open communication and regular consultation with all stakeholders, seeking their input and providing transparent information about the Company's performance and strategy;
∙consult with employees, recognising their expertise and insights, and considering their interests in matters that affect them;
∙engage with customers, suppliers, and other external stakeholders to understand their expectations and requirements and incorporate them into our decision-making processes; and
∙encourage directors and management to engage with the broader community, industry bodies, and regulators to stay informed and shape responsible business practices.
Monitoring, Reporting, and Improvement
The Group continuously monitors its performance, reports on its activities, and strives for continuous improvement. We:
∙maintain effective mechanisms to monitor and assess the impact of our actions on stakeholders and make necessary adjustments;
∙produce regular reports that transparently communicate our financial performance and social responsibility efforts; and
∙conduct regular reviews of our policies, practices, and governance structures to identify areas for improvement and ensure compliance with relevant laws, regulations, and industry standards.
The Group remains committed to upholding its Section 172 duties by promoting the long-term success of the business, considering the interests of stakeholders, and conducting its operations in a sustainable and responsible manner. By maintaining strong relationships, fostering a positive impact, and striving for continuous improvement, we aim to create value for our shareholders while contributing to the broader well-being of our stakeholders and the communities in which we operate.
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UNITED MINING SERVICES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board on 14 August 2026 and signed on its behalf.
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UNITED MINING SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to $6,056,825 (2024 - $4,919,719).
The Company paid dividends in total of $2,000,000 during the year (2024: $Nil).
The directors who served during the year were:
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UNITED MINING SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
Management's review of developments and future prospects and principal risks and uncertainties are included in the Strategic Report.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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UNITED MINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED MINING SERVICES LIMITED
We have audited the financial statements of United Mining Services Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 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 Group's or 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 directors with respect to going concern are described in the relevant sections of this report.
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UNITED MINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED MINING SERVICES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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UNITED MINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED MINING SERVICES LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered: • the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities; • the nature of the Group, including its management structure and control systems (including the opportunity for management to override such controls); • management’s incentives and opportunities for fraudulent manipulation of the financial statements including the Group’s remuneration and bonus policies and performance targets; and • the industry and environment in which it operates. Based on this understanding we identified the following matters as being of significance to the entity: • laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation; • the timing of the recognition of commercial income; • compliance with legislation relating to health and safety; and local employment law; • management bias in selecting accounting policies and determining estimates; • inappropriate journal entries; • manipulation of specific performance measures to meet remuneration targets; • recoverability of trade and other receivables; • the requirement to impair its inventories and investments and the amount of any such impairment; and • understatement of liabilities. We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members including the auditors of significant
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UNITED MINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED MINING SERVICES LIMITED (CONTINUED)
components.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: • enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; • enquiries with the same concerning any actual or potential litigation or claims; • discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; • inspection of relevant legal correspondence; • assessment of matters reported to management and the result of the subsequent investigation; • obtaining an understanding of the relevant controls during the year; • obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year; • review documentation relating to compliance with the regulations relating to health and safety including health and safety certificates; and fire assessment reports; • challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets; impairment of investments; carrying value of inventories; • identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue; • assessing the recovery of debtors in the year since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding; • assess the completeness of material trade and other payables; • reviewing the financial statements for compliance with the relevant disclosure requirements; • performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud; • reviewing correspondence with HMRC; • evaluating the underlying business reasons for any unusual transactions; and • considered the implementation of controls during the year. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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 Auditors' report.
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UNITED MINING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED MINING SERVICES LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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UNITED MINING SERVICES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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UNITED MINING SERVICES LIMITED
REGISTERED NUMBER: 09411191
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2026.
The notes on pages 22 to 48 form part of these financial statements.
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UNITED MINING SERVICES LIMITED
REGISTERED NUMBER: 09411191
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The profit after tax of the Parent Company for the period was $15,579,970 (2024: $1,257,165).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 48 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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