ACCOUNTS - Final Accounts

Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:

Registered number: 09304159

MINECO INTERNATIONAL LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

LUBBOCK FINE LLP

Chartered Accountants

Paternoster House

65 St Paul's Churchyard

London EC4M 8AB

MINECO INTERNATIONAL LIMITED

COMPANY INFORMATION

Director	Bojan Popovic


Registered number	09304159


Registered office	5th Floor Stephenson House
	2 Cherry Orchard Road
	Croydon
	England
	CR0 6BA


Independent auditors	Lubbock Fine LLP
	Chartered Accountants & Statutory Auditors
	Paternoster House
	65 St Paul's Churchyard
	London
	EC4M 8AB

MINECO INTERNATIONAL LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Director's Report	3 - 5
Independent Auditors' Report	6 - 9
Statement of Comprehensive Income	10
Statement of Financial Position	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 - 23

MINECO INTERNATIONAL LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

Mineco International Limited (the “Company”) is a commodity trading and lending company based in London trading in lead, zinc and copper ore concentrates. The company purchases the majority of the ore concentrates from mines within the wider Mineco Group. Mineco’s services add value at every stage of the supply chain; the logistics team streamline and simplify transportation and deliver concentrates in the most efficient and timely manner to wherever they are needed by our long-term customers.

Business review and likely future developments

Mineco International Limited continues to perform well in the metals and minerals market due to its unique company position. The company trades on a back-to-back pricing, Mineco has very little exposure to price fluctuations in the markets and costs are kept low because of self-financing our trades and low inventory costs.

Trading profits have continued to be made available for funding of new group projects such as the “Bosil-Metal” mine where following test production in the previous years, the group is now designing the commercial level ore processing facility, the “Geomet” mine where additional investments are aimed at increasing the production of concentrates, the continuation of geological exploration works at the Celebici lead & zinc mineral deposit by group company “Western Mining”, and the completion of large-scale construction works to build a 5 MW hydro-electric power plant in Bosnia-Herzegovina by group company “Medoš One” which commenced electricity production in early 2022, to name the most prominent.

Principal risks and uncertainties

The key business risks to which the company is exposed are as follows:

Commodity Concentration and Disintermediation

The Company’s principal business is focused on the metals, minerals, industrial building and construction material sectors which are prone to cyclical movements. Any material change in demand and supply dynamics for commodities or materials could have an adverse impact on the Company’s performance. This is mitigated by the business having long term relationships with its clients and suppliers.

Financial key performance indicators

The Company's KPI's are turnover and EBITDA.

Turnover in 2024 was $74,911,663 (2023: $72,873,008). Sales growth metrics measure the pace at which Company’s sales revenue is increasing or decreasing. This is a key metric for the company to monitor since it is an essential part of growth projections and is instrumental in strategic decision making.

The base metals prices remained subdued for the most part in 2024 as in recent years due to continued uncertainties and global lack of new investments in the construction and automotive industry sectors. The Company focused on marketing concentrates produced by the group’s mines, while adopting a risk-averse view of third party sourced materials.

The other key performance indicator that the Company continually reviews during our business analysis work is the EBITDA of $1,368,094 (2023: $1,503,500). By reviewing this metric on an annual basis, the Company can assess if the margin is meeting the Company’s expectations, comparable to previous years, and take positive action to improve it.

Page 1

MINECO INTERNATIONAL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators

The company being a key member of the Mineco Group, another key performance indicator is the analysis of the result of the Company in comparison with that of the rest of the group. This measures the effectiveness of strategic decision to safeguard the profitability of the mining operations which form the underlying backbone of the group during difficult times.

Director's statement of compliance with duty to promote the success of the Company

During the year ended 31 December 2024, the director has acted in a way he considered, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard, amongst other matters, to the:

∙likely long-term consequences of any decision: The director takes into account the long term impact of decisions made and the possible benefits for the Company in the immediate and long-term;

∙the interests of the Company's employees: The Company has one employee and the director makes decisions to promote their interests;

∙need to foster the Company's relationships with its suppliers, customers and others: The director engages with various stakeholders, including customers and suppliers to maintain good business relationships and enable balanced decisions taking into account multiple viewpoints while focusing on the Company strategy;

∙impact on the Company's operations on the community and the environment - the Company has a minimal impact on the environment;

∙desirability of the Company maintaining its reputation for high standards of business conduct: The director is aware of this requirement and ensures that the Company maintains its reputation;

∙need to act fairly as between members of the Company; the Company is part of a larger group and so there are no issues here.

The director confirms that the Company has succeeded in maintaining its operations during the complex and detrimental effects of western sanctions against Russia which have equally restricted commercial potential for UK companies that have previously developed a profitable business activity there. The Company is no longer able to generate a significant amount of profitable turnover from trading in Russian-origin ore concentrates in Asian markets as in pre-2022 periods.

This report was approved by the board and signed on its behalf.

Bojan Popovic

Director

Date: 22 September 2026

Page 2

MINECO INTERNATIONAL LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company'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 Company will continue in business.

The director is 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 to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to $213,275 (2023 - $946,082).

No dividends were recommended for the year ended 31 December 2024 (2023: $nil).

Director

The director who served during the year was:

Bojan Popovic

Page 3

MINECO INTERNATIONAL LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

Credit risk

Credit risk arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The company is exposed to credit risk arising on its trade debtors, amounts due from group undertakings, other debtors under loan agreements and also its cash balances. The company enters into material sales contracts with customers which potentially exposes the company to concentrated credit risk. Settlement terms are in line with industry norms. The company has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history and monitors on a continuous basis the ageing profile of its receivables. Cash balances are held with reputable financial institutions.

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match such that the company is unable to pay its liabilities as they fall due. Prudent liquidity risk management is to ensure that the company will always have sufficient cash to allow the company to meet its liabilities when they become due. The company closely monitors and plans for its future expenditure well ahead of time.

Market risk

Market risk is the risk that fair value or future cash flows of financial instruments will fluctuate because of changes in interest rates, foreign exchange rates or other market factors. The company performs well in the metals and minerals markets due to its unique company position. The company trades on a back-to-back pricing. The company has very little exposure to price fluctuations in the markets and costs are kept low because of self-financing our trades and low inventory costs.

Foreign exchange risk

Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency other that US Dollars. The matching of purchases and sales in the same currency is used to naturally hedge exposure to currency risk.

Commodity price risk

The entity holds concentrates on its balance sheet in the form of inventory. A decrease in the price of concentrates, specifically zinc and copper may have a material impact on the company's profitability. The company enters into sales contracts on favourable pricing terms which minimises the company's exposure to downturns in prices.

Interest rate risk

The company is exposed to interest rate risk on its borrowing balances. As loans are subject to semi-fixed interest rates, the impact of variations in commercial interest rates upon the company's result are minimised.

Matters covered in the Strategic Report

In accordance with 414C(11) of the Companies Act 2006 the Company has chosen to include information in relation to future developments in the Company's strategic report.

Page 4

MINECO INTERNATIONAL LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006, Lubbock Fine LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

Bojan Popovic

Director

Date: 22 September 2026

Page 5

MINECO INTERNATIONAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINECO INTERNATIONAL LIMITED

Disclaimer of opinion

We were engaged to audit the financial statements of Mineco International Limited (the 'Company') for the year
ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial
Position, the 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).

We do not express an opinion on the accompanying financial statements of the Company. Because of the
significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial
statements.

Basis for disclaimer of opinion

As at 31 December 2024, included within current assets there is a debtor balance of $23,410,078 (2023:
$19,034,851) due from group undertakings and $868,521 (2023: $907,872) due from other debtors. As part of
the audit, we have reviewed these balances, however due to factors outside of the director's control, we were
unable to gather sufficient appropriate audit evidence or complete alternative audit procedures to confirm that these balances are fully recoverable and so considered materially correct.

Disclaimer of opinion on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion whether based on the work undertaken in the course of our audit:

∙the information given in the Strategic Report and the Director's Report for the financial year for which the
financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal
requirements.

Page 6

MINECO INTERNATIONAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINECO INTERNATIONAL LIMITED (CONTINUED)

Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit performed subject to the pervasive limitations described above, we have not identified material misstatements in the Strategic Report or the Director's Report.

Arising from the limitation of our work referred to above:

∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

∙we were unable to determine whether adequate accounting records have been kept.

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

∙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 director's remuneration specified by law are not made.

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the finanacial statements

Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

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.

Other matters

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 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

Page 7

MINECO INTERNATIONAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINECO INTERNATIONAL LIMITED (CONTINUED)

detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

∙Enquiries of management, including obtaining and reviewing supporting documentation, concerning the company's 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; and

°the internal controls established to mitigate risks related to fraud or non-compliance of laws and regulations; and

Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

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 direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and FRS 102.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included health and safety regulations, employment law and environmental regulations.

As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to fraud were in respect of revenue recognition, investment valuation, debtor recoverability and management override.

Our procedures to respond to risks identified included the following:

∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙enquiring of management concerning actual and potential litigation and claims;

∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

∙reviewing revenue recognition by completing a proof in total;

∙reviewing after date receipts to test recoverability of year end debtors, as well as reviewing the financial position of entities with balances due to the company;

∙review of financial statements and other documentation to check for impairment of investments held;

∙performing a detailed review of legal and professional expenditure on a sample basis to identify any undisclosed provisions;

∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the company’s operation

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.

Page 8

MINECO INTERNATIONAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINECO INTERNATIONAL LIMITED (CONTINUED)

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.

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 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.

Sam Snelson (Senior Statutory Auditor)

for and on behalf of

Lubbock Fine LLP

Chartered Accountants & Statutory Auditors

Paternoster House

65 St Paul's Churchyard

London

EC4M 8AB

22 September 2026

Page 9

MINECO INTERNATIONAL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	$	$


Turnover	4	74,911,663	72,873,008
Cost of sales		(72,549,244)	(70,628,633)
Gross profit		2,362,419	2,244,375
Administrative expenses		(994,325)	(740,875)
Operating profit		1,368,094	1,503,500
Interest receivable and similar income	8	392,797	811,490
Interest payable and similar expenses	9	(1,547,616)	(1,367,651)
Profit before tax		213,275	947,339
Tax on profit	10	-	(1,257)
Profit for the financial year		213,275	946,082

Other comprehensive income for the year
Total comprehensive income for the year		213,275	946,082

The notes on pages 13 to 23 form part of these financial statements.

Page 10


MINECO INTERNATIONAL LIMITED			REGISTERED NUMBER:09304159

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		$		$


Current assets
Debtors due after more than 1 year	11	13,893,795		1,398,679
Debtors due within 1 year	11	34,018,904		45,113,160
Cash at bank and in hand	12	6,500,521		1,270,783
		54,413,220		47,782,622
Creditors: amounts falling due within one year	13	(32,930,018)		(32,668,645)
Net current assets			21,483,202		15,113,977
Total assets less current liabilities			21,483,202		15,113,977
Creditors: amounts falling due after more than one year	14		(7,082,409)		(926,459)

Net assets			14,400,793		14,187,518

Capital and reserves
Called up share capital	17	2	2
Profit and loss account	18	14,400,791	14,187,516
		14,400,793	14,187,518

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Bojan Popovic

Director

Date: 22 September 2026

The notes on pages 13 to 23 form part of these financial statements.

Page 11

MINECO INTERNATIONAL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	$	$	$
At 1 January 2023	2	13,241,434	13,241,436
Comprehensive income for the year
Profit for the year	-	946,082	946,082
Total comprehensive income for the year	-	946,082	946,082

At 1 January 2024	2	14,187,516	14,187,518
Comprehensive income for the year
Profit for the year	-	213,275	213,275
Total comprehensive income for the year	-	213,275	213,275
At 31 December 2024	2	14,400,791	14,400,793

The notes on pages 13 to 23 form part of these financial statements.

Page 12

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Mineco International Limited is a private limited company incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the Strategic Report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Turnover

Turnover from the sales of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

In certain instances there are contracts where the sales price is determined on a provisional basis at the date of sale, as the final selling price is subject to movements in market prices up to the date of final pricing.

Turnover on provisionally priced sales is recognised based on the fair value of consideration receivable at the time that the revenue is recognised.

2.3

Debtors

Trade debtors from sale of metals are derivative assets and represent amounts receivable under open sales contracts for which final pricing has not been determined and are measured at fair value at the end of each reporting period with reference to recognised forward commodity price based on the estimate of when pricing will be finalised.

Other short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 13

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 14

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD ($).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Recoverability of intergroup and third party loan balances:

∙The Company reviews amounts due to it under loan agreements and considers the underlying net assets and mechanism through which amounts are expected to be recovered. If necessary, the Company records an impairment based upon the best estimate of the likely cash flows that will be received.

Onerous contracts:

∙In accordance with accounting standards the Company recognises a provision for an onerous contract where the unavoidable costs of meeting the obligation under the contract exceed the economic benefits that are expected to be received. The Company reviews the terms and conditions of each contract in order to assess the need for provisions and disclosures in the financial statements and makes estimates of the unavoidable costs of fulfilling the contract. At year end, the forward curve for unfulfilled shipments was such that it was determined that there was no loss making contracts and therefore no provision has been recognised for the current financial year.

Provisionally priced sales and purchases and assays:

∙The Company marks provisionally priced sales and purchases to market each reporting date. In doing so the Company makes estimates of the timing of receipt and payment and the expected quantity of content within the material.

Turnover

An analysis of turnover by class of business is as follows:
	2024	2023
	$	$

Sales - Zinc	3,243,339	5,074,750
Sales - Copper	769,005	18,526,198
Sales - Lead	50,734,731	49,257,508
Sales - Other metal	16,313,560	-
Sales - Precious metals	3,851,028	14,552
	74,911,663	72,873,008

Analysis of turnover by country of destination:

					2024	2023
					$	$

United Kingdom	52,972,052	68,647,423
Rest of Europe	5,626,051	4,225,585
Rest of the world	16,313,560	-
	74,911,663	72,873,008

Page 17

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements

69,120

70,019

Wages and salaries	186,646	183,058
Social security costs	(3,792)	8,921
Cost of defined contribution scheme	3,417	3,189
	186,271	195,168

The average monthly number of employees, including the director, during the year was as follows:

	2024	2023
	No.	No.

Director	1	1
Management	1	1

	2	2

7.	Director's remuneration
		2024	2023
		$	$

	Director's emoluments	109,942	106,865

8.	Interest receivable
		2024	2023
		$	$

Other interest receivable

392,797

811,490

Page 18

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest payable and similar expenses
		2024	2023
		$	$

Other loan interest payable

1,547,616

1,367,651

Corporation tax
Current tax on profits for the year	-	1,257

Profit on ordinary activities before tax

213,275

947,339

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	53,319	222,625
Effects of:
Expenses not deductible for tax purposes	2,812	1,720
Adjustments to tax charge in respect of prior periods	-	1,257
Group relief	(56,131)	(224,345)
Total tax charge for the year	-	1,257

Page 19

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.

Debtors

					2024	2023
					$	$

Due after more than one year
Amounts owed by group undertakings	13,893,795	490,807
Other debtors	-	907,872
	13,893,795	1,398,679
Due within one year
Trade debtors	2,547,539	3,588,413
Amounts owed by group undertakings	27,427,323	37,038,243
Other Debtors	4,044,042	4,486,504
	47,912,699	46,511,839

Amounts owed by group undertakings within one year comprise of amounts advanced to other
companies within the wider Mineco group under loan agreements. $635,469 (2023: $14,676,225) of the
balance attracts interest at 3%. $3,381,776 (2023: $3,327,167) of the balance attracts interest at 4.1%. $23,410,078 (2023: $19,034,851) of the balance is interest free.

Amounts owed by group undertakings after more than one year comprise of amounts advanced to other
companies within the wider Mineco group under loan agreements. $13,893,795 (2023: $490,807) of the balance attracts interest at 3%.

Included within other debtors is an amount due of $1,478,457 (2023: $1,349,577) from a third party,
under a loan agreement. $391,638 (2023: 398,194) of the balance is due within one year and attracts interest at 4.5%. $1,086,819 (2023: 951,383) of the balance is due within one year and attracts interest at 1.5%.

Included within other debtors is an amount due of $868,521 (2023: $907,872) from a third party, which
controls a lead refining plant in Serbia, under a loan agreement. The balance is due within one year and
attracts interest at 1.5%.

Included within other debtors is an amount due of $1,523,797 (2023: $2,997,368) from a third party under
a loan agreement. The balance is due within one year and attracts interest at 1.15%.

12.	Cash and cash equivalents
		2024	2023
		$	$

	Cash at bank and in hand	6,500,521	1,270,783

Page 20

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Creditors: Amounts falling due within one year
		2024	2023
		$	$

Other loans	9,725,592	3,912,653
Trade creditors	7,938,631	7,156,731
Amounts owed to group undertakings	13,335,853	21,592,680
Other taxation and social security	13,240	6,581
Other creditors	77,843	-
Accruals and deferred income	1,838,859	-
	32,930,018	32,668,645

14.	Creditors: Amounts falling due after more than one year
		2024	2023
		$	$

Amounts owed to group undertakings	7,082,409	926,459
	7,082,409	926,459

Amounts falling due within one year
Other loans	9,725,592	3,912,653



	9,725,592	3,912,653

Page 21

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Financial instruments
		2024	2023
		$	$

	Financial assets
	Financial assets measured at amortised cost	47,912,698	46,511,836

	Financial liabilities
	Financial liabilities measured at amortised cost	38,160,328	32,662,063

	Financial assets measured at amortised cost comprise of trade debtors, amounts due from group undertakings and other debtors.
	Financial liabilities measured at amortised cost comprise of trade creditors, bank loans, amounts owed to group undertakings and other creditors.

17.	Share capital
		2024	2023
		$	$

Allotted, called up and fully paid

2 (2023 - 2) Ordinary shares of $1.00 each	2.00	2.00

The share capital represents the issued ordinary shares of the Company at par.

18.

Reserves

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

19.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions paid by the Company to the fund and amounted to $3,417 (2023: $3,189).

Page 22

MINECO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Related party transactions
	During the year ended 31 December 2024, the Company entered into transactions and had outstanding balances with the following related parties:


					2024	2023
					$	$

Entities with control, joint control or significant influence over the entity
Interest payable	14,184	21,545
Creditors: Amounts due to group undertakings	(1,067,233)	(1,516,961)
Creditors: Other loans	(142,259)	(170,356)
Key management personnel
Salaries	87,761	107,020
Other related parties
Commission payable	45,047	101,134
Cost of Sales	24,804,110	36,445,128
Interest receivable	338,417	370,963
Debtors: Amounts due from group undertakings	41,321,118	37,529,050
Debtors: Other loans	868,521	907,872
Creditors: Amounts due to group undertakings	(19,350,959)	(21,002,177)

Please see Note 11 for terms of the above balances.

21.	Parent Undertakings

The immediate parent entity is Mineco Holding BV, a company incorporated in The Netherlands. The ultimate controlling party is Mineco Investments Limited, a company incorporated in Cyprus.

Mineco Investments Limited is the parent undertaking of the largest and smallest group of which the Company is a member and for which group financial statements are prepared. Copies of the group financial statements are available from Mineco Investments Limited, 5th Floor, Stephenson House, 2 Cherry Orchard Road, Croydon, CR0 6BA.

Page 23