Brockman reported results for the six months (H1) ended 31 December 2025, posting a loss attributable to shareholders of HKD 12.0 million and a loss before income tax of HKD 12.9 million. The company recorded no revenue for H1 2025, with the report attributing the period’s loss primarily to exploration and evaluation expenditure on its iron ore projects and corporate overhead costs. Basic and diluted loss per share was HK cents (0.13). Operating loss was HKD 13.7 million, while finance income was HKD 11.0 million and finance costs were HKD 10.1 million, resulting in net finance income of HKD 0.9 million. Net cash used in operating activities was HKD 11.2 million, and cash and cash equivalents were HKD 2.7 million at 31 December 2025. On the balance sheet, total assets were HKD 712.2 million, including mining exploration properties of HKD 705.6 million, representing 99% of total assets. Total equity attributable to shareholders was HKD 450.7 million. Non-current borrowings were HKD 107.6 million, comprising a loan from a substantial shareholder of HKD 76.0 million and loans from Polaris of HKD 31.7 million; the substantial shareholder loan bears interest at 17% and is repayable on 31 December 2027. Brockman’s gearing ratio was 19.5% at 31 December 2025. In project and corporate updates, Brockman highlighted its joint operations with Polaris Metals (a Mineral Resources subsidiary) covering the Marillana and Ophthalmia iron ore projects (50% ownership each), with Polaris as operator. The report noted agreed initial development works estimated at circa AUD 36.0 million to be funded by Polaris, and reiterated that Polaris’ AUD 10.0 million project loans are to be repaid from Brockman Iron’s net revenue share from product sales. Brockman also said it assessed impairment indicators for its Australian mining exploration properties at 31 December 2025 and did not identify any impairment indicators, citing factors including continued tenure, planned further expenditure for Marillana, and Mineral Resources’ infrastructure solution to transport ore to Port Hedland.

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