Kazera Global’s 2025 Final Results: projects moving into production, cash raised, risks to watch
Kazera Global has published Final Results for the year to 30 June 2025. The headline is operational delivery: heavy mineral sands (HMS) at Whale Head Minerals (WHM) and diamonds at Deep Blue Minerals (DBM) both advanced from build to early production and testing. Financially, losses widened as expected for a company still pre-revenue, but post-period funding has strengthened the balance sheet for the next phase.
Here’s what stood out, why it matters, and what to watch next.
Heavy mineral sands: WHM starts producing and lines up scale via the 2A concession
WHM’s year was all about clearing hurdles and getting material out of the ground. The key regulatory step was the National Nuclear Regulator permit in August 2024, allowing mining to start and samples to be shipped to potential customers. In April 2025 the team produced an initial 10,000 tonnes of HMS.
Commercially, an offtake agreement was signed in December 2024 that included a US$600,000 prepayment. Because the buyer ultimately required a higher cut-off grade during the period, those funds are temporarily accounted for as a loan rather than revenue. That is conservative accounting and will be revisited once final terms are agreed and deliveries are within spec.
On plant performance, a 12-stage spiral circuit was installed in July 2025 on time and on budget. Early results are encouraging, with TiO₂ levels reported as consistently exceeding market specification thresholds. There is also interest from a specialist garnet company to fund extra spirals aimed at garnet and silica removal – a reminder that this is a multi-mineral resource with potential for value beyond ilmenite alone.
The big future swing factor is the 2A Mining Right. The application (covering c. 3,095 hectares, with an estimated 170 hectares of high-grade near-term material) has Environmental Authorisation in place and, post period, the remaining community objection was withdrawn in November 2025. If granted, 2A would be roughly 34 times the size of Walviskop and could shift WHM from a single-site start-up into a long-life, scalable producer.
Diamonds: DBM delivers stronger recoveries and better commercial terms
DBM moved from trials to consistent recoveries using its in-house processing set-up (pulsating jig and FlowSort). The mining contract was extended in April 2025 for five years and now includes beach and shore areas, adding mineable ground and stability.
Post period, September 2025 brought a step-change: the new plant processed 150 tonnes of in-field screened material at up to 20 tonnes per hour, recovering 133 stones weighing 68 carats, including a 6.13-carat diamond. Earlier that month, 100 tonnes yielded 45 carats across 89 stones, about three times the initial forecast recovery rate. The average 0.51-carat size is above the regional norm, which typically improves realised pricing.
On the commercial front, DBM was awarded a new high-potential block by Alexkor RMC JV and, in October 2025, agreed improved revenue-sharing terms. In short: more gravel, better terms, and a plant that appears to be performing.
Aftan arbitration: award secured, enforcement and options in play
Kazera won a binding arbitration in May 2025 against Hebei Xinjian relating to the sale of African Tantalum Pty Ltd (Aftan): US$11.9 million plus costs, with interest of US$1.6 million up to 8 October 2024 and 20% thereafter. Hebei is challenging the award in the Namibian Supreme Court, and enforcement continues within the legal timetable.
Accounting-wise, the Group increased the expected credit loss provision against the Aftan receivable to £3.812 million (from £1.345 million), reflecting the practical uncertainties of recovery timing. Management is also exploring strategic options, with two parties under confidentiality agreements and a third in early due diligence. If monetised, Aftan could be a material financial catalyst; until then, it remains a contingent upside with real legal process risk.
Financial headlines: pre-revenue, higher loss, stronger post-period funding
Kazera did not recognise revenue in FY25. The operating loss widened, reflecting increased credit loss provisions, ongoing build-out, and conservative treatment of the HMS offtake prepayment.
| Metric | FY2025 | FY2024 |
|---|---|---|
| Revenue | £0 | £6,000 |
| Operating loss | £4.489 million | £3.324 million |
| Loss after tax | £4.180 million | £2.917 million |
| EPS (basic and diluted) | (0.42)p | (0.30)p |
| Cash at 30 June | £155,000 | £61,000 |
| Net assets | £3.982 million | £7.919 million |
| Convertible loan notes (liability) | £553,000 | £50,000 |
| Other borrowings | £862,000 | £0 |
Two items explain the jump in liabilities: the convertible facilities agreed with major shareholders in August 2024 (with 84,975,000 warrants at 1p) and the Fujax offtake prepayment temporarily treated as a loan (£859,000 principal plus accrued interest at 30 June). Post period, those loans were extended to 30 April 2026 at a fixed 10% rate from 30 October 2025 and a 10% reprofiling fee.
Funding since year-end has been meaningful: £1.3 million raised in November 2025 at 1.5p with three-for-two warrants exercisable at 2.5p for 12 months, plus a £262,407 retail offer in December 2025 on the same warrant structure. This capital is earmarked to accelerate HMS and diamond production and prepare WHM for 2A if granted.
Governance and ownership: board strengthened, stakes increased
Dr John Wardle joined as Non-Executive Chairman in August 2024 to support the shift from developer to producer. The Company acquired Tectonic Gold’s 10% stakes in both DBM and WHM, taking legal ownership to 100% in DBM (with 26% reserved for Black Economic Empowerment partners, leaving a 74% beneficial interest) and 70% in WHM.
Catalyse Capital and related parties became the largest shareholder, and management participation in fundraises signals alignment. That said, this remains an early-stage producer where execution and funding discipline are critical.
Going concern and risks: fair, frank disclosure
The accounts are prepared on a going concern basis, but the auditors draw attention to a material uncertainty. The crux is timing: commercial ramp-up and cash generation, successful enforcement or alternative realisation of the Aftan award, and continued access to funding if required. The transparent ECL on Aftan, and conservative treatment of the HMS prepayment, are sensible but depress FY25 optics.
My take: the balance of delivery and de-risking
On the positive side, Kazera has turned permits and plant into production-ready status at WHM, achieved stronger-than-expected diamond recoveries at DBM, secured better commercial terms and more ground, and raised fresh capital to push into 2026. The 2A concession, now largely cleared of objections, could transform scale if the Mining Right is granted. The Aftan award is a real asset, even if the cash is not yet in the bank.
On the negative side, FY25 remains pre-revenue with an increased loss, low year-end cash prior to the raise, and higher short-term liabilities. Aftan enforcement carries inherent legal and timing risk. The going concern flag is standard for a pre-cashflow miner, but it means execution needs to keep pace with spending.
What to watch next
- 2A Mining Right decision and WHM ramp-up schedule, including confirmation that product specs meet offtake requirements.
- DBM throughput and sales realisations, particularly the pricing impact of the larger average stone size.
- Resolution of the Fujax prepayment accounting as deliveries normalise.
- Aftan enforcement progress or an alternative transaction delivering value.
- Cash cadence: how the November and December 2025 funds translate into production gains and revenue in 2026.
Bottom line
This reads like a year of groundwork paying off. The assets are moving, the plant is improving, and the pipeline of scale at 2A is compelling. The flip side is typical of early production stories: cash is tight without sales, provisions muddy the P&L, and financing risk needs constant management. If WHM and DBM deliver sustained production and the 2A Mining Right lands, FY26 could look very different to FY25.
