{"success":true,"data":{"pressRelease":{"id":"161229","rtpr_id":"nPRr69352a-20261006","ticker":"DGQ","exchange":"","all_tickers":["DGQ"],"title":"REG-Delta Gold Technologies Plc: Audited Financial Results for the Period Ended 30 April 2026","author":"PR Newswire","published_at":"2026-10-06T06:00:25.594Z","article_body":"Delta Gold Technologies plc\n\nAudited Financial Results for the Period Ended 30 April 2026\n\nDelta Gold Technologies PLC (Aquis: DGQ / OTC: DGQTF / FRA: O2J) (the\n\"Company\", \"Delta Gold\" or \"Delta\") is pleased to present its Audited\nFinancial Results for the period from incorporation to 30 April 2026.\n\nHighlights\n* Funds raised during the period of £5.2 million\n \n* Cash of £3,495,344 and net assets of £3,797,401 at 30 April 2026, with no\nborrowings\n \n* Cash of £3,150,706 at 30 September 2026, following receipt of £446,114\nfrom the exercise of warrants since the period end\n \n* Research and Sponsorship and exclusive Technology Licencing Agreement signed\nwith Pennsylvania State University (“Penn State”), adding a second world\nclass academic partner alongside University of Toronto (“U of T”)\n \n* A total of £707,134 invested in our research projects with U of T and Penn\nState\n \n* Haynes Boone, leading US patent prosecution firm, appointed as Global IP\ncounsel\n \n* First provisional patent application filed by the U of T in May 2026.\n \n* Three full patent applications filed by Penn State\n \n\n \n\nFor further information contact:\n\n Delta Gold Technologies PLC R. Michael Jones (CEO)                Tel: +44 (0)203 576 6742  \n Orana Corporate LLP (Aquis Advisor) Anthony Eastman / Sarah Cope  Tel: +44 (0)203 475 6834  \n First Equity LTD (Corporate Broker) Jason Robertson / Sam Lakha   Tel: +44 (0)207 374 2212  \n\n \n\n\nChairman’s Statement\n\nIntroduction\n\nIt is my pleasure to present the Chairman’s Statement for Delta Gold\nTechnologies Plc (“Delta” or “the Company”) for the period ended 30\nApril 2026, together with a summary of significant developments since that\ndate.\n\nBuilding on our 2025 admission to the Aquis Growth Market and our first\nSponsored Research Agreement, the period under review has been one of steady\nexecution; deepening our academic research relationships, broadening our\ncapital markets presence, and taking the first concrete steps toward a\nprotectable portfolio of intellectual property in quantum computing materials.\n\nFinancial Results\n\nThese are the Company's first financial statements, covering the period from\nincorporation on 24 April 2025 to 30 April 2026. They therefore span the\nCompany's formation, its admission to trading on the Access Segment of the\nAQSE Growth Market on 1 December 2025, and the establishment of both of our\nuniversity research programmes.\n\nThe Company generated no revenue during the period, as is to be expected of a\nresearch and development stage business, and reported a loss of £1,266,889,\nequivalent to a basic and diluted loss per share of 3.58 pence. That result\nincludes £281,500 of non-recurring costs associated with Admission.\n\nDuring the period the Company raised £5.2 million of new equity before\nexpenses, comprising a seed subscription of £643,000 in July 2025, £2.6\nmillion on Admission in December 2025, a direct subscription of £1.9 million\nin February 2026, and £71,000 on the exercise of warrants.\n\nThe Company invested £707,134 in its research programmes during the period.\nOf this, £8,083 represents the initial fee for the licence acquired from the\nUniversity of Toronto and is carried as an intangible asset. The remainder\ndoes not meet the criteria for recognition as internally generated\nintellectual property; accordingly, £523,350 has been charged to profit or\nloss and £175,701 is carried forward as a prepayment, to be released as the\nresearch it funds is performed. The Directors consider that the University of\nToronto programme reached technical feasibility in March 2026, and that the\nPennsylvania State University programme did so after the period end, in each\ncase too late to affect the expenditure incurred in the period under review.\nOn that basis a significant proportion of our research investment is expected\nto be capitalised as intellectual property from the current financial year.\n\nAt 30 April 2026 the Company held cash and cash equivalents of £3,495,344 and\nnet assets of £3,797,401 with no borrowings and no external debt. The Board\nmonitors the Company's cash position against its committed research\nexpenditure, which is set out in note 18 to the financial statements.\n\nResearch and Development Progress\n\nIn February 2026, Delta signed a Research Sponsorship and exclusive Technology\nLicensing Agreement with Pennsylvania State University (“Penn State”),\nadding a second world-class academic partner alongside the University of\nToronto. The agreement provides cost-reimbursed funding of up to US$2.9m over\nthree years in return for an exclusive, royalty-bearing licence to resulting\nIP. The partnership is led by Professor Ken Knappenberger, Head of Chemistry\nat Penn State.\n\nAt the University of Toronto (“U of T”), the Board approved the early\nrelease of Year 2 research funding in February 2026, well ahead of schedule,\nto accelerate an upgrade to the research team’s cryo-refrigeration system,\nreflecting strong progress by Professor Harry Ruda’s team.\n\nIn April 2026, the Company appointed Haynes Boone, a leading US patent\nprosecution firm, as global IP counsel to both university programmes.\n\nCorporate and Capital Markets Developments\n\nIn February 2026, Delta’s shares commenced trading on the OTCQB Venture\nMarket in the United States under the ticker DGQTF, complementing our primary\nAquis listing and broadening our reach to US investors.\n\nPost Period Developments\n\nSince the period end, the pace of progress has accelerated further. In May,\nthe U of T filed its first provisional patent application arising from the\nresearch programme, and the Company commenced Year 2 of the collaboration in\nJune.\n\nAt Penn State, three full patent applications were filed and, reflecting\nstrong results and the programme running ahead of schedule, and the Board\nagreed to expand its commitment to US$6m of funding over six years.\n\nIn July, Penn State and University of Toronto jointly published a Technical\nUpdate reporting a spin-polarised emission of approximately 40% recorded in\nPenn State’s gold nanocluster research; believed by the research team to be\nthe highest such figure recorded in any condensed-phase quantum material\nsystem to date, and important validation of the scientific thesis underpinning\nour strategy. It also demonstrated the potential for market leading\ncollaboration across Delta’s portfolio of research opportunities.\n\nOutlook\n\nThe quantum computing sector remains at an early stage, characterised by high\nresearch intensity and significant technical and commercial challenges for all\nmarket participants. The Board is encouraged by the tangible research progress\nachieved across both university partnerships and by the growing external\nvalidation of our technology thesis.\n\nOver the coming 12 months, our priorities remain to convert our provisional\nand full patent applications into granted protection, to continue funding our\nSponsored Research Agreements, and to begin engaging potential licensees and\nstrategic partners as our patent portfolio matures.\n\nAs previously announced, the Company also sees significant opportunities in\nquantum communications and quantum sensing, which will allow us to extend the\ngold-based quantum technology platform into additional large-scale verticals\nbeyond compute.\n\nAs our shareholder base continues to grow, the Board remains committed to a\nhigh standard of governance and transparent engagement with the investing\ncommunity.\n\nI would like to thank our research partners, advisers and shareholders for\ntheir continued support, and I look forward to updating the market on our\nprogress in due course.\n\n \n\n \n\nMark Burnett\n\nNon-Executive Chairman\n\n5 October 2026\n\n\nStatement of Comprehensive Income\n\nFor the period ended 30 April 2026\n\n \n\n                                                                                                      Period ended 30 April 2026  \n                                                                                                Note  £'000                       \n Continuing Operations                                                                                                            \n Revenue                                                                                              -                           \n Administrative expenses                                                                        3     (752)                       \n Share based payments                                                                                 (12)                        \n Research and Development expenses                                                              4     (523)                       \n Other income                                                                                         20                          \n                                                                                                                                  \n Loss before taxation                                                                                 (1,267)                     \n                                                                                                                                  \n Taxation on loss on ordinary activities                                                        7     -                           \n                                                                                                                                  \n Loss for the year from continuing operations                                                         (1,267)                     \n                                                                                                                                  \n Other comprehensive income                                                                           -                           \n                                                                                                                                  \n Total comprehensive loss for the year attributable to shareholders from continuing operations        (1,267)                     \n                                                                                                                                  \n Basic & dilutive earnings per share - pence                                                    8     (3.58)                      \n\n \n\nThe statement of comprehensive income has been prepared on the basis that all\noperations are continuing operations.\n\n\nStatement of Financial Position\n\nFor the period ended 30 April 2026\n\n \n\n                                  As at 30 April   \n                                   2026            \n                            Note  £'000            \n CURRENT ASSETS                                    \n Cash and cash equivalents  10    3,495            \n Other receivables          11    378              \n TOTAL CURRENT ASSETS             3,873            \n NON-CURRENT ASSETS                                \n Intangibles                9     8                \n TOTAL NON-CURRENT ASSETS         8                \n TOTAL ASSETS                     3,881            \n CURRENT LIABILITIES                               \n Trade and other payables   12    84               \n TOTAL CURRENT LIABILITIES        84               \n TOTAL LIABILITIES                84               \n NET ASSETS                       3,797            \n                                                   \n EQUITY                                            \n Share capital              13    129              \n Share premium              13    4,589            \n Other reserves             14    346              \n Retained Earnings                (1,267)          \n TOTAL EQUITY                     3,797            \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n\nStatement of Changes in Equity Position\n\nFor the Period Ended 30 April 2026\n\n \n\n                                            Share capital  Share premium  Other reserves  Retained earnings  Total equity  \n                                            £'000          £'000          £'000           £'000              £'000         \n At incorporation – 24 April 2025           -              -              -               -                  -             \n Loss for period                            -              -              -               (1,267)            (1,267)       \n Other comprehensive income                 -              -              -               -                  -             \n Total comprehensive income for the period  -              -              -               (1,267)            (1,267)       \n Ordinary shares issued in the period       129            4,804          300             -                  5,233         \n Share issue costs                          -              (182)          -               -                  (182)         \n Share based payments                       -              (49)           62              -                  13            \n Transfer on exercise of warrants           -              16             (16)            -                  -             \n Subtotal of transactions with owners       129            4,589          346             -                  5,064         \n Balance at 30 April 2026                   129            4,589          346             (1,267)            3,797         \n\n\n\nStatement of Cashflows\n\nFor the period ended 30 April 2026\n\n                                                       Note  £'000    \n Cash flow from operating activities                                  \n Loss for the financial year                                 (1,267)  \n Adjustments for:                                                     \n Share based payments                                        12       \n Shares issued in settlement of consultancy fees       13    1        \n Changes in working capital:                                          \n (Increase) / decrease in trade and other receivables  11    (378)    \n (Decrease) / increase in trade and other payables     12    84       \n Net cash outflow from operating activities                  (1,548)  \n                                                                      \n Cash flows from investing activities                                 \n Purchase of intangible assets                         9     (8)      \n Net cash flow from investing activities                     (8)      \n                                                                      \n Cash flows from financing activities                                 \n Proceeds from issue of shares                         13    5,233    \n Share issue costs                                     13    (182)    \n Net cash flow from financing activities                     5,051    \n                                                                      \n Net increase/(decrease) in cash and cash equivalents        3,495    \n Cash and cash equivalents at beginning of the period        -        \n Cash and cash equivalents at end of the period        10    3,495    \n\n \n\n\nNotes to the Financial Statements\n\nFor the period ended 30 April 2026\n\n1. General Information\n\nDelta Gold Technologies PLC (the \"Company\") is a public limited company\nincorporated and domiciled in England and Wales. The Company was incorporated\nunder the Companies Act 2006 on 24 April 2025 and subsequently re-registered\nas a public limited company in advance of its admission to trading on the AQSE\nGrowth Market. The Company's registered number is 16406638.\n\nThe registered office of the Company is Eccleston Yards, 25 Eccleston Place,\nLondon, SW1W 9NF, United Kingdom.\n\nThe Company was admitted to trading on the Access Segment of the AQSE Growth\nMarket on 1 December 2025 under the ticker DGQ, raising capital to support the\ndevelopment of its intellectual property and the establishment of its\nuniversity research collaborations. The Company's ordinary shares were also\nadmitted to trading on the OTCQB Venture Market in the United States under the\nticker DGQTF. Since the period end, the Company's ordinary shares have also\nbecome available to trade on the Frankfurt Stock Exchange under the ticker\nO2J, further broadening access for international investors.\n\nThe principal activity of the Company is the development and commercialisation\nof intellectual property in the field of quantum computing, with a particular\nfocus on the application of nano-scale gold to quantum computing technology.\n\n2. Basis of preparation\n\nStatement of compliance\n\nThe financial statements for the period from incorporation on 24 April 2025 to\n30 April 2026 have been prepared by Delta Gold Technologies PLC in accordance\nwith UK-adopted International Accounting Standards (“UK-IAS”) and with the\nrequirements of the Companies Act 2006. The financial statements have been\nprepared under the historical cost convention.\n\nGoing concern\n\nThe financial statements have been prepared on the going concern basis. As at\n30 April 2026 the Company held cash and cash equivalents of £3,495,344 and\nnet assets of £3,797,401, with no borrowings. In assessing going concern, the\nDirectors have prepared detailed cash flow forecasts covering a period of at\nleast twelve months from the date of approval of these financial statements,\nconsidering the Company's committed research expenditure under its sponsored\nresearch agreements together with its other operating costs. The base case\nforecasts include a proposed future equity fundraising together with certain\nadditional research initiatives and growth projects that were not\ncontractually committed at the date of approval of these financial statements.\nThe Directors have also considered a downside scenario excluding both the\nproposed fundraising and the related uncommitted projects and expenditure that\nthe fundraising was intended to support. Under this scenario, the forecasts\ndemonstrate that the Company retains sufficient cash resources to meet its\nexisting operational requirements and contractual commitments as they fall due\nthroughout the assessment period. Based on this assessment, the Directors are\nsatisfied that the Company has sufficient resources to meet its liabilities as\nthey fall due for at least twelve months from the date of approval of these\nfinancial statements, and that no material uncertainty regarding going concern\nexists. The financial statements have therefore been prepared on the going\nconcern basis.\n\nCash and cash equivalents\n\nCash and cash equivalents comprise cash at bank and in hand, and demand\ndeposits with banks and other financial institutions. A material amount of\ncash and cash equivalents is held with alternative financial institutions.\n\nForeign currency translation\n\nThe financial statements are presented in Sterling, which is the Company’s\nfunctional and presentational currency.\n\nTransactions in currencies other than the functional currency, principally\nCanadian dollars and US dollars, in which the Company's university research\ncommitments are denominated, are recognised at the rates of exchange\nprevailing on the dates of the transactions. At each balance sheet date,\nmonetary assets and liabilities denominated in currencies other than Sterling\nare retranslated at the rates of exchange prevailing at the balance sheet\ndate, with exchange differences recognised in the Statement of Comprehensive\nIncome in the period in which they arise.\n\nTrade and other receivables\n\nTrade and other receivables are measured at amortised cost, using the\neffective interest method, less any impairment loss. An allowance for\nimpairment of trade and other receivables is established based on the\ntwelve-month expected credit losses unless the credit quality has deteriorated\nsince inception, in which case it is based on lifetime losses.\n\nResearch and development expenditure\n\nExpenditure on research activities is recognised as an expense in the period\nin which it is incurred. Expenditure on development activities is capitalised\nas an internally generated intangible asset only when the Company can\ndemonstrate all of the following, in accordance with IAS 38 “Intangible\nAssets”: the technical feasibility of completing the asset so that it will\nbe available for use or sale; the intention to complete the asset and to use\nor sell it; the ability to use or sell the asset; how the asset will generate\nprobable future economic benefits; the availability of adequate technical,\nfinancial and other resources to complete the development and to use or sell\nthe asset; and the ability to measure reliably the expenditure attributable to\nthe asset during its development. Expenditure that does not meet these\ncriteria is recognised as an expense as incurred. No expenditure incurred\nunder the Company's sponsored research agreements met these criteria during\nthe period; the Directors' assessment of the date from which the criteria were\nmet is set out under Critical accounting judgements below.\n\nUnder the sponsored research agreements, the Company funds research to be\nperformed by the university partners, and the universities retain title to any\nequipment purchased with funds provided by the Company. As the Company does\nnot obtain control of that equipment, no asset is recognised in respect of it.\nAmounts funded represent consideration for research services to be delivered\nby the university and, where funded in advance of the research being\nperformed, are recognised as a prepayment and charged to profit or loss on a\nstraight-line basis over the period during which the research is performed.\nThe amount carried forward at the reporting date is disclosed in note 11.\n\nIntangible assets\n\nIntangible assets comprise a separately acquired licence. The Company acquired\nan exclusive, worldwide licence to certain intellectual property from the\nUniversity of Toronto under the Technology Licence Agreement dated 18 March\n2026; the initial licence fee is capitalised as a separately acquired\nintangible asset under IAS 38. No development expenditure has been capitalised\nin the period. Patent registration and prosecution costs are recognised as an\nexpense as incurred unless they meet the recognition criteria of IAS 38; no\nsuch costs were capitalised as at 30 April 2026, the Company's first\nprovisional patent having been filed after the reporting date.\n\nIntangible assets are initially measured at cost. As at 30 April 2026, the\nlicensed intellectual property is not yet available for use or commercial\nexploitation; accordingly, the asset is classified as an intangible asset\nunder development and is not amortised. Amortisation will commence when the\nasset is available for use, being when it is in the location and condition\nnecessary for it to operate in the manner intended by management and will be\ncharged on a straight-line basis over the asset's estimated useful economic\nlife.\n\nBecause the asset is not yet available for use, it is tested for impairment\nannually, irrespective of whether any indicator of impairment exists, in\naccordance with IAS 36 “Impairment of Assets”. The carrying amount of\nintangible assets at 30 April 2026 was £8,083 (2025: £nil), in respect of\nthe acquired licence.\n\nFinancial instruments\n\nIFRS 9 requires an entity to address the classification, measurement and\nrecognition of financial assets and liabilities.\n\nThe Company classifies its financial assets in the following measurement\ncategories: those to be measured subsequently at fair value (either through\nother comprehensive income or through profit or loss) and those to be measured\nat amortised cost. The classification depends on the Company’s business\nmodel for managing the financial assets and the contractual terms of the cash\nflows.\n\nPurchases and sales of financial assets are recognised on trade date.\nFinancial assets are derecognised when the rights to receive cash flows from\nthe financial assets have expired or have been transferred and the Company has\ntransferred substantially all the risks and rewards of ownership.\n\nAt initial recognition, the Company measures a financial asset at its fair\nvalue plus, in the case of a financial asset not at fair value through profit\nor loss, transaction costs that are directly attributable to the acquisition\nof the financial asset. Transaction costs of financial assets carried at fair\nvalue through profit or loss are expensed in profit or loss.\n\nThe Company assesses, on a forward-looking basis, the expected credit losses\nassociated with any debt instruments carried at amortised cost.\n\nEquity\n\nShare capital is determined using the nominal value of shares that have been\nissued.\n\nThe share premium account includes any premiums received on the issue of share\ncapital. Any transaction costs associated with the issuing of shares are\ndeducted from the share premium account, net of any related income tax\nbenefits.\n\nWhere ordinary shares are issued together with warrants under a single\nsubscription, the shares and the warrants are separate equity instruments. The\nconsideration received is allocated between them by reference to their\nrelative fair values at the date of issue, with the amount attributable to the\nwarrants credited to a warrant reserve. No goods or services are received in\nexchange for such warrants; accordingly, they are not share-based payments,\nand no charge arises in profit or loss.\n\nAmounts are transferred from the share-based payment reserve and the warrant\nreserve to share premium when the related options or warrants are exercised,\nand to retained earnings when they lapse unexercised.\n\nIn accordance with IFRS 2, for equity-settled share-based payment transactions\nthe Company measures the goods or services received, and the corresponding\nincrease in equity, directly at the fair value of the goods or services\nreceived, unless that fair value cannot be estimated reliably, in which case\nthe fair value of the equity instruments granted is used. Such instruments are\nmeasured at fair value at the date of grant using the Black-Scholes option\npricing model.\n\nThe fair value of options granted to Directors, employees and other service\nproviders is recognised as an expense over the period in which the service or\nvesting conditions are satisfied, with a corresponding credit to the\nshare-based payment reserve. Non-market vesting conditions are reflected in\nthe number of instruments expected to vest. The fair value of warrants granted\nto advisers and brokers in connection with the issue of new shares is treated\nas a cost of that equity transaction and is recognised against share premium,\nwith a corresponding credit to the share-based payment reserve.\n\nRetained earnings includes all results recognised in the Statement of\nComprehensive Income.\n\nTaxation\n\nTax currently payable is based on taxable profit for the period. Taxable\nprofit differs from profit as reported in the Statement of Comprehensive\nIncome because it excludes items of income and expense that are taxable or\ndeductible in other years and items that are never taxable or deductible. The\nliability for current tax is calculated using tax rates that have been enacted\nor substantively enacted by the balance sheet date.\n\nDeferred tax is recognised on differences between the carrying amounts of\nassets and liabilities in the financial statements and the corresponding tax\nbases used in the computation of taxable profit and is accounted for using the\nbalance sheet liability method. Deferred tax assets are recognised to the\nextent that it is probable that taxable profits will be available against\nwhich deductible temporary differences can be utilised.\n\nThe carrying amount of deferred tax assets is reviewed at each balance sheet\ndate and reduced to the extent that it is no longer probable that sufficient\ntaxable profits will be available to allow all or part of the asset to be\nrecovered.\n\nThe Company undertakes research and development activities and, as the\nbusiness evolves, may in future periods become entitled to claim relief under\nthe United Kingdom research and development tax relief regime. The Directors\nkeep the Company's eligibility for such relief under review. Any research and\ndevelopment tax credits will be recognised on an accruals basis when there is\nreasonable assurance that the relief will be received and the amount can be\nreliably measured. Such credits will be recognised in the Statement of\nComprehensive Income, either as a reduction in the related research and\ndevelopment expenditure or within the tax line, according to the nature of the\nrelief claimed.\n\nCritical accounting judgements and key sources of estimation uncertainty\n\nThe preparation of the financial statements requires management to make\njudgements, estimates and assumptions that affect the amounts reported for\nrevenues and expenses during the period and the amounts reported for assets\nand liabilities at the balance sheet date. The nature of estimation means that\nactual outcomes could differ from those estimates.\n\nEstimates and underlying assumptions are reviewed on an ongoing basis. The\nsignificant accounting judgements and key sources of estimation uncertainty\naffecting the Company are disclosed below.\n\nCapitalisation of development expenditure under the Sponsored Research\nAgreements\n\nThe Directors exercise significant judgement in determining whether\nexpenditure incurred under the University of Toronto and The Pennsylvania\nState University Sponsored Research Agreements qualifies for capitalisation as\nan internally generated intangible asset under IAS 38. This requires the\nDirectors to conclude that all six development-phase recognition criteria are\nmet, in particular the technical feasibility of completing the assets so that\nthey will be available for use or sale, and the generation of probable future\neconomic benefits, and to determine the point at which each programme\ntransitioned from the research phase to the development phase.\n\nIn respect of the University of Toronto programme, the Directors have\nconcluded that the criteria were first met on 18 March 2026, being the date on\nwhich the University executed an exclusive licence of the resulting\nintellectual property to the Company. In reaching that conclusion the\nDirectors had regard to the invention disclosure form dated 17 February 2026,\nwhich records that the invention had moved beyond exploratory research to a\ndefined technical design, setting out the structure to be built, the intended\nmanner of operation, the manufacturing route and the features distinguishing\nit from earlier work in the field; and to the University's subsequent\nassessment of that disclosure, its acceptance of assignment of the invention,\nand its execution of the licence, a step the University takes only where it\nconsiders an invention sufficiently developed to justify commercialisation.\n\nAlthough the criteria were met on 18 March 2026, the expenditure incurred by\nthe Company under the University of Toronto Year 1 sponsorship had been\ninvoiced and settled before that date, and accordingly none of it qualifies\nfor capitalisation. Expenditure incurred after 18 March 2026 will be assessed\nfor capitalisation in future periods.\n\nExpenditure incurred before that date has been assessed as not meeting the\ncriteria and has been recognised as an expense or carried forward as a\nprepayment where it relates to research not yet performed. In respect of The\nPennsylvania State University programme, the Directors have concluded that the\ncriteria were not met at any point during the period. Accordingly, no\ndevelopment expenditure has been capitalised in the period.\n\nGoing concern\n\nThe preparation of the financial statements requires the Directors to make a\njudgement, considering all available information about the future, as to\nwhether the Company will be able to continue as a going concern. In making\nthat judgement the Directors have considered the Company's cash resources at\n30 April 2026, its forecast expenditure over a period of at least twelve\nmonths from the date of approval of these financial statements, and the\nflexibility available to it in respect of discretionary research expenditure.\nOn that basis the Directors have concluded that the going concern basis is\nappropriate and that no material uncertainty exists. The Directors' assessment\nis set out in the Going Concern section of the Directors' Report.\n\nValuation of warrants and share-based payments\n\nThe Company has issued warrants and share options which are measured at fair\nvalue using the Black-Scholes option pricing model. Determining fair value\nrequires the Directors to select an appropriate model and to make judgements\nover its inputs, the most significant of which is expected volatility. Given\nthe Company's limited trading history following admission to the Aquis Growth\nMarket in December 2025, expected volatility has been estimated by reference\nto the historical volatility of comparable listed entities and is a key source\nof estimation uncertainty. Expected volatility of between 82.3% and 84.5% has\nbeen applied across the instruments issued during the period. A higher\nvolatility assumption would increase the fair value attributed to the\ninstruments and, for those recognised in profit or loss, the related charge.\n\nThe instruments valued during the period had a total fair value of £361,851,\ncomprising £12,426 in respect of share options granted to Directors, £49,136\nin respect of warrants granted to advisers and brokers, and £300,290 in\nrespect of warrants issued to subscribers in February 2026. Of that total,\nonly the £12,426 relating to the share options has been recognised as a\ncharge in profit or loss; the remainder has been recognised directly in\nequity, as set out in note 14. A change in the volatility assumption would\ntherefore alter the allocation of the February 2026 subscription proceeds\nbetween share premium and the warrant reserve, but would have no effect on\ntotal equity or on the reported loss.\n\nRecoverable amount of intangible assets under development\n\nThe Company's intangible asset is not yet available for use and is therefore\ntested for impairment annually, irrespective of whether any indicator of\nimpairment exists, in accordance with IAS 36. Estimating the recoverable\namount of pre-commercialisation intellectual property is inherently uncertain\nand depends on the successful development, patenting and eventual\ncommercialisation of the technology. In assessing recoverable amount the\nDirectors have had regard to the terms on which the licence was acquired,\nbeing an arm's length transaction with the University of Toronto shortly\nbefore the reporting date, and to the technical progress reported by the\nprincipal investigator. Based on this assessment, no impairment was identified\nin respect of the £8,083 carrying amount at 30 April 2026.\n\nRelease of prepaid research expenditure\n\nAmounts funded under the sponsored research agreements in advance of the\nresearch being performed are carried as a prepayment and released to profit or\nloss over the period during which that research is performed. Determining the\nlength of that period requires judgement, and the Directors have concluded\nthat it is the service period of the relevant agreement rather than the period\nover which economic benefits might arise. For the University of Toronto Year 1\nprogramme the amounts funded are released over the period ending 19 June 2026,\nbeing the end of the first year of the agreement. The first invoice under The\nPennsylvania State University agreement is raised on a cost reimbursement\nbasis in arrears for research already performed and has accordingly been\nrecognised in full. Of £699,051 funded during the period, £523,350 has been\ncharged to profit or loss and £175,701 is carried forward within prepayments\n(note 11).\n\nNew standards and interpretations not yet adopted\n\nAt the date of approval of these financial statements, the following standards\nand interpretations had been issued but were not yet effective (and in some\ncases had not yet been adopted by the UK):\n\n Standard                                                                                  Effective Date   \n Annual Improvements to IFRS standards — Volume 11                                         1 January 2026   \n Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments  1 January 2026*  \n IFRS 18 Presentation and Disclosure in Financial Statements                               1 January 2027*  \n\n* Not yet endorsed for use in the UK at the date of approval of these\nfinancial statements.\n\nThe Directors do not expect the adoption of these standards and amendments to\nhave a material impact on the amounts recognised in the Company's financial\nstatements, although IFRS 18 is expected to affect the presentation and\ndisclosure of the primary financial statements when it becomes effective.\n1. Administrative expenses\nAdministrative expenses for the Company can further be broken down as per\nbelow:\n\n                                Period ended     \n                                 30 Apr 2026     \n                                £'000            \n Professional fees              (110)            \n Directors’ fees                (71)             \n Listing Costs                  (282)            \n Marketing                      (94)             \n Insurance                      (5)              \n Consultants                    (113)            \n Rent                           (10)             \n Travel                         (32)             \n Foreign Exchange               (10)             \n Other administrative expenses  (25)             \n                                (752)            \n\n \n1. Research and Development Expenses\nResearch and development expenses comprise expenditure incurred under the\nCompany's sponsored research agreements that does not meet the criteria for\ncapitalisation as an intangible asset, as set out in the research and\ndevelopment accounting policy. Amounts funded in advance of the research being\nperformed are carried as a prepayment and released to profit or loss as the\nresearch is performed. The charge for the period comprises:\n\n                                    Period ended     \n                                     30 Apr 2026     \n                                    £'000            \n University of Toronto              (505)            \n The Pennsylvania State University  (18)             \n                                    (523)            \n\n \n\nOf £699,051 funded under the sponsored research agreements during the period,\n£523,350 has been recognised in profit or loss and £175,701 is carried\nforward within prepayments (note 11). Amounts relating to the University of\nToronto Year 1 programme are released over the period to 19 June 2026, being\nthe end of the first year of that agreement. The first invoice under The\nPennsylvania State University agreement, which is raised in arrears for\nresearch already performed, has been recognised in full. The determination of\nthe release period is a critical accounting judgement, which is set out in the\nBasis of preparation.\n1. Employees\nThe total number of persons employed by the Company (including directors)\nduring the period ended 30 April 2026 was:\n\n             2026    \n Management  5       \n             5       \n\nThe highest paid director, Richard Michael Jones, received total remuneration\nof £20,000.\n\n \n1. Auditor’s Remuneration\n                                                                                                                                                                                    Period ended 30 April 2026     \n                                                                                                                                                                                     £'000                         \n Audit Services: Fees payable for the audit of the Company’s financial statements Non-Audit Services: Reporting accountant services relating to historical financial information    35 30                          \n                                                                                                                                                                                    65                             \n\n \n1. Taxation\n                                                                                                                                                                               Period ended 30 April 2026 £’000       \n A reconciliation of the tax charge appearing in the income statement to the tax that would result from applying the standard rate of tax to the results for the period is:                                           \n Loss per accounts                                                                                                                                                             (1,267)                                \n Tax credit at the weighted standard average rate of corporation tax in the UK of 25%                                                                                          (317)                                  \n Adjustment for items disallowable for tax                                                                                                                                     3                                      \n Tax losses for which no deferred tax is recognised                                                                                                                            314                                    \n Tax expense recognised in accounts                                                                                                                                            -                                      \n\n \n\nNo deferred tax asset has been recognised in respect of the tax losses carried\nforward of approximately £1,250,000 (tax effect approximately £312,500), on\nthe basis that there is insufficient certainty regarding the availability of\nfuture taxable profits against which the losses could be utilised. The losses\nare available to carry forward against future trading profits, subject to the\nagreement of HM Revenue & Customs and to the relevant loss-relief rules.\n\n \n1. Earnings per share\nThe calculation of the basic and diluted earnings per share is calculated by\ndividing the profit or loss for the period by the weighted average number of\nordinary shares in issue during the period.\n\n                                                                              Period ended 30 April 2026  \n Loss attributable to shareholders of Delta Gold Technologies PLC - £’000     (1,267)                     \n Weighted number of ordinary shares in issue                                  35,353,126                  \n Basic & dilutive earnings per share from continuing operations – pence       (3.58)                      \n\n \n\nThere is no difference between the diluted loss per share and the basic loss\nper share presented. Share options and warrants could potentially dilute basic\nearnings per share in the future but due to the Company making a loss they\nwere not included in the calculation of diluted earnings per share as they are\nanti-dilutive for the period presented.\n1. Intangible assets\n                   Assets under development £’000     \n Cost                                                 \n At Incorporation  -                                  \n Additions         8                                  \n Foreign exchange  -                                  \n At 30 April 2026  8                                  \n\n \n\n                                     \n Amortisation and impairment         \n At Incorporation                 -  \n Charge for the period            -  \n At 30 April 2026                 -  \n Net book value at 30 April 2026  8  \n Net book value at Incorporation  -  \n\n \n\nAdditions of £8,083 were recognised during the period, representing the\ninitial fee for the exclusive worldwide licence acquired under the University\nof Toronto Technology Licence Agreement dated 18 March 2026. No development\nexpenditure was capitalised during the period.\n\nThe asset is not yet available for use and is tested for impairment annually\nin accordance with IAS 36. The Directors concluded that no impairment was\nrequired at 30 April 2026.\n1. Cash and cash equivalents\nCash and cash equivalents comprise cash at bank of £3,495,344 as at 30 April\n2026.\n1. Other receivables\n                                     \n                   As at             \n                    30 April 2026    \n                    £’000            \n VAT receivable    118               \n Prepayments       260               \n                   378               \n                                     \n\n \n\nPrepayments include £175,701 in respect of amounts funded under the Company's\nsponsored research agreements in advance of the research being performed,\nwhich will be released to profit or loss as the research is performed. The\nremaining £83,851 comprises other prepaid costs.\n\n \n\n \n1. Trade and other payables\n\n                   As at            \n                   30 April 2026    \n                   £’000            \n Trade payables    34               \n Accruals          50               \n                   84               \n\n \n1. Share capital and share premium\n                                                        Ordinary Shares     Share Capital  Share Premium           Total       \n                                                #                 £’000                           £’000     £’000              \n On incorporation (24 April 2025) 1             1,000,000         1                               -         1                  \n Issue of Seed Shares – July 2025 2             12,860,000        13                              630       643                \n Issue of Founder Shares – August 2025 3        19,386,154        19                              -         19                 \n Issue of Bonus Shares – August 2025 4          -                 33                              (33)      -                  \n Admission Shares – December 2025 5             25,000,000        50                              2,450     2,500              \n Admission Shares – December 2025 6             762,500           2                               75        77                 \n Issue of Ordinary Shares – February 2026 7     5,492,853         11                              1,611     1,622              \n Warrants Exercised – April 2026 8              142,857           -                               71        71                 \n Transfer from warrant reserve on exercise (8)  -                 -                               16        16                 \n Share Based Payments                           -                 -                               (49)      (49)               \n Share issue costs                              -                 -                               (182)     (182)              \n At 30 April 2026                               64,644,364        129                             4,589     4,718              \n                                                                                                                               \n\n \n\n1 On incorporation on 24 April 2025, the Company issued 1,000,000 ordinary\nshares of £0.001 each at par (£0.001 per share), being the initial founder\nsubscription, for total consideration of £1,000. These shares were issued in\nconsideration for consultancy services rather than cash.\n\n2 On 9 July 2025, the Company issued 12,860,000 ordinary shares of £0.001\neach at £0.05 per share, generating share capital of £12,860 and share\npremium of £630,140 (total consideration £643,000).\n\n3 On 31 August 2025, the Company issued a further 19,386,154 founder ordinary\nshares of £0.001 each at par (£0.001 per share), for total consideration of\n£19,386. The issue of shares was in furtherance of the original foundation of\nthe Company.\n\n4 On 31 August 2025, pursuant to a special resolution, the Company issued\n33,246,154 bonus shares, and every 2 fully paid ordinary shares of £0.001\neach then in issue (the \"Existing Ordinary Shares\") were consolidated into 1\nordinary fully paid share of £0.002 each. The bonus issue and consolidation\nhad no net effect on the number of shares in issue (33,246,154 shares) and\ncapitalised £33,246 of share premium into share capital.\n\n5 On 1 December 2025, on admission to the AQSE Growth Market, the Company\nissued 25,000,000 ordinary shares of £0.002 each at the placing price of\n£0.10 per share, generating share capital of £50,000 and share premium of\n£2,450,000 (total consideration £2,500,000).\n\n6 On 1 December 2025, in connection with Admission, the Company issued a\nfurther 762,500 ordinary shares of £0.002 each at £0.10 per share,\ngenerating share capital of £1,525 and share premium of £74,725 (total\nconsideration £76,250).\n\n7 On 17 February 2026, the Company issued 5,492,853 ordinary shares of £0.002\neach at £0.35 per share under a direct subscription, together with 2,746,425\nwarrants, for total consideration of £1,922,499. The consideration has been\nallocated between the ordinary shares and the warrants by reference to their\nrelative fair values, as set out in note 14. Of the total consideration,\n£10,986 was recognised as share capital, £1,611,223 as share premium and\n£300,290 within other reserves.\n\n8 On 30 April 2026, 142,857 ordinary shares of £0.002 each were issued at\n£0.50 per share on the exercise of investor warrants, generating share\ncapital of £286 and share premium of £71,143 (total consideration £71,429).\nOn exercise, £15,620 attributable to those warrants was transferred from the\nwarrant reserve to share premium.\n1. Other reserves\n                                       Share-based payment reserve £   Warrant reserve £   Total £   \n On incorporation — 24 April 2025      -                               -                   -         \n LTIP options issued (1)               12,426                          -                   12,426    \n Adviser warrants (2)                  49,136                          -                   49,136    \n Investor warrants issued (3)          -                               300,290             300,290   \n Transfer on exercise of warrants (3)  -                               (15,620)            (15,620)  \n As at 30 April 2026                   61,562                          284,670             346,232   \n\n \n\nThe share-based payment reserve represents the cumulative fair value of share\noptions granted to Directors, and of warrants granted to advisers and brokers,\nin consideration for services received, recognised in accordance with IFRS 2.\nThe warrant reserve represents the fair value attributed to warrants issued to\nsubscribers as part of the February 2026 equity subscription. Amounts are\ntransferred from each reserve to share premium when the related instruments\nare exercised, and to retained earnings when they lapse unexercised.\n\n1 On 1 December 2025, the Company granted 200,000 options under its Long-Term\nIncentive Plan to two directors, Adam Monaco and Patrick Severide (100,000\neach), exercisable at £0.15 per ordinary share and expiring on 1 December\n2030. The options vested in full on grant. The fair value at grant date of\n£12,426, determined using the Black-Scholes model (share price £0.10,\nvolatility 84.5%, risk-free rate 4.25%, expected life 5 years), was recognised\nas a share-based payment charge in profit or loss with a corresponding credit\nto the reserve.\n\n2 On 1 December 2025, in connection with Admission, the Company granted\n1,078,608 warrants to its advisers and brokers (Cavendish Capital Markets\n5,000; First Equity Limited 336,000; Orana Corporate LLP 737,608), each\nexercisable at £0.15 per ordinary share and expiring on 1 December 2028. The\nfair value of £49,136 (Black-Scholes: share price £0.10, volatility 82.3%,\nrisk-free rate 4.00%, expected life 3 years) was treated as a cost of the\nequity transaction and recognised against share premium, with a corresponding\ncredit to the reserve.\n\n3 On 17 February 2026, in connection with a direct subscription, the Company\nissued 5,492,853 ordinary shares of £0.002 each together with 2,746,425\nwarrants, on the basis of one warrant for every two subscription shares, for\ntotal consideration of £1,922,499. The ordinary shares and the warrants are\nseparate equity instruments, and the consideration has accordingly been\nallocated between them by reference to their relative fair values at the date\nof issue, being £0.35 per ordinary share and £0.0648 per warrant attaching\nto each share subscribed. Of the total consideration, £1,622,209 was\nallocated to share capital and share premium and £300,290 to the warrant\nreserve. No goods or services were received in respect of the warrants; they\nare not share-based payments and no charge arises in profit or loss. On\nexercise of a warrant the amount attributable to it is transferred from the\nwarrant reserve to share premium; during the period 142,857 warrants were\nexercised at 50p and £15,620 was transferred accordingly.\n\nEach warrant entitles the holder to subscribe for one new ordinary share at an\nexercise price of 50p, at any time during a two-year period expiring on 17\nFebruary 2028. The exercise period is subject to acceleration: if the\nvolume-weighted average price of the Company's ordinary shares equals or\nexceeds 70p over any ten consecutive trading days, the Company may require\nholders to exercise their warrants within a specified period, failing which\nthe warrants lapse. The warrants are not admitted to trading, are\nnon-transferable other than with the Company's consent, and carry no rights to\ndividends or voting until exercised.\n\nShare based payments valuation\n\nThe charges associated with the share-based payments have been applied to the\nstatement of profit or loss and other comprehensive income. The following\ntables summarises the valuation techniques and inputs used to calculate the\nvalues of share-based payments:\n\nWarrants\n\n Grant date  Number     Share price £   Exercise price £   Expiry date  Volatility %  RF Rate %  Technique      \n 01/12/2025  1,078,608  0.10            0.15               01/12/2028   82.3          4.00       Black Scholes  \n\n \n\nOptions\n\n Grant date  Number   Share price £   Exercise price £   Expiry date  Volatility %  RF Rate %  Technique      \n 01/12/2025  200,000  0.10            0.15               01/12/2030   84.5          4.25       Black Scholes  \n\n \n\n\n \nWarrants\n                               As at 30 April 2026                                  \n                               Weighted average exercise price  Number of warrants  \n Granted in period             15p                              1,078,608           \n Granted in period             50p                              2,746,425           \n Exercised in period           50p                              (142,857)           \n Outstanding at 30 April 2026  40p                              3,682,176           \n Exercisable at 30 April 2026  40p                              3,682,176           \n\nThe weighted average time to expiry of the warrants as at 30 April 2026 is\n2.03 years.\nOptions\n                               As at 30 April 2026                                 \n                               Weighted average exercise price  Number of options  \n Granted in period             15p                              200,000            \n Outstanding at 30 April 2026  15p                              200,000            \n Exercisable at 30 April 2026  15p                              200,000            \n\nThe weighted average time to expiry of the options as at 30 April 2026 is 4.59\nyears.\n\nThe option vesting conditions of the LTIP options are as below:\n\n-          The vesting condition attaching to these awards was that\neach award would be effective immediately prior to, and conditional upon,\nadmission of the Company's shares to trading on the Access Segment of the AQSE\nGrowth Market on 1 December 2025, in conjunction with the award holder's\nappointment as a non-executive director. As this condition was satisfied on\nAdmission, the options vested in full on the date of grant. The options lapse\non the fifth anniversary of the date of grant (1 December 2030) if not\nexercised earlier.\n\nSince the reporting date the Company has granted a further 2,900,000 options,\nof which 2,200,000 were granted to Directors. Details are set out in note 17.\n1. Financial Instruments and Risk Management\nCapital management\n\nThe Company manages its capital to ensure that it will be able to continue as\na going concern while maximising the return to stakeholders. The Company's\noverall strategy is to minimise costs and liquidity risk. The capital\nstructure of the Company consists of equity attributable to its equity\nholders, comprising issued share capital, share premium, the share-based\npayment reserve and retained earnings, as disclosed in the Statement of\nChanges in Equity.\n\nThe Company is exposed to several risks through its normal operations, the\nmost significant of which are credit, foreign exchange, interest rate and\nliquidity risks. The management of these risks is vested in the Board of\nDirectors.\n\nGeneral objectives and policies\n\nAs referred to in the Directors' Report, the overall objective of the Board is\nto set policies that seek to reduce risk as far as is practical without unduly\naffecting the Company's competitiveness and flexibility. Further details\nregarding these policies are set out below.\n\nPrincipal financial instruments\n\nThe Company's principal financial instruments comprise cash and cash\nequivalents, other receivables, and trade and other payables. The Company's\naccounting policies and methods adopted, including the criteria for\nrecognition and the basis on which income and expenses are recognised in\nrespect of each class of financial asset, financial liability and equity\ninstrument, are set out in note 2 \"Accounting policies\".\n\nThe Company does not use financial instruments for speculative purposes. The\ncarrying value of all financial assets and liabilities approximates to their\nfair value. The Company does not use derivative instruments to manage its\nexposure to fluctuations in foreign currency exchange rates or interest rates.\n\nCommodity price risk\n\nAlthough the Company's research activity is centred on the physical properties\nof nano-scale gold, the Company does not hold, trade or carry gold or any\nother commodity as an asset, and only minimal quantities are used as a\nresearch input under its sponsored research agreements. Accordingly, the\nDirectors do not consider the Company to be exposed to any significant\ncommodity price risk.\n\nForeign currency risk\n\nThe Company incurs costs in a number of currencies and is exposed to foreign\ncurrency risk arising principally from its research expenditure denominated in\nCanadian dollars and US dollars. Currency exposures are reviewed regularly.\nThe Company has a limited level of exposure to foreign exchange risk through\nits foreign currency denominated cash balances, receivables and payables:\n\n\n \n\n                            As at 30 April 2026  \n £ GBP                      £'000                \n Cash and cash equivalents  18                   \n Trade and other payables   (18)                 \n                            -                    \n\nCredit risk\n\nCredit risk refers to the risk that a counterparty will default on its\ncontractual obligations, resulting in financial loss to the Company. The\nCompany has adopted a policy of only dealing with creditworthy counterparties,\nand its exposure to those counterparties is monitored by the Board of\nDirectors.\n\nThe Company's principal financial assets are cash and cash equivalents. At the\nreporting date £3,477,385 was held with a United Kingdom bank authorised by\nthe Prudential Regulation Authority and regulated by the Financial Conduct\nAuthority and the Prudential Regulation Authority, and £17,958 with\nCurrencies Direct, in respect of which funds are safeguarded rather than\ncovered by the Financial Services Compensation Scheme. The Company's\ncounterparties are not rated by the international credit-rating agencies. The\nBoard therefore assesses credit risk by reference to the regulatory status,\ncapital position and published financial information of each institution, and\nreviews those assessments periodically.\n\nSubstantially all of the Company's cash is held with a single counterparty,\nand the Board recognises the resulting concentration of credit risk. In\nmanaging that concentration, the Board has regard to the £120,000 limit of\ndeposit protection available under the Financial Services Compensation Scheme\nand keeps under review the merits of holding funds across a greater number of\ninstitutions as the Company's activities develop.\n\nThe Company has no trade receivables. The Company applies IFRS 9 to measure\nexpected credit losses on financial assets held at amortised cost, which are\nregularly monitored and assessed, with a loss allowance recognised in\naccordance with the accounting policy. No loss allowance was required at the\nreporting date.\n\nThe Company's maximum exposure to credit risk is limited to the carrying\namount of the financial assets recorded in the financial statements.\n\nInterest rate risk\n\nThe Company currently has no borrowings. Its principal financial assets are\ncash and cash equivalents, including amounts held on deposit with financial\ninstitutions. The effect of variable interest rates is not significant.\n\nLiquidity risk\n\nDuring the period from incorporation on 24 April 2025 to 30 April 2026, the\nCompany was primarily financed by cash raised through equity funding. Funds\nraised surplus to immediate requirements are held as cash deposits in\nSterling. In managing liquidity risk, the main objective of the Company is to\nensure that it could pay all its liabilities as they fall due, and the Company\nmonitors its levels of working capital accordingly. The table below shows the\nundiscounted cash flows on the Company's financial liabilities as at 30 April\n2026 based on their earliest possible contractual maturity:\n\n \n\n                   Total £’000     Within 2 months £’000     Within 2-6 months £’000     \n At 30 April 2026                                                                        \n Trade payables    34              34                        -                           \n Accruals          50              -                         50                          \n Total             84              34                        50                          \n\n \n1. Related Party Transactions\nGuardian Metals Resources PLC\n\nGuardian Metal Resources PLC is considered a related party of the Company by\nvirtue of common key management personnel and shared corporate arrangements.\nMichael Jones, a director and founder of the Company, holds a senior advisory\nrole (Strategic Advisor) with Guardian Metal Resources plc; Mark Burnett is a\nNon-Executive Director of Guardian Metal Resources plc; and the two companies\nshare working space at 59–60 Grosvenor Street, Mayfair, London.\n\nDuring the period the Company paid costs to Guardian Metal Resources PLC as\nfollows:\n* Office costs: £10,000, being a recharge of the shared office rent. \n* Travel costs: £22,804, being travel expenses incurred by the Company and\npaid to Guardian Metal Resources PLC.\nThe total recharged during the period was £32,804, invoiced on normal\ncommercial terms as a reimbursement of costs, with £10,000 outstanding as at\n30 April 2026.\n\nDirectors remuneration\n\nSee Directors’ report for details on Directors’ remuneration in the\nperiod.\n1. Events after the reporting period\nThe following material events occurred after the reporting date of 30 April\n2026 and up to the date on which these financial statements were authorised\nfor issue. Each is a non-adjusting event after the reporting period and has no\nimpact on the amounts recognised in the financial statements for the period\nthen ended.\n\nIntellectual property developments\n\nOn 5 May 2026 the Company announced that the University of Toronto had filed\nthe first provisional patent application arising from the sponsored research\nprogramme “A Scheme for Quantum Computing based on Proximatised Gold”,\ncovering novel transducer structures for quantum devices and establishing an\nearly priority date. The intellectual property arising from that programme is\nlicensed to the Company under the Technology Licence Agreement referred to in\nnote 9, subject to a royalty of 1.5% of net sales payable to the University.\n\nOn 1 June 2026 the Company announced that three full patent applications had\nbeen filed by The Pennsylvania State University under the Company’s\nsponsored research agreement, in respect of which the Company holds exclusive\nlicence rights subject to the terms of that agreement. As at the date of\napproval of these financial statements, the Company’s intellectual property\nportfolio comprised one provisional patent application arising from the\nUniversity of Toronto programme and three full patent applications filed by\nThe Pennsylvania State University.\n\nExpansion of the Pennsylvania State University research programme\n\nOn 1 June 2026 the Company announced that, reflecting research results ahead\nof the original programme schedule, it had agreed with The Pennsylvania State\nUniversity to expand its research sponsorship from USD 2,991,426 over three\nyears to up to USD 6,000,000 over a period of up to six years. The expanded\nprogramme and associated budget were still being finalised at the date of\napproval of these financial statements. The commitments disclosed in note 18\nreflect the agreement as it stood at 30 April 2026 and do not include the\nadditional funding under the expanded programme.\n\nContinuation of University of Toronto research programme\n\nOn 18 June 2026 the Company announced that it had commenced the second year of\nits sponsored research and collaboration agreement with the University of\nToronto, continuing the research programme led by the Principal Investigator,\nProfessor Harry Ruda.\n\nIssue of equity on exercise of warrants\n\nAfter the reporting date the Company issued 1,407,427 new ordinary shares of\n£0.002 each on the exercise of warrants, comprising 671,427 shares at an\nexercise price of 50 pence, being investor warrants issued in connection with\nthe subscription completed in February 2026, and 736,000 shares at an exercise\nprice of 15 pence, being warrants issued in connection with the Company's\nadmission to the AQSE Growth Market in December 2025. The exercises raised\n£446,114 in aggregate. As a result the Company's issued ordinary share\ncapital increased from 64,644,364 ordinary shares at 30 April 2026 to\n66,051,791 ordinary shares, and warrants outstanding reduced from 3,682,176 to\n2,274,749.\n\nIncorporation of US subsidiary\n\nOn 23 June 2026 the Board resolved to expand the Company’s operations into\nthe United States of America through the establishment of a wholly owned\nsubsidiary, and approved the incorporation of Delta Gold Technologies (US)\nCorp in the State of Texas. The subsidiary was incorporated and registered\nwith the Texas Secretary of State on 10 July 2026, and the Company holds the\nentire issued share capital. The subsidiary had not commenced trading as at\nthe date of approval of these financial statements.\n\nAs the Company had no subsidiary undertakings at 30 April 2026, these\nfinancial statements present the results and financial position of the Company\nalone and no consolidated financial statements have been prepared for the\nperiod. Following the incorporation of the subsidiary, the Company expects to\nprepare consolidated financial statements for the year ending 30 April 2027.\n\nGrant of share options\n\nOn 2 June 2026 the Company granted options over 2,900,000 new ordinary shares\nof £0.002 each, exercisable at 150 pence per share, representing a premium of\napproximately 9% to the closing mid-market price on that date. The options\nvest on 3 June 2027 and expire five years from the date of grant. Of the\noptions granted, 433,332 were granted under the United Kingdom’s Enterprise\nManagement Incentive scheme.\n\nOf the total granted, 2,200,000 were granted to Directors as follows:\n\n Director          Options granted  Total options held  \n R. Michael Jones  600,000          600,000             \n James Tosh        450,000          450,000             \n Mark Burnett      450,000          450,000             \n Patrick Severide  350,000          450,000             \n Adam Monaco       350,000          450,000             \n Total             2,200,000        2,400,000           \n\n \n1. Financial Commitments\n                                                 Within one year  After one year  Total        \n University of Toronto (CAD)                     731,000          1,000,000       1,731,000    \n The Pennsylvania State University (USD)         973,291          1,994,284       2,967,575    \n                                                                                               \n University of Toronto (£ at 1.85)               £395,135         £540,541        £935,676     \n The Pennsylvania State University (£ at 1.36)   £715,655         £1,466,385      £2,182,040   \n Total £                                         £1,110,790       £2,006,926      £3,117,716   \n\nThe Company has contractual commitments under sponsored research agreements\nwith the University of Toronto and The Pennsylvania State University, under\nwhich it funds research programmes and acquires rights to the resulting\nintellectual property; expenditure incurred is capitalised as an intangible\nasset where it meets the criteria set out in note 2 and is otherwise\nrecognised in profit or loss. Foreign currency amounts have been translated at\nthe rates prevailing at the reporting date. Each agreement is terminable by\nthe Company on notice, in which case its obligation would be limited to costs\nincurred and non-cancellable obligations of the university concerned as at the\ndate of termination. The Company had no commitments for the acquisition of\nproperty, plant and equipment, and no contingent liabilities, at the reporting\ndate. Since the reporting date the Company has agreed to expand the\nPennsylvania State University programme; details are set out in note 17.\n1. Ultimate controlling party\nAs at 30 April 2026, there was no ultimate controlling party of the Company.\n\n \n\n\n 4404852_0.png (https://news.cision.com/delta-gold-technologies-plc/i/4404852-0-png,c3570050)  \n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPRr69352a-20261006","title":"REG-Delta Gold Technologies Plc: Audited Financial Results for the Period Ended 30 April 2026","author":"PR Newswire","ticker":"DGQ","created":"2026-10-06T06:00:25.594Z","tickers":["DGQ"],"exchange":"","article_body":"Delta Gold Technologies plc\n\nAudited Financial Results for the Period Ended 30 April 2026\n\nDelta Gold Technologies PLC (Aquis: DGQ / OTC: DGQTF / FRA: O2J) (the\n\"Company\", \"Delta Gold\" or \"Delta\") is pleased to present its Audited\nFinancial Results for the period from incorporation to 30 April 2026.\n\nHighlights\n* Funds raised during the period of £5.2 million\n \n* Cash of £3,495,344 and net assets of £3,797,401 at 30 April 2026, with no\nborrowings\n \n* Cash of £3,150,706 at 30 September 2026, following receipt of £446,114\nfrom the exercise of warrants since the period end\n \n* Research and Sponsorship and exclusive Technology Licencing Agreement signed\nwith Pennsylvania State University (“Penn State”), adding a second world\nclass academic partner alongside University of Toronto (“U of T”)\n \n* A total of £707,134 invested in our research projects with U of T and Penn\nState\n \n* Haynes Boone, leading US patent prosecution firm, appointed as Global IP\ncounsel\n \n* First provisional patent application filed by the U of T in May 2026.\n \n* Three full patent applications filed by Penn State\n \n\n \n\nFor further information contact:\n\n Delta Gold Technologies PLC R. Michael Jones (CEO)                Tel: +44 (0)203 576 6742  \n Orana Corporate LLP (Aquis Advisor) Anthony Eastman / Sarah Cope  Tel: +44 (0)203 475 6834  \n First Equity LTD (Corporate Broker) Jason Robertson / Sam Lakha   Tel: +44 (0)207 374 2212  \n\n \n\n\nChairman’s Statement\n\nIntroduction\n\nIt is my pleasure to present the Chairman’s Statement for Delta Gold\nTechnologies Plc (“Delta” or “the Company”) for the period ended 30\nApril 2026, together with a summary of significant developments since that\ndate.\n\nBuilding on our 2025 admission to the Aquis Growth Market and our first\nSponsored Research Agreement, the period under review has been one of steady\nexecution; deepening our academic research relationships, broadening our\ncapital markets presence, and taking the first concrete steps toward a\nprotectable portfolio of intellectual property in quantum computing materials.\n\nFinancial Results\n\nThese are the Company's first financial statements, covering the period from\nincorporation on 24 April 2025 to 30 April 2026. They therefore span the\nCompany's formation, its admission to trading on the Access Segment of the\nAQSE Growth Market on 1 December 2025, and the establishment of both of our\nuniversity research programmes.\n\nThe Company generated no revenue during the period, as is to be expected of a\nresearch and development stage business, and reported a loss of £1,266,889,\nequivalent to a basic and diluted loss per share of 3.58 pence. That result\nincludes £281,500 of non-recurring costs associated with Admission.\n\nDuring the period the Company raised £5.2 million of new equity before\nexpenses, comprising a seed subscription of £643,000 in July 2025, £2.6\nmillion on Admission in December 2025, a direct subscription of £1.9 million\nin February 2026, and £71,000 on the exercise of warrants.\n\nThe Company invested £707,134 in its research programmes during the period.\nOf this, £8,083 represents the initial fee for the licence acquired from the\nUniversity of Toronto and is carried as an intangible asset. The remainder\ndoes not meet the criteria for recognition as internally generated\nintellectual property; accordingly, £523,350 has been charged to profit or\nloss and £175,701 is carried forward as a prepayment, to be released as the\nresearch it funds is performed. The Directors consider that the University of\nToronto programme reached technical feasibility in March 2026, and that the\nPennsylvania State University programme did so after the period end, in each\ncase too late to affect the expenditure incurred in the period under review.\nOn that basis a significant proportion of our research investment is expected\nto be capitalised as intellectual property from the current financial year.\n\nAt 30 April 2026 the Company held cash and cash equivalents of £3,495,344 and\nnet assets of £3,797,401 with no borrowings and no external debt. The Board\nmonitors the Company's cash position against its committed research\nexpenditure, which is set out in note 18 to the financial statements.\n\nResearch and Development Progress\n\nIn February 2026, Delta signed a Research Sponsorship and exclusive Technology\nLicensing Agreement with Pennsylvania State University (“Penn State”),\nadding a second world-class academic partner alongside the University of\nToronto. The agreement provides cost-reimbursed funding of up to US$2.9m over\nthree years in return for an exclusive, royalty-bearing licence to resulting\nIP. The partnership is led by Professor Ken Knappenberger, Head of Chemistry\nat Penn State.\n\nAt the University of Toronto (“U of T”), the Board approved the early\nrelease of Year 2 research funding in February 2026, well ahead of schedule,\nto accelerate an upgrade to the research team’s cryo-refrigeration system,\nreflecting strong progress by Professor Harry Ruda’s team.\n\nIn April 2026, the Company appointed Haynes Boone, a leading US patent\nprosecution firm, as global IP counsel to both university programmes.\n\nCorporate and Capital Markets Developments\n\nIn February 2026, Delta’s shares commenced trading on the OTCQB Venture\nMarket in the United States under the ticker DGQTF, complementing our primary\nAquis listing and broadening our reach to US investors.\n\nPost Period Developments\n\nSince the period end, the pace of progress has accelerated further. In May,\nthe U of T filed its first provisional patent application arising from the\nresearch programme, and the Company commenced Year 2 of the collaboration in\nJune.\n\nAt Penn State, three full patent applications were filed and, reflecting\nstrong results and the programme running ahead of schedule, and the Board\nagreed to expand its commitment to US$6m of funding over six years.\n\nIn July, Penn State and University of Toronto jointly published a Technical\nUpdate reporting a spin-polarised emission of approximately 40% recorded in\nPenn State’s gold nanocluster research; believed by the research team to be\nthe highest such figure recorded in any condensed-phase quantum material\nsystem to date, and important validation of the scientific thesis underpinning\nour strategy. It also demonstrated the potential for market leading\ncollaboration across Delta’s portfolio of research opportunities.\n\nOutlook\n\nThe quantum computing sector remains at an early stage, characterised by high\nresearch intensity and significant technical and commercial challenges for all\nmarket participants. The Board is encouraged by the tangible research progress\nachieved across both university partnerships and by the growing external\nvalidation of our technology thesis.\n\nOver the coming 12 months, our priorities remain to convert our provisional\nand full patent applications into granted protection, to continue funding our\nSponsored Research Agreements, and to begin engaging potential licensees and\nstrategic partners as our patent portfolio matures.\n\nAs previously announced, the Company also sees significant opportunities in\nquantum communications and quantum sensing, which will allow us to extend the\ngold-based quantum technology platform into additional large-scale verticals\nbeyond compute.\n\nAs our shareholder base continues to grow, the Board remains committed to a\nhigh standard of governance and transparent engagement with the investing\ncommunity.\n\nI would like to thank our research partners, advisers and shareholders for\ntheir continued support, and I look forward to updating the market on our\nprogress in due course.\n\n \n\n \n\nMark Burnett\n\nNon-Executive Chairman\n\n5 October 2026\n\n\nStatement of Comprehensive Income\n\nFor the period ended 30 April 2026\n\n \n\n                                                                                                      Period ended 30 April 2026  \n                                                                                                Note  £'000                       \n Continuing Operations                                                                                                            \n Revenue                                                                                              -                           \n Administrative expenses                                                                        3     (752)                       \n Share based payments                                                                                 (12)                        \n Research and Development expenses                                                              4     (523)                       \n Other income                                                                                         20                          \n                                                                                                                                  \n Loss before taxation                                                                                 (1,267)                     \n                                                                                                                                  \n Taxation on loss on ordinary activities                                                        7     -                           \n                                                                                                                                  \n Loss for the year from continuing operations                                                         (1,267)                     \n                                                                                                                                  \n Other comprehensive income                                                                           -                           \n                                                                                                                                  \n Total comprehensive loss for the year attributable to shareholders from continuing operations        (1,267)                     \n                                                                                                                                  \n Basic & dilutive earnings per share - pence                                                    8     (3.58)                      \n\n \n\nThe statement of comprehensive income has been prepared on the basis that all\noperations are continuing operations.\n\n\nStatement of Financial Position\n\nFor the period ended 30 April 2026\n\n \n\n                                  As at 30 April   \n                                   2026            \n                            Note  £'000            \n CURRENT ASSETS                                    \n Cash and cash equivalents  10    3,495            \n Other receivables          11    378              \n TOTAL CURRENT ASSETS             3,873            \n NON-CURRENT ASSETS                                \n Intangibles                9     8                \n TOTAL NON-CURRENT ASSETS         8                \n TOTAL ASSETS                     3,881            \n CURRENT LIABILITIES                               \n Trade and other payables   12    84               \n TOTAL CURRENT LIABILITIES        84               \n TOTAL LIABILITIES                84               \n NET ASSETS                       3,797            \n                                                   \n EQUITY                                            \n Share capital              13    129              \n Share premium              13    4,589            \n Other reserves             14    346              \n Retained Earnings                (1,267)          \n TOTAL EQUITY                     3,797            \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n\nStatement of Changes in Equity Position\n\nFor the Period Ended 30 April 2026\n\n \n\n                                            Share capital  Share premium  Other reserves  Retained earnings  Total equity  \n                                            £'000          £'000          £'000           £'000              £'000         \n At incorporation – 24 April 2025           -              -              -               -                  -             \n Loss for period                            -              -              -               (1,267)            (1,267)       \n Other comprehensive income                 -              -              -               -                  -             \n Total comprehensive income for the period  -              -              -               (1,267)            (1,267)       \n Ordinary shares issued in the period       129            4,804          300             -                  5,233         \n Share issue costs                          -              (182)          -               -                  (182)         \n Share based payments                       -              (49)           62              -                  13            \n Transfer on exercise of warrants           -              16             (16)            -                  -             \n Subtotal of transactions with owners       129            4,589          346             -                  5,064         \n Balance at 30 April 2026                   129            4,589          346             (1,267)            3,797         \n\n\n\nStatement of Cashflows\n\nFor the period ended 30 April 2026\n\n                                                       Note  £'000    \n Cash flow from operating activities                                  \n Loss for the financial year                                 (1,267)  \n Adjustments for:                                                     \n Share based payments                                        12       \n Shares issued in settlement of consultancy fees       13    1        \n Changes in working capital:                                          \n (Increase) / decrease in trade and other receivables  11    (378)    \n (Decrease) / increase in trade and other payables     12    84       \n Net cash outflow from operating activities                  (1,548)  \n                                                                      \n Cash flows from investing activities                                 \n Purchase of intangible assets                         9     (8)      \n Net cash flow from investing activities                     (8)      \n                                                                      \n Cash flows from financing activities                                 \n Proceeds from issue of shares                         13    5,233    \n Share issue costs                                     13    (182)    \n Net cash flow from financing activities                     5,051    \n                                                                      \n Net increase/(decrease) in cash and cash equivalents        3,495    \n Cash and cash equivalents at beginning of the period        -        \n Cash and cash equivalents at end of the period        10    3,495    \n\n \n\n\nNotes to the Financial Statements\n\nFor the period ended 30 April 2026\n\n1. General Information\n\nDelta Gold Technologies PLC (the \"Company\") is a public limited company\nincorporated and domiciled in England and Wales. The Company was incorporated\nunder the Companies Act 2006 on 24 April 2025 and subsequently re-registered\nas a public limited company in advance of its admission to trading on the AQSE\nGrowth Market. The Company's registered number is 16406638.\n\nThe registered office of the Company is Eccleston Yards, 25 Eccleston Place,\nLondon, SW1W 9NF, United Kingdom.\n\nThe Company was admitted to trading on the Access Segment of the AQSE Growth\nMarket on 1 December 2025 under the ticker DGQ, raising capital to support the\ndevelopment of its intellectual property and the establishment of its\nuniversity research collaborations. The Company's ordinary shares were also\nadmitted to trading on the OTCQB Venture Market in the United States under the\nticker DGQTF. Since the period end, the Company's ordinary shares have also\nbecome available to trade on the Frankfurt Stock Exchange under the ticker\nO2J, further broadening access for international investors.\n\nThe principal activity of the Company is the development and commercialisation\nof intellectual property in the field of quantum computing, with a particular\nfocus on the application of nano-scale gold to quantum computing technology.\n\n2. Basis of preparation\n\nStatement of compliance\n\nThe financial statements for the period from incorporation on 24 April 2025 to\n30 April 2026 have been prepared by Delta Gold Technologies PLC in accordance\nwith UK-adopted International Accounting Standards (“UK-IAS”) and with the\nrequirements of the Companies Act 2006. The financial statements have been\nprepared under the historical cost convention.\n\nGoing concern\n\nThe financial statements have been prepared on the going concern basis. As at\n30 April 2026 the Company held cash and cash equivalents of £3,495,344 and\nnet assets of £3,797,401, with no borrowings. In assessing going concern, the\nDirectors have prepared detailed cash flow forecasts covering a period of at\nleast twelve months from the date of approval of these financial statements,\nconsidering the Company's committed research expenditure under its sponsored\nresearch agreements together with its other operating costs. The base case\nforecasts include a proposed future equity fundraising together with certain\nadditional research initiatives and growth projects that were not\ncontractually committed at the date of approval of these financial statements.\nThe Directors have also considered a downside scenario excluding both the\nproposed fundraising and the related uncommitted projects and expenditure that\nthe fundraising was intended to support. Under this scenario, the forecasts\ndemonstrate that the Company retains sufficient cash resources to meet its\nexisting operational requirements and contractual commitments as they fall due\nthroughout the assessment period. Based on this assessment, the Directors are\nsatisfied that the Company has sufficient resources to meet its liabilities as\nthey fall due for at least twelve months from the date of approval of these\nfinancial statements, and that no material uncertainty regarding going concern\nexists. The financial statements have therefore been prepared on the going\nconcern basis.\n\nCash and cash equivalents\n\nCash and cash equivalents comprise cash at bank and in hand, and demand\ndeposits with banks and other financial institutions. A material amount of\ncash and cash equivalents is held with alternative financial institutions.\n\nForeign currency translation\n\nThe financial statements are presented in Sterling, which is the Company’s\nfunctional and presentational currency.\n\nTransactions in currencies other than the functional currency, principally\nCanadian dollars and US dollars, in which the Company's university research\ncommitments are denominated, are recognised at the rates of exchange\nprevailing on the dates of the transactions. At each balance sheet date,\nmonetary assets and liabilities denominated in currencies other than Sterling\nare retranslated at the rates of exchange prevailing at the balance sheet\ndate, with exchange differences recognised in the Statement of Comprehensive\nIncome in the period in which they arise.\n\nTrade and other receivables\n\nTrade and other receivables are measured at amortised cost, using the\neffective interest method, less any impairment loss. An allowance for\nimpairment of trade and other receivables is established based on the\ntwelve-month expected credit losses unless the credit quality has deteriorated\nsince inception, in which case it is based on lifetime losses.\n\nResearch and development expenditure\n\nExpenditure on research activities is recognised as an expense in the period\nin which it is incurred. Expenditure on development activities is capitalised\nas an internally generated intangible asset only when the Company can\ndemonstrate all of the following, in accordance with IAS 38 “Intangible\nAssets”: the technical feasibility of completing the asset so that it will\nbe available for use or sale; the intention to complete the asset and to use\nor sell it; the ability to use or sell the asset; how the asset will generate\nprobable future economic benefits; the availability of adequate technical,\nfinancial and other resources to complete the development and to use or sell\nthe asset; and the ability to measure reliably the expenditure attributable to\nthe asset during its development. Expenditure that does not meet these\ncriteria is recognised as an expense as incurred. No expenditure incurred\nunder the Company's sponsored research agreements met these criteria during\nthe period; the Directors' assessment of the date from which the criteria were\nmet is set out under Critical accounting judgements below.\n\nUnder the sponsored research agreements, the Company funds research to be\nperformed by the university partners, and the universities retain title to any\nequipment purchased with funds provided by the Company. As the Company does\nnot obtain control of that equipment, no asset is recognised in respect of it.\nAmounts funded represent consideration for research services to be delivered\nby the university and, where funded in advance of the research being\nperformed, are recognised as a prepayment and charged to profit or loss on a\nstraight-line basis over the period during which the research is performed.\nThe amount carried forward at the reporting date is disclosed in note 11.\n\nIntangible assets\n\nIntangible assets comprise a separately acquired licence. The Company acquired\nan exclusive, worldwide licence to certain intellectual property from the\nUniversity of Toronto under the Technology Licence Agreement dated 18 March\n2026; the initial licence fee is capitalised as a separately acquired\nintangible asset under IAS 38. No development expenditure has been capitalised\nin the period. Patent registration and prosecution costs are recognised as an\nexpense as incurred unless they meet the recognition criteria of IAS 38; no\nsuch costs were capitalised as at 30 April 2026, the Company's first\nprovisional patent having been filed after the reporting date.\n\nIntangible assets are initially measured at cost. As at 30 April 2026, the\nlicensed intellectual property is not yet available for use or commercial\nexploitation; accordingly, the asset is classified as an intangible asset\nunder development and is not amortised. Amortisation will commence when the\nasset is available for use, being when it is in the location and condition\nnecessary for it to operate in the manner intended by management and will be\ncharged on a straight-line basis over the asset's estimated useful economic\nlife.\n\nBecause the asset is not yet available for use, it is tested for impairment\nannually, irrespective of whether any indicator of impairment exists, in\naccordance with IAS 36 “Impairment of Assets”. The carrying amount of\nintangible assets at 30 April 2026 was £8,083 (2025: £nil), in respect of\nthe acquired licence.\n\nFinancial instruments\n\nIFRS 9 requires an entity to address the classification, measurement and\nrecognition of financial assets and liabilities.\n\nThe Company classifies its financial assets in the following measurement\ncategories: those to be measured subsequently at fair value (either through\nother comprehensive income or through profit or loss) and those to be measured\nat amortised cost. The classification depends on the Company’s business\nmodel for managing the financial assets and the contractual terms of the cash\nflows.\n\nPurchases and sales of financial assets are recognised on trade date.\nFinancial assets are derecognised when the rights to receive cash flows from\nthe financial assets have expired or have been transferred and the Company has\ntransferred substantially all the risks and rewards of ownership.\n\nAt initial recognition, the Company measures a financial asset at its fair\nvalue plus, in the case of a financial asset not at fair value through profit\nor loss, transaction costs that are directly attributable to the acquisition\nof the financial asset. Transaction costs of financial assets carried at fair\nvalue through profit or loss are expensed in profit or loss.\n\nThe Company assesses, on a forward-looking basis, the expected credit losses\nassociated with any debt instruments carried at amortised cost.\n\nEquity\n\nShare capital is determined using the nominal value of shares that have been\nissued.\n\nThe share premium account includes any premiums received on the issue of share\ncapital. Any transaction costs associated with the issuing of shares are\ndeducted from the share premium account, net of any related income tax\nbenefits.\n\nWhere ordinary shares are issued together with warrants under a single\nsubscription, the shares and the warrants are separate equity instruments. The\nconsideration received is allocated between them by reference to their\nrelative fair values at the date of issue, with the amount attributable to the\nwarrants credited to a warrant reserve. No goods or services are received in\nexchange for such warrants; accordingly, they are not share-based payments,\nand no charge arises in profit or loss.\n\nAmounts are transferred from the share-based payment reserve and the warrant\nreserve to share premium when the related options or warrants are exercised,\nand to retained earnings when they lapse unexercised.\n\nIn accordance with IFRS 2, for equity-settled share-based payment transactions\nthe Company measures the goods or services received, and the corresponding\nincrease in equity, directly at the fair value of the goods or services\nreceived, unless that fair value cannot be estimated reliably, in which case\nthe fair value of the equity instruments granted is used. Such instruments are\nmeasured at fair value at the date of grant using the Black-Scholes option\npricing model.\n\nThe fair value of options granted to Directors, employees and other service\nproviders is recognised as an expense over the period in which the service or\nvesting conditions are satisfied, with a corresponding credit to the\nshare-based payment reserve. Non-market vesting conditions are reflected in\nthe number of instruments expected to vest. The fair value of warrants granted\nto advisers and brokers in connection with the issue of new shares is treated\nas a cost of that equity transaction and is recognised against share premium,\nwith a corresponding credit to the share-based payment reserve.\n\nRetained earnings includes all results recognised in the Statement of\nComprehensive Income.\n\nTaxation\n\nTax currently payable is based on taxable profit for the period. Taxable\nprofit differs from profit as reported in the Statement of Comprehensive\nIncome because it excludes items of income and expense that are taxable or\ndeductible in other years and items that are never taxable or deductible. The\nliability for current tax is calculated using tax rates that have been enacted\nor substantively enacted by the balance sheet date.\n\nDeferred tax is recognised on differences between the carrying amounts of\nassets and liabilities in the financial statements and the corresponding tax\nbases used in the computation of taxable profit and is accounted for using the\nbalance sheet liability method. Deferred tax assets are recognised to the\nextent that it is probable that taxable profits will be available against\nwhich deductible temporary differences can be utilised.\n\nThe carrying amount of deferred tax assets is reviewed at each balance sheet\ndate and reduced to the extent that it is no longer probable that sufficient\ntaxable profits will be available to allow all or part of the asset to be\nrecovered.\n\nThe Company undertakes research and development activities and, as the\nbusiness evolves, may in future periods become entitled to claim relief under\nthe United Kingdom research and development tax relief regime. The Directors\nkeep the Company's eligibility for such relief under review. Any research and\ndevelopment tax credits will be recognised on an accruals basis when there is\nreasonable assurance that the relief will be received and the amount can be\nreliably measured. Such credits will be recognised in the Statement of\nComprehensive Income, either as a reduction in the related research and\ndevelopment expenditure or within the tax line, according to the nature of the\nrelief claimed.\n\nCritical accounting judgements and key sources of estimation uncertainty\n\nThe preparation of the financial statements requires management to make\njudgements, estimates and assumptions that affect the amounts reported for\nrevenues and expenses during the period and the amounts reported for assets\nand liabilities at the balance sheet date. The nature of estimation means that\nactual outcomes could differ from those estimates.\n\nEstimates and underlying assumptions are reviewed on an ongoing basis. The\nsignificant accounting judgements and key sources of estimation uncertainty\naffecting the Company are disclosed below.\n\nCapitalisation of development expenditure under the Sponsored Research\nAgreements\n\nThe Directors exercise significant judgement in determining whether\nexpenditure incurred under the University of Toronto and The Pennsylvania\nState University Sponsored Research Agreements qualifies for capitalisation as\nan internally generated intangible asset under IAS 38. This requires the\nDirectors to conclude that all six development-phase recognition criteria are\nmet, in particular the technical feasibility of completing the assets so that\nthey will be available for use or sale, and the generation of probable future\neconomic benefits, and to determine the point at which each programme\ntransitioned from the research phase to the development phase.\n\nIn respect of the University of Toronto programme, the Directors have\nconcluded that the criteria were first met on 18 March 2026, being the date on\nwhich the University executed an exclusive licence of the resulting\nintellectual property to the Company. In reaching that conclusion the\nDirectors had regard to the invention disclosure form dated 17 February 2026,\nwhich records that the invention had moved beyond exploratory research to a\ndefined technical design, setting out the structure to be built, the intended\nmanner of operation, the manufacturing route and the features distinguishing\nit from earlier work in the field; and to the University's subsequent\nassessment of that disclosure, its acceptance of assignment of the invention,\nand its execution of the licence, a step the University takes only where it\nconsiders an invention sufficiently developed to justify commercialisation.\n\nAlthough the criteria were met on 18 March 2026, the expenditure incurred by\nthe Company under the University of Toronto Year 1 sponsorship had been\ninvoiced and settled before that date, and accordingly none of it qualifies\nfor capitalisation. Expenditure incurred after 18 March 2026 will be assessed\nfor capitalisation in future periods.\n\nExpenditure incurred before that date has been assessed as not meeting the\ncriteria and has been recognised as an expense or carried forward as a\nprepayment where it relates to research not yet performed. In respect of The\nPennsylvania State University programme, the Directors have concluded that the\ncriteria were not met at any point during the period. Accordingly, no\ndevelopment expenditure has been capitalised in the period.\n\nGoing concern\n\nThe preparation of the financial statements requires the Directors to make a\njudgement, considering all available information about the future, as to\nwhether the Company will be able to continue as a going concern. In making\nthat judgement the Directors have considered the Company's cash resources at\n30 April 2026, its forecast expenditure over a period of at least twelve\nmonths from the date of approval of these financial statements, and the\nflexibility available to it in respect of discretionary research expenditure.\nOn that basis the Directors have concluded that the going concern basis is\nappropriate and that no material uncertainty exists. The Directors' assessment\nis set out in the Going Concern section of the Directors' Report.\n\nValuation of warrants and share-based payments\n\nThe Company has issued warrants and share options which are measured at fair\nvalue using the Black-Scholes option pricing model. Determining fair value\nrequires the Directors to select an appropriate model and to make judgements\nover its inputs, the most significant of which is expected volatility. Given\nthe Company's limited trading history following admission to the Aquis Growth\nMarket in December 2025, expected volatility has been estimated by reference\nto the historical volatility of comparable listed entities and is a key source\nof estimation uncertainty. Expected volatility of between 82.3% and 84.5% has\nbeen applied across the instruments issued during the period. A higher\nvolatility assumption would increase the fair value attributed to the\ninstruments and, for those recognised in profit or loss, the related charge.\n\nThe instruments valued during the period had a total fair value of £361,851,\ncomprising £12,426 in respect of share options granted to Directors, £49,136\nin respect of warrants granted to advisers and brokers, and £300,290 in\nrespect of warrants issued to subscribers in February 2026. Of that total,\nonly the £12,426 relating to the share options has been recognised as a\ncharge in profit or loss; the remainder has been recognised directly in\nequity, as set out in note 14. A change in the volatility assumption would\ntherefore alter the allocation of the February 2026 subscription proceeds\nbetween share premium and the warrant reserve, but would have no effect on\ntotal equity or on the reported loss.\n\nRecoverable amount of intangible assets under development\n\nThe Company's intangible asset is not yet available for use and is therefore\ntested for impairment annually, irrespective of whether any indicator of\nimpairment exists, in accordance with IAS 36. Estimating the recoverable\namount of pre-commercialisation intellectual property is inherently uncertain\nand depends on the successful development, patenting and eventual\ncommercialisation of the technology. In assessing recoverable amount the\nDirectors have had regard to the terms on which the licence was acquired,\nbeing an arm's length transaction with the University of Toronto shortly\nbefore the reporting date, and to the technical progress reported by the\nprincipal investigator. Based on this assessment, no impairment was identified\nin respect of the £8,083 carrying amount at 30 April 2026.\n\nRelease of prepaid research expenditure\n\nAmounts funded under the sponsored research agreements in advance of the\nresearch being performed are carried as a prepayment and released to profit or\nloss over the period during which that research is performed. Determining the\nlength of that period requires judgement, and the Directors have concluded\nthat it is the service period of the relevant agreement rather than the period\nover which economic benefits might arise. For the University of Toronto Year 1\nprogramme the amounts funded are released over the period ending 19 June 2026,\nbeing the end of the first year of the agreement. The first invoice under The\nPennsylvania State University agreement is raised on a cost reimbursement\nbasis in arrears for research already performed and has accordingly been\nrecognised in full. Of £699,051 funded during the period, £523,350 has been\ncharged to profit or loss and £175,701 is carried forward within prepayments\n(note 11).\n\nNew standards and interpretations not yet adopted\n\nAt the date of approval of these financial statements, the following standards\nand interpretations had been issued but were not yet effective (and in some\ncases had not yet been adopted by the UK):\n\n Standard                                                                                  Effective Date   \n Annual Improvements to IFRS standards — Volume 11                                         1 January 2026   \n Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments  1 January 2026*  \n IFRS 18 Presentation and Disclosure in Financial Statements                               1 January 2027*  \n\n* Not yet endorsed for use in the UK at the date of approval of these\nfinancial statements.\n\nThe Directors do not expect the adoption of these standards and amendments to\nhave a material impact on the amounts recognised in the Company's financial\nstatements, although IFRS 18 is expected to affect the presentation and\ndisclosure of the primary financial statements when it becomes effective.\n1. Administrative expenses\nAdministrative expenses for the Company can further be broken down as per\nbelow:\n\n                                Period ended     \n                                 30 Apr 2026     \n                                £'000            \n Professional fees              (110)            \n Directors’ fees                (71)             \n Listing Costs                  (282)            \n Marketing                      (94)             \n Insurance                      (5)              \n Consultants                    (113)            \n Rent                           (10)             \n Travel                         (32)             \n Foreign Exchange               (10)             \n Other administrative expenses  (25)             \n                                (752)            \n\n \n1. Research and Development Expenses\nResearch and development expenses comprise expenditure incurred under the\nCompany's sponsored research agreements that does not meet the criteria for\ncapitalisation as an intangible asset, as set out in the research and\ndevelopment accounting policy. Amounts funded in advance of the research being\nperformed are carried as a prepayment and released to profit or loss as the\nresearch is performed. The charge for the period comprises:\n\n                                    Period ended     \n                                     30 Apr 2026     \n                                    £'000            \n University of Toronto              (505)            \n The Pennsylvania State University  (18)             \n                                    (523)            \n\n \n\nOf £699,051 funded under the sponsored research agreements during the period,\n£523,350 has been recognised in profit or loss and £175,701 is carried\nforward within prepayments (note 11). Amounts relating to the University of\nToronto Year 1 programme are released over the period to 19 June 2026, being\nthe end of the first year of that agreement. The first invoice under The\nPennsylvania State University agreement, which is raised in arrears for\nresearch already performed, has been recognised in full. The determination of\nthe release period is a critical accounting judgement, which is set out in the\nBasis of preparation.\n1. Employees\nThe total number of persons employed by the Company (including directors)\nduring the period ended 30 April 2026 was:\n\n             2026    \n Management  5       \n             5       \n\nThe highest paid director, Richard Michael Jones, received total remuneration\nof £20,000.\n\n \n1. Auditor’s Remuneration\n                                                                                                                                                                                    Period ended 30 April 2026     \n                                                                                                                                                                                     £'000                         \n Audit Services: Fees payable for the audit of the Company’s financial statements Non-Audit Services: Reporting accountant services relating to historical financial information    35 30                          \n                                                                                                                                                                                    65                             \n\n \n1. Taxation\n                                                                                                                                                                               Period ended 30 April 2026 £’000       \n A reconciliation of the tax charge appearing in the income statement to the tax that would result from applying the standard rate of tax to the results for the period is:                                           \n Loss per accounts                                                                                                                                                             (1,267)                                \n Tax credit at the weighted standard average rate of corporation tax in the UK of 25%                                                                                          (317)                                  \n Adjustment for items disallowable for tax                                                                                                                                     3                                      \n Tax losses for which no deferred tax is recognised                                                                                                                            314                                    \n Tax expense recognised in accounts                                                                                                                                            -                                      \n\n \n\nNo deferred tax asset has been recognised in respect of the tax losses carried\nforward of approximately £1,250,000 (tax effect approximately £312,500), on\nthe basis that there is insufficient certainty regarding the availability of\nfuture taxable profits against which the losses could be utilised. The losses\nare available to carry forward against future trading profits, subject to the\nagreement of HM Revenue & Customs and to the relevant loss-relief rules.\n\n \n1. Earnings per share\nThe calculation of the basic and diluted earnings per share is calculated by\ndividing the profit or loss for the period by the weighted average number of\nordinary shares in issue during the period.\n\n                                                                              Period ended 30 April 2026  \n Loss attributable to shareholders of Delta Gold Technologies PLC - £’000     (1,267)                     \n Weighted number of ordinary shares in issue                                  35,353,126                  \n Basic & dilutive earnings per share from continuing operations – pence       (3.58)                      \n\n \n\nThere is no difference between the diluted loss per share and the basic loss\nper share presented. Share options and warrants could potentially dilute basic\nearnings per share in the future but due to the Company making a loss they\nwere not included in the calculation of diluted earnings per share as they are\nanti-dilutive for the period presented.\n1. Intangible assets\n                   Assets under development £’000     \n Cost                                                 \n At Incorporation  -                                  \n Additions         8                                  \n Foreign exchange  -                                  \n At 30 April 2026  8                                  \n\n \n\n                                     \n Amortisation and impairment         \n At Incorporation                 -  \n Charge for the period            -  \n At 30 April 2026                 -  \n Net book value at 30 April 2026  8  \n Net book value at Incorporation  -  \n\n \n\nAdditions of £8,083 were recognised during the period, representing the\ninitial fee for the exclusive worldwide licence acquired under the University\nof Toronto Technology Licence Agreement dated 18 March 2026. No development\nexpenditure was capitalised during the period.\n\nThe asset is not yet available for use and is tested for impairment annually\nin accordance with IAS 36. The Directors concluded that no impairment was\nrequired at 30 April 2026.\n1. Cash and cash equivalents\nCash and cash equivalents comprise cash at bank of £3,495,344 as at 30 April\n2026.\n1. Other receivables\n                                     \n                   As at             \n                    30 April 2026    \n                    £’000            \n VAT receivable    118               \n Prepayments       260               \n                   378               \n                                     \n\n \n\nPrepayments include £175,701 in respect of amounts funded under the Company's\nsponsored research agreements in advance of the research being performed,\nwhich will be released to profit or loss as the research is performed. The\nremaining £83,851 comprises other prepaid costs.\n\n \n\n \n1. Trade and other payables\n\n                   As at            \n                   30 April 2026    \n                   £’000            \n Trade payables    34               \n Accruals          50               \n                   84               \n\n \n1. Share capital and share premium\n                                                        Ordinary Shares     Share Capital  Share Premium           Total       \n                                                #                 £’000                           £’000     £’000              \n On incorporation (24 April 2025) 1             1,000,000         1                               -         1                  \n Issue of Seed Shares – July 2025 2             12,860,000        13                              630       643                \n Issue of Founder Shares – August 2025 3        19,386,154        19                              -         19                 \n Issue of Bonus Shares – August 2025 4          -                 33                              (33)      -                  \n Admission Shares – December 2025 5             25,000,000        50                              2,450     2,500              \n Admission Shares – December 2025 6             762,500           2                               75        77                 \n Issue of Ordinary Shares – February 2026 7     5,492,853         11                              1,611     1,622              \n Warrants Exercised – April 2026 8              142,857           -                               71        71                 \n Transfer from warrant reserve on exercise (8)  -                 -                               16        16                 \n Share Based Payments                           -                 -                               (49)      (49)               \n Share issue costs                              -                 -                               (182)     (182)              \n At 30 April 2026                               64,644,364        129                             4,589     4,718              \n                                                                                                                               \n\n \n\n1 On incorporation on 24 April 2025, the Company issued 1,000,000 ordinary\nshares of £0.001 each at par (£0.001 per share), being the initial founder\nsubscription, for total consideration of £1,000. These shares were issued in\nconsideration for consultancy services rather than cash.\n\n2 On 9 July 2025, the Company issued 12,860,000 ordinary shares of £0.001\neach at £0.05 per share, generating share capital of £12,860 and share\npremium of £630,140 (total consideration £643,000).\n\n3 On 31 August 2025, the Company issued a further 19,386,154 founder ordinary\nshares of £0.001 each at par (£0.001 per share), for total consideration of\n£19,386. The issue of shares was in furtherance of the original foundation of\nthe Company.\n\n4 On 31 August 2025, pursuant to a special resolution, the Company issued\n33,246,154 bonus shares, and every 2 fully paid ordinary shares of £0.001\neach then in issue (the \"Existing Ordinary Shares\") were consolidated into 1\nordinary fully paid share of £0.002 each. The bonus issue and consolidation\nhad no net effect on the number of shares in issue (33,246,154 shares) and\ncapitalised £33,246 of share premium into share capital.\n\n5 On 1 December 2025, on admission to the AQSE Growth Market, the Company\nissued 25,000,000 ordinary shares of £0.002 each at the placing price of\n£0.10 per share, generating share capital of £50,000 and share premium of\n£2,450,000 (total consideration £2,500,000).\n\n6 On 1 December 2025, in connection with Admission, the Company issued a\nfurther 762,500 ordinary shares of £0.002 each at £0.10 per share,\ngenerating share capital of £1,525 and share premium of £74,725 (total\nconsideration £76,250).\n\n7 On 17 February 2026, the Company issued 5,492,853 ordinary shares of £0.002\neach at £0.35 per share under a direct subscription, together with 2,746,425\nwarrants, for total consideration of £1,922,499. The consideration has been\nallocated between the ordinary shares and the warrants by reference to their\nrelative fair values, as set out in note 14. Of the total consideration,\n£10,986 was recognised as share capital, £1,611,223 as share premium and\n£300,290 within other reserves.\n\n8 On 30 April 2026, 142,857 ordinary shares of £0.002 each were issued at\n£0.50 per share on the exercise of investor warrants, generating share\ncapital of £286 and share premium of £71,143 (total consideration £71,429).\nOn exercise, £15,620 attributable to those warrants was transferred from the\nwarrant reserve to share premium.\n1. Other reserves\n                                       Share-based payment reserve £   Warrant reserve £   Total £   \n On incorporation — 24 April 2025      -                               -                   -         \n LTIP options issued (1)               12,426                          -                   12,426    \n Adviser warrants (2)                  49,136                          -                   49,136    \n Investor warrants issued (3)          -                               300,290             300,290   \n Transfer on exercise of warrants (3)  -                               (15,620)            (15,620)  \n As at 30 April 2026                   61,562                          284,670             346,232   \n\n \n\nThe share-based payment reserve represents the cumulative fair value of share\noptions granted to Directors, and of warrants granted to advisers and brokers,\nin consideration for services received, recognised in accordance with IFRS 2.\nThe warrant reserve represents the fair value attributed to warrants issued to\nsubscribers as part of the February 2026 equity subscription. Amounts are\ntransferred from each reserve to share premium when the related instruments\nare exercised, and to retained earnings when they lapse unexercised.\n\n1 On 1 December 2025, the Company granted 200,000 options under its Long-Term\nIncentive Plan to two directors, Adam Monaco and Patrick Severide (100,000\neach), exercisable at £0.15 per ordinary share and expiring on 1 December\n2030. The options vested in full on grant. The fair value at grant date of\n£12,426, determined using the Black-Scholes model (share price £0.10,\nvolatility 84.5%, risk-free rate 4.25%, expected life 5 years), was recognised\nas a share-based payment charge in profit or loss with a corresponding credit\nto the reserve.\n\n2 On 1 December 2025, in connection with Admission, the Company granted\n1,078,608 warrants to its advisers and brokers (Cavendish Capital Markets\n5,000; First Equity Limited 336,000; Orana Corporate LLP 737,608), each\nexercisable at £0.15 per ordinary share and expiring on 1 December 2028. The\nfair value of £49,136 (Black-Scholes: share price £0.10, volatility 82.3%,\nrisk-free rate 4.00%, expected life 3 years) was treated as a cost of the\nequity transaction and recognised against share premium, with a corresponding\ncredit to the reserve.\n\n3 On 17 February 2026, in connection with a direct subscription, the Company\nissued 5,492,853 ordinary shares of £0.002 each together with 2,746,425\nwarrants, on the basis of one warrant for every two subscription shares, for\ntotal consideration of £1,922,499. The ordinary shares and the warrants are\nseparate equity instruments, and the consideration has accordingly been\nallocated between them by reference to their relative fair values at the date\nof issue, being £0.35 per ordinary share and £0.0648 per warrant attaching\nto each share subscribed. Of the total consideration, £1,622,209 was\nallocated to share capital and share premium and £300,290 to the warrant\nreserve. No goods or services were received in respect of the warrants; they\nare not share-based payments and no charge arises in profit or loss. On\nexercise of a warrant the amount attributable to it is transferred from the\nwarrant reserve to share premium; during the period 142,857 warrants were\nexercised at 50p and £15,620 was transferred accordingly.\n\nEach warrant entitles the holder to subscribe for one new ordinary share at an\nexercise price of 50p, at any time during a two-year period expiring on 17\nFebruary 2028. The exercise period is subject to acceleration: if the\nvolume-weighted average price of the Company's ordinary shares equals or\nexceeds 70p over any ten consecutive trading days, the Company may require\nholders to exercise their warrants within a specified period, failing which\nthe warrants lapse. The warrants are not admitted to trading, are\nnon-transferable other than with the Company's consent, and carry no rights to\ndividends or voting until exercised.\n\nShare based payments valuation\n\nThe charges associated with the share-based payments have been applied to the\nstatement of profit or loss and other comprehensive income. The following\ntables summarises the valuation techniques and inputs used to calculate the\nvalues of share-based payments:\n\nWarrants\n\n Grant date  Number     Share price £   Exercise price £   Expiry date  Volatility %  RF Rate %  Technique      \n 01/12/2025  1,078,608  0.10            0.15               01/12/2028   82.3          4.00       Black Scholes  \n\n \n\nOptions\n\n Grant date  Number   Share price £   Exercise price £   Expiry date  Volatility %  RF Rate %  Technique      \n 01/12/2025  200,000  0.10            0.15               01/12/2030   84.5          4.25       Black Scholes  \n\n \n\n\n \nWarrants\n                               As at 30 April 2026                                  \n                               Weighted average exercise price  Number of warrants  \n Granted in period             15p                              1,078,608           \n Granted in period             50p                              2,746,425           \n Exercised in period           50p                              (142,857)           \n Outstanding at 30 April 2026  40p                              3,682,176           \n Exercisable at 30 April 2026  40p                              3,682,176           \n\nThe weighted average time to expiry of the warrants as at 30 April 2026 is\n2.03 years.\nOptions\n                               As at 30 April 2026                                 \n                               Weighted average exercise price  Number of options  \n Granted in period             15p                              200,000            \n Outstanding at 30 April 2026  15p                              200,000            \n Exercisable at 30 April 2026  15p                              200,000            \n\nThe weighted average time to expiry of the options as at 30 April 2026 is 4.59\nyears.\n\nThe option vesting conditions of the LTIP options are as below:\n\n-          The vesting condition attaching to these awards was that\neach award would be effective immediately prior to, and conditional upon,\nadmission of the Company's shares to trading on the Access Segment of the AQSE\nGrowth Market on 1 December 2025, in conjunction with the award holder's\nappointment as a non-executive director. As this condition was satisfied on\nAdmission, the options vested in full on the date of grant. The options lapse\non the fifth anniversary of the date of grant (1 December 2030) if not\nexercised earlier.\n\nSince the reporting date the Company has granted a further 2,900,000 options,\nof which 2,200,000 were granted to Directors. Details are set out in note 17.\n1. Financial Instruments and Risk Management\nCapital management\n\nThe Company manages its capital to ensure that it will be able to continue as\na going concern while maximising the return to stakeholders. The Company's\noverall strategy is to minimise costs and liquidity risk. The capital\nstructure of the Company consists of equity attributable to its equity\nholders, comprising issued share capital, share premium, the share-based\npayment reserve and retained earnings, as disclosed in the Statement of\nChanges in Equity.\n\nThe Company is exposed to several risks through its normal operations, the\nmost significant of which are credit, foreign exchange, interest rate and\nliquidity risks. The management of these risks is vested in the Board of\nDirectors.\n\nGeneral objectives and policies\n\nAs referred to in the Directors' Report, the overall objective of the Board is\nto set policies that seek to reduce risk as far as is practical without unduly\naffecting the Company's competitiveness and flexibility. Further details\nregarding these policies are set out below.\n\nPrincipal financial instruments\n\nThe Company's principal financial instruments comprise cash and cash\nequivalents, other receivables, and trade and other payables. The Company's\naccounting policies and methods adopted, including the criteria for\nrecognition and the basis on which income and expenses are recognised in\nrespect of each class of financial asset, financial liability and equity\ninstrument, are set out in note 2 \"Accounting policies\".\n\nThe Company does not use financial instruments for speculative purposes. The\ncarrying value of all financial assets and liabilities approximates to their\nfair value. The Company does not use derivative instruments to manage its\nexposure to fluctuations in foreign currency exchange rates or interest rates.\n\nCommodity price risk\n\nAlthough the Company's research activity is centred on the physical properties\nof nano-scale gold, the Company does not hold, trade or carry gold or any\nother commodity as an asset, and only minimal quantities are used as a\nresearch input under its sponsored research agreements. Accordingly, the\nDirectors do not consider the Company to be exposed to any significant\ncommodity price risk.\n\nForeign currency risk\n\nThe Company incurs costs in a number of currencies and is exposed to foreign\ncurrency risk arising principally from its research expenditure denominated in\nCanadian dollars and US dollars. Currency exposures are reviewed regularly.\nThe Company has a limited level of exposure to foreign exchange risk through\nits foreign currency denominated cash balances, receivables and payables:\n\n\n \n\n                            As at 30 April 2026  \n £ GBP                      £'000                \n Cash and cash equivalents  18                   \n Trade and other payables   (18)                 \n                            -                    \n\nCredit risk\n\nCredit risk refers to the risk that a counterparty will default on its\ncontractual obligations, resulting in financial loss to the Company. The\nCompany has adopted a policy of only dealing with creditworthy counterparties,\nand its exposure to those counterparties is monitored by the Board of\nDirectors.\n\nThe Company's principal financial assets are cash and cash equivalents. At the\nreporting date £3,477,385 was held with a United Kingdom bank authorised by\nthe Prudential Regulation Authority and regulated by the Financial Conduct\nAuthority and the Prudential Regulation Authority, and £17,958 with\nCurrencies Direct, in respect of which funds are safeguarded rather than\ncovered by the Financial Services Compensation Scheme. The Company's\ncounterparties are not rated by the international credit-rating agencies. The\nBoard therefore assesses credit risk by reference to the regulatory status,\ncapital position and published financial information of each institution, and\nreviews those assessments periodically.\n\nSubstantially all of the Company's cash is held with a single counterparty,\nand the Board recognises the resulting concentration of credit risk. In\nmanaging that concentration, the Board has regard to the £120,000 limit of\ndeposit protection available under the Financial Services Compensation Scheme\nand keeps under review the merits of holding funds across a greater number of\ninstitutions as the Company's activities develop.\n\nThe Company has no trade receivables. The Company applies IFRS 9 to measure\nexpected credit losses on financial assets held at amortised cost, which are\nregularly monitored and assessed, with a loss allowance recognised in\naccordance with the accounting policy. No loss allowance was required at the\nreporting date.\n\nThe Company's maximum exposure to credit risk is limited to the carrying\namount of the financial assets recorded in the financial statements.\n\nInterest rate risk\n\nThe Company currently has no borrowings. Its principal financial assets are\ncash and cash equivalents, including amounts held on deposit with financial\ninstitutions. The effect of variable interest rates is not significant.\n\nLiquidity risk\n\nDuring the period from incorporation on 24 April 2025 to 30 April 2026, the\nCompany was primarily financed by cash raised through equity funding. Funds\nraised surplus to immediate requirements are held as cash deposits in\nSterling. In managing liquidity risk, the main objective of the Company is to\nensure that it could pay all its liabilities as they fall due, and the Company\nmonitors its levels of working capital accordingly. The table below shows the\nundiscounted cash flows on the Company's financial liabilities as at 30 April\n2026 based on their earliest possible contractual maturity:\n\n \n\n                   Total £’000     Within 2 months £’000     Within 2-6 months £’000     \n At 30 April 2026                                                                        \n Trade payables    34              34                        -                           \n Accruals          50              -                         50                          \n Total             84              34                        50                          \n\n \n1. Related Party Transactions\nGuardian Metals Resources PLC\n\nGuardian Metal Resources PLC is considered a related party of the Company by\nvirtue of common key management personnel and shared corporate arrangements.\nMichael Jones, a director and founder of the Company, holds a senior advisory\nrole (Strategic Advisor) with Guardian Metal Resources plc; Mark Burnett is a\nNon-Executive Director of Guardian Metal Resources plc; and the two companies\nshare working space at 59–60 Grosvenor Street, Mayfair, London.\n\nDuring the period the Company paid costs to Guardian Metal Resources PLC as\nfollows:\n* Office costs: £10,000, being a recharge of the shared office rent. \n* Travel costs: £22,804, being travel expenses incurred by the Company and\npaid to Guardian Metal Resources PLC.\nThe total recharged during the period was £32,804, invoiced on normal\ncommercial terms as a reimbursement of costs, with £10,000 outstanding as at\n30 April 2026.\n\nDirectors remuneration\n\nSee Directors’ report for details on Directors’ remuneration in the\nperiod.\n1. Events after the reporting period\nThe following material events occurred after the reporting date of 30 April\n2026 and up to the date on which these financial statements were authorised\nfor issue. Each is a non-adjusting event after the reporting period and has no\nimpact on the amounts recognised in the financial statements for the period\nthen ended.\n\nIntellectual property developments\n\nOn 5 May 2026 the Company announced that the University of Toronto had filed\nthe first provisional patent application arising from the sponsored research\nprogramme “A Scheme for Quantum Computing based on Proximatised Gold”,\ncovering novel transducer structures for quantum devices and establishing an\nearly priority date. The intellectual property arising from that programme is\nlicensed to the Company under the Technology Licence Agreement referred to in\nnote 9, subject to a royalty of 1.5% of net sales payable to the University.\n\nOn 1 June 2026 the Company announced that three full patent applications had\nbeen filed by The Pennsylvania State University under the Company’s\nsponsored research agreement, in respect of which the Company holds exclusive\nlicence rights subject to the terms of that agreement. As at the date of\napproval of these financial statements, the Company’s intellectual property\nportfolio comprised one provisional patent application arising from the\nUniversity of Toronto programme and three full patent applications filed by\nThe Pennsylvania State University.\n\nExpansion of the Pennsylvania State University research programme\n\nOn 1 June 2026 the Company announced that, reflecting research results ahead\nof the original programme schedule, it had agreed with The Pennsylvania State\nUniversity to expand its research sponsorship from USD 2,991,426 over three\nyears to up to USD 6,000,000 over a period of up to six years. The expanded\nprogramme and associated budget were still being finalised at the date of\napproval of these financial statements. The commitments disclosed in note 18\nreflect the agreement as it stood at 30 April 2026 and do not include the\nadditional funding under the expanded programme.\n\nContinuation of University of Toronto research programme\n\nOn 18 June 2026 the Company announced that it had commenced the second year of\nits sponsored research and collaboration agreement with the University of\nToronto, continuing the research programme led by the Principal Investigator,\nProfessor Harry Ruda.\n\nIssue of equity on exercise of warrants\n\nAfter the reporting date the Company issued 1,407,427 new ordinary shares of\n£0.002 each on the exercise of warrants, comprising 671,427 shares at an\nexercise price of 50 pence, being investor warrants issued in connection with\nthe subscription completed in February 2026, and 736,000 shares at an exercise\nprice of 15 pence, being warrants issued in connection with the Company's\nadmission to the AQSE Growth Market in December 2025. The exercises raised\n£446,114 in aggregate. As a result the Company's issued ordinary share\ncapital increased from 64,644,364 ordinary shares at 30 April 2026 to\n66,051,791 ordinary shares, and warrants outstanding reduced from 3,682,176 to\n2,274,749.\n\nIncorporation of US subsidiary\n\nOn 23 June 2026 the Board resolved to expand the Company’s operations into\nthe United States of America through the establishment of a wholly owned\nsubsidiary, and approved the incorporation of Delta Gold Technologies (US)\nCorp in the State of Texas. The subsidiary was incorporated and registered\nwith the Texas Secretary of State on 10 July 2026, and the Company holds the\nentire issued share capital. The subsidiary had not commenced trading as at\nthe date of approval of these financial statements.\n\nAs the Company had no subsidiary undertakings at 30 April 2026, these\nfinancial statements present the results and financial position of the Company\nalone and no consolidated financial statements have been prepared for the\nperiod. Following the incorporation of the subsidiary, the Company expects to\nprepare consolidated financial statements for the year ending 30 April 2027.\n\nGrant of share options\n\nOn 2 June 2026 the Company granted options over 2,900,000 new ordinary shares\nof £0.002 each, exercisable at 150 pence per share, representing a premium of\napproximately 9% to the closing mid-market price on that date. The options\nvest on 3 June 2027 and expire five years from the date of grant. Of the\noptions granted, 433,332 were granted under the United Kingdom’s Enterprise\nManagement Incentive scheme.\n\nOf the total granted, 2,200,000 were granted to Directors as follows:\n\n Director          Options granted  Total options held  \n R. Michael Jones  600,000          600,000             \n James Tosh        450,000          450,000             \n Mark Burnett      450,000          450,000             \n Patrick Severide  350,000          450,000             \n Adam Monaco       350,000          450,000             \n Total             2,200,000        2,400,000           \n\n \n1. Financial Commitments\n                                                 Within one year  After one year  Total        \n University of Toronto (CAD)                     731,000          1,000,000       1,731,000    \n The Pennsylvania State University (USD)         973,291          1,994,284       2,967,575    \n                                                                                               \n University of Toronto (£ at 1.85)               £395,135         £540,541        £935,676     \n The Pennsylvania State University (£ at 1.36)   £715,655         £1,466,385      £2,182,040   \n Total £                                         £1,110,790       £2,006,926      £3,117,716   \n\nThe Company has contractual commitments under sponsored research agreements\nwith the University of Toronto and The Pennsylvania State University, under\nwhich it funds research programmes and acquires rights to the resulting\nintellectual property; expenditure incurred is capitalised as an intangible\nasset where it meets the criteria set out in note 2 and is otherwise\nrecognised in profit or loss. Foreign currency amounts have been translated at\nthe rates prevailing at the reporting date. Each agreement is terminable by\nthe Company on notice, in which case its obligation would be limited to costs\nincurred and non-cancellable obligations of the university concerned as at the\ndate of termination. The Company had no commitments for the acquisition of\nproperty, plant and equipment, and no contingent liabilities, at the reporting\ndate. Since the reporting date the Company has agreed to expand the\nPennsylvania State University programme; details are set out in note 17.\n1. Ultimate controlling party\nAs at 30 April 2026, there was no ultimate controlling party of the Company.\n\n \n\n\n 4404852_0.png (https://news.cision.com/delta-gold-technologies-plc/i/4404852-0-png,c3570050)  \n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-06T06:00:25.671769614Z","server_sent_at_ms":1791266425671},"received_at":"2026-10-06T06:00:25.961Z","source_url":null},"analysis":{"id":"149770","press_release_id":"161229","analysis_json":{"industry":{"label":"Semiconductors & Semiconductor Equipment","sector":"Information Technology"},"redFlags":["pre-revenue with £1.5m annualised operating cash burn and base-case going-concern forecasts include a proposed future equity fundraising","substantially all cash held with a single bank counterparty beyond FSCS protection limits","related-party cost recharges to Guardian Metal Resources with shared management and premises","heavy reliance on warrant/option exercises and future dilution to fund expanded research commitments"],"eventType":"earnings","narrative":"Delta Gold Technologies reported its first audited results since incorporation, with no revenue and a loss of £1.27m (loss per share of 3.58p) for the period to 30 April 2026, as expected for an R&D-stage quantum materials business.\n\nThe balance sheet remains clean: £3.5m cash at period end (£3.15m at 30 September after £446k of warrant exercises), net assets of £3.8m and no borrowings, against roughly £3.1m of contracted research commitments.\n\nOperational progress included four patent filings across its University of Toronto and Penn State programmes and expansion of Penn State funding to up to US$6m over six years, after a reported ~40% spin-polarised emission result the team believes is a record for condensed-phase quantum materials.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Clean first-year audit for pre-revenue quantum micro-cap with growing IP portfolio but visible future dilution path."},"keyFigures":{"eps":"-3.58 pence (basic and diluted loss per share)","revenue":0,"customDimensions":{"net_assets_gbp":3797401,"rd_invested_gbp":707134,"funds_raised_gbp":"£5.2 million","loss_for_period_gbp":1266889,"cash_at_30_apr_2026_gbp":3495344,"cash_at_30_sep_2026_gbp":3150706,"research_commitments_gbp":3117716,"spin_polarised_emission_pct":"approximately 40%","penn_state_funding_expanded_usd":"up to US$6m over up to six years (from US$2.9m over three years)","warrant_proceeds_post_period_gbp":446114}},"quotedText":"believed by the research team to be the highest such figure recorded in any condensed-phase quantum material system to date","namedEntities":{"people":[{"name":"R. Michael Jones","role":"CEO"},{"name":"Mark Burnett","role":"Non-Executive Chairman"},{"name":"Professor Ken Knappenberger","role":"Head of Chemistry at Penn State, partnership lead"},{"name":"Professor Harry Ruda","role":"Principal Investigator, University of Toronto"}],"products":["nano-scale gold quantum computing technology","gold nanocluster quantum materials"],"companies":[{"name":"Delta Gold Technologies PLC","ticker":"DGQ","relationship":"filer"},{"name":"University of Toronto","relationship":"research partner"},{"name":"Pennsylvania State University","relationship":"research partner"},{"name":"Haynes Boone","relationship":"global IP counsel"},{"name":"Guardian Metal Resources PLC","relationship":"related party"},{"name":"First Equity LTD","relationship":"corporate broker"},{"name":"Orana Corporate LLP","relationship":"Aquis advisor"}],"dollarAmounts":[{"amount":"£5.2 million","context":"funds raised during the period before expenses"},{"amount":"£3,495,344","context":"cash at 30 April 2026"},{"amount":"£3,797,401","context":"net assets at 30 April 2026"},{"amount":"£1,266,889","context":"loss for the period"},{"amount":"£707,134","context":"invested in U of T and Penn State research projects"},{"amount":"US$2.9m","context":"original Penn State three-year research funding"},{"amount":"US$6m","context":"expanded Penn State funding over six years"},{"amount":"£446,114","context":"warrant exercise proceeds since period end"}]},"materialImpact":{"score":2,"reasoning":"First audited results for a pre-revenue R&D-stage micro-cap: expected loss of £1.27m with no revenue, offset by a clean balance sheet (no debt), research progress (four patent filings) and expanded Penn State funding post-period. No surprise vs. expectation; routine for stage of company."},"tickerRelevance":{"others":[],"primary":"DGQ"},"globalImportance":12,"audienceRelevance":8,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap (Aquis/OTCQB)","eventGravity":"first audited results, pre-revenue","sectorWeight":"early-stage quantum computing, high speculation but tiny market footprint","retailFavoriteBoost":false}},"event_type":"earnings","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Delta Gold Technologies reported its first audited results since incorporation, with no revenue and a loss of £1.27m (loss per share of 3.58p) for the period to 30 April 2026, as expected for an R&D-stage quantum materials business.\n\nThe balance sheet remains clean: £3.5m cash at period end (£3.15m at 30 September after £446k of warrant exercises), net assets of £3.8m and no borrowings, against roughly £3.1m of contracted research commitments.\n\nOperational progress included four patent filings across its University of Toronto and Penn State programmes and expansion of Penn State funding to up to US$6m over six years, after a reported ~40% spin-polarised emission result the team believes is a record for condensed-phase quantum materials.","key_figures":{"eps":"-3.58 pence (basic and diluted loss per share)","revenue":0,"customDimensions":{"net_assets_gbp":3797401,"rd_invested_gbp":707134,"funds_raised_gbp":"£5.2 million","loss_for_period_gbp":1266889,"cash_at_30_apr_2026_gbp":3495344,"cash_at_30_sep_2026_gbp":3150706,"research_commitments_gbp":3117716,"spin_polarised_emission_pct":"approximately 40%","penn_state_funding_expanded_usd":"up to US$6m over up to six years (from US$2.9m over three years)","warrant_proceeds_post_period_gbp":446114}},"named_entities":{"people":[{"name":"R. Michael Jones","role":"CEO"},{"name":"Mark Burnett","role":"Non-Executive Chairman"},{"name":"Professor Ken Knappenberger","role":"Head of Chemistry at Penn State, partnership lead"},{"name":"Professor Harry Ruda","role":"Principal Investigator, University of Toronto"}],"products":["nano-scale gold quantum computing technology","gold nanocluster quantum materials"],"companies":[{"name":"Delta Gold Technologies PLC","ticker":"DGQ","relationship":"filer"},{"name":"University of Toronto","relationship":"research partner"},{"name":"Pennsylvania State University","relationship":"research partner"},{"name":"Haynes Boone","relationship":"global IP counsel"},{"name":"Guardian Metal Resources PLC","relationship":"related party"},{"name":"First Equity LTD","relationship":"corporate broker"},{"name":"Orana Corporate LLP","relationship":"Aquis advisor"}],"dollarAmounts":[{"amount":"£5.2 million","context":"funds raised during the period before expenses"},{"amount":"£3,495,344","context":"cash at 30 April 2026"},{"amount":"£3,797,401","context":"net assets at 30 April 2026"},{"amount":"£1,266,889","context":"loss for the period"},{"amount":"£707,134","context":"invested in U of T and Penn State research projects"},{"amount":"US$2.9m","context":"original Penn State three-year research funding"},{"amount":"US$6m","context":"expanded Penn State funding over six years"},{"amount":"£446,114","context":"warrant exercise proceeds since period end"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-06T06:00:36.839Z","global_importance":12,"audience_relevance":8,"importance_components":{"tickerTier":"micro-cap (Aquis/OTCQB)","eventGravity":"first audited results, pre-revenue","sectorWeight":"early-stage quantum computing, high speculation but tiny market footprint","retailFavoriteBoost":false}},"durationMs":null,"modelName":"glm-5.3-flashx"}}