Serval Resources (LSE:SRVL) reported interim results for the six months ended 31 May 2026, covering a period that included the acquisition of Kalahari Copper Limited, the company’s admission to AIM and a £3 million equity and retail fundraise.

Following the acquisition, Serval holds exploration interests across copper-focused areas in Namibia and Botswana, alongside its existing project exposure in Côte d’Ivoire.

Exploration and evaluation assets increased to more than £5.1 million during the period, while net assets stood at £5.9 million.

Operating loss rises following AIM admission

Serval reported an operating loss of £2.1 million for the six-month period. The increase included costs associated with the company’s AIM admission and share-based payments.

The £3 million fundraise completed alongside the transaction provided additional capital for the group’s planned exploration activities.

Serval Resources, formerly Oscillate PLC, is an AIM-quoted exploration and development company focused on copper and associated metals.

Its portfolio includes a land position in Namibia’s Kaoko Basin and the Kalahari Copper Belt in Botswana, as well as exposure to the Duékoué iron oxide copper gold and porphyry-style project in Côte d’Ivoire.

Namibia drilling targeted before year-end

The company plans to use part of the capital raised to fund an exploration programme during the second half of the year.

Planned activities include geological mapping, geophysical work and soil sampling. According to Serval, these programmes are intended to refine mineralised corridors and reduce geological uncertainty ahead of drilling.

The company is targeting its first drilling campaign in Namibia before the end of the year.

Serval described the Kaoko Basin and Kalahari Copper Belt as under-explored regions that it considers prospective for copper mineralisation and comparable with the Central African Copper Belt.

Serval outlines copper-focused strategy

Management said its strategy is focused on exploration for copper and other strategic metals, with the company linking its portfolio to expected longer-term demand associated with electrification, renewable energy and expanding electricity networks.

Serval also said its operating approach includes engagement with local communities and regulators, alongside the implementation of health, safety and environmental systems.

The company expects exploration activities across its portfolio to provide additional information on its projects as its planned work programmes progress.