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Financial risk management (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract]  
Currency Risk Exposure The balances held at December 31, 2025 that give rise to currency risk exposure are presented in US dollars below:
As at December 31, 2025
USD
AUD
EUR
CHF
JPY
GBP
CAD
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
Cash and cash equivalents
56,371
74,891
7,850
1,445
134
413
762
Trade receivables
126,056
540
2,606
-
-
-
-
Financial assets
-
33,749
3,345
-
-
-
-
Trade payables
(80,802)
(3,254)
(13,328)
(642)
(93)
(546)
(223)
Other current liabilities
(6,955)
-
(4,700)
-
-
-
-
Other non-current liabilities
(3,517)
-
-
-
-
-
-
Government grant
-
-
(2,046)
-
-
-
-
Decommissioning liability
-
-
(7,694)
-
-
-
-
Contingent consideration
(19,544)
-
(2,686)
-
-
-
-
Borrowings
-
(394,617)
(10,407)
-
-
-
-
The balances held at December 31, 2024 that give rise to currency risk exposure are presented in US dollars below:
USD
AUD
EUR
CHF
JPY
GBP
CAD
1.
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
(Recast)
(Recast)
(Recast)
(Recast)
(Recast)
(Recast)
(Recast)
Cash and cash equivalents
285,345
140,797
12,493
356
129
626
253
Trade receivables
84,564
455
1,466
-
-
-
-
Financial assets
-
30,972
3,774
-
-
-
Trade payables
(47,620)
(7,658)
(13,659)
(462)
(17)
(996)
(1,171)
Government grant liability
-
-
(1,858)
-
-
-
-
Decommissioning liability
-
-
(7,248)
-
-
-
-
Contingent consideration
liability
(56,627)
(519)
(14,903)
-
-
-
-
Borrowings
-
(333,272)
(9,449)
-
-
-
-
Sensitivity Analysis Outlined below is a sensitivity analysis which assesses the impact that a change of +/- 10% in the exchange rates as at
each reporting date would have on the Group’s reported profit/(loss) after income tax and/or equity balance.
Impact on post-tax profit/(loss)
2025
2025
2025
2025
2024
2024
2024
2024
+10%
Profit/
(loss)
-10%
Profit/
(loss)
+10%
Equity
-10%
Equity
+10%
Profit/
(loss)
-10%
Profit/
(loss)
+10%
Equity
-10%
Equity
1.
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
1.
(Recast)
(Recast)
(Recast)
(Recast)
1.
AUD
-
-
26,140
(31,949)
-
-
17,449
(21,326)
EUR
(224)
1,983
951
(3,704)
1,248
(1,525)
1,620
(1,980)
CHF
-
-
(73)
89
-
-
(29)
36
JPY
-
-
-
-
1
(1)
(11)
13
GBP
19
(24)
9
(11)
1
(2)
33
(40)
CAD
-
-
39
48
1
(1)
80
(98)
Total
(205)
1,959
27,066
(35,527)
1,251
(1,529)
19,142
(23,395)
Ageing of Trade Receivables
Expected credit losses
Gross carrying amount
1.
2025
2024
2025
2024
US$'000
US$'000
US$'000
US$'000
1.
(Recast)
(Recast)
1.
Not past due:
-
-
122,644
80,900
Past due:
30 days
(2)
(19)
3,129
3,689
60 days
(5)
(6)
455
548
90 days
(41)
(19)
518
621
120 days
(2,329)
(87)
4,833
1,301
Total
(2,377)
(131)
131,579
87,059
Contractual Maturity of Financial Instrument Liabilities The tables include both interest and principal cash flows disclosed as
remaining contractual maturities and therefore these totals may differ from their carrying amount in the Consolidated
statement of financial position.
1-6
months
6-12
months
1-5 years
Over 5
years
Total 
contractual 
cash flows
Carrying 
amount of
liabilities
As at December 31, 2025
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
Non-derivatives
Trade and other payables
114,261
36,088
-
-
150,349
150,349
Other non-current liabilities
-
-
3,673
-
3,673
3,517
Borrowings
5,860
5,958
469,257
3,024
484,099
405,024
Lease liabilities
3,051
3,969
44,409
34,994
86,423
62,082
Government grant liability
837
564
1,236
169
2,806
2,046
Contingent consideration
8,755
3,545
11,737
665
24,702
22,234
Total financial liabilities
132,764
50,124
530,312
38,852
752,052
645,252
1-6
months
6-12
months
1-5 years
Over 5
years
Total 
contractual
cash flows
Carrying 
amount of
liabilities
1.
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
As at December 31, 2024
(Recast)
(Recast)
(Recast)
(Recast)
(Recast)
(Recast)
Non-derivatives
Trade and other payables
86,790
-
-
-
86,790
86,790
Borrowings
5,236
5,243
444,047
3,161
457,687
353,574
Lease liabilities
915
906
4,923
84
6,828
6,588
Government grant liability
749
304
823
113
1,989
1,858
Contingent consideration
53,042
-
23,652
1,232
77,926
72,049
Total financial liabilities
146,732
6,453
473,445
4,590
631,220
520,859