Richmond Hill (RHR ) booked a loss of US$1million in the year to September 2025, and closed the period out with minimal cash in the bank.
It was a period of considerable transition for Richmond, though, and it subsequently raised £1.4 million in a transaction that took it into the mining and exploration sector.
“Following extensive review and deliberation by the board regarding shareholder value and the long-term success of Richmond Hill Resources PLC, the company made the decision to divest its subsidiaries in the beverage industry and instead concentrate on the natural resources sector, in the first instance in a copper exploration asset in Canada,” said the company’s Directors' statement.
Richmond duly acquired the Saint Sophie copper project, which consists of 145 map designated mineral exploration tiles covering a total surface area of approximately 87 square kilometres.
Saint Sophie is located in the Centre-du-Québec region, approximately 165 kilometres east of Montreal and 80 kilometres southwest of Quebec City in Canada, within a region known for copper mineralisation.
In December 2025 Richmond Hill subsequently announced it had entered into a binding term sheet to acquire the Martello gold project in Ontario Canada which consists of 88 mining claims located within 4,241 hectares situated in the Wabigoon greenstone belt which includes numerous other reported gold deposits.
Then, in January 2026 the company raised gross proceeds of £600,000 at a placing price of 2.6p and shortly after raised an additional £39,000 via a retail WRAP offer.
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Many changes have occurred in Richmond’s recent past, but it’s now settling down to a consistent existence as a junior explorer. Drilling at Martello is expected to commence shortly, following extensive preparation work over the past few months, and it will be interesting to see what sort of results the programme comes up with.