Interim Results for Six Months Ended 30 June 2025.

29 September 2025

Kendrick Resources Plc

("Kendrick Resources" or the "Company")

Interim Results for the Six Months Ended 30 June 2025

Kendrick Resources Plc the mineral exploration and development company announces its unaudited interim results for the six months ended 30 June 2025.

Chairman's Statement

Dear Shareholder,

Kendrick Resources had in 2024 and through into 2025 a difficult period based on the poor fundamentals for nickel with the supply/demand position put out of equilibrium by activities in Southeast Asia. 

The vanadium project continues to be of high interest, and the Directors are convinced that Airijoki has the potential to add 50% more ore to its inventory.  The processing fundamentals are good and the final product is above international average.  Notwithstanding this, the fundamentals for vanadium have not emerged as strongly as the industry had expected and the use of vanadium in energy storage has not advanced as fast as energy generation. 

It is the Board's intention to maintain the vanadium property in Sweden, Airijoki, whilst not continuing with the nickel projects within Norway and Sweden.  The Board has taken the decision to acquire projects in the copper and gold arena in Southern Africa and during the period acquired an option over the Bluefox exploration project in Northwest Zambia, close to the Angolan border.  The Company is currently investigating a number of ventures to enhance its southern Africa portfolio in commodities which have a real future; brownfields or production in jurisdictions which are supportive of mining.

We will keep shareholders advised on our progress with this mission.

Colin Bird

Executive Chairman

29 September 2025

OPERATIONAL, FINANCIAL CORPORATE and STRATEGY REVIEWS

Operational and Strategy Review

The Company's strategy is to enhance the value of its mineral resource projects through exploration and technical studies conducted by the Company or through joint venture or other arrangements with a view to establishing the projects can be economically mined for profit.  The Group has been seeking to do this by building an energy metals production business focused on nickel, vanadium and copper mineral resources projects in Scandinavia.  During the period, having assessed the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity, the Board decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded and accordingly in its 2024 accounts made a full provision against all its exploration projects other than the Airijoki vanadium project in Sweden.

Given the Board's extensive resource project experience in Southern Africa and the relative cost of developing projects in Southern Africa compared to Scandinavia the Board has decided that it is in the best interest of shareholders to seek new resource project opportunities in areas where the Board has expertise in, including Southern Africa, which is what it has been focusing on doing during the period  and will update shareholders when an appropriate projects(s) are identified and in the meantime the Group will seek to minimise costs.

Summary of Retained Airijoki Project:

The Airijoki vanadium copper project in Sweden comprises seven contiguous exploration permits covering 39.41 km2  and is supported by an Inferred Mineral Resource comprising 44.3 Mt at an in-situ grade of 0.4% V2O5, containing 5.9 Mt of magnetite averaging 1.7% V2O5 (in magnetite concentrate) for 100,800 t of contained V2O5 based on a 13.3% mass recovery of magnetite concentrate and a 0.7% V2O5 cut-off grade, on a 100% equity basis (and net attributable basis).

The main field exploration focus since the acquisition of the Airijoki project was a 1,394 metre exploration drill program at the Airijoki vanadium copper project in Sweden conducted late in 2023 the results of which were announced on 8 February 2024.

The highlights of the drill results were:

·    Results have been received for whole rock and vanadium magnetite concentrates produced from eight holes drilled north of the existing Airijoki vanadium JORC Mineral Resource containing 44.3 Mt @ 0.4% V2O5, in-situ, containing 5.9 Mt of magnetite averaging 1.7% V2O5.

·    Seven out of eight holes drilled intersected Vanadium mineralisation.

·    Notable intercepts included:

o  0.52% V2O5 - whole rock (1.77% V2O5 - magnetite concentrate) over 28.80m from 77.55m in hole AIR23-003, incl.

§ 0.72% V2O5 - whole rock (2.15% V2O5 - magnetite concentrate) over 12.00m from 89.50m

o  0.43% V2O5 - whole rock (1.44% V2O5 - magnetite concentrate) over 19.15m from 75.85m in hole AIR23-008

o  0.32% V2O5 - whole rock (1.42% V2O5 - magnetite concentrate) over 28.65m from 174.50m in AIR23-002

§ incl. 0.40% V2O5  - whole rock (1.75% V2O5 -magnetite concentrate) over 12 m from 186.5m

The combination of a JORC Mineral Resource, positive assay results and access to a further five contiguous exploration licences expected to generate additional vanadium (and copper) targets for follow up and possible future expansion of the current vanadium resource, support the prospectivity of the Airijoki Project. 

The emphasis at Airijoki has been to switch from further drilling to expanding the Mineral Resource, to focusing on the development and implementation of an appropriate strategy to build a sustainable vanadium business, this does not preclude future ongoing exploration. But in the meantime we will be looking to build strategic alliances with both iron ore and vanadium miners and processors, together with an alignment with end users of vanadium, principally in the Vanadium Redox battery sphere. Operating to the highest possible standards, the Company aims to become a significant contributor to the supply of vanadium in the Scandinavian battery arena.

Financial Review

Financial highlights:

·    £128K loss after tax (2024: £239K)

·    Approximately £9k cash at bank at the period end (Dec 2024: £18k).

·    The basic and diluted losses per share are summarised in the table below

·    The net asset value as at 30 June 2025 were £1.16m (31 December 2024 £1.32m)

Fundraisings and issues of shares during the period

On 25 February 2025 the Company announced it had raised £107,500 before expenses  at 0.25 pence per Ordinary Share  through the issue of 43,000,000 new Ordinary Shares of £0.0003 each (the "Fundraising Shares") Colin Bird, the Company's Executive Chairman subscribed £20,000 for 8,000,000 Fundraising Shares which represented in aggregate 18.6 per cent. of the gross proceeds ("Colin Bird Share Subscription").

During the period Colin Bird, the Company's Executive Chairman has provided an interest free loan of £35,000 to the Company ("Colin Bird Loan") and Michael Allardice who provides consultancy services to the company also provided an interest free loan of £3,800 in addition to the £17,500 which he lent in 2024.

The Company did not issue any share options or warrants during the period.

Corporate Review

Company Board: The Board of the Company comprises Colin Bird: Executive Chairman, Martyn Churchouse: Managing Director, and Non- executive directors Kjeld Thygesen, Evan Kirby and Alex Borrelli.

Admission: The Company was admitted to the Official List and to trading on the London Stock Exchange's Main Market for listed securities on 6 May 2022.  Following the introduction of the UK Listing Rules ("UKLR") in July 2024, the Company is admitted to Equity Shares (transition) category of the Official List under Chapter 22 of the UKLR.

Corporate Acquisitions

During the period on 10 June 2025 the Company announced it had entered into an option and joint venture agreement in relation to the acquisition of the Blue Fox Licence, 34412-HQ-LEL located in northwest Zambia ("Licence") (the "Agreement").  The Company post the period end has exercised its option under the Agreement.

Highlights

·    The Licence which was previously held by Anglo American Corporation is located within the highly productive and prospective External Fold and Thrust Belt which is itself situated between the Western Foreland and Domes domains of northwest Zambia.

·    The Licence is situated along strike of and in the same External Fold and Thrust Belt that hosts Tenke Fungurume (8Mt contained Cu) and the Mutanda mines in Democratic Republic of Congo

·    The Licence sits adjacent to known copper mineralisation hosted by Roan Group rocks and associated with salt diapir tectonics and fluidised breccias.

There were no corporate acquisitions during the period

Outlook

There is current volatility as markets seek to understand and anticipate the effects of a second Trump administration, a new era of higher tariffs, and the ongoing conflicts in Ukraine and the Middle East. At a macro level there is a supply shortage for copper and critical metals and gold is around all-time highs. Funding markets for exploration companies were depressed in 2024 and this continued into 2025 but are showing some signs of improving for the right projects.  The objective of the Board is to work to enhance the value of the Group's Airijoki vanadium project in Sweden and to seek resource project opportunities in Southern Africa that can be cost effectively advanced. The Company is currently investigating a number of ventures to enhance its southern Africa portfolio in commodities which have a real future, brownfields or production in jurisdictions which are supportive of mining

Post Period Events

The Company has exercised its option under the option and joint venture agreement with Cooperlemon Consultancy Limited for the exploration and if appropriate development of licence number 34412-HQ-LEL located in the Northwestern region of Zambia.

INTERIM MANAGEMENT REPORT

The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authorities ("FCA") Disclosure Guidance and Transparency Rules ("DTR"). The Directors consider the preceding Operational, Financial, Corporate and Strategy Review of this Half Yearly Financial Report provides details of the important events which have occurred during the period and their impact on the financial statements as well as the outlook for the Company for the remaining six months of the year ended 29 December 2025.

The following statement of the Principal Risks and Uncertainties, the Related Party Transactions, the Statement of Directors' Responsibilities and the Operational, Financial, Corporate and Strategy Review constitute the Interim Management Report of the Company for the six months ended 30 June 2025.

Principal Risks and Uncertainties

The principal risks and uncertainties for the remaining six months of the financial year remain the same as those contained within the annual report and accounts as at 29 December 2024.

The principal risks and uncertainties facing the group are as follows:

·    There are significant risks associated with any exploration project and the ability of the Company to explore, develop and generate operational cashflows from its projects requiring the Company to rely on fundraisings to fund its operational costs

·    There is significant competition for high quality mineral exploration projects, and demand continues to grow across the sector. As a result, there is no certainty that the company will be able to identify, secure or acquire suitable new projects on acceptable terms.

·    No assurances can be given that minerals will be discovered in economically viable quantities at the Company's projects 

·    Adverse foreign exchange fluctuations

·    Volatility in financial markets and commodity markets

The Board has also reviewed emerging risks which may impact the forthcoming six-month period. The ongoing impact of the Ukraine war and related sanctions and escalation of conflicts in the Levant area of the Middle East may affect the macro-economic situation but not have a direct impact on the Company as it does not have assets in or do have business activities or suppliers in either Ukraine, Russia or the Levant areas of the Middle East. As a result of the Ukraine war Finland joined NATO in 2023 and Sweden have announced their intention to join NATO.

Related Party Transactions during the period

1.  Directors' Letter of Appointment and Service Agreement remain as disclosed in the Prospectus and  reported within the annual report and accounts as at 29 December 2024

2.  As disclosed in the Prospectus and reported within the annual report and accounts as at 29 December 2024 the Company entered into a licence agreement dated 1 February 2022 with Lion Mining Finance Limited (a company controlled by Colin Bird, a director of the Company). Pursuant to this agreement, the Company has been granted a licence to use the premises at 7-8 Kendrick Mews, London, SW7 for a period of 12 months with effect from 1 December 2021 for a licence fee of £1,000 per month. In addition, Lion Mining Finance Limited provides basic administrative and support services as required by the Company from time to time.

3.  Details of the Colin Bird Subscription and Colin Bird Loan have been provided earlier in this report.

Related Party transactions described in the annual report to 29 December 2024

Other than disclosed above and the inter group loans made by the company to its subsidiaries to finance their ongoing activities there have been no changes in the related party transactions described in the annual report for the year ended 29 December 2024 that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year

Responsibility Statement

The Directors, whose names and functions are set out in this report under the heading Company Board, are responsible for preparing the Unaudited Interim Condensed Consolidated Financial Statements in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial reporting (IAS34).  The Directors confirm that, to the best of their knowledge, this Unaudited Interim Condensed Consolidated Report, which has been prepared in accordance with IAS34, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the interim management report includes a fair review of the information required by DTR 4.2.7 R and by DTR 4.2.8 R, namely:

·      an indication of key events occurred during the period and their impact on the Unaudited Interim Condensed Consolidated Financial Statements and a description of the principal risks and uncertainties for the second half of the financial year; and

·      material related party transactions that have taken place during the period and that have materially affected the financial position or the performance of the business during that period."

For and on behalf of the Board of Directors

Colin Bird

Executive Chairman

29 September 2025

or visit  https://www.kendrickresources.com/  

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). 

29 September 2025

Group Statement of Profit and Loss

For the six months ended 30 June 2025

Group Statement of Other Comprehensive Income

For the six months ended 30 June 2025

GROUP STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2025

GROUP BALANCE SHEET

As at 30 June 2025

Group Statement of Cash Flows

For the six months ended 30 June 2025

Notes to the interim financial information

For the six months ended 30 June 2025

1.       General information

This financial information is for Kendrick Resources Plc ("the Company") and its subsidiary undertakings. The principal activity of the Company and its subsidiaries (together the "Group") is the development of natural resources exploration projects in Scandinavia. The Company is a public limited company and was admitted to the Standard Segment of the Main Market of the London Stock Exchange ("Admission") on 6 May 2022 and is currently listed on the FCA's Official List (Equity Shares (transition) its principal activity is that of mining exploration and development.  The Company's focus has been on vanadium, nickel, and copper battery metals projects in Scandinavia via its subsidiaries.  and it is currently seeking new projects in Southern Africa. The Company is incorporated and domiciled in the United Kingdom with company registration number 02401127. The address of the registered office is 7/8 Kendrick Mews, London SW7 3HG.

6.            Exploration and evaluation assets

** The 2024 impairment provision relates to the Simesvallen 100, Kullberget100, Sumasjon1, Mjovattent and Njuggtraskliden licences in Sweden , the Koitelainen and Karhujupukka North licences in Finland and the Espedalen & Sigdal licences in Norway. The provision was made as after an assessment of the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity. The Board has decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded.

The investment in the Airijoki Project represented the amounts paid in taking up and extending the option to acquire various Scandinavian assets described below attributable to the Airijoki Project together with costs incurred in running the projects prior to the acquisition including the costs associated with the listing.

The Airijoki vanadium copper project in Sweden comprising seven contiguous exploration permits covering 39.41 km2  and is supported by an Inferred Mineral Resource comprising 44.3 Mt at an in-situ grade of 0.4% V2O5, containing 5.9 Mt of magnetite averaging 1.7% V2O5 (in magnetite concentrate) for 100,800 t of contained V2O5 based on a 13.3% mass recovery of magnetite concentrate and a 0.7% V2O5 cut-off grade, on a 100% equity basis (and net attributable basis).

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves. Accumulated costs in relation to an abandoned area are written off in full in the year in which the decision to abandon the area is made. When production commences, the accumulated costs for the relevant area of interest are transferred to development assets and amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

7.            Borrowings

On 22 April 2024 the Company announced it had entered into an unsecured convertible loan funding facility (the "Facility") for £500,000 with Sanderson Capital Partners Ltd (the "Lender").  The Facility was originally convertible at 0.75 pence per ordinary share ("Share") but in light of the fundraising on 28 February 2025 at 0.25 pence per Share is now convertible at 0.25 pence per Share. 

Working Capital Facility Agreement

The Facility is for £500,000 in total, is unsecured, interest free and  the Company was able to be drawn down in four loan tranches of £125,000 each and the Company has made three Loan Tranche drawdowns of £125,000 each under the Facility and is not permitted to make any additional drawdowns. To date £165,000 has been paid by the Lender under the Facility of which £125,000 is due to be repaid to the Lender. The Facility was created as a standby facility and the Company is re-negotiating the terms of the Facility with the Lender who is a long term shareholder in the Company. 

Repayment and Conversion

Repayment

Unless otherwise converted, the Company must repay each Loan Tranche on the first anniversary of the advance by the Lender of the applicable Loan Tranche ("Maturity Date"). The Company may prepay the whole or part of the Facility on any day prior to the Maturity Date for a Loan Tranche upon giving not less than 14 days' prior written notice to the Lender and paying in cash a prepayment fee of 5% of the amount which the Company prepays in cash before the Maturity Date. The Lender can during the 14 days' notice period make an election for all or part of the Loan subject to a prepayment notice to be repaid in Shares in which case the 5% fee shall not apply to that proportion of the Loan repaid in Shares.

Conversion of Loan Tranche by Lender

The Lender may at any time during the Facility Period elect to convert all or part of any drawn down amount into such number of new Shares equal to the amount of the Loan Tranche that is to be repaid at the date of the election  divided by the conversion price. The original conversion price was 0.75 pence ("Original Conversion Price") which under the conversion adjustment mechanism described below has been reduced to 0.25 pence being the fundraising price announced by the Company on 25 February 2025 and is now 0.025 pence per Share ("February 25 Fundraising") ("New Conversion Price").

Conversion of Loan by the Company

The Company may at any time during the Loan Period elect to convert all or part of a Loan if the Share price exceeds a target conversion price for a period of five or more business days. The original target conversion price was 1.0 pence per share  ("Original Target Conversion Price") which under the conversion adjustment mechanism described below has been reduced to 0.333 pence following the February 2025 Fundraising ("New Target Conversion Price").

Conversion Adjustment Mechanism

If the Company before i) the Maturity Date for a Loan Tranche and before ii) the Loan Tranche has been repaid issues Shares for cash consideration ("Issue Price") at a discount to 0.75 pence per Share (the "Base Issue Price") then the Conversion Price and the Target Conversion Price in respect of that Loan Tranche shall be multiplied by a fraction, the numerator of which will be the Issue Price and the denominator of which will be 0.75 pence.

Interest and Fees

The Loan is interest free. The Lender shall be paid an arrangement fee of 10% of the amount of the Facility to be settled by the issue of 11,764,706 new Shares ("Facility Fee Shares") credited as fully paid by at an issue price of 0.425p per Share (being the Five Day VWAP on the date the Facility was  announced) with the Facility Fee Shares to be issued on or before 31 December 2024 or such other date agreed by the parties. The Facility Fee Shares have not yet been issued.

On the drawdown of any Loan Tranche the Lender shall be paid a further fee of 2% of the amount of the relevant Loan Tranche which is to be settled by the issue of new Shares credited as fully paid at the five-day VWAP on the date of the relevant Loan drawdown notice ("Drawdown Fee Shares") with the Drawdown Fee Shares to be issued on or before 31 December 2024 or such other date agreed by the parties. The Drawdown Fee Shares have not yet been issued.

Option to Extend Facility

If the Company had drawn down in full or in part against all four loan tranches then it had the option to elect to be able to drawdown up to an additional GBP250,000 ("Optional Loan Tranche").  As the Company only made drawdowns against three of the loan tranches it does not have this option.

Warrants

On the drawdown of any Loan Tranche, the Lender shall be issued three year warrants over Shares ("Warrants") with a face value equal to 50% of the amount drawn down under the Loan Tranche. The exercise price for the Warrants applicable to each of the tranches are as follows:

1.5 pence per share for the drawdown of the four loan tranches;  and

2 pence per share for the drawdown of the Optional Loan Tranche;

If there were no drawdowns under two or more of the loan tranches then, the Company would have had to issue a three year warrant to the Lender for an amount equal to 25% of the Facility that has not been drawn down with an exercise price of 1 pence per share ("No Draw Down Warrants").  The Company does not have to issue the No Draw Down Warrants as it made drawdowns under three of the loan tranches.

8.  Share Capital

Notes:

(1)  At the Annual General Meeting held on 4 February 2021, shareholders approved that the 335,710,863 Existing Ordinary Shares in issue be subdivided each into one new ordinary share of £0.00001 ("New Ordinary Share") and one deferred share of £0.00999 ("2020 Deferred Share) in the capital of the Company. The New Ordinary Shares carry the same rights as attached to the Existing Ordinary Shares (save for the reduction in their nominal value). The 2020 Deferred Shares have no voting rights and have no rights as to dividends and only very limited rights on a return of capital. They will not be admitted to trading or listed on any stock exchange and will not be freely transferable. The holders of the 2020 Deferred Shares are not entitled to any further right of participation in the assets of the Company. As such, the 2020 Deferred Shares effectively have no value.

(2)  At the Annual General Meeting held on 25 October 2021, shareholders approved an ordinary resolution that for every thirty (30) issued and unissued ordinary share of £0.00001 each in the share capital of the Company ("Existing Shares") be consolidated into one (1) ordinary share of £0.0003 each ("New Shares") such New Shares having the same rights and being subject to the same restrictions, save as to nominal value, as the Existing Shares.  The deferred shares of £0.01 each and £0.009 each confer no rights to vote at a general meeting of the Company or to a dividend. On a winding-up the holders of the deferred shares are only entitled to the paid-up value of the shares after the repayment of the capital paid on the ordinary shares and £5,000,000 on each ordinary share.

(3)  The deferred shares of £0.04 each have no rights to vote or to participate in dividends and carry limited rights on return of capital. No shares were issued during the year.

At 29 December 2024 the warrants in the table below over ordinary shares in the issued share capital of the Company were issued and at the period end had not been exercised. All but the Drawdown Warrants expired during the period.

Note 1: A warrant reserve was not created in relation to these 101,875,942 warrants as they were all issued in relation to raising funds for the Company's Listing in May 2022.

Note 2: The Company issued 4,166,667 Drawdown Warrants exercisable at 1.5 pence for three years in relation to the drawdown of £125,000 under the Facility which was paid in 2024.

The fair value of the drawdown warrants of £9,333 was determined at the date of the grant using the Black Scholes model, using the following inputs but has not been provided for in these financial statements:

Share price at the date of issue                                                 0.78p

Strike price                                                                                         1.5p

Volatility                                                                                              65%

Expected life                                                                                      1,095 days (3 years)

Risk free rate                                                                                     3.81%

A new Share Option Scheme for the directors, senior management, consultants and employees was approved at the AGM on 4 February 2021, as outlined in the Directors Report.

On 2 February 2023 the Company issued in aggregate, 22,550,000 options over ordinary shares of £0.0003 par value in the capital of the Company ("Ordinary Shares") that were granted fully vested pursuant to the Share Option Scheme (the "Options"). Of the 22,550,000 Options, 13,750,000 have been awarded to directors of the Company, as detailed further below and the balance of 8,800,000 to other eligible participants. The Company has not previously issued any Options pursuant to the Share Option Plan.

All the Options have an exercise price of 3.5 pence per Ordinary Share and vested on issue. To incentivise and retain directors, officers, consultants and employees critical to enhancing the future market value of the Company. The options expire on 3 February 2031 being the date one day prior to the tenth anniversary of the AGM at which the Share Option Plan was approved. The Options can be exercised any time after vesting and prior to their scheduled expiry and must be exercised within 6 months of an option holder leaving the Company or within 12 months of the death of an option holder. The Company's mid-market closing share price on 2 February 2023, being the latest practicable date prior to the issue of the options, was 0.93 pence.

As a result of this the fair value of the share options was determined at the date of the grant using the Black Scholes model, using the following inputs:

Share price at the date of issue                                                                 0.93p

Strike price                                                                                                         3.5p

Volatility                                                                                                              50%

Expected life                                                                                                      2,920 days (8 years)

Risk free rate                                                                                                     4%

The resultant fair value of the share options as at 29 March 2023 was determined to be £59,758. The share-based payment charge for these options was taken in its entirety in the amount of £59,758 in the year to 29 December 2023 and has been taken to the share-based payment reserve.

As detailed in note 5  in addition to the consideration paid to acquire EV Metals AB on 7 August 2023, the Company issued 15 million 5 year options to EMX to acquire ordinary shares in the Company at 1.3 pence per Kendrick Share. The Options can be exercised any time after vesting and prior to their scheduled expiry. The Company's mid-market closing share price on 4 August 2023, being the latest practicable date prior to the issue of the options, was 0.775 pence.

The fair value of the share options was determined at the date of the grant using the Black Scholes model using the following inputs:

Share price at the date of issue                                                                 0.775p

Strike price                                                                                                         1.3p

Volatility                                                                                                              50%

Expected life                                                                                                      1,825 days (5 years)

Risk free rate                                                                                                     5%

The resultant fair value of the options applicable to the year to 29 December 2023 was determined to be £40,500 and the full option value was taken in the year of issue as all the options are fully vested and this amount was incorporated into the acquisition cost of EV Metals and has been taken to the share-based payment reserve.