No intention to offer - Anglo Asian

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE

ACG METALS LIMITED

("ACG" or the "Company")

Statement of no intention to make an offer for Anglo Asian Mining Plc

Further to the announcement issued by ACG under Rule 2.4 of the Takeover Code on 26 November 2025, ACG confirms that it does not intend to make an offer for Anglo Asian Mining Plc ("Anglo Asian").

This decision has been reached following a thorough review by ACG of Anglo Asian's asset base. ACG has, from inception, applied a highly disciplined approach to capital allocation including to potential M&A opportunities. Together with its focus on protecting the value of ACG's equity, this discipline is a hallmark of ACG's management ethos.

Applying these two core filters ACG does not believe that an acquisition of Anglo Asian would result in value creation for ACG's stakeholders.

This is a statement to which Rule 2.8 of the Takeover Code applies. Accordingly, ACG (and any person acting in concert with it) will, except with the consent of the Takeover Panel, be bound by the restrictions under Rule 2.8 of the Takeover Code.

Under Note 2 on Rule 2.8, ACG (and any person acting in concert with it) reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:

• with the agreement of the Board of Anglo Asian;
• if a third party announces a firm intention to make an offer for Anglo Asian;
• if Anglo Asian announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Takeover Code);
• or if there has been a material change of circumstances (as determined by the Takeover Panel).