Result of Oversubscribed Fundraise

Together, the Placing Shares and the Subscription Shares in aggregate represent approximately 3.60 per cent. of the existing issued ordinary share capital of the Company and the Issue Price represents a discount of approximately 9.35 per cent. to the closing mid-market price of 69.5 pence per Ordinary Share on 25 March 2026, being the last trading day prior to publication of the Launch Announcement. The Placing and Subscription are conditional, inter alia, on Admission occurring and the Placing Agreement not being terminated prior to Admission.

Zeus Capital acted as sole broker and sole bookrunner in connection with the Placing and Subscription.

Capitalized terms used in this announcement but not otherwise defined have the meanings given to them in the Launch Announcement, unless the context provides otherwise.

Director Subscriptions

As described in the Launch Announcement, certain Directors, being Richard Hughes and David Bryant (the "Subscribers"), have subscribed for 873,016 new Ordinary Shares at the Issue Price, representing an aggregate investment of approximately £550,000 pursuant to the Subscription.

Warrants

As detailed in the Launch Announcement, at the time Zeus Capital was appointed as broker to the Company it was agreed that, on raising £20 million, Zeus Capital would be issued with a warrant to subscribe for 1.0 per cent. of the issued share capital of the Company at the time the warrant is to be issued, at a price to be determined by reference to the price of a future capital raise. Accordingly, having met the fundraising required, the Company has agreed to issue Zeus Capital with warrants over 4,364,457 Ordinary Shares (the "Warrants") representing 0.96 per cent. of the Company's Enlarged Share Capital. The issue of the Warrants is conditional upon Admission becoming effective.

Each Warrant entitles Zeus Capital to subscribe for one new Ordinary Share in the Company at a subscription price of 63 pence per Ordinary Share (being the same as the Issue Price). The Warrants will be exercisable for a period of 5 years, expiring on 7 April 2031 and Zeus Capital may exercise the Warrants (in whole or in part) at any time during this period. Zeus Capital has undertaken not to dispose of any Ordinary Shares issued to it pursuant to the exercise of the Warrant before 7 April 2027, and then only in consultation with the Company. The Warrants were issued under existing authorities granted to the Directors.

Related Party Transactions

Director Participation in the Subscription

The participation of Richard Hughes and David Bryant in the Subscription, each being Non-Executive Directors of the Company, constitutes a related party transaction under Rule 13 of the AIM Rules for Companies.

The independent directors of the Company (being Chris Coughlin, Shaun Chilton, Mark Goldberg, and Paul Fry), having consulted with Strand Hanson, the Company's Nominated Adviser, consider that the Subscribers' participation in the Subscription is fair and reasonable insofar as the Company's shareholders are concerned.

Participation of Zeus Capital in the Placing

Zeus Capital subscribed for 317,476 Ordinary Shares at the Issue Price, for a consideration of £0.2 million (the "Zeus Placing Participation"). Richard Hughes, a Non-Executive Director of the Company, is an associate of Zeus Capital, being a director and majority shareholder of Zeus Capital. Accordingly, Zeus Capital is a related party of the Company, and the Zeus Placing Participation constitutes a related party transaction under Rule 13 of the AIM Rules for Companies.

The independent directors of the Company for the purposes of assessing the Zeus Placing Participation (being Chris Coughlin, Shaun Chilton, Mark Goldberg and Paul Fry), having consulted with Strand Hanson, the Company's Nominated Adviser, consider that Zeus Placing Participation is fair and reasonable insofar as the Company's shareholders are concerned.

Issue of Warrants

The Company has agreed to issue Zeus Capital with warrants over 4,364,457 Ordinary Shares representing 0.96 per cent. of the Company's Enlarged Share Capital. Richard Hughes, a Non-Executive Director of the Company, is an associate of Zeus Capital, as described above. Accordingly, Zeus Capital is a related party of the Company and the issue of the Warrants to Zeus Capital constitutes a related party transaction under Rule 13 of the AIM Rules for Companies.

The independent directors of the Company for the purpose of assessing the Warrants (being Chris Coughlin, Shaun Chilton, Mark Goldberg, David Bryant and Paul Fry), having consulted with Strand Hanson, the Company's Nominated Adviser, consider that the terms of the Warrants are fair and reasonable insofar as the Company's shareholders are concerned.

Admission and total voting rights

Application will be made to the London Stock Exchange for the admission of the Placing Shares and Subscription Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in such Ordinary Shares will commence at 8.00 a.m. on or around 7 April 2026. The Placing Shares and the Subscription Shares will be issued fully paid and will rank pari passu in all respects with the Company's Existing Ordinary Shares.

Immediately following Admission, the Company's enlarged issued ordinary share capital will be 456,288,511 Ordinary Shares. This figure may be used by holders of Ordinary Shares ("Shareholders") as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.