Update on Director’s Dealing

On 9th April 2024, the Company announced its then CEO, Aldo Boitano, entered into a loan agreement with a financial institution ("Lender"), under which he agreed to provide security over ordinary shares ("Ordinary Shares") that he held in the Company. As part of those arrangements Mr Boitano transferred his entire holding of 9,400,002 Ordinary Shares to a custodian account nominated by the Lender, High West Capital Partners LLC.

Since 9th April 2024, the Company has served various notices on entities that it believes are interested in the Ordinary Shares previously held by Mr Boitano as the Company is entitled to do under its articles of association. From the responses it has received, as far as the Company can determine, 6,679,300 of the 9,400,002 Ordinary Shares previously held by Mr Boitano have been transferred to several third parties on the instructions of the Lender. The balance of 2,720,702 Ordinary Shares is held in an account in the name of the custodian ("Custodian") for the benefit of the Lender and what is currently assumed by the Company to be a related party of the Lender. As far as the Company can determine the Lender exercises control over these shares. Therefore, the Company believes that Mr Boitano does not have an interest in any of the Company's Ordinary Shares and the Lender currently has an interest in less than three per cent of the Company's issued share capital.

The Company points out that it has not received any detailed responses from the Lender in relation to its repeated requests for information and that Mr Boitano has informed the Company that he was not aware that the Lender had been disposing of his Ordinary Shares or that the Lender has the right to control the remaining Ordinary Shares retained by the Custodian.