Conversion of CLNs

Mendell Helium announces that the Company has received notice to convert a total face value of £10,000 convertible loan notes (the "CLNs") resulting in the issue of 350,000 new ordinary shares in the Company (the "New Ordinary Shares") ("Conversion").

In accordance with the terms of the CLNs, which were announced on 9 December 2025, the conversion price of the CLNs is 3 pence. The New Ordinary Shares issued also reflect the 5% fee due on Conversion (which is itself payable through the issue of New Ordinary Shares). Following Conversion, the Company has CLNs with a face value of £290,000 outstanding.

Admission

Application will be made for the 350,000 New Ordinary Shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market ("Admission"). Admission is expected to occur at 8:00 a.m. on or around 6 January 2026. The New Ordinary Shares will rank pari passu with the existing ordinary shares.

Total Voting Rights

Following Admission, the Company's enlarged share capital will comprise 123,607,973 Ordinary Shares of 1 pence each. Therefore, the total number of voting rights in the Company will be 123,607,973. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Overview of M3 Helium

Mendell Helium announced on 27 June 2024 that it had entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium's shareholders. The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.

M3 Helium's flagship well, Rost 1-26, is in Fort Dodge, just to the east of Dodge City, Kansas. It has been tested as containing 5.1% helium composition and a drill stem test yielded a maximum flow rate of approximately 2,900 Mcf per day. M3 Helium owns a mobile Pressure Swing Adsorption production plant which has been installed on site and will be used to purify the produced helium. The plant is capable of processing up to 800 Mcf per day of raw gas and purifying it up to 99.999% helium although management believes on-site purification to around 75% will be more practical.

Water removed from Rost 1-26 is delivered to Brobee, a nearby disposal well that has been permitted at 5,000 barrels of water per day at 1,200 psi.

Production at Rost 1-26 commenced in early November 2025 and the most recently recorded flow rate in December 2025 was 249.6 Mcf per day equating to approximately $1.4 million of helium per year.