MED Binding JVA Completion Update

(Registration Number: 12886458)

Share code on the LSE: MAST

('MED' or 'the Company')

Dated: 22 December 2023

Mast Energy Developments PLC ('MED' or 'the Company')

MED Binding Joint Venture Agreement Completion Update

Mast Energy Developments PLC, the UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market, announces that further to its previous announcement dated 11 December 2023, the MED board has received written assurance from Proventure as well as its funders that Proventure will initiate transfer of a first £1m payment to the Project SPV by 4pm US-time on 22 December 2023, but no later than 29 December 2023. Further, the remaining balance of £1m to satisfy the Interim Payment requirement under the terms of the binding JVA will be transferred to the Project SPV by no later than 4pm UK-time on 11 January 2024. Resultingly, after due and careful consideration, and given the firm commitment by Proventure that the first £1m payment will be made shortly, MED has provided Proventure with a further extension of the time allowed accordingly for Proventure to remedy its current position and to perform its obligations under the binding JVA.