MED Binding JVA Completion Update

(Registration Number: 12886458)

Share code on the LSE: MAST

('MED' or 'the Company')

Dated: 2 January 2024

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 further to its previous RNS dated 22 December 2023, based on the most recent written assurance from Proventure as well as its funders, Proventure will initiate transfer of a first £1m payment to the Project SPV by no later than 4pm US-time on 29 December 2023. Due to the aforementioned deadline being after close of business UK-time on the 29th of December 2023 and given the recent New Year's Day banking holiday long weekend MED has to date not received any formal update from Proventure regarding the status of the aforementioned payment. The Company has now formally engaged with Proventure on this matter, given that today was the first opportunity to do so and is awaiting their response. A further update will be provided to the market as soon as possible.