MED Binding JVA Progress Update

(Registration Number: 12886458)

Share code on the LSE: MAST

('MED' or 'the Company')

Dated: 8 January 2024

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

MED Binding Joint Venture Agreement Progress 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 2 January 2024, Proventure has still not made the first £1m payment to the Project SPV, which MED now understands was delayed due to a lack of coordination and administrative difficulties on the side of Proventure over the festive holiday period. Proventure CEO, Mr. Kona will be travelling to London soon, in order to work with the MED CEO and board to expedite delivery of the overdue JVA investment payments, as well as to finalise the outstanding administration to complete the JVA transaction.

The Company will provide a further update as soon as possible on the outcome of the deliberations referred to above.

The Company is furthermore in advanced discussions in respect of an alternative source of short-term funding to ensure that any further delays regarding the JVA will not unduly impact the Company's ability to meet its working capital requirements.

Pieter Krügel, MED CEO, commented: "The past year has proven exceptionally challenging for MED, not only from a macro-economic perspective affecting most businesses globally, but also from a transactional perspective. However, we are looking forward to the new year to realise MED's plans and potential, and we sincerely thank our shareholders and key stakeholders for their ongoing patience and support."