Valkor update

Quadrise Plc (AIM:QED), the manufacturer of lower cost, lower emission, replacement fuels and biofuels for shipping and heavy industry, provides an update on its project with Valkor Technologies LLC ("Valkor") in Utah, USA.

A representative heavy sweet oil sample from Valkor's pilot plant has been received at the Quadrise Research Facility ("QRF") in Essex. Testing has commenced and both MSAR® and bioMSAR™ emulsions have been successfully formulated using the sample. Further optimisation work is planned during Q4 2026.

Valkor has advised the Company that progress continues at its Asphalt Ridge project. Drilling has commenced at two pilot wells and site installation works for Valkor's 500 barrels per day oil sands pilot plant are underway, with production targeted to commence during Q1 2027. Valkor is also progressing preparations for a broader development programme to support future production growth at the site, with multi-million dollar project finance expected to conclude in Q4 2026.

Joint preparations for marketing of MSAR® and bioMSAR™ opportunities in Utah are underway.

Valkor has further advised the Company that it expects to pay US$300,000 of the outstanding US$950,000 site licence fee balance by the end of October 2026. Valkor has confirmed that this payment is not dependent upon the completion of any fundraising. The remaining US$650,000 balance is expected to be paid upon completion of Valkor's ongoing fundraising process in Q4 2026.

Preparations for deployment of Quadrise's 600 barrels per day Multifuel Manufacturing Unit ("MMU") and associated equipment in Utah continue. Shipment and mobilisation on site are planned following receipt of the outstanding licence fee balance.