Update On Hazen Project, Nevada, Usa

Further to the Company's announcement of 21 July 2025 (the "Announcement"), the Company wishes to advise that the Option Period for the sale of its Hazen Project (as defined in the Announcement) has now expired, the Optioner having failed to exercise or extend its option.

The Company will now take back control of the Hazen Project, a non-core project for the Company, and further information will be provided in due course.

Nominated Adviser

Shares in the Company trade on AIM. EPIC: "SRES".

About the Hazen Project

The Hazen Project was, until 8 January 2026, under option for sale to a large US-based company (the "Optioner").

The Company's mining claims cover a deposit of glassy pumice targeted as a natural pozzolan. Pumice is currently mined elsewhere in the US as natural pozzolan and at Hazen it was mined as a lightweight aggregate from a shallow open pit some decades ago.

The markets for natural pozzolan, as a replacement for cement and fly ash in concrete, are regional and reflect the distribution of the main areas of high population density where concrete demand is highest.

The Hazen pozzolan deposit is just 9km from a rail siding on the arterial east-west Union Pacific line and is therefore well positioned for rail transport to the regional markets of northern California, points east, as well as the local markets around Reno and northern Nevada.

The Company's laboratory testwork to date has shown that the material present in the pit exceeds the specifications of ASTM standard C618 for natural pozzolan. The Hazen pumice has the additional property that it is lightweight and has potential as a lightweight aggregate for use in lightweight concrete blocks and facing stones.

The Optioner completed a drilling programme at Hazen in Autumn 2025.