Retail Offer

THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (AS AMENDED) ("FSMA") AND HAS BEEN APPROVED BY RETAIL BOOK LIMITED WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FRN 994238). THIS FINANCIAL PROMOTION IS NOT INTENDED TO BE INVESTMENT ADVICE.

Serval Resources Plc

("Serval" or the "Company")

Retail Offer

Serval announces a conditional retail offer of Retail Offer Shares via RetailBook;

The Issue Price is 25 pence per Retail Offer Share, representing a discount of 18.0 per cent to the closing mid-price of the Company's existing ordinary shares on 6 October 2026;

Applications for new Retail Offer Shares through these partners can be made from tax efficient savings vehicles such as ISAs or SIPPs, as well as General Investment Accounts;

The Retail Offer is available to both existing shareholders and new investors;

There is a minimum subscription of £250 per investor in the Retail Offer;

No commission will be charged by RetailBook on applications to the Retail Offer;

UK Investors that wish to receive alerts for future RetailBook transactions should sign up here: https://www.retailbook.com/investors; and

More information on RetailBook's partner network and how investors can participate in the Retail Offer can be found here: https://app.retailbook.com/offers/serval-resources-plc.

The Retail Offer

Serval (AIM: SRVL), the AIM-quoted company focused on building a portfolio of exploration and development assets in the emerging copper belts of Namibia, Botswana and Côte d'Ivoire, is pleased to announce a conditional retail offer of new ordinary shares in the Company (the "Retail Offer Shares") via RetailBook (the "Retail Offer") at an issue price of 25 pence per new Ordinary Share (the "Issue Price"), being a discount of 18.0 per cent to the closing mid-price of the Company's existing ordinary shares on 6 October 2026.

The Retail Offer Shares are expected to be admitted to trading on AIM on or around 3 November 2026.

As announced earlier today, the Company is also conducting a firm placing of new ordinary shares in the Company (the "Firm Placing Shares" and the "Firm Placing") and, subject to shareholder approval, a conditional placing of new ordinary shares in the Company (the "Conditional Placing Shares" and the "Conditional Placing" and together with the Firm Placing, the "Placing"), and a subscription of new ordinary shares in the Company ("Subscription Shares" and the "Subscription") (the Retail Offer, Firm Placing, Conditional Placing and Subscription, together the "Fundraise"), each at the Issue Price. In aggregate the Company seeks to raise gross proceeds of in aggregate a minimum of £6.5 million from the Fundraise.

For the avoidance of doubt, the Retail Offer is not part of the Firm Placing, the Conditional Placing or the Subscription.

The Fundraise will be completed in two tranches. The first tranche will consist of the issue of 9,689,164 Firm Placing Shares pursuant to the terms of an agreement between the Company, S.P. Angel Corporate Finance LLP and H&P Advisory Limited dated 14 October 2026, which will be issued pursuant to the shareholder authorities approved at the Annual General Meeting on 24 June 2026 (the "AGM Authorities"). The Firm Placing Shares are expected to be admitted to trading on AIM on or around 16 October 2026 ("First Admission"). At First Admission, the Company will also issue 4,365,526 consideration warrants and 401,445 additional report warrants, in each case to subscribe for new ordinary shares to KCL Investments Limited at nominal value.

The second tranche will consist of the issue of the Retail Offer Shares, up to 14,180,000 Conditional Placing Shares and 2,182,000 Subscription Shares (together, the "Conditional Fundraising Shares"). The issue of the Conditional Fundraising Shares will be conditional upon, amongst other things, shareholder approval being received at a general meeting of the Company, which is proposed to be convened at such date and time to be fixed and announced by the Company in due course (the "General Meeting"). Subject to and conditional on, among other things, the receipt of shareholder approval at the General Meeting, the Conditional Fundraise Shares are expected to be admitted to trading on AIM on or around 3 November 2026 ("Second Admission"). At Second Admission, the Company will also issue warrants to subscribe for new ordinary shares to S.P. Angel Corporate Finance LLP and H&P Advisory Limited in connection with the Placing.

The Retail Offer is therefore conditional on the approval of the shareholders of the Company at the General Meeting of the Company and upon Second Admission occurring.

The Retail Offer will not be completed without the Placing and Subscription also being completed.

The Company will use the net proceeds from the Fundraise to accelerate exploration across its prospective African copper portfolio, including a large-scale drilling programme in Namibia. In addition, the Fundraise is intended to fund a maiden drilling programme in Botswana and continued exploration work on the Duékoué project in Côte d'Ivoire.

Reason for the Retail Offer

The Retail Offer is open to eligible investors resident and physically located in the United Kingdom following release of this announcement. The Retail Offer is expected to close at 5.00 p.m. on 15 October 2026 and may close earlier at the discretion of the Company or if it is oversubscribed.

Investors can participate through RetailBook's partner network of investment platforms, retail brokers and wealth managers, subject to such partners' participation. More information on RetailBook's partner network can be found https://app.retailbook.com/offers/serval-resources-plc.

Applications for Retail Offer Shares through participating partners can be made from tax efficient savings vehicles such as ISAs or SIPPs, as well as General Investment Accounts. Investors wishing to apply using their ISA, SIPP or GIA should contact their investment platform, retail broker or wealth manager for details of their terms and conditions, process and any relevant fees or charges.

Eligibility for the Retail Offer

Some partners may only accept applications from existing shareholders and/or existing customers.

There is a minimum subscription of £250 per investor. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges. Note, no commission will be charged to investors by RetailBook in connection with the Retail Offer.