Result of Fundraise

596/2014 AND DELEGATED ACTS, IMPLEMENTING ACTS, TECHNICAL STANDARDS AND GUIDELINES THEREUNDER AS THEY FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.

Serval Resources Plc

("Serval" or the "Company")

Result of Fundraise

Serval Resources Plc (AIM: SRVL), a company focused on building an independent copper and future metals developer, is pleased to announce that further to its announcement released at 4.07 p.m. on 14 October 2026 (the "Fundraise Announcement"), the Bookbuild has now closed and the Company has conditionally raised gross proceeds of £6.5 million by way of a successful Placing of, and Subscription for, a total of 26,103,164 new Ordinary Shares at the Issue Price of 25 pence.

SP Angel and H&P acted as Joint Bookrunners in respect of the Placing, which was undertaken via the Bookbuild.

The Retail Offer remains open for retail investors until 5p.m. today, and the results of the Retail Offer will be made available as soon as practicable thereafter.

Capital Access Window

As detailed in the Fundraise Announcement, the Company entered a Capital Access Window at 7:30 a.m. BST on 7 October 2026, in order to reach a broader range of investors during the Placing. It is intended that the Capital Access Window will remain open until after the Retail Offer has closed, with normal trading in the Company's existing Ordinary Shares expected to resume at 8.00 a.m. on 16 October 2026.

Capitalised terms used in this announcement (the "Announcement") have the meanings given to them in the Fundraise Announcement, unless the context provides otherwise.

First Tranche of the Fundraise

Pursuant to the Firm Placing, the Company will allot and issue 9,741,164 Firm Placing Shares conditionally upon, amongst other things, admission of the Firm Placing, the Placing Agreement having become unconditional and not having been terminated in accordance with its terms; and

Admission of the Firm Placing Shares to trading on AIM is expected to take place by no later than 8:00 a.m. on 16 October 2026 (or such later date and/or time as the Joint Bookrunners and the Company may agree, being no later than 8:00 a.m. on 30 October 2026).

Second Tranche of the Fundraise

The second tranche of the Fundraise will consist of the issue of 14,180,000 Conditional Placing Shares, 2,182,000 Subscription Shares and the Retail Offer Shares (if any) (the "Conditional Fundraise Shares"). The issue of the Conditional Fundraise Shares will be conditional upon shareholder approval being received at the General Meeting.

Director participation in the Fundraise

In addition, Robin Birchall, John Treacy, Andrew Benitz, Brian Gordon and Maximillian Denning have agreed to subscribe for an aggregate of 290,000 Subscription Shares at the Issue Price, raising gross proceeds of £72,500.

The updated percentage holdings of the Company's significant shareholders, and Directors will be disclosed in due course, following the General Meeting.

The KCI Warrants

On First Admission, KCI will be issued 401,445 Additional Report Warrants and 4,365,526 Additional Consideration Warrants to subscribe for Ordinary Shares at nominal value pursuant to the terms of the KCI Agreement and warrant instruments constituted by the Company on 14 October 2026.

Broker Warrants

As part of the commission payable to the Joint Bookrunners in respect of the Placing, the Company will issue, in aggregate, 318,395 Broker Warrants to the Joint Bookrunners, to be split equally between them. The Broker Warrants are exercisable at the Issue Price for a period of 24 months from the date of Second Admission. The issue of the Broker Warrants is conditional upon the passing of the Fundraise Resolutions at the General Meeting, and upon Second Admission.

Circular and Notice of General Meeting

The Company will shortly publish a shareholder circular, which will include a Notice of General Meeting setting out the shareholder resolutions for approval in respect of the Conditional Fundraise Shares and the Broker Warrants (as defined below) ("Fundraise Resolutions"), and the Board's recommendation to vote in favour of such resolutions. It is expected that the General Meeting will be held in early November 2026.

Admission and Total Voting Rights

Applications will be made to the London Stock Exchange for the First Admission and the Second Admission, respectively. It is expected that settlement of the Firm Fundraise Shares will take place on or around 16 October 2026 and First Admission will become effective and dealings in the Fim Placing Shares will commence at that time. It is expected that, subject to the passing of the Fundraise Resolutions, settlement of the Conditional Fundraise Shares will take place as soon as practicable following the General Meeting.

Following Admission of the Firm Placing Shares, the Company will have 43,610,902 Ordinary Shares in issue and its issued and outstanding share capital will consist of 43,610,902 New Ordinary Shares each of which carries one vote and 8,053,725 Deferred Shares, which hold no voting rights. The Company does not hold any shares in treasury. Accordingly, following First Admission, the Total Voting Rights in the Company will be 43,610,902 and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The Firm Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.