Result of Retail Offer brings Gross Proceeds of Fundraise to £7 million

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

Serval Resources Plc

("Serval" or the "Company")

Result of Retail Offer brings Gross Proceeds of Fundraise to £7 million

Publication of Shareholder Circular and Notice of General Meeting

Notification of Corporate Presentation via LSE SparkLive

Serval Resources Plc (AIM: SRVL), a company focused on building an independent copper and future metals developer, is pleased to announce the result of the Retail Offer via RetailBook. This follows the Company's announcements released on 14 October 2026 and 15 October 2026.

The Retail Offer successfully completed and closed at 5.00 p.m. on 15 October 2026. The Company has conditionally raised gross proceeds of £518,862 through the Retail Offer, by way of the issue of 2,075,448 Retail Offer Shares at the Issue Price of 25 pence per Retail Offer Share.

Together with the Firm Placing, the Conditional Placing and the Subscription, the Company has conditionally raised total gross proceeds of approximately £7 million (before expenses) through the issue of, in aggregate, 28,178,612 New Ordinary Shares at the Issue Price.

The Retail Offer was made available to eligible investors in the United Kingdom through RetailBook's partner network of investment platforms, retail brokers and wealth managers.

Robin Birchall, Chief Executive Officer of Serval, commented:

"This is a fantastic result for the Company and a validation of the high quality of our copper exploration portfolio in both Namibia and Botswana. On behalf of the Company, I would like to thank Capital Drilling and associates, as well as all the other professional and retail investors that participated in the fundraise, for supporting our plans to create an independent copper and future metals developer.

We believe that the emerging copper belts in Africa represent some of the world's last under-explored, large-scale copper frontiers. Our work in Namibia's Kaoko Basin to date has delineated multiple high-grade copper-silver prospects over significant strike length, which we believe indicates signs of a large fertile mineralised district, and the 20,000 metres drilling programme gives us the opportunity to properly test this system and work towards a maiden resource estimate in 2027. Similarly, we are well positioned in Botswana, where we are aiming to establish the mineralised contact on our licences closest to the Khoemacau operation in the Kalahari Copper Belt, and we can also continue our evaluation of the interesting Duékoué copper-molybdenum-gold anomalies in Côte d'Ivoire.

We look forward to putting our exploration programmes into action now, with drill rig mobilisation to Namibia expected to begin at the start of November 2026, and to keeping the market informed of our progress."

Corporate Presentation via LSE SparkLive

CEO Robin Birchall and other members of senior management will give a live corporate presentation via the LSE SparkLive platform on Friday 23 October at 11:00am BST.

Investors can sign up at: https://sparklive.lseg.com/OSCILLATE/events/5ba68500-fe83-484f-929d-2417af4d44cd/serval-resources-fundraise-allows-for-large-scale-drilling-programme-in-namibia

Summary of the Fundraise

The net proceeds of the Fundraise will be used as set out in the Fundraise Announcement.

The Placing, Retail Offer and the Subscription in aggregate will comprise 28,178,612 New Ordinary Shares and represent approximately 83 per cent. of the existing issued ordinary share capital of the Company prior to the Fundraise.

Conditions and Second Admission

The Retail Offer Shares form part of the Conditional Fundraise Shares. The issue of the Retail Offer Shares is conditional upon, amongst other things, the passing of the Fundraise Resolutions at the General Meeting, to be held at 11.00 a.m. on 2 November 2026 (see below) and upon Second Admission occurring. The Retail Offer will not complete without the Conditional Placing and the Subscription also completing.

Circular and Notice of General Meeting

A shareholder circular, containing the Notice of the General Meeting setting out the shareholder resolutions to be for approval at the General Meeting (including the Fundraise Resolutions) ("Resolutions") and further details on the Fundraising (the "Circular") will be posted to Shareholders of the Company today and will also be available on the Company's website at: https://www.servalresources.com/investors/shareholder-documents/

The General meeting to approve the Resolutions will be held at 11:00 a.m. on 2 November 2026 at the offices of Arch Law Limited, Huckletree Bishopsgate, 8 Bishopsgate, London, United Kingdom, EC2N 4BQ.

The Circular will include a recommendation from Directors that all Shareholders of the Company vote in favour of the Resolutions, as they intend to do so in respect of their own holdings of Ordinary Shares representing 2.98 per cent. of the current issued share capital of the Company.

As previously detailed in the Launch Announcement, under the KCI Agreement, KCI has given an irrevocable undertaking to vote in favour of the Fundraise Resolutions, in respect of their current holding of 27.34% of the issued share capital of the Company.

Capital Access Window

As set out in the Result of Fundraise Announcement, the Company has been in a Capital Access Window since 7 October 2026. As of the close of the Retail Offer, the Capital Access Window has ended and normal trading in the Company's existing Ordinary Shares is expected to resume at 7.30 a.m. (BST) on 16 October 2026.

Admission and Total Voting Rights

As set out in the Result of Fundraise Announcement, following First Admission, which is expected to take place at 8.00 a.m. on 16 October 2026, the Company will have 43,610,902 Ordinary Shares in issue, each carrying one vote, and 8,053,725 Deferred Shares, which carry no voting rights. The Company does not hold any shares in treasury. Accordingly, following First Admission, the total number of 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.

Application will be made to the London Stock Exchange for the Conditional Fundraise Shares (including the Retail Offer Shares) to be admitted to trading on AIM. Subject to the passing of the Fundraise Resolutions, it is expected that Second Admission will become effective, and that dealings in the Conditional Fundraise Shares (including the Retail Offer Shares) will commence at 8.00 a.m. on 3 November 2026.

Following Second Admission, the Company expects to have 62,048,350 Ordinary Shares in issue, each carrying one vote.

Capitalised terms used but not defined in this announcement have the meanings given to them in the launch of Fundraise Announcement and the Retail Offer Announcement, unless the context requires otherwise.