Half-year Results

TomCo (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces its unaudited interim results for the six month period ended 31 March 2026.

Chairman's Statement

During the period under review, the Company has continued to focus on pursuing its strategy in Utah, with a particular emphasis on strengthening its relationship with its principal contractor and technical partner, Valkor LLC ("Valkor"), in order to progress its plans for Greenfield Energy, LLC ("Greenfield"). In February 2026, the Company announced a renewed and closer partnership with Valkor, such that Greenfield is now 50:50 jointly owned and controlled by TomCo and Valkor. The intention going forwards is to jointly seek to exploit Greenfield's existing leased oil-sands acreage and in situ resources in the Uinta Basin, Utah, USA, together with the Group's intellectual and technological expertise.

Alongside this key development, the Company successfully completed a £550,000 gross equity fundraising by way of a placing and subscription, to secure additional working capital and strengthen the Group's financial position. As part of the new arrangements with Valkor, the existing loan facility between Greenfield and Valkor was amended and restated, including the settlement of part of the outstanding balance through the issue of new ordinary shares in TomCo, and the remaining balance now scheduled for repayment in February 2027. In addition, Steven Byle, Valkor's founder and Chief Executive Officer, joined the Company's board of directors ("Board") as a Non-Executive Director, thereby further aligning the interests of both parties and strengthening the Group's operational and technical capabilities.

Valkor continues to advance its neighbouring Asphalt Ridge project in Utah, including progressing the construction of a fully funded oil-sands separation plant (targeted to be operational by the end of this year) and the testing and refinement of drilling and heating methodologies to achieve commercial heavy oil extraction. A successful outcome from such activities is expected to support, the potential joint development of Greenfield's leased acreage in 2027. Accordingly, together with Valkor, we are in the process of appointing a Chief Executive Officer to lead Greenfield, namely Mavriky Kalugin who is originally from Alaska. Mavriky has directly relevant technical expertise and practical experience of operating projects of a similar nature to what we have planned as we seek to create and deliver long term value for our shareholders.

Pursuant to the terms of our agreement, and subject to securing the necessary funding in due course, the Group has the potential to participate in the drilling of one or more wells on Greenfield's acreage alongside Valkor and other potential investors, and, in the longer term, to pursue potential oil-sands separation activities via the construction of a plant through Greenfield. While a number of practical and financial challenges remain, our renewed partnership with Valkor provides a clearer pathway for the future development of the Group's assets, and the Board remains focussed on bringing these opportunities to fruition.

Malcolm Groat

Executive Chairman

Condensed consolidated statement of comprehensive income

For the six-month period ended 31 March 2026

Items that may be reclassified subsequently to profit or loss

Exchange differences on translation of foreign operations

Other comprehensive income/(loss) for the year attributable to:

Profit/(loss) per share attributable to the equity shareholders of the parent

The above financial information was approved and authorised for issue by the Board of Directors on 28 June 2026 and was signed on its behalf by:

M Groat

Director

Condensed consolidated statement of changes in equity

For the six months ended 31 March 2026

The following describes the nature and purpose of each reserve within owners' equity:

UNAUDITED NOTES FORMING PART OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 31 March 2026

Accounting Policies

Basis of Preparation

The unaudited condensed consolidated interim financial statements of TomCo Energy plc ("TomCo" or the "Company") for the six months ended 31 March 2026, comprise the Company and its subsidiaries (together referred to as the "Group").

The unaudited condensed interim financial information for the Group has been prepared using the recognition and measurement requirements of International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU, with the exception of IAS 34 Interim Financial Reporting that is not mandatory for companies quoted on the AIM market of the London Stock Exchange. The unaudited condensed interim financial information has been prepared using the accounting policies which will be applied in the Group's statutory financial information for the year ending 30 September 2026.

There were no new standards, interpretations and amendments to published standards effective in the period which had a significant impact on the Group.

Going concern

The Directors have prepared a cash flow forecast for the period to 30 June 2027 which shows that based on its currently anticipated outgoings, the Group will need to raise additional funds by November 2026 in order to continue as a going concern for the next 12 months.

Based on a history of successfully raising additional working capital when needed, the Directors currently have a reasonable expectation that the Group will be able to raise the required additional funds. These conditions represent a material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern such that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

Whilst acknowledging this material uncertainty, the Directors remain confident of raising additional funds such that the Directors consider it appropriate to prepare the unaudited condensed consolidated interim financial information on a going concern basis which presumes that the Group will be able to meet its obligations as they fall due for the foreseeable future. The Board's ability to raise such funds cannot be guaranteed. The unaudited condensed consolidated interim financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.

Financial reporting period

The unaudited condensed interim financial information incorporates comparative figures for the unaudited six month interim period to 31 March 2025 and the audited financial year ended 30 September 2025. The six-month financial information to 31 March 2026 is neither audited nor reviewed. The Directors consider the unaudited condensed interim financial information for the period to be a fair representation of the financial position, results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied.

The financial information contained in this unaudited interim report does not constitute statutory accounts as defined by the Isle of Man Companies Act 2006. It does not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2025 Annual Report and Financial Statements. The comparatives for the full year ended 30 September 2025 are not the Group's full statutory accounts for that year. The auditors' report on those accounts contained an emphasis of matter regarding a material uncertainty related to going concern.

Operating Loss

The following items have been charged in arriving at operating loss:

Profit/(loss) per share

Basic profit/(loss) per share is calculated by dividing the losses attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period concerned. Reconciliations of the profits/(losses) and weighted average number of shares used in the calculations are set out below.

Intangible assets

Exploration and development licences comprise five Utah oil shale leases which are valid and renewable annually, covering approximately 8,279 acres. These assets were impaired in full as at 30 September 2021 and remain so.

Investment in joint venture

Unaudited 31 March 2026

In late February 2026, the Group entered into an agreement with Valkor LLC ("Valkor"), whereby it issued membership interests in Greenfield Energy LLC ("Greenfield") to Valkor, resulting in Greenfield becoming a 50:50 jointly owned and controlled entity. Accordingly, Greenfield is now treated as a joint venture and accounted for under the equity method.

Sale of interest in Greenfield

Unaudited 31 March 2026

£'000

The loan from Valkor to Greenfield was £442,000 as at 30 September 2025. During the period, further to the amendment and restatement of the facility, a portion of the outstanding balance (being £290,500 ($399,750)) was settled through the issue of 290,500,000 ordinary shares in TomCo at 0.1p per share, representing half of the revised facility of $799,500, which included additional interest of $168,000 in recognition of the significant duration of the facility, which was initially intended as a short-term bridge. A loss of £98,000 arising on the restatement of the loan has been recognised in the period. The remaining balance of the loan is repayable by 23 February 2027, with total contractual repayments, including interest, amounting to $410,543.

Share Capital

On 28 January 2026, the Company issued 26,666,667 new ordinary shares following the exercise of certain warrants, for cash proceeds of £12,000.

On 27 February 2026, the Company issued 1,833,333,332 new ordinary shares pursuant to a placing and subscription, raising net proceeds of £526,000.

On 27 February 2026, the Company issued a further 290,500,000 new ordinary shares to Valkor in part settlement of the amended loan facility, as described in note 6.

Warrants

During the period, 26,666,667 warrants were exercised and 93,333,320 warrants expired.

Post balance sheet events

On 29 May 2026, Steven Byle was appointed as a Non-Executive Director of the Company.

On the same day, the Company granted options over, in aggregate, 605,463,529 ordinary shares to the Company's directors and the widow of the late John Potter, the company's former Chief Executive Officer. Of these, options over 484,370,823 ordinary shares were granted to directors and 121,092,706 to John's widow. All options are exercisable at a price of 0.028p per share for a 10 year period from grant and vested immediately.