Operational and Financial Update

Upland Resources Limited (LSE: UPL) is pleased to announce that the monthly shareholder progress report for March & April is now accessible on the Company's website at the following link:

SK334 Exploration: Progress Report & Next Steps

• Capital Raise: Upland has successfully raised $4 million from new and existing strategic and institutional investors. These funds bolster our balance sheet and support our business plan, particularly in regard to exploration drilling.
• Drilling Preparedness: Drill crew and project teams identified with service agreements prepared for signing. Additionally, Framework Agreement signed with NRG Group for provision of well design and well integrity services.
• Rig Selection: Onshore drilling rig inspection completed as part of drill rig selection and operational preparation process. Rig Reservation Agreement, including a non-refundable deposit, with Huisman Geo BV for the LOC 400-6, a New Generation compact rig with horizontal drilling and completion capabilities.
• Joint Venture/Farm-in Agreements: Significant progress in discussions with potential partners of strategic interest regarding potential Joint Venture/Farm-in Agreements. Letters of Intent have been signed; and discussions with additional interested parties are ongoing.
• Operational Readiness: Exploration & Production Operating organigram developed, capturing key roles, and a pre-drill work programme developed for an accelerated drilling campaign is complete. An early field development strategy is under consideration.
• Engagement with Stakeholders: We have engaged in productive discussions with key stakeholders, including a briefing with the Premier of Sarawak, Deputy Premier, and State Secretary.
• Appointment of Joint Broker: Appointment of Oak Securities as Joint Broker, a specialist in natural resource sector funding and research, Oak Securities bring extensive sector experience, having raised over £1bn for their clients.

Bolhassan Di, Upland Chairman and CEO commented:

"Upland is now technically and financially well-positioned to deliver on our intended strategy. We are committed to updating the market further on our ensuing activities, including the progress of our Joint Venture discussions".