Strategic Investment by US investor group

Upland Resources Limited (LSE: UPL), the upstream oil and gas company focused on the development of high-impact assets across Southeast Asia, is pleased to announce the successful completion of a fundraising, through direct subscription by small group of investors based in the United States, raising gross proceeds of approximately US$1,750,000 (approximately £1.3 million) through the issue of 42,451,935 new ordinary shares at 3.10 pence per share (the "Fundraising").

Key Elements:

• Gross proceeds of US$1,750,000 (approximately £1.3 million) raised from a US-based private investor group.
• 42,451,935 new ordinary shares issued at 3.10 pence per share.

Strategic Context

The interest shown by US-based investors in this Fundraising is a direct validation of Upland's strategy. The Company's primary focus is the development of a material upstream portfolio across Southeast Asia, underpinned by the US$100 million Strategic Funding Commitment from Lost Soldier Oil and Gas and a growing pipeline of high-impact licence opportunities. Through that same partnership, Upland holds a participation interest in the Wild Mustang Federal Unit in Wyoming - regarded as one of the largest natural gas discoveries in the western United States in several decades, with estimated resources of approximately 6 Tcf and first commercial gas sales targeted for Q4 2026, providing near-term cashflow exposure in a geopolitically stable jurisdiction.

The Fundraising builds on the Framework Agreement announced on 24 November 2025 and the US$100 million Strategic Funding Commitment announced on 23 January 2026.

US$100m Strategic Funding Commitment - Upland

Admission and Total Voting Rights

Application will be made for the 42,451,935 new ordinary shares to be admitted to trading on the Main Market of the London Stock Exchange ("Admission"), expected on or around 25th and 26th of March. The new shares will rank pari passu in all respects with the Company's existing ordinary shares. Following Admission, the Company's total issued share capital will comprise 1,726,552,840 ordinary shares of no-par value, representing the total number of voting rights.

Use of Proceeds

The net proceeds will be applied toward progressing the Company's Southeast Asian licencing and technical workstreams, supporting progression of existing upstream opportunities and for general working capital.

Investor Options

The Company will issue investor options with an aggregate of 15 million shares, exercisable at 5 pence per share, vesting upon the Company's share price achieving 12 pence, by 31 December 2030 subject to the terms of the option deed.

Management Commentary

Bolhassan Di, Chairman and CEO of Upland Resources Limited, commented:

"The support from this group of US-based investors is a direct validation of the strategy we are executing. Southeast Asia is our core focus and the scale of what we are pursuing there is increasingly recognised internationally. The Wild Mustang project and our new OTCQB listing provide a strong foundation for that North American investor base to grow alongside us."

20 Primrose Street, London, EC2A 2EW.

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