UK small-cap RNS · 2 Nov 2026

** Introducing ‘String of Pearls’ development strategy for Maarmorilik area **

Superior Supercapacitor Performance Opens Further Aerospace and Defence Opportunities

This renews the existing authority to buy back up to 10% of shares, and the Rule 9 waiver is a pre-condition. No buyback has been launched; the Board keeps its ~1.0x net debt/EBITDA policy and the flexibility to return cash.

Full-year results with a loss narrowed to £3.5m before tax and cash down to £1.2m, but the post-period £3.3m raise funds SDC-1801 to Phase 2 readiness. Nothing here is a guidance upgrade.

Full-year results with a Q1 trading update, but no numeric guidance is given or raised; the outlook only states priorities (grow revenue, move towards break-even), so 'guidance raised' is a misread.

The shell's net loss doubled to £431,631 because of an abortive RTO (reverse takeover) that was later terminated. It has no acquisition yet and relies on small convertible loans to fund itself.

FY to April 2026 is the pre-takeover Romania/Zimbabwe business: loss widened to US$10.451m from US$6.573m on deal costs and a US$1.5m penalty. Aprelevka's profit only counts from August 2026.

Half-year revenue of £28.8m and adjusted EBITDA of £8.4m beat the 'at least' £28.5m and £8.0m flagged on 12 Oct; margin rose to 29.2%. Reported operating profit also includes a £2.6m fair value gain.

Maarmorilik Project Development Strategy and High-Grade Results from 2026 Exploration Programme

Q3 net loss of $43m on a $134m derivatives charge, but adjusted net income $35m, free cash flow ~$90m and net debt cut to ~$2.47bn; production and capex in line with guidance.

Revenue grew 13.8% to £10.97m, helped by acquisitions, but EBITDA on operations fell to £1.04m and margin to 9.5% (from 12.1%) on planned investment in people and technology.

The audit and the directors' going-concern assessment cannot be completed until the company secures more funding. This shell, with about £97k cash at December 2025, has missed its filing deadline and its shares are suspended.

The Annual Report may be downloaded from the investor relations section of the Company's website at www.avation.net.