China has moved to freeze exports of rare earth magnets and other critical materials to dozens of major Japanese companies, with the measures to take effect immediately.

China’s commerce ministry said Tuesday (February 24) it would suspend shipments of so-called “dual-use” goods—materials with both civilian and military applications—to 20 Japanese companies while placing another 20 groups on a new “watch list,” according to media reports.

Rare earth magnets are essential components in automobiles, electronics and defense systems, and global manufacturers remain heavily reliant on Chinese supply.

The immediate export freeze applies to companies linked to defense-related work at Mitsubishi Heavy Industries, Kawasaki Heavy, IHI, and NEC.

Meanwhile, firms placed on the watch list will face slower shipments and must pledge “that the dual-use items will not be used for any purpose that contributes to enhancing Japan’s military capabilities.”

Items covered include critical minerals such as gallium, germanium, antimony and graphite, as well as rare earths, magnetic materials, and certain advanced manufacturing equipment.

The dispute traces back to remarks in November last year by Prime Minister Sanae Takaichi, who said a hypothetical Chinese invasion of Taiwan could pose an “existential threat” to Japan and suggested Tokyo could respond with armed force.

Beijing claims sovereignty over Taiwan and has warned it could use force if Taipei resists indefinitely.

The pressure also comes as Japan steps up efforts to reduce its dependence on China for rare earths. Earlier this month, Tokyo announced it had successfully retrieved mineral-rich seabed sediment from nearly 6,000 meters below the ocean near the remote island of Minamitorishima.

The material was recovered by the deep-sea drilling vessel Chikyu as part of a government-backed test program assessing the feasibility of mining rare-earth-bearing mud.

“It is a first step toward industrialization of domestically produced rare earth in Japan,” Takaichi said in a statement posted on X. “We will make efforts toward achieving resilient supply chains for rare earths and other critical minerals to avoid overdependence on a particular country.

China has used rare earth exports as leverage before.

In 2010, following a territorial dispute in the East China Sea, Beijing halted rare earth shipments to Japan, sending prices soaring and exposing Tokyo’s heavy reliance on Chinese supply.

The episode became a turning point for Japan’s resource strategy, accelerating efforts to diversify supply and directly supporting the rise of Australia’s Lynas Rare Earths (ASX:LYC,OTCQX:LYSDY), which has since grown into the largest rare earths producer outside China.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Quebec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) (‘QIMC’ or the ‘Company’) is pleased to report significant initial results from the first 300 metres of its planned 650-metre diamond drill hole DDH-26-01 at its West Advocate Eatonville Project, Nova Scotia. Drilling remains ongoing.

The Company has intersected a previously unmapped hydrogen-bearing tectonic fault corridor measuring approximately 40 metres in apparent width between 142 metres and 191 metres depth.

These results provide strong subsurface data supporting the presence of a structurally controlled natural hydrogen system and materially confirming QIMC’s structural natural hydrogen model.

What This Means for Investors

QIMC’s results represent direct subsurface indication via drill bit of a pressurized structural conduit consistent with an active natural hydrogen migration system at West Advocate. With four additional drill holes planned and in situ quantitative measurements to follow, the Company has a defined, systematic, data-driven, and well-capitalized pathway for the next phases of its Nova Scotia natural hydrogen program.

John Karagiannidis, President of QIMC, notes:

‘Reporting on the first 300 metres of a planned 650-metre hole, we have intersected a 40-metre-wide hydrogen-bearing fault corridor with readings in the ambient air around the borehole collar approximately 2,000 times atmospheric background levels. These results strongly support our structural hydrogen model and indicate we are operating within an active structurally controlled gas migration system.

The geochemical, geological, and geophysical similarities between the Eatonville Road and Bennett Hill areas suggest a broader structurally controlled hydrogen corridor across the Advocate region. Drilling remains ongoing as we continue evaluating the system at depth.’

TECHNICAL CONTEXT: MEASUREMENT METHODOLOGY

The winter exploration program at West Advocate has two important components.

The first, currently underway, uses conventional diamond drilling to document local geology and validate our exploration model, which was developed to explain the strong hydrogen, radon, and thoron anomalies observed in the soils of the area.

The drilling program is being executed by Maritime Diamond Drilling Ltd., an experienced Nova Scotia drilling contractor. Core logging and geological documentation are being conducted by Tower Resources Inc. of Nova Scotia, providing independent technical support for lithological, structural, and alteration characterization

Four hydrogen detectors were deployed to measure hydrogen concentrations at the edge of the wellhead and inside the drill compartment. These measurements are direct indicators of hydrogen emerging from the drill head, though the concentrations recorded are highly diluted by ambient atmospheric air, meaning the true subsurface concentrations may be significantly higher than what was measured.

The second component includes in situ sampling using pressurized water samplers rated to pressures equivalent to 1,200 metres of burial depth. These data will allow us to quantitatively establish the relationships between hydrogen concentrations and the structural features identified during drilling, providing a much more rigorous and precise characterization of the system.

Major Subsurface Results

Within the first 300 metres of drilling, QIMC encountered:

• A ~40-metre-wide hydrogen-bearing fault corridor
• Elevated hydrogen (H₂) readings in the vicinity of the borehole collar exceeding 1,000 ppm (instrument detection range up to 1,000 ppm; readings reached the upper calibrated measurement range of the monitoring equipment) during intersection of the fault zone
• Very low oxygen (O₂) and no methane (CH₄) detected
• Strong pressurized formation water inflow into the borehole and visible gas bubbling
• Hydrogen detected within the structural interval associated with the fault corridor

For context, normal atmospheric hydrogen concentrations average approximately 0.5 ppm (500 parts per billion). The readings recorded near the borehole collar following pressurized formation water inflow are therefore approximately 2,000 times greater than typical atmospheric background levels. Because these readings were taken in ambient air significantly diluted by the atmosphere, they are considered a conservative indicator of subsurface hydrogen concentrations.

Formation water inflow and gas bubbling subsided only after drilling an additional six metres past 191 metres, indicating intersection of an active, pressurized structural conduit rather than a stagnant or isolated gas pocket.

Drilling also intersected faulted black graphite between 206 metres and 212.3 metres. Graphitic shear zones are commonly associated with deep crustal deformation, which may promote the rise of hydrogen from deep sources.

Geological Significance: Structural Model Validation

Results from DDH-26-01 provide direct subsurface support for QIMC’s natural hydrogen exploration model.

Key observations include:

• Wide tectonic deformation corridors acting as hydrogen migration pathways
• An open and structurally controlled system
• Hydrogen structurally associated with deformation corridors rather than indicative of a conventional hydrocarbon system
• A structural corridor interpreted to extend across the property toward the Bennett Hill target area

The interpreted multi-kilometre structural continuity toward Bennett Hill supports the emergence of a broader district-scale structural hydrogen corridor, though additional drilling will be required to evaluate continuity and scale.

Importantly, this structural corridor was not previously mapped at this level of detail in publicly available geological surveys, highlighting QIMC’s data-driven H₂ exploration model.

Discovery Highlights (First 300m of 650m Hole 1)

• Newly identified ~40 m wide hydrogen-bearing fault zone
• Hydrogen readings exceeding 1,000 ppm near the borehole collar
• Pressurized formation water inflow with visible gas bubbling
• Hydrogen detected in specific structural intervals
• Very low oxygen (O₂) and no methane (CH₄) detected
• Cataclasites and intensely deformed sedimentary rocks observed
• Graphite-rich shear zone (206 m – 212.3 m)
• Structure interpreted as part of a multi-kilometre structural corridor

Prof. Marc Richer-LaFlèche of INRS (Institut national de la recherche scientifique, one of Canada’s leading scientific research universities with internationally recognized expertise in Earth sciences and geochemistry) commented:

‘The DDH-26-01 borehole was primarily designed to document the geology of a sector of the Cobequid Highlands (West Advocate) characterized by strong hydrogen, radon, and thoron anomalies measured in soils. In this area, the underlying basement geology is largely masked by Quaternary till cover, which complicated interpretation of data acquired during the summer and fall 2025 programs.

Prior to drilling, the conceptual model suggested the presence of hypothetical fault structures acting as migration pathways for H₂ toward the subsurface. These structures were interpreted to occur within a transition zone marking the shift from a southern sedimentary domain to older northern basement rocks — a transition also supported by gravity and magnetic data.

Core observations from DDH-26-01 provide direct structural evidence consistent with this model. The drilling identified fault zones and deformation corridors not previously mapped or identified in geological surveys. The discovery of deformation corridors reaching up to approximately 40 metres in apparent thickness indicates that secondary structures associated with the Cobequid Fault Zone are more extensive and structurally complex than previously interpreted.

Based on the integration of geochemical, geophysical, and drilling data, these deformation corridors are interpreted to represent the principal structural controls influencing the elevated hydrogen concentrations measured in soils. These fault zones are associated with cataclasites, intensely deformed sedimentary rocks, and locally developed graphite-rich zones.’

Ongoing Drill Program

• Hole 1 (DDH-26-01): Drilling continues to planned 650m depth; borehole geophysics and multi-parameter logging underway to characterize lithology, structural features, fracture distribution, and hydrogeological conditions.
• Hole 2 (DDH-26-02): Drilled from the same site as Hole 1 with an orientation of N297° and a 55° plunge to the northwest, designed to drill in the direction of identified magnetic and gravity highs.
• Hole 3 (DDH-26-03): Eatonville Road area along the Reid Line, planned to 700m depth.
• Holes 4 (DDH-26-04) & 5 (DDH-26-05): Bennett Hill targets, testing the broader regional structural hydrogen corridor interpreted from geochemical and geophysical similarities with the Eatonville area.

The Natural Hydrogen Opportunity

Natural hydrogen (H₂), sometimes called ‘white hydrogen’ or ‘gold hydrogen,’ is attracting growing attention from governments, energy majors, AI data centers, and investors as a potential source of off-grid, naturally occurring clean hydrogen. Unlike manufactured green or blue hydrogen, natural hydrogen exists in the subsurface and may be extractable at a fraction of the production cost. QIMC is a publicly listed company with an advanced, active, scientifically rigorous drill program specifically targeting structurally hosted natural hydrogen systems in North America.

About Québec Innovative Materials Corp. (QIMC)

Québec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) is a mining exploration and development company dedicated to unlocking the potential of North America’s abundant natural resources. With properties in Ontario, Quebec, Nova Scotia, and Minnesota (USA), QIMC specializes in the exploration of white (natural) hydrogen and high-grade silica assets.

QIMC is committed to sustainable development, environmental stewardship, and innovation, with the objective of supporting clean energy solutions for the AI-driven and carbon-neutral economy.

For More Information, Please Contact:

Regulatory Disclaimer

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release and has neither approved nor disapproved its contents. Technical Note: Hydrogen readings reported are based on real-time field measurements from the first 300 metres of Hole 1 using calibrated monitoring equipment at the borehole collar with an upper measurement range of approximately 1,000 ppm. True structural width and regional continuity remain subject to further drilling and structural interpretation. Drilling remains ongoing to the planned 650 metre depth.

Forward-Looking Statements

This press release contains ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements are based on expectations, estimates, and projections as of the date of this press release and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied.

Forward-looking statements are generally identified by words such as ‘expects,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘potential,’ and similar expressions, or by statements that events or conditions ‘will,’ ‘may,’ ‘could,’ or ‘should’ occur.

Although the Company believes that the forward-looking information contained herein is reasonable as of the date of this press release, such information is subject to change and no assurance can be given that future results will be achieved. The Company undertakes no obligation to update forward-looking statements except as required by applicable law.

Source

European Green Transition plc (AIM: EGT) announces that in line with its strategy set out at IPO, EGT has entered into a share purchase agreement (‘SPA‘) to acquire an established, EBITDA profitable onshore wind turbine operating, maintenance, repairing, and remote monitoring business (the ‘O&M Business‘) in the UK and Ireland (the ‘Acquisition‘). The O&M Business is being acquired from the court-appointed liquidators of Arena Capital Partners (‘ACP‘) (in liquidation) for a consideration of £3.5 million in cash (‘Consideration‘). The Consideration is being satisfied through existing cash resources and short-term bridging facilities. Further information on the Acquisition and bridging facilities is set out in this announcement.

The O&M Business includes a 100% interest in Earthmill Maintenance Ltd (‘Earthmill‘), based in Harrogate with depots in Scotland, Wales, and Cornwall, and an 85% interest in WEP Wind Energy Partnership Ltd (‘WEP‘), based in the Republic of Ireland, and its 100% owned subsidiary Silverford Engineering Ltd, based in Northern Ireland. This provides a broad operational footprint to serve over 900 wind turbines across the UK and Ireland. Each of these businesses have continued to trade profitably despite the challenges faced by the O&M Business’ parent company, ACP. The Acquisition also includes a 52% interest in Anemos Analytics Ltd (‘Anemos‘), which is a complementary condition monitoring software technology based in Scotland.

Key Transaction Highlights

• Acquisition of an established and EBITDA profitable critical infrastructure services platform focused on servicing onshore wind assets in the UK and Ireland
• In 2025 the O&M Business generated approximately £14.7 million revenue (2024: approximately £14.4 million) and approximately £0.9 million adjusted EBITDA (2024: approximately £1.5 million)
• Near-term and medium-term revenue visibility to deliver significant growth in 2026 and beyond:
  • Repowering opportunity (replacing and upgrading ageing wind turbines with newer, more powerful and efficient models):
  • UK government policy changes took effect in summer 2025, lifting the onshore wind planning permission ban, creating a significant and immediate growth opportunity for repowering turbines across the UK
  • Heads of terms signed with approximately 50 clients to deliver new repowering projects (average approximately £450k contract value) providing a possible £19 million repowering pipeline visibility
  • The O&M Business’ management have identified approximately 280 additional qualified repowering prospects in the near future
  • Repowering contracts are often followed by multi-year operating, maintenance, repairing, and remote monitoring relationships, further strengthening longer term revenue visibility
  • Core operating, maintenance, repairing, and remote monitoring business delivered £12.8 million revenue in 2025 across the O&M Business’ portfolio of over 900 turbines in the UK and Ireland, with multi-year relationships supporting recurring and repeatable revenue
• The Acquisition will be completed on a cash-free debt-free basis at what the Directors believe to be an attractive equity value of approximately £3.5 million, representing a 2.3x 2024 EBITDA multiple and a 3.9x 2025 adjusted EBITDA multiple
• The Acquisition includes approximately £3.95 million of inventory and £2.5 million net working capital
• As a result of the Acquisition, EGT is now aiming to achieve a medium-term target of £50 million Group revenue and double-digit EBITDA margins driven primarily through organic growth and strategic bolt-on acquisitions across the critical infrastructure space in the UK, Ireland, and Europe, such as water, energy, roads, and data centres which will be funded from existing cash resources and a debt facility which the Directors expect will not pass more than 2x EBITDA
• From the first full year following completion of the Acquisition, EGT intends to adopt a progressive dividend policy, targeting annual dividend growth of approximately 5%
• To complete the Acquisition in an accelerated timeline, EGT entered short term bridge financing agreements with Raglan Road Capital Limited (‘Raglan Capital‘), Roaring Waters Capital Limited (‘Roaring Waters‘) and other parties for a total of £3.0 million (‘Bridge Facilities‘), further details regarding the Bridge Facilities and associated related party transaction are set out below
• The Company intends to launch a fundraise via a placing in due course to raise approximately £5 million (‘Fundraise‘). As set out below, £1.5 million of the Bridge Facilities will automatically convert into equity at completion of the Fundraise at the placing price to be determined (‘Placing Price‘). The Company has received a further cornerstone offer of up to £1.1 million from an additional investor to participate in the placing at the Placing Price. The Company has therefore received offers in aggregate for up to £2.6 million, representing up to 50% of the approximately £5 million placing in advance of the Fundraise
• Net proceeds from the Fundraise will be used to repay the remaining £1.5 million of the Bridge Facilities and provide additional working capital to support the continued development and growth of the business
• The Board believes this Acquisition represents an attractive opportunity to acquire a platform business unencumbered with debt and with scope for organic growth and margin accretion

Cathal Friel, Co-founder and Executive Chair of European Green Transition plc said: ‘I am delighted with this significant milestone in EGT’s strategy that we set out at IPO targeting the acquisition of high-potential, profitable critical infrastructure services businesses. We have been engaging with the management teams of Earthmill and WEP for the last 18 months and are delighted to have completed the acquisition of these businesses at what we believe to be an attractive valuation. The businesses are trusted partners, delivering high quality services to over 900 wind turbines across the UK and Ireland with recurring revenues and excellent near and long-term visibility to deliver significant revenue growth in 2026 and beyond. Furthermore, this platform allows the Company to continue its growth and expansion into related areas such as water, energy, roads, and data centres.

‘We are acquiring these businesses at an exciting time following the removal of the defacto ban on onshore wind in the UK imposed by the Conservative government. This has created a significant and immediate repowering opportunity which involves replacing and upgrading ageing wind turbines. The business has signed approximately 50 heads of terms providing over £19 million of repowering revenue visibility with approximately 280 additional qualified prospects, which is in addition to its core operating, maintenance, repairing, and remote monitoring relationships.

‘We have a new medium-term target of £50 million revenue and double-digit EBITDA margins, as we focus on free cash flow generation to support further strategic growth and ensuring we can pay a progressive dividend going forward. We believe this transaction positions EGT well to deliver value for shareholders going forward.’

Dave Broadbank, Managing Director of the O&M Business, said: ‘This is an exciting moment for both our business and EGT. We have a strong platform, a loyal client base and a huge opportunity ahead of us. Being part of EGT will enable us to move faster and drive long‑term growth, while staying focused on the quality and reliability our clients expect. Having been with the business for 15 years, I’m incredibly proud of the team and what we’ve built, and I look forward to the next phase where we can unlock further potential across all businesses within the Group.’

Background to the Acquisition and the O&M Business

An established & trusted platform in a growing market

The O&M Business provides annually recurring operations, maintenance, repairing and remote monitoring services to over 900 wind turbines together with repeatable retrofit upgrade programmes across the UK and Ireland. It is a trusted partner to its long-standing clients and has an established operational footprint, headquartered in Harrogate (UK) with regional depots supporting operations in Cornwall, Wales, Scotland, and Northern Ireland.

The business benefits from an experienced team of 78 professionals with deep sector expertise in Supervisory Control and Data Acquisition (SCADA) design, engineering, and asset management. The senior management at the O&M Business will continue in their roles led by Managing Director, Dave Broadbank. The business owns intellectual property for Endurance turbine models and maintains a strategic inventory of OEM (original equipment manufacturer) turbine parts valued at approximately £3.95 million (as at December 2025), ensuring rapid fault resolution and operational continuity. Through Anemos, the majority-owned condition monitoring software technology, clients benefit from predictive maintenance, reduced downtime, and improved energy yields.

Europe is one of the world’s largest wind markets, with about 285 GW of installed capacity expected to approach 450 GW by 2030, driven predominantly by onshore deployment and sustained policy support. As capacity grows and turbine fleets age, the base of assets requiring technical support continues to expand, increasing demand for operations, maintenance, repairing, and repowering services.

Trading history

The O&M Business generated approximately £14.7 million of revenue (2024: approximately £14.4 million) and approximately £0.9 million adjusted EBITDA (2024: approximately £1.5 million) for the financial year ended 31 December 2025 (unaudited) across contracted and recurring operating and maintenance (‘O&M‘), repairing, repowering projects, and condition-monitoring revenues. The Acquisition includes approximately £3.95 million of inventory and £2.5 million net working capital.

Strong visibility to deliver significant revenue growth in 2026 and beyond

A core pillar of the O&M Business’s growth strategy is repowering, which involves replacing and upgrading ageing wind turbines with newer, more powerful and efficient models, increasing energy yield and power output. The UK Government’s strategy to accelerate onshore wind development which took effect in summer 2025 has driven a significant and immediate increase in repowering activity, as turbine owners seek to maximise feed-in-tariff revenues. This represents an attractive driver of both near-term project revenues and longer-term contracted, recurring income.

The O&M Business sales pipeline includes signed heads of terms for approximately 50 new repowering projects with average project values of approximately £450k, giving visibility over a possible £19 million repowering pipeline. By 2035, it is expected that over 50% of UK’s current onshore wind capacity will face decisions around repowering, and management have identified approximately 280 qualified repowering prospects in the near future.

This repowering opportunity is in addition to the core operating, maintenance, repairing, and remote monitoring business which delivered £12.8 million unaudited revenue in 2025 across the portfolio of over 900 turbines in the UK & Ireland. These multi-year relationships support recurring and repeatable revenue. Repowering is also often followed by multi-year O&M relationships, further strengthening longer term revenue visibility.

The O&M Business benefits from a favourable cash receipt model, with an element of upfront deposit fees and further cash received in advance of delivery of key milestones.

Medium-term strategy to achieve £50 million revenue and double-digit EBITDA margin

The Acquisition marks a pivotal milestone in the execution of EGT’s medium-term strategy to build a portfolio of revenue generating and profitable businesses in the critical infrastructure sector across the UK, Ireland, and Europe.

The Acquisition provides a platform to achieve EGT’s new medium-term target of £50 million revenue and double-digit EBITDA margins. The Company’s strategy to achieve this includes:

• Delivery of strong organic growth from the O&M Business by expanding the service offering across new and existing client relationships.
• Focus on targeted operational improvements and efficiencies to drive margin expansion.
• Focus on strong free cash flow generation to fund a progressive dividend policy from the first full year following completion of the Acquisition, targeting annual dividend growth of approximately 5%.
• Pursue a disciplined capital allocation policy for small, strategic bolt-on acquisitions to support expansion of services across the critical infrastructure sector in the UK, Ireland, and Europe, such as water, energy, roads, and data centres funded through operating cash flows supplemented by prudent leverage and deferred consideration of 1-2x EBITDA where appropriate.

Financing structure & proposed fundraise

EGT has entered into a binding SPA to acquire the O&M Businesses from the court-appointed liquidators of ACP. The Directors believe the appointment of liquidators to ACP was driven by holding company capital structure constraints rather than any deterioration in underlying performance of the O&M Business which has continued to trade profitably as ACP entered examinership and subsequently liquidation.

The Acquisition will be completed at an equity valuation of approximately £3.5 million on a cash-free, debt-free basis, representing a 2.3x 2024 EBITDA multiple and a 3.9x 2025 adjusted EBITDA multiple, which the Directors believe reflects an attractive entry valuation.

The Consideration for the Acquisition will be funded from the Company’s existing cash balance (£2.3 million, as at December 2025) and the Bridge Facilities to support the accelerated transaction timeline as part of a competitive liquidation process. Further details regarding the Bridge Facilities are set out below.

The Company intends to raise up to approximately £5 million before expenses through a placing of new ordinary shares in the Company to repay the Bridge Facilities and provide additional working capital to support the continued development and growth of the O&M Business. In addition, the Company intends to use certain funds to pursue selective strategic bolt-on acquisitions to expand the Company’s geographic footprint, broaden its service offering and enhance technical capabilities.

£1.5 million of the Bridge Facilities will automatically convert into equity at completion of the Fundraise at the Placing Price. The Company has received a further cornerstone offer of up to £1.1 million from an additional investor to participate in the placing at the Placing Price. The Company has therefore received s offers in aggregate for up to £2.6 million, representing up to 50% of the approximately £5 million placing in advance of the Fundraise.

Further details regarding the Fundraise will be announced in due course. The Company expects to post a circular and Notice of General Meeting, which will contain further details of the proposed shareholder resolutions in relation to the proposed Fundraise.

Principal terms of the Bridge Facilities

In order to facilitate the Acquisition as part of a competitive process with an accelerated timetable, the Company entered into short-term Bridge Facilities totalling £3.0 million which, alongside the Company’s existing cash resources, will fund the £3.5 million Consideration and provide sufficient working capital for the enlarged group.

The Bridge Facilities comprise three separate short-term Facilities:

Facility 1: £1.5 million provided by Roaring Waters, which carries no interest and will automatically convert into equity at the Placing Price upon completion of the Fundraise. Upon completion of the Fundraise, the Company will issue warrants to subscribe for ordinary shares in the Company to Roaring Waters equal to 35% of the commitment exercisable at the Placing Price for a six-year term. In the event the Fundraise is not completed within three months following the date of the Facility, the number of warrants issued will increase by 1% per month until the earlier of completion of the Fundraise, or the termination of the facility being 12 months from the date of this announcement.

Facility 2: £1.1 million provided by Raglan Capital an entity of which Cathal Friel, Executive Chair, is also a director. This is a 12 month facility, however it is the Company’s intention to repay this short-term loan following completion of the Fundraise in the coming weeks. The facility is a loan bearing interest of 1.75% per month for the first three months, and 2.5% per month for the remaining nine months, and includes an arrangement fee of 2.25% of the total commitment. The minimum return on the facility is 7.5% of the total commitment. No repayment of Facility 2 is permitted until Facility 1 and Facility 3 have each been repaid in full.

The Company will issue warrants to subscribe for ordinary shares in the Company to Raglan Capital equal to 25% of the committed funds, exercisable at the Placing Price for a six-year term (‘Raglan Warrants‘). The Raglan Warrants will only be issued upon completion of the Fundraise.

Raglan Capital, and parties acting in concert with it, are currently interested in approximately 33.5% of the existing voting rights of the Company. Following completion of the Fundraise, and pursuant to Facility 2 detailed above, Raglan Capital will be issued with the Raglan Warrants. Pursuant to the loan agreement between EGT and Raglan Capital, Raglan Capital has agreed not to exercise the Raglan Warrants, if following exercise of the Raglan Warrants, Raglan Capital, and parties acting in concert with it, would hold an interest above 29.9% in the voting rights of the Company or if the exercise of the Raglan Warrants would otherwise trigger, on Raglan Capital, and parties acting in concert with it, an obligation to make a general offer for all of the existing ordinary shares in the Company (not held by them) to be made under Rule 9 of the City Code on Takeovers and Mergers.

Facility 3: £400,000 provided by high net worth investors under separate facility agreements, each with a monthly interest rate of 2.5% and a minimum return of 5% of the total commitments. This is a 12 month facility, however it is the Company’s intention to repay the short-term bridge loans following completion of the Fundraise in the coming weeks. Upon completion of the Fundraise, the Company will issue warrants to subscribe for ordinary shares in the Company equal to 25% of the committed funds, exercisable at the Placing Price for a six-year term.

Each of the Bridging Facilities shall be subject to security granted by the Company with Facility 3 ranking pari passu with Facility 1 and ahead of Raglan Capital in the repayment waterfall.

Facility 1 totalling £1.5 million, will convert into ordinary shares in the Company at the Placing Price upon completion of the Fundraise. It is expected that Facility 2 and Facility 3 above, totalling £1.5 million, will be repaid in full from the net proceeds of the Fundraise upon its anticipated completion in the coming weeks.

Related Party Transaction

Raglan Capital holds an interest in 13.8% of the Company’s ordinary shares and is a Substantial Shareholder in the Company as defined by the AIM Rules for Companies (‘AIM Rules‘). Cathal Friel holds an interest in 5.3% of the Company’s Ordinary Shares and is a director of the Company and Raglan Capital.

Entering into the Bridge Facility agreement (Facility 2) with Raglan Capital constitutes a related party transaction pursuant to AIM Rule 13. The independent directors of the Company, being Daniel Akselson, James Leahy, and Michael Kearney, for the purposes of the Bridge Facility agreement (Facility 2) with Raglan Capital having consulted with the Company’s nominated adviser, Panmure Liberum, consider the terms of the Bridge Facility agreement with Raglan Capital to be fair and reasonable insofar as shareholders of the Company are concerned.

EGT’s Existing Natural Resources Assets

The Company remains focussed on generating value from its existing portfolio of European mining projects and is actively working to monetise these projects through sale or partnership with third parties in order to realise further value for our shareholders. The Olserum Rare Earth Elements (‘REE‘) project is a district scale REE system in Sweden and has been designated as a project of national importance. EGT completed a successful drill programme at the Olserum REE project in 2024, with the project now well placed to potentially contribute significantly to the supply of REEs in Europe, with both the European Union and national governments actively pursuing strategies to develop domestic supply chains of REEs in Europe. Additionally in 2025, EGT entered into an exclusive option agreement with Recovery Metals Cyprus Limited for the potential sale of the Pajala Copper project in Sweden, with discussions ongoing to progress towards the sale of the project.

Appointment of Joint Broker

Oak Securities (a trading name of Merlin Partners LLP) has been appointed as joint broker to the Company.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (‘MAR‘) EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service (‘RIS‘), this inside information is now considered to be in the public domain.

Enquiries

Notes to Editors

European Green Transition plc (AIM: EGT) is a company focused on acquiring, integrating and optimising revenue-generating and profitable services businesses in the critical infrastructure sector across the UK and Ireland.

In 2026, EGT delivered a significant milestone in this strategy by agreeing to acquire an EBITDA profitable operation, maintenance, repairing, and remote monitoring platform business which serves over 900 onshore wind turbines across the UK & Ireland. This platform includes Earthmill, Wind Energy Partnership, Silverford Engineering, and Anemos Analytics.

The Company’s strategy is to deliver sustained organic growth by expanding its service offering, driving operational efficiencies to support margin improvement, and generating strong free cash flow to fund reinvestment and a progressive dividend strategy. EGT is pursuing a disciplined capital allocation policy, including targeting selective bolt-on acquisitions across the critical infrastructure space in the UK, Ireland, and Europe, such as water, energy, roads, and data centres. The Company is also seeking to sell or partner its existing portfolio of non-core mining projects, including the Olserum Rare Earth Element (REE) Project.

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News Provided by TMX Newsfile via QuoteMedia

News Provided by TMX Newsfile via QuoteMedia

Faraday Copper (TSX:FDY,OTCQX:CPPKF) has signed a letter of intent (LOI) to acquire BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) historic San Manuel property, combining the two adjacent assets into a single US-focused copper district.

Under the deal, Faraday would acquire 100 percent of the San Manuel property. The site sits next to Faraday’s Copper Creek project in Pinal County, Arizona.

San Manuel includes the legacy San Manuel and Kalamazoo deposits, the former plant site, closed tailings facilities, and surrounding BHP-owned land, along with related mineral rights, quarries and associated assets.

The mine operated between 1955 and 1999 as one of the largest underground copper mines in the United States, producing more than 4.5 million metric tons of copper. Faraday would assume all environmental and closure liabilities tied to the property.

Copper Creek, located roughly 80 road kilometres northeast of Tucson and about 19 kilometres from San Manuel, is a 100 percent owned porphyry copper project with an updated mineral resource estimate and preliminary economic assessment released in 2023.

The deposit remains open in all directions and hosts both breccia-hosted and vein-style mineralization. Faraday says significant exploration upside remains, with less than 15 percent of known breccia occurrences drill tested.

The proposed consolidation would add approximately 27,000 acres of private land and access to existing regional infrastructure. Faraday has also outlined a staged development concept prioritizing copper cathode production, followed by open pit sulphides and later underground operations.

If completed, the transaction would see Faraday issue common shares to BHP equivalent to a 30 percent interest in the company on a fully diluted basis at closing. BHP would also receive customary investor rights so long as it maintains a minimum shareholding.

“This agreement provides the opportunity for a transformative acquisition as it looks to consolidate two adjacent and complementary assets in the heart of the Arizona copper corridor at a time when sourcing of critical minerals within the USA is essential,” CEO and president Paul Harbidge said.

“The combined project has the potential to become a multi-generational copper district delivering made-in-America copper, while providing significant economic opportunities to the local communities.”

For BHP, the deal would convert a legacy asset into a strategic equity position in a junior developer focused on US copper supply.

The LOI also includes a six-month exclusivity period and a financing participation clause under which BHP has agreed to subscribe for 30 percent of any Faraday equity raise over the next 24 months, up to US$20 million.

Separately, Faraday recently announced a non-brokered private placement of up to C$100 million, priced at C$4.20 per share.

Strategic investors, including the Lundin Family Trusts and BHP, intend to participate.

The proceeds are earmarked primarily for advancing copper projects in Pinal County, including expenses related to the planned San Manuel acquisition.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Altona Rare Earths plc (LSE: REE), the critical raw materials exploration and development company focused on Africa, is pleased to announce that it has applied for its ordinary shares to be admitted to trading on the OTCQB Venture Market in the United States ( ‘OTCQB’).

The Company has submitted its application for its ordinary shares to be quoted on the OTCQB Venture Market, a recognised US trading platform for established and developing companies. No new shares will be issued in connection with the OTCQB quotation, and admission remains subject to the approval of the OTCQB and the satisfaction of applicable listing requirements. The Company’s shares will continue to trade on the London Stock Exchange Main Market under the ticker ‘REE’.

Strategic Alignment with US Engagement

This application represents a natural and strategic step following the Company’s recent successful engagement with the US Trade and Development Agency (USTDA). As announced on 9 February 2026, Altona received confirmation of USTDA support for the Monte Muambe rare earths project, validating the project’s relevance to US critical mineral supply chains. The signature of the grant agreement is expected to be imminent.

Enhancing Visibility and Access

The Board believes that admission to trading on the OTCQB will:

• Provide North American institutional and retail investors with the same convenience to invest as those in the UK
• Increase the Company’s visibility among North American investors seeking exposure to critical minerals, particularly rare earths, as well as potential strategic partners
• Enhance liquidity and broaden the Company’s shareholder base over time

The OTCQB’s reporting and listing requirements align closely with those of major non-US stock exchanges, making seamless access straightforward for London Stock Exchange Main Market companies such as Altona.

Next Steps

This application represents an initial but important step in a broader strategic alignment with US partners and investors and the Board will continue to develop and evaluate supporting growth strategies as it advances the Monte Muambe rare earths project through its next phases of development.

Cedric Simonet, CEO, commented: ‘Our application to trade on the OTCQB follows the positive outcome of our engagement with USTDA and reflects the growing strategic alignment between Altona, our Monte Muambe project and US critical mineral priorities. With this foundational step now complete, we believe the momentum is right to begin strategically positioning the Company towards the North American capital markets.’

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Altona Rare Earths Plc

Cédric Simonet, CEO +44 (0) 7778 866 108 (cs@altonare.com)

Louise Adrian, CFO +44 (0) 7721 492 922 (la@altonare.com)

Strand Hanson (Financial Adviser) +44 (0) 20 7409 3494
Christopher Raggett
Imogen Ellis

Zeus Capital (Corporate Broker) +44 (0) 20 3829 5000
Simon Johnson
James Hornigold

About Altona Rare Earths Plc

Altona Rare Earths Plc (ticker: REE) is a London Main Market-listed exploration and development company focused on unlocking the value of critical raw materials across Africa. The Company is pursuing a diversified strategy, targeting assets with potential for near-term monetisation alongside long-term growth.

The multi-commodity Monte Muambe Project in northwest Mozambique is a highly prospective tenement hosting rare earths, fluorspar, and gallium mineralisation. Since acquiring the project in June 2021, Altona has drilled over 7,800 metres, delivering a maiden JORC Mineral Resource Estimate of 13.6Mt at 2.42% TREO, secured a 25-year mining licence (granted December 2024), and published a Competent Person Report and scoping study for the rare earths component of the project (October 2023). The US Government, via USTDA, has announced its support to advance the rare earths project through the prefeasibility stage and a grant agreement is expected to be formalized in early 2026

In parallel, Altona is progressing plans to fast-track the development of high-grade fluorspar veins identified along the western and southern margins of Monte Muambe, with a targeted production of 50,000 tonnes per annum of acid-grade fluorspar over a minimum 12-year mine life. Acid-grade fluorspar is a key input in a wide range of applications, including hydrofluoric acid, lithium battery electrolyte production, and nuclear fuel refining, placing Altona in a strong position to supply this critical material.

The discovery of gallium mineralisation, with grades up to 550 g/t identified to date, adds further value to Monte Muambe. The Company has established that gallium will be concentrated in fluorspar production tailings and is assessing its possible recovery as a by-product of fluorspar.

Altona’s diversified portfolio also includes the Sesana Copper-Silver Project in Botswana, strategically located just 25 km from MMG’s Khoemacau Zone 5 copper-silver mine. Situated on a recognised regional contact zone for copper deposits, Sesana represents a compelling exploration opportunity aligned with Altona’s growth strategy.

With a unique combination of critical raw materials projects, Altona is well positioned to contribute to the global supply of highly sought commodities essential for clean energy, high technology, defence and industrial applications.

The Company and the Board remain actively focused on identifying and evaluating additional projects that align with our investment profile and strategic objectives, leveraging our extensive network and combined industry experience to uncover compelling opportunities that can drive long-term growth.

Source

Blencowe Resources Plc (LSE: BRES) is pleased to report the final set of assay results completed from the 87 shallow holes drilled at the Iyan deposit, part of the Company’s Orom-Cross Graphite Project in Uganda. These results represent the third batch from the Stage 7 drilling programme, with results continuing to exceed expectations and supporting the imminent maiden JORC resource estimate for the Iyan deposit, which will increase the overall Orom-Cross resource base. This maiden JORC resource will represent the first formal resource estimate for Iyan and further strengthen Orom-Cross as a multi-deposit graphite project.

This final batch completes the Stage 7 drilling programme at Iyan, providing the last data required for the maiden Iyan JORC Resource estimate, expected shortly.

Iyan forms the western extension of the Northern Syncline graphite system and is being advanced as a bulk blending deposit intended to provide consistent, near-surface, high tonnage graphite feed to support long-life, low-cost production. Results at Orom-Cross continue to demonstrate that the bulk mineralisation at Iyan is accompanied by repeated higher-grade zones, providing flexibility within mine planning for blending and supporting overall project value.

These latest shallow holes were drilled to approximately 30 metres depth, deliberately selected to define near-surface mineable material rather than test geological limits. Mineralisation was intersected from surface in most holes, with several ending in mineralisation, indicating potential for continuation below the current drilling depth. This is consistent with all previous results at Iyan. The northern area highlights some barren intrusions in the upper areas but also indicates strong grade intercepts at depth below the barren overlying materials.

Iyan Drilling – Highlights

• Final assay batch drilling results continue to exceed expectations and support imminent maiden JORC resource estimate for Iyan, increasing the overall Orom-Cross resource base
• Thick, laterally continuous near-surface graphite mineralisation confirmed
• Multiple intercepts of >30m from surface, with several holes ending in mineralisation
• Iyan will be developed as a bulk blending deposit, supporting efficient, low-strip mining
• Higher-grade zones persist within bulk mineralisation, enhancing blending flexibility
• Results support near-term resource growth, larger-scale development and ongoing funding and offtake discussions
• Southern drill lines indicate potential extension of mineralisation toward the Northern Syncline hinge

Selected Significant Shallow Intercepts – Iyan Deposit

(Selected downhole intervals; mineralisation from surface unless stated otherwise)

• NSDD-L103: 15.64m @ 10.13% TGC, including 5.02m @ 14.42% TGC and 1.00m @ 18.37% TGC
• NSDD-L307: 9.44m @ 11.42% TGC, including 4.00m @ 15.96% TGC and 1.00m @ 18.89% TGC
• NSDD-L508: 13.71m @ 8.26% TGC, including 4.01m @ 11.00% TGC (ended in mineralisation)
• NSDD-L503: 10.72m @ 8.18% TGC, including 3.06m @ 12.37% TGC
• NSDD-L408: 9.60m @ 8.95% TGC from surface, including 2.50m @ 13.76% TGC
• NSDD-L402: 10.00m @ 7.96% TGC, including 4.00m @ 10.82% TGC

These results are consistent with the broader Orom-Cross system and support mine planning and the bulk blending strategy, reinforcing the scale and continuity ahead of the maiden Iyan JORC resource estimate.

JORC Update Q1 2026

The final assay results are now being validated and modelled by the independent geological consultants, Minrom, and are expected to deliver the maiden JORC resource estimate for Iyan in Q1 2026. This will increase the overall Orom-Cross resource and support ongoing funding and offtake discussions as they continue to advance.

Beehive Drilling Results Pending

In parallel, substantial assay results at the nearby Beehive deposit remain pending. Earlier deep drilling returned very strong grades at depths of up to approximately 100 metres. Assay results from the completed shallow drilling programme at Beehive, comprising approximately 110 holes drilled to approximately 30 metres depth, are expected to be reported regularly in batches and are anticipated to further contribute to overall Orom-Cross resource growth, with a maiden JORC resource estimate for Beehive expected to follow.

Blencowe Resources Executive Chairman, Cameron Pearce commented:

‘These further great results from Iyan continue to exceed our expectations. We are seeing thick graphite from surface, strong grades, and excellent consistency across the deposit, which is exactly what we need as we build scale at Orom-Cross.

With the maiden Iyan JORC estimate now imminent, these results clearly demonstrate the size and quality of the resource. This is particularly important as we progress funding discussions, as it reinforces the long-life, large-scale development potential of Orom-Cross.

The maiden Iyan JORC will mark another important step in demonstrating the full scale of Orom-Cross.

Importantly, we still have significant upside ahead. Many holes continue to end in mineralisation, and Beehive drilling results remain to come, which we expect will further strengthen the overall resource base.’

Iyan Deposit – Key Drill Results

Figures 1-2: Iyan Deposit drill sections showing thick, continuous graphite mineralisation remaining open at depth, remaining sections 1-5, 7, and 9

For further information please contact:

Map 1: Showing the 4x Orom-Cross deposits, including Camp Lode, Northern Syncline, and new Iyan (NS western limb) and Beehive (GT 01a) deposits.

Source