Serval Resources Plc - Result of Retail Offer brings Gross Proceeds of Fundraise to £7 million

Serval Resources Plc - Result of Retail Offer brings Gross Proceeds of Fundraise to £7 million

PR Newswire

LONDON, United Kingdom, October 16

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF SERVAL RESOURCES PLC IN ANY JURISDICTION.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE ASSIMILATED REGULATION (EU) NO. 596/2014 AND DELEGATED ACTS, IMPLEMENTING ACTS, TECHNICAL STANDARDS AND GUIDELINES THEREUNDER AS THEY FORM PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("UK MAR").

16 October 2026

Serval Resources Plc

("Serval" or the "Company")

Result of Retail Offer brings Gross Proceeds of Fundraise to £7 million

Publication of Shareholder Circular and Notice of General Meeting

Notification of Corporate Presentation via LSE SparkLive

Serval Resources Plc (AIM: SRVL), a company focused on building an independent copper and future metals developer, is pleased to announce the result of the Retail Offer via RetailBook. This follows the Company's announcements released on 14 October 2026 and 15 October 2026.

The Retail Offer successfully completed and closed at 5.00 p.m. on 15 October 2026. The Company has conditionally raised gross proceeds of £518,862 through the Retail Offer, by way of the issue of 2,075,448 Retail Offer Shares at the Issue Price of 25 pence per Retail Offer Share.

Together with the Firm Placing, the Conditional Placing and the Subscription, the Company has conditionally raised total gross proceeds of approximately £7 million (before expenses) through the issue of, in aggregate, 28,178,612 New Ordinary Shares at the Issue Price.

The Retail Offer was made available to eligible investors in the United Kingdom through RetailBook's partner network of investment platforms, retail brokers and wealth managers.

Robin Birchall, Chief Executive Officer of Serval, commented:

"This is a fantastic result for the Company and a validation of the high quality of our copper exploration portfolio in both Namibia and Botswana. On behalf of the Company, I would like to thank Capital Drilling and associates, as well as all the other professional and retail investors that participated in the fundraise, for supporting our plans to create an independent copper and future metals developer.

We believe that the emerging copper belts in Africa represent some of the world's last under-explored, large-scale copper frontiers. Our work in Namibia's Kaoko Basin to date has delineated multiple high-grade copper-silver prospects over significant strike length, which we believe indicates signs of a large fertile mineralised district, and the 20,000 metres drilling programme gives us the opportunity to properly test this system and work towards a maiden resource estimate in 2027. Similarly, we are well positioned in Botswana, where we are aiming to establish the mineralised contact on our licences closest to the Khoemacau operation in the Kalahari Copper Belt, and we can also continue our evaluation of the interesting Duékoué copper-molybdenum-gold anomalies in Côte d'Ivoire.

We look forward to putting our exploration programmes into action now, with drill rig mobilisation to Namibia expected to begin at the start of November 2026, and to keeping the market informed of our progress."

Corporate Presentation via LSE SparkLive

CEO Robin Birchall and other members of senior management will give a live corporate presentation via the LSE SparkLive platform on Friday 23 October at 11:00am BST.

Investors can sign up at: https://sparklive.lseg.com/OSCILLATE/events/5ba68500-fe83-484f-929d-2417af4d44cd/serval-resources-fundraise-allows-for-large-scale-drilling-programme-in-namibia

Summary of the Fundraise

	Number of New Ordinary Shares	Gross proceeds at the Issue Price (£)
Firm Placing	9,741,164	2,435,291
Conditional Placing	14,180,000	3,545,000
Subscription	2,182,000	545,500
Retail Offer	2,075,448	518,662
Total	28,178,612	£7,044,453

The net proceeds of the Fundraise will be used as set out in the Fundraise Announcement.

The Placing, Retail Offer and the Subscription in aggregate will comprise 28,178,612 New Ordinary Shares and represent approximately 83 per cent. of the existing issued ordinary share capital of the Company prior to the Fundraise.

Conditions and Second Admission

The Retail Offer Shares form part of the Conditional Fundraise Shares. The issue of the Retail Offer Shares is conditional upon, amongst other things, the passing of the Fundraise Resolutions at the General Meeting, to be held at 11.00 a.m. on 2 November 2026 (see below) and upon Second Admission occurring. The Retail Offer will not complete without the Conditional Placing and the Subscription also completing.

Circular and Notice of General Meeting

A shareholder circular, containing the Notice of the General Meeting setting out the shareholder resolutions to be for approval at the General Meeting (including the Fundraise Resolutions) ("Resolutions") and further details on the Fundraising (the "Circular") will be posted to Shareholders of the Company today and will also be available on the Company's website at: https://www.servalresources.com/investors/shareholder-documents/

The General meeting to approve the Resolutions will be held at 11:00 a.m. on 2 November 2026 at the offices of Arch Law Limited, Huckletree Bishopsgate, 8 Bishopsgate, London, United Kingdom, EC2N 4BQ.

The Circular will include a recommendation from Directors that all Shareholders of the Company vote in favour of the Resolutions, as they intend to do so in respect of their own holdings of Ordinary Shares representing 2.98 per cent. of the current issued share capital of the Company.

As previously detailed in the Launch Announcement, under the KCI Agreement, KCI has given an irrevocable undertaking to vote in favour of the Fundraise Resolutions, in respect of their current holding of 27.34% of the issued share capital of the Company.

Capital Access Window

As set out in the Result of Fundraise Announcement, the Company has been in a Capital Access Window since 7 October 2026. As of the close of the Retail Offer, the Capital Access Window has ended and normal trading in the Company's existing Ordinary Shares is expected to resume at 7.30 a.m. (BST) on 16 October 2026.

Admission and Total Voting Rights

As set out in the Result of Fundraise Announcement, following First Admission, which is expected to take place at 8.00 a.m. on 16 October 2026, the Company will have 43,610,902 Ordinary Shares in issue, each carrying one vote, and 8,053,725 Deferred Shares, which carry no voting rights. The Company does not hold any shares in treasury. Accordingly, following First Admission, the total number of voting rights in the Company will be 43,610,902 and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Application will be made to the London Stock Exchange for the Conditional Fundraise Shares (including the Retail Offer Shares) to be admitted to trading on AIM. Subject to the passing of the Fundraise Resolutions, it is expected that Second Admission will become effective, and that dealings in the Conditional Fundraise Shares (including the Retail Offer Shares) will commence at 8.00 a.m. on 3 November 2026.

Following Second Admission, the Company expects to have 62,048,350 Ordinary Shares in issue, each carrying one vote.

Capitalised terms used but not defined in this announcement have the meanings given to them in the launch of Fundraise Announcement and the Retail Offer Announcement, unless the context requires otherwise.

Enquiries:

Serval Resources	Company	Robin Birchall	+ 44 (0) 7711 313 019 [e-mail]
	IR	Cathy Malins	[phone] [e-mail]
SP Angel Corporate Finance LLP	Nominated Advisor and Broker	David Hignell Charlie Bouverat Devik Mehta	[phone]
H&P Advisory Limited	Joint Broker	Andrew Chubb Leif Powis	[phone]
RetailBook		Fahim Chowdhury Mike Ward Nick Smith	[e-mail]
Tavistock Communications	PR	Charles Vivian Eliza Logan	[phone]

About Serval Resources

Serval Resources (AIM: SRVL) is an AIM-quoted explorer focused on copper and associated future metals critical to the global energy transition and digital economy. The company is building a portfolio of exploration and development assets in the emerging copper belts of Namibia, Botswana and Côte d'Ivoire, aiming to become a leading mid-cap player by applying modern, systematic exploration techniques in underexplored but highly prospective African regions.

Important Notices

This announcement has been prepared by and is the sole responsibility of the Company.

The Retail Offer was made in the United Kingdom under an exemption from the requirement to publish a prospectus contained in Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 (the "POATR"). As such, there was no need for publication of a prospectus pursuant to the FCA Prospectus Rules: Admission to Trading on a Regulated Market Sourcebook (the "PRM"), or for approval of the same by the FCA. No offering document, prospectus or admission document has been or will be prepared or submitted to be approved by the FCA (or any other authority) in relation to the Retail Offer, and investors' commitments were made solely on the basis of the information contained in the Retail Offer Announcement and information that has been published by or on behalf of the Company prior to the date of this announcement by notification to a Regulatory Information Service in accordance with the FCA Disclosure Guidance and Transparency Rules and UK MAR. The Retail Offer was not made into any jurisdiction other than the United Kingdom.

This announcement is not for publication or distribution in or into the United States. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States. The Retail Offer Shares have been offered and sold outside the United States in "offshore transactions", as defined in, and in compliance with, Regulation S under the US Securities Act. In addition, the Company has not been, and will not be, registered under the US Investment Company Act of 1940, as amended.

This announcement and the information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into Australia, Canada, New Zealand, Japan, the Republic of South Africa, any member state of the EEA or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction. No public offer of the securities referred to herein was made in any such jurisdiction. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

RetailBook is a proprietary technology platform owned and operated by Retail Book Limited (registered address at 10 Queen Street Place, London EC4R 1AG). Retail Book Limited ("RetailBook") is authorised and regulated in the United Kingdom by the FCA (FRN 994238).

The value of Ordinary Shares and the income from them is not guaranteed and can fall as well as rise due to stock market movements. When you sell your investment, you may get back less than you originally invested. Figures refer to past performance and past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations.

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, assumptions and uncertainties that could cause the actual results of operations, financial condition, liquidity and dividend policy and the development of the industries in which the Company's businesses operate to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given those risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. These forward-looking statements speak only as at the date of this announcement and cannot be relied upon as a guide to future performance. The Company and RetailBook expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the FCA, the London Stock Exchange or applicable law.

The information in this announcement is for background purposes only and does not purport to be full or complete. None of RetailBook or any of its affiliates accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement), or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. RetailBook and its affiliates accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise be found to have in respect of this announcement or its contents or otherwise arising in connection therewith.

No statement in this announcement constitutes or should be construed as being (i) investment, financial, tax, accounting or legal advice; (ii) a representation that any investment or investment strategy is suitable or appropriate to your particular circumstances; or (iii) a personal recommendation. No statement in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings or target dividend per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings or dividends per share of the Company.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement. The Retail Offer Shares to be issued pursuant to the Retail Offer will not be admitted to trading on any stock exchange other than the London Stock Exchange.

END