Corcel Secures New Institutional Shareholder

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Corcel PLC

("Corcel" or the "Company")

Corcel Secures Purpose Global Resource Fund as New Institutional Shareholder - Director's Dealings - TVR

15 July 2025

Corcel Plc (London AIM: CRCL), the Angola-Brazil-focused energy company, is pleased to announce the successful completion of a £1.1 million equity placing at £0.0034 per share, in line with the Company's 15-day volume-weighted average price (VWAP). The placing was led by Toronto-based Purpose Global Resource Fund, who join the Corcel register as a new institutional shareholder. The round also included follow-on investment from Charlestown Energy Partners, based in New York City, who increased their position in the Company. Members of the Corcel Board - CEO Scott Gilbert, Executive Director and CSO Geraldine Geraldo, Independent Non-Executive Chair Pradeep Kabra, and Independent Non-Executive Director Andrew Fairclough - also participated in the placing, collectively subscribing for 9.6% of the total amount raised.

Highlights:

o  Successfully received an investment of £1.1 million through an equity placing at £0.0034 per share

o  Participation by leading institutional investors, including new shareholder Purpose Global Resource Fund

o  Continued support from Charlestown Energy Partners and strong Board participation

o  Proceeds to be deployed towards the execution of a 2D seismic program at KON-16, onshore Angola in Q3 2025

Scott Gilbert, Corcel's CEO, commented: "We are delighted to welcome Purpose Global Resource Fund as a new shareholder in Corcel, and equally pleased with the continued support from Charlestown Energy Partners. Over the past 12 months, we've executed a focused turnaround strategy that has driven significant value creation - reflected in a 150% increase in our share price and more than a sixfold rise in market capitalization. The calibre of international institutional investors that we have been able to attract, through this and previous placings, is a strong validation of our strategy and progress. The additional capital will enable us to maintain our momentum towards the execution of our 2D seismic program at KON-16 in Q3 2025 and further strengthen our position as a fast-growing company in Angola. We are proud of the foundations we have built in Angola and Brazil and remain committed to delivering long-term value for our shareholders, as we drive towards the drilling of the first exploration well in the Kwanza Basin since 1982 - a pivotal milestone that could unlock a material pre-salt discovery and redefine the basin's energy potential."

Jeremy Lin, Portfolio Manager of Purpose Global Resource Fund, commented: "We are excited at the opportunity to invest alongside Corcel's team in unlocking significant resource potential in Angola."

About Purpose Global Resource Fund:

Purpose Global Resource Fund is a fund at Purpose Unlimited Inc. dedicated to investing in high-impact resource plays with asymmetric risk-reward profiles. Purpose Unlimited Inc. is a rapidly growing Canadian financial services firm founded in 2013 and headquartered in Toronto with $25 billion in assets under management. The company is dedicated to reinventing the financial sector through bold innovation, with a mission to empower Canadians to take control of their financial futures and pursue their ambitions with confidence.

Robert Bose, Principal and Managing Partner of Charlestown Energy Partners, commented: "We are thrilled to add to our existing corporate exposure to Corcel through this placement. Corcel provides one of the most compelling opportunities for high impact exploration [in Africa]. We are looking forward to significant progress and success in the coming quarters on KON-16 in particular."

About Charlestown Energy Partners

Charlestown Energy Partners is a private investment vehicle associated with a family office in New York that has been making investments globally across the energy complex since 2014. Charlestown Energy has a specific focus on high impact exploration opportunities across the conjugate margin including as the cornerstone investor in Sintana Energy (SEI-TSX-V) with substantial exposure in Namibia and Angola, and also through its investment in Challenger Energy (CEG - AIM) which has significant exposure to Uruguay's emerging offshore opportunity. Charlestown Energy is led by Robert Bose who is the Chief Executive Office and a board member of Sintana Energy, and also a Non-Executive Director of Challenger Energy.

Fundraising:

The Company will issue 323,529,407 new ordinary shares of £0.0001 each ("Placing Shares") at a price of £0.0034 per share (the "Fundraising") to raise £1.1m before expenses. 

The issuance of the Placing Shares is contingent upon the approval of the resolutions to be put to shareholders of the Company to be outlined herein.

Directors Dealings:

The following Directors intend to participate in the Fundraising as outlined below. 

Mr. Scott Gilbert, Chief Executive Officer, intends to subscribe for 8,823,529 Ordinary Shares at the Placing Price for an investment of £30,000.

Ms. Geraldine Geraldo, Executive Director, intends to subscribe for 8,823,529 Ordinary Shares at the Placing Price for an investment of £30,000.

Mr. Pradeep Kabra, Independent Non-Executive Chair, intends to subscribe for 8,823,529 Ordinary Shares at the Placing Price for an investment of £30,000.

Mr. Andrew Fairclough, Independent Non-Executive Director, intends to subscribe for 4,411,764 Ordinary Shares at the Placing Price for an investment of £15,000.

Following their participation in the Fundraising, the resultant Directors' shareholdings are as follows:

General Meeting:

The Fundraising has been supported by existing investors and Company Directors and will result in the issuance of 323,529,407 new ordinary shares. As the Company currently has limited shareholder authority remaining from its last Annual General meeting, issuance of the Placing Shares is conditional upon, inter alia, the passing of resolutions to be put to shareholders of the Company at a general meeting of the Company. 

The Company will publish a circular to convene the general meeting to propose Resolutions to enable completion of the Fundraising, issuance of the Placing Shares and a renewal of routine equity authorities. A further announcement covering the details of the general meeting will be made and a circular containing the notice of meeting will be published and sent to shareholders in the coming days and will be available on the Company's website, www.corcelplc.com. Shareholders are strongly urged to vote by proxy in accordance with the instructions set out in the notice of general meeting.

Total Voting Rights:

Application will be made for the 323,529,407 Placing Shares to be admitted ("Admission") to trading on AIM and it is expected that Admission will occur on or around 7 August 2025. 

Following Admission, the Company confirms that its total issued share capital will consist of 5,913,458,138 Ordinary Shares, with one voting right per Ordinary Share. The Company does not hold any Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company pursuant to the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

Scott Gilbert

Corcel Plc, CEO & Director

[email protected]

James Joyce / James Bavister / Andrew de Andrade

Zeus, NOMAD & Broker

020 3829 5000

Jonathan Wright / Rupert Holdsworth Hunt

Auctus Advisors LLP, Joint Broker

07711 627449

Patrick d'Ancona

Vigo Consulting Limited, IR

0207 3900 230

About Corcel

Corcel has a notable oil and gas portfolio in onshore Angola that includes brownfield redevelopment opportunities and significant exploration upside. Corcel marked a new country entry into Brazil through the option to acquire rights to producing gas and exploration assets, further diversifying its portfolio and enhancing its growth potential.

Corcel's Angola portfolio consists of interests in three licenses:

· KON - 16 upon completion: operated - 80% working interest - 71.5% net to CRCL

· KON - 11 Non-Operated - 20% working interest - 18% net to CRCL

· KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL

Corcel's Brazil portfolio consists of the option to acquire:

· 20% interest in the IRAI gas field

· Right-of-first refusal ("ROFR") over the remaining 80% in the IRAI field

· ROFR for 100% of the adjacent TUC-T-172 exploration block, located in the state of Bahia, onshore Brazil

Corcel's Battery Metals portfolio consists of an 80% working interest in the Mt Weld Rare Earth Elements project in Western Australia.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM