Statement regarding Accel-KKR

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE.

22 December 2021

Tungsten Corporation plc ("Tungsten")

Statement of intention not to make an offer pursuant to Rule 2.8 of the City Code on Takeovers and Mergers (the "Takeover Code")

On 14 December 2021, Tungsten announced it was in preliminary discussions with a number of parties, including Accel-KKR, regarding a possible offer for Tungsten.

Accel-KKR has confirmed to Tungsten that it has no intention of making an offer for Tungsten and accordingly discussions with Accel-KKR have now terminated.

Accel-KKR has consented to the release of this announcement and is bound by the restrictions under Rule 2.8 of the Code for six months following the date of this announcement.

Under Note 2 on Rule 2.8 of the Code, Accel-KKR has reserved the right to set the restrictions in Rule 2.8 aside in the following circumstances:

a. with the agreement of the Board of Directors of Tungsten;

b. if a third party, announces a firm intention to make an offer for Tungsten;

c. if Tungsten announces a "whitewash" proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and

d. if there has been a material change of circumstances (as determined by the Panel on Takeovers and Mergers).

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Important notices

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote in any jurisdiction whether pursuant to this announcement or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The release, publication or distribution of this announcement in whole or in part, directly or indirectly, in, into or from certain jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.