Announcement PDF RNS Number : 2611K Reabold Resources PLC 30 June 2026 30 June 2026 Reabold Resources plc ("Reabold" or the "Company") Full Year Results for the year ended 31 December 2025 Reabold Resources plc, the investing company focused on developing strategic gas projects for European energy security, today announces its audited financial results for the year ended 31 December 2025 and the Annual Report is publicly available at https://reabold.com/presentations. 2025 Highlights Rathlin Energy (UK) Limited ("Rathlin") and West Newton - PEDL 183 · Reabold increased its interest in West Newton via the acquisition of 20.4% of the shares in Rathlin from Connaught Oil & Gas Limited for a total cash consideration of £700,000. Reabold's total shareholding in Rathlin now stands at 79.8%, and its economic interest in West Newton stands at 69.9%. · In August 2025, Reabold announced the potential use of gas produced from the existing wells at West Newton to generate on-site electricity and power crypto mining activities, and that it had entered into a non-binding Letter of Intent ("LOI") with 360 Energy, Inc. to scope and design a potential bitcoin mining solution at West Newton, subject to regulatory and third-party approvals. · In March 2025, Paul Harris, former CEO of NEO Energy, was appointed to the Board of Rathlin. LNEnergy - Colle Santo gas field, Italy · In August 2025, LNEnergy's Small Scale-LNG development plan in Colle Santo, Italy, was granted a positive opinion by the Independent Environmental Impact Assessment ("EIA") Commission of the Italian Ministry for the Environment and Energy Security - a significant milestone towards the final EIA Ministerial Decree and the award of the Natural Gas Production Concession. · In March 2025, LNEnergy Limited ("LNEnergy") acquired the entire outstanding issued share capital of LNEnergy S.r.l. LNEnergy S.r.l is the Italian company that has a 90% interest in the Colle Santo gas field in the Abruzzo region of Italy, a highly material gas resource with an estimated 65Bcf of 2P reserves1 . 1 RPS estimate, September 2022 · During the year, Reabold increased its interest in LNEnergy from 29.2% to 47.6%. · In October 2025, Reabold announced it had entered into an agreement with Beacon Energy plc ("Beacon") in which Reabold will sell its total interest in LNEnergy to Beacon in exchange for new shares in Beacon and a €16 million earn out pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once on production. The first stage of the transaction completed in March 2026. See Review of Operations on page 7 for more detail. KryptoByte · In 2025, Reabold launched KryptoByte Ltd, a wholly owned subsidiary of Reabold Resources plc. KryptoByte aims to take stranded natural gas and use it to power Bitcoin mining and potentially data centres. KryptoByte would be able to purchase gas at discounted prices to power Bitcoin mining operations, offering a compelling economic advantage. KryptoByte would co-locate power generation at the well-site avoiding costly and lengthy waiting times to connect to the grid. KryptoByte would aim to roll out its business model to a number of locations, and sees further opportunities to establish data centres at locations across the UK, Europe and globally. Other business and Corporate · Post year-end, in April 2026, Reabold raised £4.2 million through the issue of 4,231,800,000 new ordinary shares. The net proceeds of the Fundraise will be used to progress the key West Newton project, including the funding of both Reabold and Rathlin's shares of the recompletion of the A-2 well, expected to take place in the coming months. In addition, participants in the fundraise received 1.25 warrants for each New Ordinary Share, each with a right to convert to one new ordinary share at an exercise price of 0.11 pence per share (£1.10 per share following the share consolidation in May 2026). This mechanism is intended to provide the Company with access to additional capital, in the event of a successful A-2 recompletion, and to move into early production as soon as possible. For further information, please contact: Reabold Resources Plc Stephen Williams Sachin Oza Via our Investor Hub https://reabold.com/ Cavendish - Nominated & Financial Adviser and Broker Neil McDonald Pearl Kellie +44 (0) 20 7220 0500 Camarco Billy Clegg Rebecca Waterworth Sam Morris +44 (0) 20 3757 4980 Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub https://reabold.com/link/eY2gYr Subscribe to our news alert service: https://reabold.com/auth/signup Notes to Editors Reabold Resources PLC is a UK-based upstream oil and gas investment company focused on generating returns through investment in low-risk energy projects with high potential upside. Investment activity is undertaken through strategic equity stakes in proven undeveloped gas discoveries with significant resources and near-term production potential, primarily across the UK and continental Europe. To support its investment strategy, Reabold balances proceeds from asset sales between shareholder returns and re-investment in new projects, with a focus on contributing to European energy security while achieving significant valuation uplift through clear monetisation pathways. Strategic Report Chairman's letter 2025 was a year of significant progress and strategic transformation for Reabold. Our focus remained on developing European gas assets to secure gas supply and energy security by unlocking potential sources of near-term domestic gas supply, at a time when the continent has continued to be exposed to potentially significant gas supply disruptions. We achieved several key milestones across our portfolio, particularly at our two core gas assets, West Newton in the UK and Colle Santo in Italy. Both projects are highly material assets with the potential to deliver substantial benefits for European energy security. A key achievement was at West Newton where we increased our interest in Rathlin to 79.8%, resulting in an increased overall economic interest of 69.9% in the licence (PEDL 183). This increased economic interest underscores our commitment to the development of what is the largest undeveloped onshore gas field in the UK. In March 2025, we were delighted to announce the appointment of Mr. Paul Harris, former CEO and COO at UK operator NEO Energy, as an independent non-executive director of the Board of Rathlin, bringing 35 years' experience in progressing UK hydrocarbon projects. His expertise will be invaluable as we advance West Newton towards the next phase of development. In parallel, we continued to explore opportunities to maximise the value of the West Newton asset. In this regard we announced the potential for early monetisation through the use of gas produced from the existing wells to generate on-site electricity and power for crypto mining activities. Rathlin entered into a non-binding LOI with 360 Energy, Inc. to scope and design a potential Bitcoin mining solution at the project, subject to regulatory and third-party approvals, as a precursor to the full development of the field. In addition to this initiative, we launched KryptoByte Ltd, a wholly owned subsidiary aimed at transforming stranded natural gas, into power for Bitcoin mining and potentially data centres. This positions Reabold at the forefront of the energy-to-digital infrastructure space in the UK, with the potential to leverage our assets to create new revenue streams in what is believed to be a key growth area of the economy in the coming years, demonstrating our ability to explore innovative ways to maximise asset value for our shareholders. Our investment in LNEnergy also delivered important progress during the year. We increased our shareholding from 29.2% to 47.6% in a year of significant regulatory progress for the Colle Santo gas project in Italy. The project achieved a major milestone with the Independent Environmental Impact Assessment ("EIA") Commission of the Italian Ministry for the Environment and Energy Security issuing a positive opinion on the Small-Scale LNG development plan. This brings the project closer towards the award of a Natural Gas Production Concession. We signed a sale and purchase agreement with Beacon In October 2025, and successfully crystallised value from the Colle Santo project in March 2026, selling our total interest in LNE to Beacon for a €16 million earn out mechanism and 29% of the enlarged capital of Beacon, achieving for shareholders a significant uplift in value from initial investment and ensuring that they will continue to benefit from the attractive cash flow generated from the project, whilst protecting them from any further funding requirement. The momentum achieved across our portfolio during 2025 has continued into the current year. We strengthened our financial position through a successful £4.2 million equity raise, which will support the next phase of work at West Newton, including the funding of the recompletion of the A-2 well, expected to take place later this year. The importance of Reabold's aims to contribute to Europe's energy security by unlocking potential sources of near- term domestic energy supply is particularly significant at a time when Europe is exposed to energy supply disruptions. As we look to 2026 and beyond, Reabold is well-positioned to deliver on these aims and strategic priorities. Our disciplined capital allocation, and innovative approach to value creation provide a robust foundation for the development of the West Newton project. On behalf of the Board, I would like to thank our shareholders for their continued support and we look forward to updating you on our continued progress in the year ahead. Jeremy Edelman Chair 29 June 2026 Strategy and business model Reabold is an investing company focussed on developing strategic European gas assets to secure European gas supply and energy security. Reabold has a diversified portfolio of gas assets comprised of development, appraisal and exploration projects. Reabold aims to generate shareholder value by making disciplined and focused investments to grow our business. Reabold's strategy is to invest in existing undeveloped gas discoveries with significant resources and near-term production potential, which have considerable valuation uplift potential and a clear monetisation plan. Proceeds from monetisation events are balanced between shareholder returns and re-investment into new and existing projects. We are preparing for the future and responding to the increased focus on energy security brought about by the rise in geopolitical conflict and instability in the region, and globally. Concern about energy shortages and vulnerability to geopolitical events has prompted many governments to prioritise access to more domestically produced energy and reduce their dependency on imported gas. Reabold aims to contribute to Europe's energy security by unlocking potential sources of near-term domestic gas supply, at a time when the continent is exposed to significant gas supply disruptions. We are focused on the disciplined allocation of capital to deliver on our strategic objectives. Reabold's focus in 2025 was on its two key gas assets: West Newton (UK onshore) & Colle Santo (Italy onshore). Both assets are highly material, undeveloped gas discoveries in Europe. Full details of these operations are included in the Review of Operations. We are also developing our strategy in response to the massive energy demands of artificial intelligence. In 2025, we launched KryptoByte Ltd, a wholly owned subsidiary of Reabold Resources plc. KryptoByte aims to take stranded natural gas and use it to power Bitcoin mining and potentially data centres. KryptoByte would be able to purchase gas at discounted prices to power Bitcoin mining operations, offering a compelling economic advantage. KryptoByte would co-locate power generation at the well-site avoiding costly and lengthy waiting times to connect to the grid. KryptoByte would aim to roll out its business model to a number of locations, and sees further opportunities to establish data centres at locations across the UK, Europe and globally. Please see Review of Operations for further detail. Reabold is evolving from a traditional upstream investment company into a hybrid energy-investment and energy-to- compute technology play, using its gas assets not just for commodity sales but as a feedstock for next-generation digital infrastructure value creation. Key performance indicators (KPIs) The Group's main business is to invest in direct and indirect interests in exploration and development gas projects. Reabold's long-term strategy is to re-invest capital generated through monetisation of its investments into new projects in order to grow the Company and create value for its shareholders. Reabold tracks its new business development objectives through the building of a risk-balanced portfolio of assets. Reabold reviews its KPIs on an ongoing basis as it moves through the lifecycle of its strategy to ensure they continue to serve as a useful measure of our strategic performance. The Board assesses the performance of the Group across measures and indicators that are consistent with Reabold's strategy and investor proposition. Given where Reabold is in its maturity and stage of development, numerical and formulaic target setting is not appropriate. The current KPIs allow the Board to assess performance based on areas where management's efforts should be focused. As the company grows and evolves, more specific targets will be set. The KPIs are: KPI Definition Performance KPI 1 Portfolio enhancements Grow value through material investments, project delivery and commercial discoveries · During 2025, Reabold increased its investment in LNEnergy by 18.4% to 47.6%. In August 2025, LNEnergy received a positive opinion by the Italian Ministry for the Environment and Energy Security - a significant milestone towards the final EIA Ministerial Decree and the award of the Natural Gas Production Concession. The Colle Santo gas field is a highly material gas resource with an estimated 65Bcf of 2P reserves, with two production wells already drilled and flow-tested, making the field development ready. LNEnergy believes that the field has the potential to generate an estimated €11-12m of gross post-tax free cash flow per annum. Reabold has built up a material stake in the project ahead of crystallising value in 2026. See Review of Operations for further detail. · In January 2025 Reabold increased its interest in West Newton via the acquisition of 20.4% of the shares in Rathlin from Connaught Oil & Gas Limited for a total cash consideration of £700,000, increasing exposure to the West Newton project at a very attractive price and providing pathways for future financing/monetisation/liquidity events ahead of drilling the horizontal producer well. Reabold's total shareholding in Rathlin now stands at 79.8%, and its economic interest in West Newton stands at 69.9%. KPI 2 Future financial prosperity Liquidity events, and successful fundraising · In October 2025, Reabold announced it had entered into an agreement with Beacon in which Reabold will sell its total interest in LNEnergy to Beacon for a €16 million earn out pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once on production. Additionally, Reabold will receive new shares in Beacon, a listed company, and will subscribe for additional shares as part of a placing, to take its shareholding to approximately 28.1% of the enlarged capital of Beacon. See Review of Operations for further details. · In 2025, Reabold management successfully brought a US strategic investor (Rohan Oza) onto the share register. The presence of this credible, long-term investor has strengthened the company's profile. In addition, the investment was a meaningful endorsement of the company's strategy and has positioned the company more favourably in accessing external capital, which the company successfully did in Q2 2026. See note 27 - Post-balance sheet events for further details KPI 3 Financial discipline Ensuring business is run to budget via accurate forecasting, maintaining significant cash buffer and resilient balance sheet. Management tracks G&A spend against budget · Cash position as at 31 December 2025 was £2.1 million (2024: £6.2 million). Post year end Reabold raised gross proceeds of £4.2 million. Cash as at 30 April 2026 was £4.5 million. The Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. See Note 1 - going concern, to the financial statements. · Net assets as at 31 December 2024 were £35.7 million (2024: £38.9 million) · G&A was up £0.7 million in 2025 following the acquisition of Rathlin but was flat on a like for like basis. G&A in Rathlin was reduced by 9% in 2025 following Reabold's acquisition and we expect further reductions in 2026. · Please see the Financial Review for more details KPI 4 Growth in NAV per share. NAV per share is extracted from broker · Broker risked NAV at year end 2025 was 0.48p/sh (2024: 0.49p/sh) KPI Definition Performance research notes and represents the discounted value of all future cash flows expected from the company's portfolio divided by the share count to establish a target price. KPI 5 Total shareholder return over a calendar year. Total shareholder return is defined as the change in share price plus dividends · The share price started the year at 0.05p and finished the year at 0.05p KPI 6 Risk and controls Zero recordable incidents, ethical misconduct, breaches of laws or regulations, penalties. Accurate and compliant financial resources data · The Group did not have any recordable incidents or injuries in 2025. There were no instances of misconduct, breaches of laws or regulations, regulatory actions or penalties. The Group was compliant with all its financial reporting deadlines. Co-Chief Executive Officers' Review of Operations A renewed focus on energy security has underscored the enduring importance of oil and gas within an increasingly complex and uncertain global landscape. As energy demand continues to rise, driven by data centres, AI, and electrification, energy remains central to economic and societal stability. We believe stable government policy is essential to enable long-term investment, and by fully unlocking our project portfolio, we are confident in delivering strong, attractive returns for investors. Italy - LNEnergy Colle Santo Gas Field With 65bcf of 2P reserves, as estimated by RPS as of 30 September 2022, Colle Santo is a highly material undeveloped onshore gas resource. Reabold believes this is the largest onshore proven undeveloped gas field in mainland Western Europe. Two wells have already been drilled and are available for production, with no additional drilling being required. The development will consist of a small-scale LNG facility to produce initially at 10mmcf/d from the existing two wells with over 20 years of ultimate production. LNEnergy Ltd ("LNEnergy") believes that the field has the potential to generate an estimated €11-12 million of gross post-tax free cash flow per annum. The Colle Santo gas fieId is development ready subject, primarily, to concession award. In August 2025, Reabold announced that LNEnergy's Small Scale-LNG development plan in Colle Santo was granted a positive opinion by the Independent Environmental Impact Assessment Commission of the Italian Ministry for the Environment and Energy Security ("MASE"). This is a significant milestone towards the final EIA Ministerial Decree and the award of the Natural Gas Production Concession expected in Q3 2026. At the end of the regulatory journey, LNEnergy will be enabled to operate the two existing gas wells and to develop the project to produce liquified natural gas ("LNG"). In March 2025, Reabold announced that LNEnergy had entered into a binding purchase and sale agreement to acquire the entire outstanding issued share capital of LNEnergy S.r.l for a total deferred consideration of US$11m plus a 4% net profits interest. LNEnergy now holds a 100% interest in LNEnergy S.r.l, the Italian company that has a 90% interest in, and is seeking regulatory approval for the development of, the Colle Santo gas field in Italy. LNEnergy's application for concession has been recognised by MASE as a project that meets the requirements of the Italian government's National Integrated Plan for Energy and Climate and National Plan for Economic Recovery, for which €12 billion in grants and economic incentives have been made available by executive decree. In May 2025, Reabold announced it had converted £500,000 of outstanding convertible loan notes into 374 ordinary shares of LNEnergy Limited at an average price of £1,350 per share. Following this conversion, Reabold held approximately 45.1% of LNE's enlarged share capital. In July 2025, Reabold increased its interest in LNEnergy to 46.2% following the conversion of a £40,000 convertible loan made in May 2025. In the second half of the year, Reabold participated in a share issue through exercise of its pre-emption rights, subscribing for an additional 256 shares at a price of £1,200 per share. Reabold's shareholding in LNEnergy at 31 December 2025 stood at 47.6%. In October 2025, we signed an agreement to sell our total interest in LNEnergy to Beacon in exchange for new shares in Beacon and a €16 million earn out pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once on production. The transaction will be completed in two stages. The first stage completed in March 2026 as per below. In March 2026 Beacon successfully completed a fundraise raising gross proceeds of £3.8 million, re-admitted its shares to trading on AIM and initially acquired 49% of Reabold's holding in LNEnergy. The fundraise will be used to finance the Colle Santo project through FID and towards first production, as well as the associated required working capital. Reabold supported the fundraise by participating with an investment of £750,000. Beacon will subsequently acquire the balance of Reabold's holding in LNEnergy ("Second Acquisition"). The Second Acquisition is anticipated to complete in Q3 2026 upon certain conditions being satisfied, including the project being awarded a Production Concession. The Second Acquisition long stop date is 12 months from the execution of the Agreement, which can be extended by mutual agreement between Reabold and Beacon. Under the terms of the SPA, Reabold will receive new shares in Beacon equal to approximately 28.1% per cent of the enlarged share capital of Beacon. In addition, Reabold will receive contingent consideration based on the net cash flow of LNEnergy, subject to a cap of €16 million (assuming the Second Acquisition completes). UK Onshore Rathlin Energy (UK) Limited and West Newton - PEDL183 West Newton is an onshore hydrocarbon discovery located north of Hull, England. To date, three discovery wells have been drilled at West Newton (A-1, A-2 and B-1z) confirming a major discovery - potentially one of the largest hydrocarbon fields discovered onshore UK. Rathlin is the operator of the PEDL 183 licence and holds a 66.67% interest. In January 2025, Reabold announced it had completed the acquisition of 20.4% of the shares in Rathlin from Connaught Oil & Gas Limited for a total cash consideration of £700,000, taking Reabold's shareholding in Rathlin to 79.8%. Reabold also holds a direct 16.67% direct licence interest in PEDL 183 giving Reabold a 69.9% economic interest in PEDL 183. As part of the work programme for PEDL 183, the JV is required to recomplete the A-2 well and conduct an Extended Well Test (EWT) or before 30 June 2027. Following Reabold's recent £4.2 million equity raise in April 2026, we plan to carry out the recompletion and EWT in the second half of 2026, using the net proceeds to fund both Reabold and Rathlin's shares of the recompletion. The JV partnership believes this is a low risk and low cost approach to derisk the project. In February 2026, the EA issued the permit allowing for recompletion works to be carried out at the A-2 well. We believe West Newton is an important strategic asset to the UK as the country looks to secure domestic energy supply for secure and affordable energy, at a time when the country is exposed to potentially significant gas supply disruptions. KryptoByte Limited ("KryptoByte") Ahead of the planned longer term full field development at West Newton, we have been evaluating ways of generating additional value through early production schemes. In particular, we have been looking at development concepts that would co-locate gas-powered generators and crypto mining equipment at the West Newton A and West Newton B sites, which would be fuelled by the natural gas produced from the existing wells at those sites, namely; A-1, A-2 and B- 1z. In 2025, we launched KryptoByte, a wholly owned subsidiary of Reabold, representing Reabold's strategic evolution into the digital infrastructure space. KryptoByte aims to transform stranded energy into digital assets. KryptoByte intends to purchase stranded natural gas, at a discount, to power Bitcoin mining operations. KryptoByte will look to roll this model out across the UK, Europe and globally, making it an early mover in the European Bitcoin mining space. We believe that the creation and accumulation of new Bitcoin through mining operations offers a significantly enhanced, sustainable return, and one which is superior to simple cash purchases and accumulation of Bitcoin on the balance sheet, popularly referred to as a Bitcoin treasury strategy. Generating early revenue from the existing well stock also moves the West Newton project further forward in unlocking the full value of this significant natural gas resource, which we believe will play an invaluable role in UK energy security in the years ahead. Successful implementation of such a project could allow for the development of a larger scale data centre at site, which would not preclude the potential for gas to grid, or gas to industrial consumption development options. In addition, the UK government's AI Opportunities Action Plan, announced in January 2025, set out new measures that will create dedicated AI Growth Zones. We believe that AI/data centres will be a key growth area of the UK economy in the coming years, and that West Newton's onshore setting and low operating costs also render it ideal for powering co- located data centres at the existing well sites from domestically produced gas. UK Offshore Reabold holds a 10% non-operated interest in Licence P2659 in the Southern North Sea, The other partners on the licence are Horizon Energy Acquisition Limited (45%) and Horizon Energy Partners Limited (45%). The licence covers blocks 37/26 and 37/27 and the initial Phase A work programme commitments for the licence are focused on completing an advanced geophysical processing study using 475 sq km of existing 3D seismic data. Romania - Danube Petroleum Limited Reabold has a 50.8% equity position in Danube Petroleum Limited ("Danube"), with ASX listed ADX Energy Ltd ("ADX") holding the remaining 49.2%. Danube, via its wholly owned subsidiary ADX Energy Panonia S.R.L. ("Panonia"), has a 100% interest in Iecea Mare production licence in Western Romania. On behalf of Danube, ADX has been engaged in ongoing discussions with the regulatory authority (ANRMPSG - National Regulatory Authority for Mining, Petroleum, and Geological Storage of Carbon Dioxide previously known as National Agency for Resources and Minerals (NAMR)) in relation to options for the extension of the Parta exploration licence (Parta). Panonia has been unable to perform the work plan in Parta due to regulatory constraints, delays and operational access restrictions. ADX was reluctant to enter exploration phase 2, with additional significant commitments, due to the inability to perform the phase 1 program despite its reasonable efforts. As a result, ADX has been in discussions with the Romanian Regulatory Authorities regarding an extension of the Parta licence. Despite repeated requests, the Regulatory Authority has advised that the exploration phase 1 of the licence has expired. Additionally, the Regulatory Authority has issued Panonia with invoices totalling EUR 4.2 million relating to alleged expenditures relating to the unperformed exploration commitments applicable to Parta. ADX, on behalf of Panonia, will formally dispute these invoices on the basis of having incurred significant costs to address the unforeseen challenges attributable to the work program, as well as due to the regulatory delays and access restrictions which have prevented Panonia from entirely fulfilling the work program, and denied Panonia the ability to benefit from the potential upside from making a discovery. The Iecea Mare production licence which has a validity of 20 years is not affected by the discussions. However as a result of the adverse changes in the regulatory environment, and portfolio choices made by Reabold, we have taken the decision to fully impair our investment in Danube. See note 14 for the book value of associates. USA - Daybreak Reabold has a 42% shareholding in Daybreak Oil and Gas Inc ("Daybreak"). Reabold treats its investment in Daybreak as a financial asset - see Note 1 Use of judgements for further details. Daybreak is an OTC traded oil and gas company engaged in the exploration, development and production of onshore crude oil and natural gas, primarily in California. Further details on Daybreak can be found on its website at www.daybreakoilandgas.com/. Sachin Oza Stephen Williams Co-Chief Exe