Amala Foods Plc

("Amala" or the "Company")

Re: Corporate Update

Amala Foods Plc (LON: DISH), a food technology company, is pleased to announce that following the announcement of 17 February 2022 that due diligence is now progressing in relation to the Rare Earths Elements potential transaction and a further market update will follow in due course.

The Company announced on several occasions the intention for the venture builder business to be spun out into a separate listing.  This technology business is effectively housed within the Company and has continued to develop positively over recent months. As a consequence of this, discussions have recently taken place with third-party investors to provide additional funding into a new company which will seek an Aquis listing by the summer of 2022 and where it is anticipated that a £3 million market capitalization upon Admission will be achieved.  Should this ultimately conclude, Amala Foods Plc will be the majority shareholder in this new company and if successful, the Company intends to distribute its shareholding to current shareholders.

Furthermore, should the Company successfully conclude a transaction with Terra Rara UK Limited as announced last week then the Company would seek to create value from its stake in the plant-based foods joint venture company.  The Company announced last week that it was preparing to supply a second local pizza chain which has progressed to receiving an initial order for plant-based pepperoni.

Aidan Bishop, Director, commented:

"Our optimism for a rebirth of Amala Foods Plc continues to grow by the day and it is reassuring that we have numerous levers to pull in regards to creating value for shareholders that has the potential to reflective value beyond the current market capitalisation"

Enquiries:

Jonathan Morley-Kirk, Non-Executive Chairman

[email protected]