Further Update on Receipt of Letter Before Claim

11 November 2026

GCM Resources plc

("GCM" or the "Company")

Further Update on Receipt of Letter Before Claim

GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, provides the following update regarding the Letter Before Claim received from Trephina Assets Limited (“Trephina”), the personal service company of the Company’s Chief Executive Officer, Datuk Michael Tang.

As announced by the Company on 3 November 2026, the Company paid £867,798 to Trephina. It was further noted that

notwithstanding this payment being made in accordance with, what the Company believes to be, the terms of the Company’s management service agreement with Trephina Assets Limited, the Company continues to dispute the total sums sought pursuant to the Letter Before Claim, and in particular the purported interest claimed. 

Since then, there has been limited progress made in amicably resolving the Letter Before Claim. In this respect, on 10 November 2026, Datuk Michael Tang informed the Company that a seven-day standstill deadline unilaterally offered by Trephina would expire that day. Following the expiry of this unilateral deadline, Trephina has indicated that it intends to pursue the disputed balance in accordance with the Letter Before Claim, including through legal proceedings, and claims further interest at 8% per annum from 3 November 2026, the date of the Company’s payment.

Charlie Green, GCM’s interim Non-Executive Chairman, comments: “We recognise that shareholders of the Company will undoubtedly be frustrated by the conduct of Trephina and the lack of progress in resolving this matter. This dispute continues to represent an unwelcome distraction for management and a diversion of time and resources from the Company’s core activities. The Company remains of the view that it has acted in accordance with its contractual obligations and will continue to defend its position in respect of the disputed sums under the Letter Before Claim. We remain willing to seek a sensible resolution but will take all steps necessary to protect the interests of the Company and its shareholders.”

As a result of, inter alia, the ongoing dispute with Trephina, the Board intends to appoint a senior independent non-executive director to the board in due course.

The Company will provide further updates as appropriate.

Unless otherwise defined, definitions contained in this announcement have the same meaning as set out in the announcement made by the Company on 30 October 2026.

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