25 March 2026

Medcaw Investments plc

("Medcaw" or the "Company")

Grant of Exploration Permit for the Eagle Lake Gold Project

And Issue of Convertible Loan Note

Medcaw Investments plc is pleased to announce that the Ontario Ministry of Energy and Mines (the "Ministry") has granted an Early Exploration Permit (Permit Reference: PR-25-000274) in respect of the Eagle Lake Gold Project (the "Project"), located in the Buchan Bay Area, District of Kenora, Ontario, Canada.

Highlights

•      Early Exploration Permit PR-25-000274 granted by the Ontario Ministry of Energy and Mines on 19 March 2026, issued pursuant to subsection 78.3(2) of the Mining Act (Ontario)

•      The Permit is effective for a period of three years and authorises early exploration activities across the Project area

•      The Project comprises 95 contiguous mining claims covering approximately 1,986 hectares within Ontario's Wabigoon Greenstone Belt.

•      The grant of the Permit represents a material de-risking milestone for the Project and enables the Company to advance its planned exploration programme following completion of the proposed reverse takeover of 90 per cent. of Wedgetail Mining Ltd ("Wedgetail"), which holds 100 per cent. of the Project (the "RTO")

•      The RTO remains subject to the conditions set out in the Company's announcement of 19 December 2025, which include shareholder approval, an equity fundraise and admission to trading on AIM.

Background

As announced on 19 December 2025, the Company has entered into binding heads of terms with Ulvestone Ltd ("Ulvestone") for the proposed acquisition, by way of a reverse takeover, of 90 per cent. of Wedgetail, a British Columbia incorporated company which holds 95 contiguous mining claims comprising the Project (the "Acquisition").

The total consideration for the Acquisition is £4.17 million, comprising £170,000 in cash and £4.0 million in new ordinary shares to be issued at 1.5 pence per share. The Acquisition remains conditional upon, inter alia, completion of due diligence, execution of a definitive share purchase agreement, shareholder approval, an equity fundraise and admission to trading on AIM. The long-stop date for completion is 31 October 2026.

Exploration Permit

On 19 March 2026, the Ontario Ministry of Energy and Mines granted Early Exploration Permit PR-25-000274 in respect of the Project, pursuant to subsection 78.3(2) of the Mining Act, R.S.O. 1990, Chapter M.14 (the "Permit"). The Permit authorises early exploration activities across the Project area, as identified in the accompanying permit maps and Activity Details Report, and is effective for a period of three years.

The Permit was issued to 10148942 Manitoba Ltd, the current registered holder of the mining claims on behalf of the vendor group. As previously announced, Wedgetail is required to acquire 100 per cent. of the legal and beneficial ownership of the Project prior to completion of the Initial Transaction. The Permit is binding upon and enforceable against any transferee, assignee or successor of the person to whom it was issued, and accordingly will transfer to Wedgetail (and, indirectly, to the Company) upon completion of the requisite title transfers and the Acquisition.

The grant of the Permit represents a significant regulatory milestone for the Project. The Permit enables systematic early-stage exploration work to commence on the Project's claims, which sit within the prospective Wabigoon Greenstone Belt - a geological terrain known to host significant gold mineralisation in the Kenora-Dryden region of north-western Ontario.

Historical drilling conducted between 1982 and 1985 intersected multiple gold-bearing zones, including 3.05 metres at 7.54 g/t gold, with recent 2025 sampling returning three samples exceeding 25 g/t gold.

The Board considers the grant of the Permit to be an important de-risking step in advance of the planned AIM admission and equity fundraise, as it demonstrates the Project's readiness to progress to an active exploration phase.

Commenting on the permit grant, Charlie Wood, Director of Medcaw, said:

"Securing the Permit removes a significant gating item for the Project. We can now plan our initial work programme with confidence, and we look forward to getting boots on the ground at Eagle Lake following completion of the RTO."

Update on the RTO

The Company continues to progress the conditions required for completion of the Acquisition and AIM admission. A further announcement will be made in due course.

Trading in the Company's shares remains temporarily suspended pending publication of an AIM admission document.

Issue of Convertible Loan Note

In lieu of payment in cash for an invoice due to an adviser, the Company has agreed to issue unsecured Convertible Loan Notes ("CLN's") with a value of £24,000. These CLN's have been issued under the CLN facility announced by the Company on 24 September 2025 and will convert into fully paid ordinary shares of the Company at a conversion price of £0.01 per share on completion of the RTO.  In addition, the CLN holder will, upon conversion, be granted warrants to subscribe for one new ordinary share for every two shares received on conversion. The warrants will carry an exercise price of £0.03 per share and will be exercisable for a period of 12 months from the date of grant.

Enquiries:

Notes to Editors

Medcaw Investments plc is an investment company focused on acquiring prospective mining projects in the precious metals sector. On 19 December 2025, the Company announced binding heads of terms for the proposed acquisition of 90 per cent. of Wedgetail Mining Ltd, which holds the Eagle Lake Gold Project in the Kenora Mining Division, Ontario, Canada. The Company has appointed Cairn Financial Advisers LLP as its Nominated Adviser in connection with the proposed RTO and intended admission to trading on AIM.

Market Abuse Regulation

This announcement contains inside information for the purposes of the UK Market Abuse Regulation (EU No. 596/2014 as it forms part of UK domestic 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.

Forward-Looking Statements

This announcement may contain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them at the time of their approval of this announcement and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.